Henry Schein (NSDQ:HSIC) today posted second-quarter results that beat the overall consensus on Wall Street.
The Melville, N.Y.-based company reported profits of $163.9 million, or $1.10 per share, on sales of $2.9 billion for the three months ended June 26, for a sales growth of 76.2% compared with Q2 2020.
Adjusted to exclude one-time items, earnings per share were $1.11, 14¢ ahead of The Street, where analysts were looking for sales of $2.89 billion.
“We are pleased to report record second-quarter financial results as we continue to execute on our key strategies. Strengthening demand in the global dental and medical markets drove strong year-over-year increases in sales versus the prior year when many of our customers had temporarily closed their offices. Notably, compared with a pre-COVID-19 environment in the second quarter of 2019, Henry Schein’s worldwide internal sales in local currencies increased by 15.2%,” CEO Stanley Bergman said in a news release. “We are also pleased with operating margin expansion that reflects a favorable product mix as well as operating expense leverage.”
“With solid execution in the first half of 2021 and a favorable outlook for the remainder of the fiscal year, we are raising our guidance for 2021 non-GAAP diluted EPS from continuing operations to be at or above $3.85, representing a floor for fiscal 2021. We will continue to monitor any potential impact to our business as a result of COVID-19.”
Shares in HSIC were down more than –2% to $79.60 apiece in morning trading today. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was down slightly.