Henry Schein Inc HSIC posts Q1 FY23 sales of $3.06 billion, slightly missing the consensus of $3.09 billion, down 3.8% Y/Y, including 3.7% decrease in local currencies excluding acquisitions, 1.4% growth from acquisitions and a 1.5% decrease related to foreign currency exchange.
Sales of PPE products and COVID-19 test kits in the first quarter were $201 million, a decrease of $287 million versus the prior-year period.
When excluding sales of PPE products and COVID-19 test kits, first-quarter internal sales growth in local currencies was 6.3% compared with the prior-year period.
Global Dental sales were $1.9 billion, an increase of 3.8% Y/Y.
Global Medical sales were $1.0 billion, down 17.2% Y/Y.
Adjusted EPS of $1.21 decreased 16%, missing the estimate of $1.23.
Guidance: Henry Schein lowered the FY23 adjusted EPS outlook of $5.18-$5.35, compared to prior guidance of $5.25-$5.42 and consensus of $5.31.
The company forecasts FY23 sales growth of 1% - 3% over 2022.
Price Action: HSIC stock is down 6.10% at $74.93 on the last check Tuesday.
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