Henry Schein Q2 Earnings Surpass Wall Street View On Strong Demand For Dental Products, Reaffirms Annual Forecast

Henry Schein Inc HSIC posts Q2 FY23 sales of $3.10 billion, slightly missing the consensus of $3.11 billion, up 2.3% Y/Y, including 0.2% decrease in local currencies excluding acquisitions, 2.9% growth from acquisitions, and a 0.4% decrease related to foreign currency exchange.

Sales of PPE products and COVID-19 test kits were $163 million, a decrease of $96 million versus the prior-year period, excluding sales of PPE products and COVID-19 test kits, Q2 internal sales growth in local currencies was 3.3% compared with the prior-year period.

Global Dental sales were $2.0 billion, an increase of 5.6% Y/Y. Global Medical sales were $1.0 billion, down 4.6% Y/Y.

Adjusted EPS of $1.31, up 0.8%, beat the estimate of $1.25.

Guidance: Henry Schein reaffirms the FY23 adjusted EPS outlook of $5.18-$5.35, compared to the consensus of $5.27.

The company expects year-over-year growth in diluted EPS to be higher in the fourth quarter than in the third quarter.

2023 sales growth is expected to be approximately 1% to 3% over 2022, unchanged from prior guidance.

Price Action: HSIC stock is down 3.19% at $75.60 on the last check Monday.

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