Henry Schein raises annual forecasts on strong demand for dental supplies
HSIC•Henry Schein raises forecasts after quarterly beat
Aug. 4 (Reuters) - Henry Schein HSIC.O on Tuesday raised its annual profit and sales growth forecasts after second-quarter profit and revenue topped Wall Street estimates, helped by robust demand across its dental products business.
- Henry Schein now expects adjusted annual earnings per share in the range of $5.29 to $5.39, compared with a previous projection of $5.23 to $5.37.
- The U.S. dental market has been grappling with uneven patient volumes and subdued demand for costly procedures, which analysts expect to stabilize this year.
- In the second quarter, Henry Schein's largest segment, Global Distribution and Value-Added Services, reported revenue growth of 6.6% to $2.91 billion, from $2.73 billion a year earlier.
- Revenue from the company's Global Specialty Products segment, which includes dental implants and biomaterials, jumped 8.7% to $419 million in the quarter, from $386 million a year earlier.
- Henry Schein reported adjusted earnings of $1.27 per share during the quarter. Analysts on average estimated $1.24 per share, according to data compiled by LSEG.
- Total revenue rose 6.7% to $3.46 billion, compared with analysts' estimates of .
