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Sep 24, 2022
Henry Schein Q3 2022 Earnings Report
Henry Schein reported a decrease in net sales but an increase in non-GAAP diluted EPS for Q3 2022.
Key Takeaways
Henry Schein reported a decrease in net sales by 3.5% compared to Q3 2021, but an increase in non-GAAP diluted EPS from $1.10 to $1.15. The company's internal sales increased by 6.8% in local currencies when excluding sales of PPE and COVID-19 test kits. The company narrows its 2022 non-GAAP diluted EPS guidance range, reflecting confidence in the business's strength.
Net sales decreased by 3.5% to $3.1 billion compared to Q3 2021.
GAAP diluted EPS was $1.09, compared to $1.15 in Q3 2021.
Non-GAAP diluted EPS increased to $1.15, compared to $1.10 in Q3 2021.
Full-year 2022 non-GAAP diluted EPS guidance is $4.79 to $4.87.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Henry Schein provided guidance for 2022 non-GAAP diluted EPS to be $4.79 to $4.87. Full-year 2022 sales growth is expected to be approximately 1.5% to 2.5% over 2021.
Positive Outlook
- Full-year 2022 non-GAAP diluted EPS is expected to grow 6% to 8% compared to 2021.
- Full-year 2022 non-GAAP diluted EPS is expected to grow 7.5% to 9.5% compared to 2021 GAAP diluted EPS.
- Guidance assumes foreign currency exchange rates remain consistent with current levels.
- Guidance assumes end markets will remain consistent with current market conditions.
- Guidance assumes no material adverse market changes associated with COVID-19.
Challenges Ahead
- Full-year 2022 sales of COVID-19 test kits are expected to decrease 25% to 30% from 2021.
- Full-year 2022 sales of PPE are expected to decrease 30% to 35% from 2021.
- Combined sales of PPE and COVID-19 test kits are expected to be approximately 30% lower than in 2021.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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