Henry Schein shares rise on Street-beating Q2

Shares in Henry Schein (NSDQ:HSIC) rose today after the medical company beat expectations on Wall Street with its second quarter earnings results.

The Melville, N.Y.-based company posted profits of $141.2 million, or 92¢ per share, on sales of $3.3 billion for the three months ended June 30, seeing profits grow 3.8% while sales grew 8.7% compared with the same period during the previous year.

Adjusted to exclude one-time items, earnings per share were $1.04, just ahead of the $1.01 consensus on Wall Street where analysts expected to see sales of $3.3 billion, which the company met.

“Results for the second quarter reflect solid revenue growth in generally healthy end-markets, as well as our continued success in gaining market share in all of our business groups. We are in the early stages of executing on our new strategic plan for 2018 through 2020, yet we are already making solid strides in expanding our offering of innovative solutions and extending our value proposition for customers,” chair & CEO Stanley Bergman. “We are excited about the potential for our new dental technology joint venture, Henry Schein One, which closed on July 1, 2018. This joint venture was created to deliver integrated dental technology that combines leading practice management, marketing and patient engagement solutions into one connected management system. In addition, we are on track with our efforts to prepare for the planned spin-off of our global Animal Health business with Vets First Choice, which will create a new publicly traded company, Vets First Corp. Upon the close of this transaction, we believe Henry Schein will be well positioned to drive further growth in our leadership positions in our dental and medical businesses, as a result of a sharp focus and an increased investment of resources.”

Henry Schein revised its non-GAAP EPS guidance for the year, expecting to post between $4.06 and $4.14, up slightly from earlier guidance of between $4.03 and $4.14.

Shares in Henry Schein have gained 5% so far today, at $84.26 as of 2:06 p.m. EDT.

Last month, Henry Schein said that it’s planning more changes for its business after announcing the spinout of its animal health business and a joint venture for its dental software operation earlier this year.

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