Henry Schein's adjusted EPS of $1.18 in the first-quarter of 2014
increased 11.3% year over year and beat the Zacks Consensus
Estimate by 4.4%. Revenues rose 6.1% to $2.43 billion, edging past
the Zacks Consensus Estimate of $2.42 billion. Animal health
continued to perform well while core dental business picked up. The
recent strategic acquisitions are expected to add value to the
business. With the animal health market growing at a rapid pace and
showcasing favorable trends, we are confident about further sales
improvement. However, the European economy and macroeconomic
uncertainty remain as overhangs. Further, intense competition and
currency fluctuations warrant caution. Moreover, as GPOs gain
prominence, pricing pressure is inevitable. We still believe that
the company's diversified distribution business offers resilience
against macroeconomic volatility. Thus, we remain Neutral on the
Headquartered in Melville, NY, Henry Schein Inc. (HSIC) is a
leading distributor of health care products and services across the
globe. The company serves office-based dental, medical and animal
health practitioners, dental laboratories, government as well as
institutional health care clinics and other alternate-care sites.
Presently, Henry Schein operates in 25 countries.
At the end of 2012, the company served a vast distribution
network worldwide with a selection of over 96,000 branded products.
Additionally, Henry Schein offers other value-added services such
as practice management software, e-commerce solutions and an array
of financial services.
Henry Schein's four businesses Dental, Animal Health, Medical
and Technology and Value-Added Services serve millions of customers
worldwide. In 2013, the company recorded global net revenue of
$9.56 billion, with annualized growth of 6.9%.
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