Henry Schein Q1 Earnings Beat Street View, Sticks To FY22 Guidance

Henry Schein Inc HSIC posts Q1 FY22 sales of $3.32 billion, beating the consensus of $3.13 billion, up 8.7% Y/Y, including 7.7% internal growth in local currencies, 2.4% growth from acquisitions, and a 1.4% decline related to foreign currency exchange.
Q4 internal sales growth in local currencies, excluding personal protective equipment and COVID-19 related products, was 8.9% compared with the prior year.
Global Dental sales increased by 2.2% to $1.8 billion, and Medical sales of $1.2 billion increased by 18.3%.
The gross margin remained unchanged at 30%, and the operating income was $244 million, compared to $230 million a year ago.
Adjusted EPS of $1.30 increased 4.8%, beating the estimate of $1.19.
Guidance: Henry Schein reaffirms FY22 GAAP EPS of $4.75 - $4.91, reflecting a Y/Y growth of 7% - 10%, better than $4.63 consensus.
The company forecasts FY22 sales growth of 5% - 8% over 2021, down from previously communicated expected growth of 6% to 8%, primarily reflecting the latest foreign exchange rates and a decrease in sales of COVID-19 test kits.
Price Action: HSIC stock is up 1.94 % at $82.01 during the market session on the last check Tuesday.

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