May 8, 2024- Henry Schein reported financial results for the first quarter ended March 30, 2024. Total net sales for the quarter were $3.2 billion, an increase of 3.7% compared with the first quarter of 2023. Internal sales decreased 1.8%1 which includes an approximate 300 to 400 basis points decrease in sales from the residual impact of last year’s cyber incident, and a 60 basis point decrease in sales due to lower personal protective equipment (PPE) sales, primarily due to lower glove pricing.
Guidance is for current continuing operations as well as acquisitions that have closed and does not include the impact of future share repurchases, potential future acquisitions, restructuring and integration expenses, amortization expense of acquired intangible assets, contingent consideration revaluation adjustments, certain expenses directly associated with the cybersecurity incident or any potential insurance claim recovery. This guidance also assumes that foreign currency exchange rates remain generally consistent with current levels and that end markets remain consistent with current market conditions:
- 2024 non-GAAP diluted EPS attributable to Henry Schein, Inc. is expected to be $5.00 to $5.16, unchanged from prior guidance, reflecting growth of 11% to 15% compared with 2023 non-GAAP diluted EPS of $4.50.
- 2024 total sales growth is now expected to be approximately 8% to 10% over 2023, compared with prior guidance of 8% to 12% growth. This reflects continued recovery from last year’s cyber incident.
- 2024 Adjusted EBITDA is expected to increase by more than 15% compared with 2023, unchanged from prior guidance.
Learn More about Q1 Financials for Henry Schein.
Watch the webcast of the financial conference call.