Henry Schein Reports 1Q Results, 2 Acquisitions - Modern Distribution Management

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Henry Schein Reports 1Q Results, 2 Acquisitions

The New York-based health care products distributor made acquisitions in Australia and Brazil.
Henry Schein

Melville, New York-based health care products distributor Henry Schein announced two acquisitions and reported its 2023 first-quarter earnings earlier this month. Financial details were not disclosed for either acquisition.

Henry Schein Acquires Regional Health Care Group in Australia

On May 7, Henry Schein acquired Regional Health Care Group (RHCG), a medical products distributor headquartered in Sydney, Australia, with an additional office in Auckland, New Zealand. RHCG has been serving both public- and private-sector customers in both regions for over 40 years, offering a wide range of consumables, equipment and pharmaceuticals.

“We are very pleased to integrate RHCG with Henry Schein, a company that shares our commitment to excellent service and provides customers with the solutions they need to deliver quality care to their patients,” Maurie Stang, who owned RHCG alongside Bernard Stang, said in a news release. “It’s extremely gratifying to see the exciting opportunities to accelerate our growth.”

The Stangs retain a minority interest in Henry Schein’s ANZ dental business, according to the release.

“Together, we will advance our long-standing goal of helping health care professionals operate more efficient practices by providing new solutions and technologies for the ultimate benefit of patients,” Henry Schein Chairman and CEO Stanley Bergman said in the release.

Henry Schein to Acquire S.I.N. Implant in Brazil

On May 4, Henry Schein announced it entered into a definitive agreement to acquire S.I.N. Implant System, a manufacturer of dental implants based in São Paolo, Brazil. Henry Schein will acquire the company from private equity firm Southern Cross Group.

Founded in 2003, S.I.N. manufactures a line of products used to perform dental implant procedures and is focused on advancing the development of value-priced dental implants, according to a news release.

“By joining forces with Henry Schein, a world leader in dental products and related services, we will accelerate our growth in Brazil as well as advance our global expansion,” S.I.N. President Felipe Leonard said in the release. “The S.I.N. team is inspired by the Henry Schein culture that we share and which supports sustainability and social responsibility. We look forward to a bright future together, full of opportunities to help our customers advance the practice of implant dentistry by delivering leading technology with a human touch.”

S.I.N. will join Henry Schein’s Global Oral Reconstruction Group, according to the release, and Leonard will continue to lead the business.

“S.I.N.’s portfolio of solutions is an excellent complement to our existing offering of oral reconstruction products and services,” René Willi, CEO of Henry Schein’s Global Oral Reconstruction Group, said in the release. “In addition, the Henry Schein and S.I.N. teams share a mutual commitment to offer customers tooth replacement solutions that are evidence-based and scientifically supported to help to improve the quality of life for patients. We look forward to welcoming the S.I.N. Implant System team to Henry Schein.”

The transaction is subject to approval by Brazil’s Administrative Council for Economic Defense and is expected to close in the latter half of 2023, according to the release.

Henry Schein Reports 1Q Financial Results

On May 9, Henry Schein reported 1Q net sales of $3.1 billion, down 3.8% year-over-year. The sales decline was caused by a decrease in the sales of personal protective equipment (PPE) and COVID-19 test kits, according to a news release. Excluding PPE and COVID-19 test kits, internal sales grew 6.3%.

By business segment, Global Dental sales were $1.9 billion, up 3.8% year-over-year; Global Medical sales were $1 billion, down 17.2% year-over-year; and Global Technology and Value-Added Services sales were $191 million, up 6.8% year-over-year.

“We are pleased to report solid financial results for the first quarter of 2023 that are in-line with the expectations we provided at the beginning of the year and reflect the good earnings momentum in our underlying core businesses,” Bergman said in the release. “Market trends stayed consistent with those we discussed during the previous quarter’s conference call, and as anticipated, our results continued to be impacted by decreased sales of PPE products and COVID-19 test kits. We are executing well on our BOLD +1 Strategic Plan, and the underlying fundamentals of our core business remain solid.”

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