Henry Schein
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Press Release

Henry Schein Reports Record Fourth Quarter And Annual Results
Q4 EPS up 9.1% to $1.56
Affirms 2015 financial guidance range

MELVILLE, N.Y., Feb. 11, 2015 /PRNewswire/ -- Henry Schein, Inc. (NASDAQ: HSIC), the world's largest provider of health care products and services to office-based dental, animal health and medical practitioners, today reported record financial results for the fourth quarter. 

For the quarter ended December 27, 2014, net sales were $2.7 billion, an increase of 7.0% compared with the fourth quarter of 2013.  This consisted of 9.9% growth in local currencies and a 2.9% decline related to foreign currency exchange.  In local currencies, internally generated sales increased 4.9% and acquisition growth was 5.0% (see Exhibit A for details of sales growth).

Net income attributable to Henry Schein, Inc. for the fourth quarter of 2014 was $133.0 million or $1.56 per diluted share, an increase of 7.0% and 9.1%, respectively, compared with the fourth quarter of 2013.

"We closed out 2014 with strong fourth quarter financial results that once again included market share gains in each of our four business groups.  The global markets we serve remain generally healthy, highlighted by continued strong patient traffic in North America, and we are particularly pleased with the solid internal sales growth in local currencies in our international businesses," said Stanley M. Bergman, Chairman of the Board and Chief Executive Officer of Henry Schein.  "We also achieved EPS growth for the year of 10% and are affirming our guidance for 2015 diluted EPS.  I am also pleased to mention that for the first time we exceeded the $10 billion sales mark on an annual basis."

Dental sales of $1.4 billion increased 3.9%, consisting of 7.5% growth in local currencies and a 3.6% decline related to foreign currency exchange.  In local currencies, internally generated sales increased 2.3% and acquisition growth was 5.2%.  The 2.3% internal growth in local currencies included 1.9% growth in North America and 2.9% growth internationally.

"In North America, internal consumable merchandise sales growth in local currencies remained strong at nearly 5%.  Equipment sales declined in North America, which we believe was substantially due to the late reinstatement of tax incentives for our U.S. customers in 2014," commented Mr. Bergman.  "Our International Dental growth was solid for both consumable merchandise and equipment, with internal growth bolstered by strategic acquisitions made earlier in the year."

Animal Health sales of $731.6 million increased 12.3%, consisting of 15.9% growth in local currencies and a 3.6% decline related to foreign currency exchange.  In local currencies, internally generated sales increased 7.8% and acquisition growth was 8.1%.  The 7.8% internal growth in local currencies included 6.9% growth in North America and 8.6% growth internationally.

"Growth in our Animal Health group featured double-digit gains in local currencies in North America and internationally, with international internal sales growth in local currencies at a multi-year high," commented Mr. Bergman.  "We recently expanded our animal health equipment capabilities in North America and Europe with the addition of scil animal care.  The scil animal care professionals will enhance our Animal Health equipment sales and support capabilities, representing our key supplier partners and introducing veterinarians to important diagnostic options. This will significantly expand our diagnostics product category and gain market share for our animal health diagnostics partners." 

Medical sales of $461.7 million increased 9.4%, consisting of 9.9% growth in local currencies and a 0.5% decline related to foreign currency exchange.  In local currencies, internally generated sales increased 9.4% and acquisition growth was 0.5%.

"Quarterly Medical sales growth accelerated compared with the third quarter and was at a multi-year high as we made continued progress with large group practices and integrated delivery networks," remarked Mr. Bergman.  "During the quarter we announced a strategic agreement with Cardinal Health to provide office-based medical practices with one of the most comprehensive service and product offerings.  We expect to complete the integration of this business in the second quarter and, until that transition is complete, we will record agency revenue. Our fourth quarter results included a month and a half of this agency revenue."

Technology and Value-Added Services sales of $91.3 million increased 3.3%, including 4.4% growth in local currencies and a 1.1% decline related to foreign currency exchange.  In local currencies, internally generated sales increased 1.5% and acquisition growth was 2.9%.

"We are delighted to report that our internal international Technology and Value-Added Services sales in local currencies grew by double digits for the eighth consecutive quarter.  We believe that equipment financing as well as software sales in North America were also negatively impacted by the late reinstatement of tax incentives in the U.S. in 2014," commented Mr. Bergman.

Stock Repurchase Plan
The Company announced that it repurchased approximately 595,000 shares of its common stock during the fourth quarter at an average price of $124.00 per share, or approximately $73.7 million.  The impact of the repurchase of shares on fourth quarter diluted EPS was immaterial.  At the close of the fourth quarter, Henry Schein had approximately $300 million authorized for future repurchases of its common stock, as a result of a $300 million increase to the share repurchase plan authorized by the Company's Board of Directors in early December 2014.

Full Year Results
Henry Schein reports full year results including the following highlights:

  • Net sales for 2014 were $10.4 billion, an increase of 8.5% compared with 2013.  This consisted of 8.6% growth in local currencies and a 0.1% decline related to foreign currency exchange.  In local currencies, internally generated sales increased 4.6% and acquisition growth was 4.0%.
  • 2014 was the first year the Company's annual sales exceeded the $10 billion mark.
  • Net income attributable to Henry Schein, Inc. for 2014 was $466.1 million or $5.44 per diluted share, an increase of 7.5% and 9.9%, respectively, compared with adjusted net income for 2013 excluding the net impact of certain one-time items (see Exhibit B for reconciliation of GAAP net income and EPS to non-GAAP adjusted net income and EPS).
  • The Company's reported diluted EPS for the year of $5.44 exceeded the top of the EPS guidance range established in November 2013 by $0.05.
  • The Company achieved operating cash flow of $592.5 million and free cash flow of $510.4 million, both well in excess of net income.

2015 EPS Guidance
Henry Schein today affirms 2015 financial guidance, as follows:

  • For 2015 the Company expects diluted EPS attributable to Henry Schein, Inc. to be $5.90 to $6.00, which represents growth of 8% to 10% compared with 2014.
  • This 2015 guidance excludes restructuring costs of approximately $0.29 to $0.33 per diluted share related to a previously announced corporate initiative to rationalize the Company's operations and provide significant expense efficiencies.
  • Guidance for 2015 diluted EPS attributable to Henry Schein, Inc. is for current continuing operations as well as completed or previously announced acquisitions, and does not include the impact of potential future acquisitions, if any.

Fourth Quarter Conference Call Webcast
The Company will hold a conference call to discuss fourth quarter financial results today, beginning at 10:00 a.m. Eastern time.  Individual investors are invited to listen to the conference call over the Internet through Henry Schein's website at www.henryschein.com.  In addition, a replay will be available beginning shortly after the call has ended.

About Henry Schein, Inc.
Henry Schein, Inc. is the world's largest provider of health care products and services to office-based dental, animal health and medical practitioners.  The Company also serves dental laboratories, government and institutional health care clinics, and other alternate care sites.  A Fortune 500® Company and a member of the NASDAQ 100® Index, Henry Schein employs more than 17,500 Team Schein Members and serves more than 1 million customers.

The Company offers a comprehensive selection of products and services, including value-added solutions for operating efficient practices and delivering high-quality care.  Henry Schein operates through a centralized and automated distribution network, with a selection of more than 100,000 branded products and Henry Schein private-brand products in stock, as well as more than 150,000 additional products available as special-order items. The Company also offers its customers exclusive, innovative technology solutions, including practice management software and e-commerce solutions, as well as a broad range of financial services.

Headquartered in Melville, N.Y., Henry Schein has operations or affiliates in 28 countries.  The Company's sales reached a record $10.4 billion in 2014, and have grown at a compound annual rate of approximately 16% since Henry Schein became a public company in 1995.  For more information, visit the Henry Schein website at www.henryschein.com.

Cautionary Note Regarding Forward-Looking Statements

In accordance with the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995, we provide the following cautionary remarks regarding important factors that, among others, could cause future results to differ materially from the forward-looking statements, expectations and assumptions expressed or implied herein.  All forward-looking statements made by us are subject to risks and uncertainties and are not guarantees of future performance.  These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance and achievements or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.  These statements are identified by the use of such terms as "may," "could," "expect," "intend," "believe," "plan," "estimate," "forecast," "project," "anticipate" or other comparable terms.  A full discussion of our operations and financial condition, including factors that may affect our business and future prospects, is contained in documents we have filed with the SEC and will be contained in all subsequent periodic filings we make with the SEC. These documents identify in detail important risk factors that could cause our actual performance to differ materially from current expectations.

Risk factors and uncertainties that could cause actual results to differ materially from current and historical results include, but are not limited to: effects of a highly competitive market; our dependence on third parties for the manufacture and supply of our products; our dependence upon sales personnel, customers, suppliers and manufacturers; our dependence on our senior management; fluctuations in quarterly earnings; risks from expansion of customer purchasing power and multi-tiered costing structures; possible increases in the cost of shipping our products or other service issues with our third-party shippers; general global macroeconomic conditions; disruptions in financial markets; possible volatility of the market price of our common stock; changes in the health care industry; implementation of health care laws; failure to comply with regulatory requirements and data privacy laws; risks associated with our global operations; transitional challenges associated with acquisitions and joint ventures, including the failure to achieve anticipated synergies; financial risks associated with acquisitions and joint ventures; litigation risks; the dependence on our continued product development, technical support and successful marketing in the technology segment; risks from challenges associated with the emergence of potential increased competition by third party online commerce sites; risks from disruption to our information systems; certain provisions in our governing documents that may discourage third-party acquisitions of us; and changes in tax legislation. The order in which these factors appear should not be construed to indicate their relative importance or priority. 

We caution that these factors may not be exhaustive and that many of these factors are beyond our ability to control or predict.  Accordingly, any forward-looking statements contained herein should not be relied upon as a prediction of actual results.  We undertake no duty and have no obligation to update forward-looking statements.

(TABLES TO FOLLOW)

 

































HENRY SCHEIN, INC.

CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share data)























Three Months Ended



Years Ended






December 27,


December 28,


December 27,


December 28,






2014


2013


2014


2013






(unaudited)


(unaudited)























Net sales


$

2,702,096


$

2,526,370


$

10,371,390


$

9,560,647

Cost of sales



1,937,632



1,826,850



7,460,075



6,904,633



Gross profit



764,464



699,520



2,911,315



2,656,014

Operating expenses:














Selling, general and administrative



561,522



512,637



2,196,173



1,978,960



Operating income



202,942



186,883



715,142



677,054

Other income (expense):














Interest income



3,332



3,109



13,655



12,853


Interest expense



(6,849)



(4,870)



(24,057)



(27,538)


Other, net



444



1,466



4,572



2,325



Income before taxes and equity in earnings















     of affiliates



199,869



186,588



709,312



664,694

Income taxes



(59,363)



(55,604)



(215,610)



(190,891)

Equity in earnings of affiliates



3,449



3,985



11,734



10,194

Loss on sale of equity investment



-



-



-



(12,535)

Net income



143,955



134,969



505,436



471,462


Less: Net income attributable to noncontrolling interests



(10,989)



(10,701)



(39,359)



(39,908)

Net income attributable to Henry Schein, Inc.


$

132,966


$

124,268


$

466,077


$

431,554

















Earnings per share attributable to Henry Schein, Inc.:






























Basic


$

1.59


$

1.46


$

5.53


$

5.02


Diluted


$

1.56


$

1.43


$

5.44


$

4.93

















Weighted-average common shares outstanding:














Basic



83,558



85,072



84,265



85,926


Diluted



85,027



86,816



85,740



87,622

 































HENRY SCHEIN, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)
















December 27,


December 28,






2014


2013











ASSETS







Current assets:








Cash and cash equivalents


$

89,474


$

188,616


Accounts receivable, net of reserves of $80,671 and $78,298



1,127,517



1,055,216


Inventories, net



1,327,796



1,250,403


Deferred income taxes



56,591



63,865


Prepaid expenses and other



311,788



276,565




Total current assets



2,913,166



2,834,665

Property and equipment, net



311,496



275,888

Goodwill



1,884,123



1,635,005

Other intangibles, net



643,736



417,133

Investments and other



386,286



461,945




Total assets


$

6,138,807


$

5,624,636











LIABILITIES AND STOCKHOLDERS' EQUITY







Current liabilities:








Accounts payable


$

860,996


$

824,495


Bank credit lines



182,899



29,508


Current maturities of long-term debt



5,815



5,441


Accrued expenses:









Payroll and related



237,511



216,629



Taxes



151,162



145,161



Other



341,728



329,429




Total current liabilities



1,780,111



1,550,663

Long-term debt



542,776



450,233

Deferred income taxes



253,118



198,674

Other liabilities



181,830



139,526




Total liabilities



2,757,835



2,339,096











Redeemable noncontrolling interests



564,527



497,539

Commitments and contingencies

















Stockholders' equity:








   Preferred stock, $.01 par value, 1,000,000 shares authorized,









none outstanding



-



-


Common stock, $.01 par value, 240,000,000 shares authorized,









84,008,537 outstanding on December 27, 2014 and









85,622,452 outstanding on December 28, 2013



840



856


Additional paid-in capital



265,363



318,225


Retained earnings



2,642,523



2,398,267


Accumulated other comprehensive income (loss)



(95,132)



67,849



Total Henry Schein, Inc. stockholders' equity



2,813,594



2,785,197


Noncontrolling interests



2,851



2,804




Total stockholders' equity



2,816,445



2,788,001



Total liabilities, redeemable noncontrolling interests and stockholders' equity


$

6,138,807


$

5,624,636

 

HENRY SCHEIN, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)
























Three Months Ended


Years Ended







December 27,


December 28,


December 27,


December 28,







2014


2013


2014


2013







(unaudited)


(unaudited)
























Cash flows from operating activities:














Net income


$

143,955


$

134,969


$

505,436


$

471,462


Adjustments to reconcile net income to net cash















provided by operating activities:
















Depreciation and amortization



39,570



31,954



152,238



128,035




Accelerated amortization of deferred financing costs



-



-



-



6,203




Loss on sale of equity investment



-



-



-



12,535




Stock-based compensation expense



12,624



10,832



45,876



35,527




Provision for losses on trade and other

















accounts receivable



1,930



1,712



4,619



5,189




Provision for (benefit from) deferred income taxes



7,539



1,285



4,699



(11,514)




Equity in earnings of affiliates



(3,449)



(3,985)



(11,734)



(10,194)




Distributions from equity affiliates



5,423



7,243



15,727



16,529




Changes in unrecognized tax benefits



8,584



3,391



22,597



10,500




Other



(4,888)



3,243



3,303



10,290




Changes in operating assets and liabilities,
















  net of acquisitions:

















Accounts receivable



26,897



48,341



(81,441)



(45,110)





Inventories



(74,346)



(124,964)



(71,899)



(48,087)





Other current assets



1,521



4,624



(40,407)



15,747





Accounts payable and accrued expenses



108,659



155,983



43,490



67,063

Net cash provided by operating activities



274,019



274,628



592,504



664,175


















Cash flows from investing activities:














Purchases of fixed assets



(21,334)



(21,482)



(82,116)



(60,215)


Payments related to equity investments and business















acquisitions, net of cash acquired



(60,173)



(147,849)



(424,283)



(182,363)


Payments related to sale of equity investment



-



-



-



(13,364)


Proceeds from maturities of available-for-sale securities



1,250



-



3,250



-


Other



(2,822)



(3,516)



(13,490)



(10,663)

Net cash used in investing activities



(83,079)



(172,847)



(516,639)



(266,605)


















Cash flows from financing activities:














Proceeds from (repayments of) bank borrowings



(5,643)



13,725



152,641



2,175


Proceeds from issuance of long-term debt



-



-



314,787



678,781


Debt issuance costs



(125)



(45)



(687)



(1,372)


Principal borrowings (payments) for long-term debt



(92,363)



63,886



(228,407)



(729,977)


Proceeds from issuance of stock upon exercise















of stock options



7,376



12,917



31,491



35,553


Payments for repurchases of common stock



(73,707)



(73,773)



(299,989)



(300,251)


Excess tax benefits related to stock-based















compensation



511



1,645



5,886



8,141


Distributions to noncontrolling shareholders



(2,186)



(1,175)



(24,986)



(19,224)


Acquisitions of noncontrolling interests in















subsidiaries



-



(3,914)



(105,383)



(9,800)

Net cash provided by (used in) financing activities



(166,137)



13,266



(154,647)



(335,974)


















Effect of exchange rate changes on cash and














cash equivalents



(11,871)



3,654



(20,360)



4,940

Net change in cash and cash equivalents



12,932



118,701



(99,142)



66,536

Cash and cash equivalents, beginning of period



76,542



69,915



188,616



122,080

Cash and cash equivalents, end of period


$

89,474


$

188,616


$

89,474


$

188,616

Note: Certain prior period amounts have been reclassified to conform to the current period presentation.

 

Exhibit A - QTD Sales
































Henry Schein, Inc.

2014 Fourth Quarter

Sales Summary

(in thousands)

(unaudited)

















Q4 2014 over Q4 2013

Global

Q4 2014


Q4 2013


Total Sales
Growth


Foreign
Exchange
Growth


Local
Currency
Growth


Acquisition
Growth


Local
Internal
Growth

















   Dental

$

1,417,454


$

1,364,395


3.9%


-3.6%


7.5%


5.2%


2.3%

















   Animal Health


731,623



651,733


12.3%


-3.6%


15.9%


8.1%


7.8%

















   Medical


461,712



421,885


9.4%


-0.5%


9.9%


0.5%


9.4%

















Total Health Care Distribution


2,610,789



2,438,013


7.1%


-3.0%


10.1%


5.1%


5.0%

















Technology and value-added services


91,307



88,357


3.3%


-1.1%


4.4%


2.9%


1.5%

















Total Global

$

2,702,096


$

2,526,370


7.0%


-2.9%


9.9%


5.0%


4.9%

















North America

Q4 2014


Q4 2013


Total Sales
Growth


Foreign
Exchange
Growth


Local
Currency
Growth


Acquisition
Growth


Local
Internal
Growth

















   Dental

$

869,091


$

819,884


6.0%


-0.8%


6.8%


4.9%


1.9%

















   Animal Health


355,641



301,258


18.1%


0.0%


18.1%


11.2%


6.9%

















   Medical


440,579



400,776


9.9%


0.0%


9.9%


0.4%


9.5%

















Total Health Care Distribution


1,665,311



1,521,918


9.4%


-0.4%


9.8%


4.9%


4.9%

















Technology and value-added services


75,529



76,217


-0.9%


-0.2%


-0.7%


0.0%


-0.7%

















Total North America

$

1,740,840


$

1,598,135


8.9%


-0.4%


9.3%


4.7%


4.6%

















International

Q4 2014


Q4 2013


Total Sales
Growth


Foreign
Exchange
Growth


Local
Currency
Growth


Acquisition
Growth


Local
Internal
Growth

















   Dental

$

548,363


$

544,511


0.7%


-7.8%


8.5%


5.6%


2.9%

















   Animal Health


375,982



350,475


7.3%


-6.8%


14.1%


5.5%


8.6%

















   Medical


21,133



21,109


0.1%


-8.3%


8.4%


0.0%


8.4%

















Total Health Care Distribution


945,478



916,095


3.2%


-7.4%


10.6%


5.4%


5.2%

















Technology and value-added services


15,778



12,140


30.0%


-6.2%


36.2%


21.2%


15.0%

















Total International

$

961,256


$

928,235


3.6%


-7.3%


10.9%


5.6%


5.3%

 

Exhibit A - YTD Sales
















Henry Schein, Inc.

Full Year 2014

Sales Summary

(in thousands)

(unaudited)

















Full Year 2014 over Full Year 2013

















Global

Full Year 2014


Full Year 2013


Total Sales
Growth


Foreign
Exchange
Growth


Local
Currency
Growth


Acquisition
Growth


Local
Internal
Growth

















   Dental

$

5,381,215


$

4,997,972


7.7%


-0.5%


8.2%


4.9%


3.3%

















   Animal Health


2,898,612



2,599,461


11.5%


0.3%


11.2%


4.9%


6.3%

















   Medical


1,742,685



1,643,167


6.1%


0.1%


6.0%


0.1%


5.9%

















Total Health Care Distribution


10,022,512



9,240,600


8.5%


-0.1%


8.6%


4.0%


4.6%

















Technology and value-added services


348,878



320,047


9.0%


0.2%


8.8%


3.1%


5.7%

















Total Global

$

10,371,390


$

9,560,647


8.5%


-0.1%


8.6%


4.0%


4.6%

















North America

Full Year 2014


Full Year 2013


Total Sales
Growth


Foreign
Exchange
Growth


Local
Currency
Growth


Acquisition
Growth


Local
Internal
Growth

















   Dental

$

3,289,043


$

3,047,504


7.9%


-0.7%


8.6%


4.8%


3.8%

















   Animal Health


1,381,291



1,239,013


11.5%


0.0%


11.5%


5.2%


6.3%

















   Medical


1,657,821



1,562,031


6.1%


0.0%


6.1%


0.1%


6.0%

















Total Health Care Distribution


6,328,155



5,848,548


8.2%


-0.4%


8.6%


3.7%


4.9%

















Technology and value-added services


286,022



274,689


4.1%


-0.3%


4.4%


0.1%


4.3%

















Total North America

$

6,614,177


$

6,123,237


8.0%


-0.4%


8.4%


3.5%


4.9%

















International

Full Year 2014


Full Year 2013


Total Sales
Growth


Foreign
Exchange
Growth


Local
Currency
Growth


Acquisition
Growth


Local
Internal
Growth

















   Dental

$

2,092,172


$

1,950,468


7.3%


-0.2%


7.5%


5.0%


2.5%

















   Animal Health


1,517,321



1,360,448


11.5%


0.6%


10.9%


4.6%


6.3%

















   Medical


84,864



81,136


4.6%


0.7%


3.9%


0.0%


3.9%

















Total Health Care Distribution


3,694,357



3,392,052


8.9%


0.1%


8.8%


4.7%


4.1%

















Technology and value-added services


62,856



45,358


38.6%


3.1%


35.5%


21.2%


14.3%

















Total International

$

3,757,213


$

3,437,410


9.3%


0.2%


9.1%


4.9%


4.2%

 

Exhibit B




































Henry Schein, Inc.

2014 Fourth Quarter and Full Year 2014

Reconciliation of reported GAAP net income and diluted EPS attributable to Henry Schein, Inc. to

non-GAAP net income and diluted EPS attributable to Henry Schein, Inc.

(in thousands, except per share data)

(unaudited)







































Fourth Quarter




Full Year









%









%




2014



2013


Growth




2014



2013


Growth


Net Income attributable to Henry Schein, Inc.

$

132,966


$

124,268


7.0

%


$

466,077


$

431,554


8.0

%

Diluted EPS attributable to Henry Schein, Inc.

$

1.56


$

1.43


9.1

%


$

5.44


$

4.93


10.3

%



















Non-GAAP Adjustments (after-tax)


















Foreign tax benefit (1)

$

-


$

-





$

-


$

(13,398)




Loss on sale of equity investment (2)


-



-






-



12,535




Accelerated amortization of deferred financing costs (3)

$

-


$

-





$

-


$

2,679




Total non-GAAP adjustments to Net Income


















attributable to Henry Schein, Inc.

$

-


$

-





$

-


$

1,816




Total non-GAAP adjustments to diluted EPS


















attributable to Henry Schein, Inc.

$

-


$

-





$

-


$

0.02






















Non-GAAP Net Income attributable to


















Henry Schein, Inc.

$

132,966


$

124,268


7.0

%


$

466,077


$

433,370


7.5

%

Non-GAAP diluted EPS attributable to


















Henry Schein, Inc.

$

1.56


$

1.43


9.1

%


$

5.44


$

4.95


9.9

%


This non-GAAP comparison is being presented in order to provide a more comparable basis for analysis.
Earnings per share numbers may not sum due to rounding.


(1)     Represents tax benefit related to expected utilization of tax loss carryforwards outside the U.S.


(2)     Represents loss on divestiture of a noncontrolling interest in a dental wholesale distributor in the Middle East. There was no tax benefit related to this loss.


(3)     Represents non-cash, one-time expenses related to the debt refinancing of Henry Schein Animal Health.

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/henry-schein-reports-record-fourth-quarter-and-annual-results-300034228.html

SOURCE Henry Schein, Inc.

Investors: Steven Paladino, Executive Vice President and Chief Financial Officer, steven.paladino@henryschein.com, (631) 843-5500, or Carolynne Borders, Vice President, Investor Relations, carolynne.borders@henryschein.com, (631) 390-8105; Media: Susan Vassallo, Vice President, Corporate Communications, susan.vassallo@henryschein.com, (631) 843-5562