Henry Schein Reports Record Second Quarter Results
MELVILLE, N.Y., Aug. 2, 2011 /PRNewswire/ -- Henry Schein, Inc. (NASDAQ: HSIC ), the largest provider of healthcare products and services to office-based practitioners, today reported record financial results for the quarter ended June 25, 2011.
Net sales for the second quarter of 2011 were $2.1 billion, an increase of 15.2% compared with the second quarter of 2010. This consists of 10.1% growth in local currencies and 5.1% growth related to foreign currency exchange. Internal sales growth in local currencies was 5.6% (see Exhibit A for details of sales growth).
Net income attributable to Henry Schein, Inc. for the second quarter of 2011 was $94.5 million or $1.01 per diluted share, an increase of 12.5% and 12.2%, respectively, compared with the second quarter of 2010.
"We are proud to report double-digit sales growth in local currencies during the second quarter, as each of our five business groups continued to gain market share," said Stanley M. Bergman, Chairman and Chief Executive Officer of Henry Schein.
North American Dental sales of $709.3 million increased 4.7%, consisting of 4.0% growth in local currencies and 0.7% growth related to foreign currency exchange. The 4.0% growth in local currencies included 4.8% growth in Dental consumable merchandise sales and 1.3% growth in Dental equipment sales and service revenues.
"The North American Dental group had internal sales growth in local currencies of 3.4%, which is the highest quarterly growth rate we have reported in nearly three years," commented Mr. Bergman. "Sales of Dental consumable merchandise have increased for eight consecutive quarters and Dental equipment sales and service revenues have increased for six consecutive quarters. We view this as a positive indication of continued gradual improvement in the dental market and of our strength in that bus