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 confidence in the underlying strength and stability of our business. Overall, we feel very good about the outlook for the company and remain highly focused on delivering on our BOLD+1 strategy, as we continue to increase the sustainable profitability of the business.”
During the third quarter, Henry Schein repurchased approximately 1.2 million shares of its common stock at an average price of $76.42 per share for a total of $90.5 million. At the end of the quarter, Henry Schein had approximately $400 million authorized and available for future stock repurchases.
Henry Schein projects full-year 2022 non-GAAP diluted EPS to be in the range of $4.79 to $4.87, excluding integration and restricting charges, to reflect a growth of 6% to 8% compared with 2021.
Shares of HSIC were down 1.25% to $70.84 apiece in afternoon trading.