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Henry Schein stock dips despite Street-beating Q4 revenues

Henry Schein (Nasdaq:HSIC) shares took a hit today despite fourth-quarter revenues that topped the consensus forecast.

Shares of HSIC dipped 5.8% to $83.51 apiece in midday trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — rose 11.1%.

The Melville, New York-based dental device maker posted profits of $47 million. That amounts to 34¢ per share on sales of $3.71 billion for the three months ended Dec. 31, 2022.

Henry Schein reported a 68% bottom-line slide on sales growth of 1.2%. Global dental sales totaled $2 billion, marking a 0.7% decline from 2021. However, Henry Schein’s medical sales grew by 4.1% to $1.2 billion.

Adjusted to exclude one-time items, earnings per share came in at $1.21, equaling expectations on Wall Street. Henry Schein posted a slight sales beat as analysts projected revenues of $3.34 billion.

Stanley M. Bergman, chair and CEO, said …

Fresenius Medical Care joins health equity pledge

Fresenius Medical Care announced today that it joined the Zero Health Gaps Pledge at the World Economic Forum in Davos, Switzerland.

As part of the Global Health Equity Network (GHEN), the pledge brings together stakeholders from the public and private sectors. In line with the UN Sustainable Development Goals, they aim to advance a collective vision of “Zero Health Gaps,” making improvements in health equity.

In total, 39 organizations joined the pledge. Medtronic announced yesterday that it took part. Other medtech companies joining include Henry Schein, Hologic and Philips, according to the World Economic Forum.

Fresenius said its involvement marks a commitment to “meaningful action and collaboration toward health equity.”

“We believe that access to equitable and high-quality health care is a fundamental human right, and we are committed to working with global leaders and organizations to improve the lives of millions of…

Henry Schein launches Practice Green sustainable products initiative

Citing the growing threat of climate change, Henry Schein (Nasdaq:HSIC) is launching an environmental sustainability initiative called Practice Green.

Practice Green will identify medical and dental products that are reusable, recyclable, biodegradable, made from recycled materials or from a sustainable source.

Medical device developers and their customers are increasingly focusing on sustainability. Efforts range from reducing waste in manufacturing to minimizing product packaging. They’re also looking for ways to reduce emissions of carbon dioxide and other greenhouse gases.

HOW TO: Design a sustainable medical device

Henry Schein selected the products based on marketing information provided by its supplier partners. Specific product offerings are available through local Henry Schein representatives.

More about Henry Schein’s Practice Green

Henry Schein International Distr…

‘Henry Schein launches Practice Green sustainable products initiative’

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Citing the growing threat of climate change, Henry Schein (Nasdaq:HSIC) is launching an environmental sustainability initiative called Practice Green.

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Practice Green will identify medical and dental products that are reusable, recyclable, or biodegradable. Are the products made from recycled materials or come from a sustainable source?

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Medical device developers and their customers are increasingly focusing on sustainability. Efforts range from reducing waste in manufacturing to minimizing product packaging. They’re also looking for ways to reduce emissions of carbon dioxide and other greenhouse gases.

\n

HOW TO: Design a sustainable medical device

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Henry Schein selected the products based on marketing information provided by its supplier partners. Specific product offerings are available through local Henry Schein representatives.

\nMore about Henry Schein’s Practice Green\n

Henry Schein acquires majority interest in Unitas PPO solutions

Henry Schein (Nasdaq:HSIC) announced today that its eAssist Dental Solutions subsidiary acquired a majority interest in Unitas PPO Solutions.

Privately-held Unitas works with dental practices to assess their commercial insurance participation. It sets competitive fee-for-service rates and negotiates contracted reimbursement with commercial insurers.

Melville, New York-based Henry Schein said in a news release that the companies formed a strategic relationship in 2014. Their long-standing relationship led to the addition of Unitas.

Henry Schein said the combination offers a “variety of service plans tailored to the specific needs of a dental practice.”

“The addition of Unitas will help dental practice teams improve their critical insurance and billing functions and allow more focused attention on delivering high-quality patient care,” said Stanley M. Bergman, chair of the board and CEO of Henry Schein. “Combining Unitas with our existin…

Henry Schein One, VideaHealth partner on AI-based dental tech

Henry Schein One and Internet Brands announced a partnership with VideaHealth to introduce an AI-enabled dental X-ray tool.

As a result, the Henry Schein joint venture intends to introduce the Dentrix Detect AI-powered platform. Manufactured by VideaHealth, the system integrates directly into Dentrix practice management systems. This integration with VideaHealth’s computer-assisted detection device helps oral health professionals utilize AI in dental practices.

Dentrix Detect uses AI-enabled X-ray analysis to provide real-time clinical decision support to dentists. Its full integration into Detrix allows it to work within existing workflows. This eliminates the need for dentists to import or export images to utilize the AI analysis function.

The platform automatically analyzes every image to help dentists more efficiently evaluate radiographs and other images. This allows them to offer greater transparency to patients.

“Artificial intelligen…

Henry Schein posts mixed-bag Q3 results

Henry Schein (Nasdaq:HSIC) this week posted third-quarter results that beat the earnings consensus on Wall Street but missed revenue estimates.

The Melville, New York-based dental device maker reported profits of $150 million, or $1.09 per share, on sales of $3.06 billion for the three months ended Sept. 24, for a sales loss of 3.49% compared with Q3 2021.

Adjusted to exclude one-time items, earnings per share were $1.15, 1¢ ahead of The Street, where analysts were looking for sales of $3.19 billion.

“Our financial results for the third quarter of 2022 reflect solid underlying growth across our business and in most geographies. We grew our non-GAAP diluted EPS compared with the third quarter of 2021, despite currency headwinds and lower sales of personal protective equipment (PPE) and COVID-19 test kits,” CEO Stanley Bergman said in a news release. “Today, we are narrowing our 2022 non-GAAP diluted EPS guidance range, which reflects our…

These 10 medical device companies have the most revenue per employee

[Image from Unsplash]One way to measure medical device companies’ efficiency is to calculate revenue per employee.

While compiling corporate data for MassDevice and Medical Design & Outsourcing‘s recent Medtech Big 100 report on the largest medical device companies, we took the companies reporting headcounts. Then, we divided the revenue by the number of workers.

When it comes to revenue per employee among medtech companies, three dynamic and growing companies top the list: Hologic, Medline Industries and Intuitive.

Below are the top 10 medical device companies regarding revenue per employee. (And read the full Big 100 report here.)

Company Rev/Employee Hologic* $886,976 Medline Industries $673,333 Intuitive $583,080 Henry Schein $574,121 Owens & Minor $565,625 Carl Zeiss Meditec $563,700 Masimo $563,251 Abiomed $515,104 Insulet $477,739 Accuray $477,677

* Note: Hologic doesn’t report its Q4 earning…

Henry Schein makes $400M increase to share repurchase plan

Henry Schein (Nasdaq:HSIC) announced today that its board of directors authorized a repurchase plan worth up to $400 million.

Melville, New York–based Henry Schein’s authorization of the repurchase of up to $400 million in shares of the company’s common stock adds to a $400 million repurchase program announced in May 2021. That plan from more than a year ago was fully executed.

According to a news release, Henry Schein had approximately 136 million shares outstanding as of yesterday, Aug. 17, 2022.

The new share repurchase plan authorization represents approximately 3.9% of the shares outstanding at the current stock price. Purchases may be made from time to time in the open market, or through negotiated transactions, the company said.

“This new share repurchase authorization reflects our team’s commitment to delivering on our strategic priorities and creating sustainable value by investing in our business for growth,” said Ronald N. S…

Henry Schein misses on Q2 sales, lowers guidance

Henry Schein (Nasdaq:HSIC) shares were down before hours on second-quarter results that missed the consensus sales forecast.

The Melville, New York-based company posted profits of $160 million, or $1.16 per share, on sales of just over $3 billion for the three months ended June 25, 2022, for a 2.6% bottom-line gain on sales growth of 2.1%.

Adjusted to exclude one-time items, earnings per share were also $1.16, equaling expectations on Wall Street, where analysts were looking for sales of $3.12 billion.

“We are pleased to report record second-quarter financial results that reflect good underlying momentum in the business and execution of our strategy,” Henry Schein Chair and CEO Stanley M. Bergman said in a news release. “Our solid operational execution this quarter and our results demonstrate the strength of our business. While we are maintaining our full-year 2022 diluted EPS guidance range… we are adjusting our expectations for full-year sales gr…

Henry Schein names C-level executive to drive e-commerce

Mark Hillebrandt, VP and chief digital revenue officer at Henry Schein [Image courtesy of Henry Schein]Henry Schein (Nasdaq: HSIC) announced today that it’s appointed Mark Hillebrandt to the role of VP and chief digital revenue officer, leading a new Digital Revenue Team to boost e-commerce revenues.

Mark Hillebrandt has held executive roles at Henry Schein since 2018. Previous positions included nearly three years as business leader for Amazon’s professional dental, medical and scientific product categories.

Hillebrandt reports to Brad Connett, CEO of Henry Schein’s North America Distribution Group.

“Our strategic plan includes advancing the use of e-commerce tools to help create an exceptional customer experience,” Connett said in a news release. “Mark is a smart and visionary leader who will drive success for this critical element of our strategy through our current online platform as well as evolutions to come, augmenting and supporting the …

The biggest medtech personnel moves so far in 2022

In the ever-changing world of medtech, those who are leading the companies are bound to move around a bit.

At the end of last year, we compiled a list of medtech’s biggest personnel changes in 2021. Throughout just over half of 2022, we’ve already seen a slew of major moves around some of the space’s most powerful players.

Here is a list of some of the biggest personnel changes in medtech so far in 2022:

3M’s healthcare president retires 3M Health Care Business Group President Mojdeh Poul [Image courtesy of 3M]Mojdeh Poul, the president of 3M’s healthcare business, announced in May that she would retire from the position and her retirement was made effective on July 1.

Poul joined 3M in 2011 as the global business VP of critical and chronic care solutions. She later became VP and general manager of the company’s food safety business and president of numerous 3M divisions, including infection prevention, 3M Canada, and sa…