Henry Schein enters orthopedic extremities market by acquiring majority intrest in TriMed

Henry Schein (Nasdaq: HSIC) + announced today that it made a strategic move to enter the extremities segment of the orthopedic market.

Melville, New York-based Henry Schein plans to enter into the upper and lower extremities market. To execute this strategy, the company signed an agreement to acquire a majority interest in TriMed. TriMed develops orthopedic solutions for the foot and ankle as well as hand and wrist markets.

According to a news release, the Santa Clarita, California-based company brought in sales of about $48 million in 2022. Henry Schein expects to complete the acquisition in the first quarter of 2024. It anticipates a neutral adjusted earnings per share impact in 2024 before an accretive impact thereafter.

On top of the TriMed acquisition, Henry Schein entered into a strategic relationship with Extremity Medical. The medical device company focuses on products for fusion, fixation and motion pre…

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Henry Schein reports more disruption as cyberattackers take credit

Henry Schein (Nasdaq: HSIC) + said today that it is working to bring its ecommerce platform back up after more problems related to its cyberattack.

The medical device manufacturer and distributor said last week that its ecommerce platform and other applications were unavailable and that “the threat actor from the previously disclosed cyber incident has claimed responsibility.”

Today, the company said its ecommerce platform is back online in the U.S. and was expected to be restored in Canada and Europe “shortly.”

Henry Schein said it continued to take orders via alternate methods previously communicated to customers, and continued shipping products.

Earlier this month, the company warned customers and suppliers that their sensitive information may have been exposed in the cyberattack.

Henry Schein first disclosed the cyber security incident in October. A ransomware gang known…

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Henry Schein confirms data breach, details financial impact of cyberattack

Henry Schein (Nasdaq: HSIC) + warned customers and suppliers today that their sensitive information may have been exposed in a cyberattack.

The medical device manufacturer and distributor first disclosed the cyber security incident on Oct. 15. Then this month, a ransomware gang known as BlackCat/ALPHV said they encrypted the company’s systems and stole 35 TB of sensitive data. The cyberattackers said they caused $150 million in losses and threatened to release internal payroll data and shareholder folders.

Today, Henry Schein shared more details on its disruption and financial impacts during today’s earnings call for Q3 (ended Sept. 30).

In letters to customers and suppliers, Henry Schein confirmed the data breach and said bank account and credit card numbers may have been exposed. The company encouraged data security measures for both groups and promised to provide credit monitoring and identify pro…

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Cyber gang threatens to release Henry Schein data in ransomware attack

A cyberattack group known as BlackCat is threatening to release Henry Schein (Nasdaq: HSIC) + data unless the medical device manufacturer and distributor pays a ransom.

BlackCat (also known as ALPHV, both named after the ransomware of the same name) said they’ve encrypted Henry Schein’s systems after failed negotiations with Coveware, which describes itself as “ransomware recovery first responders.”

The cyber gang said they’ve stolen 35 TB of “sensitive data,” including “internal payroll data and shareholder folders.”

Henry Schein disclosed a cyber security incident on October 15 and has offered few details.

The latest update came in a Securities and Exchange Filing this week asking for more time to file its quarterly report for the three months ended Sept. 30. The company said it wouldn’t be able to file on time “due to information access …

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Henry Schein’s cybersecurity incident updates offer guidance for others

Henry Schein’s ongoing response to its cybersecurity incident offers lessons for how other device developers and manufacturers should keep investors and customers in the loop under similar circumstances — and could help device designers and engineers understand how much (or little) information they may get from cyberattacked suppliers.

This week, a ransomware group known as BlackCat/ALPHV said it encrypted Henry Schein’s systems and stole 35 TB of “sensitive data,” threatening to start releasing “internal payroll data and shareholder folders.” Henry Schein has not publicly acknowledged that group’s claims.

Henry Schein appears to be the first company on the Medtech Big 100 to disclose a cybersecurity incident since the new Securities and Exchange Commission regulations took effect. (These regulations are different than the FDA’s new cybersecurity requirements for developers and manufacturers of cyber devices.)

The new SEC …

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How exposed are Medtronic, Intuitive and other Medtech Big 100 device makers to China?

China promises risk and upside for Medtronic, Intuitive and other major medical device manufacturers. [Photo via Adobe Stock]

As economic concerns shift from the U.S. to China, medical device manufacturers such as Medtronic and Intuitive are monitoring how procedure volumes and new policies affect their businesses.

In a new note, William Blair analyst Brandon Vazquez details the exposure of those companies and four more on Medical Design & Outsourcing‘s Medtech Big 100 ranking of the world’s largest device makers.

“The bottom line for our coverage universe is that exposure seems manageable with all companies at 10% or less of revenues/procedures coming from China, though we admit materially worsening macro conditions, if materialized, have the potential to move the needle on results — something we have already heard from some intra-quarter updates this month,” Vazquez wrote. Read more

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Henry Schein reports mixed Q2 as dental sales rise, medical revenues decline

Henry Schein (Nasdaq: HSIC) + shares fell this morning on second-quarter results that came in mixed compared to the consensus forecast.

Shares of HSIC dipped 2.5% at $76.11 apiece during early-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — rose 0.5%.

The Melville, New York-based dental technology company posted profits of $140 million. That equals $1.06 per share on sales of $3.1 billion for the three months ended July 1, 2023.

Henry Schein recorded a 12.5% bottom-line slide on 2.3% sales growth.

Adjusted to exclude one-time items, earnings per share were $1.31, 3¢ ahead of Wall Street, where analysts were looking for sales of $3.13 billion.

Global dental sales totaled $2 billion in the quarter, marking a 5.6% year-over-year rise. Henry Schein attributed that growth to its North America dental businesses wi…

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Henry Schein to buy Shield Healthcare in homecare products play

Henry Schein (Nasdaq: HSIC) + announced today that it will acquire a majority stake in homecare medical products supplier Shield Healthcare.

Henry Schein officials see the move as bolstering the company’s commitment to facilitating a continuum-of-care delivery model.

Shield Healthcare (Valencia, California) operates in the homecare medical supplies space, posting net sales of around $180 million in 2022. The acquisition will expand the homecare medical products portfolio of Henry Schein, enhancing its ability to cater to an aging U.S. population that is increasingly opting for home-based care.

This latest acquisition builds upon Henry Schein’s 2021 purchase of Prism Medical Products, as the company continues to invest in the homecare medical supplies market.

The agreement with Shield Healthcare is expected to bring Henry Schein’s homecare medical product platform’s annual rev…

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Henry Schein, Medpod collaborate to launch Medpac portable telediagnostics system

[Image courtesy of Henry Schein and Medpod]Henry Schein (Nasdaq: HSIC) + announced today that it launched the Medpac solution along with Medpod.

Melville, New York-based Henry Schein and Medpod collaborated to develop Medpac as a lightweight, portable telediagnostic offering. It enables healthcare providers to offer comprehensive professional care regardless of location. The companies say it bridges the gap between remote telemedicine consultations and in-person office visits.

Henry Schein and Medpod have a long-standing relationship, having collaborated on telehealth with Uber Health in 2019. The company distributes the Medpod MobileDoc platform.

“We are excited to join forces with Medpod Inc. to introduce Medpac, which will further our efforts to help health care providers deliver exceptional care to patients in any setting,” said Todd Stack, GM of medical solutions at Henry Schein. “Medpac features Medpod’s pion…

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Henry Schein secures $750M credit facility

Henry Schein (Nasdaq: HSIC) + announced today that it closed on a new $750 million credit facility.

The Melville, New York-based dental device maker said in a news release that the facility matures in July 2026.

Henry Schein also amended its existing $1 billion revolving credit facility. The amendments include extending the maturity date to July 2028.

Together, the company says these credit facilities provide $1.8 billion in available borrowing capacity, enhancing its liquidity position.

“The successful completion of this transaction, along with the amendment of our existing credit facility, bolsters our financial flexibility and provides us with ample liquidity to support our BOLD+1 Strategic Plan, including pursuing focused M&A and investing in attractive growth opportunities,” said Ronald N. South, SVP and CFO of Henry Schein. “We appreciate the support from our new and existing lending partners, w…

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Henry Schein to acquire dental implant manufacturer SIN Implant System

Henry Schein (Nasdaq:HSIC) + today announced it would acquire dental implant manufacturer SIN Implant System from Southern Cross Group, an independent private equity fund manager focused in Latin America.

The financial details of the deal were not disclosed. SIN is a growing dental implant manufacturer and provider in Brazil. The acquisition would mark Henry Schein’s entry into Brazil’s dental market.

“The acquisition of SIN represents the natural progression of our BOLD+1 Strategy to expand our fast-growing dental specialties businesses, where we have a proven track record of successful acquisitions resulting in profitable growth in addition to our internal growth,” CEO Stanley Bergman said in a news release. “We are delighted to partner with SIN and believe that through our combined resources, we will be well-positioned to address the growing demand for implants and bone regeneration products in both the …

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Medtech jobs: The world’s largest medical device companies are hiring

Medical device companies are trying to fill thousand of medtech jobs. [Photo by ijeab – stock.adobe.com]

The world’s largest medical device companies are still hiring for medtech jobs despite layoffs in tech and other industries.

Medtech developers — and medtech jobs — are resilient, with the industry’s COVID-19 pandemic performance only bolstering its recession-proof reputation.

That’s not to say there haven’t been job cuts in medtech, led by thousands of layoffs at Philips as it struggles with a massive recall of deadly respiratory devices. But most medical device manufacturers are still hiring, and in some cases they can’t attract enough candidates to fill every vacancy in a tight labor market.

Stryker, for example, grew to approximately 51,000 employees as of the end of 2022, increasing its headcount by nearly 11 percent last year. Boston Scientific reported nearl…

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