Henry Schein Q3 2023 Earnings Report
Key Takeaways
Henry Schein reported a 3.1% increase in total net sales, reaching $3.2 billion. GAAP diluted EPS was $1.05, and non-GAAP diluted EPS was $1.32. The company is updating its full-year non-GAAP diluted EPS guidance to $4.43 to $4.71, reflecting softening macroeconomic conditions and the impact of a recent cybersecurity incident.
Total net sales for the quarter were $3.2 billion, a 3.1% increase year-over-year.
GAAP net income was $137 million, or $1.05 per diluted share.
Non-GAAP net income was $173 million, or $1.32 per diluted share.
Full-year 2023 sales are now expected to be approximately 1% to 3% lower than full-year 2022 sales.
Henry Schein
Henry Schein
Henry Schein Revenue by Segment
Henry Schein Revenue by Geographic Location
Forward Guidance
Henry Schein updated guidance for full-year 2023, and now expects non-GAAP diluted EPS of $4.43 to $4.71 and full-year 2023 sales are now expected to be approximately 1% to 3% lower than full-year 2022 sales.
Positive Outlook
- Distribution businesses are now operational
- Initiating the reactivation of ecommerce platform
- Made significant progress resuming the high levels of service
- Confidence in the stability of the dental and medical markets
- Remain committed to strategic priorities and long-term financial model
Challenges Ahead
- Softening macroeconomic conditions
- An estimated $0.55 to $0.75 per share business interruption impact of the recent cybersecurity incident
- Cybersecurity incident excludes any future insurance claim recovery
- Change in guidance is primarily due to the recent cybersecurity incident
- Unable to provide without unreasonable effort an estimate of integration and restructuring costs
Revenue & Expenses
Visualization of income flow from segment revenue to net income