Analyst Says Henry Schein 2023 Guidance Encouraging But Still Impacted By Headwinds

  • Henry Schein Inc HSIC posts Q4 FY22 sales of $3.37 billion, beating the consensus of $3.34 billion.
  • The 1.2% increase included a 1.8% decrease in local currencies excluding acquisitions, 1.1% growth from acquisitions, and a 3.0% decrease related to foreign currency exchange, while the extra week of sales contributed 4.9% to sales growth.
  • Sales of PPE products and COVID-19 test kits in the fourth quarter were $254 million, which is $194 million lower than the prior-year period. Excluding sales of PPE products and COVID-19 test kits, fourth-quarter internal sales growth in local currencies was 5.0%.
  • William Blair writes that management's 2023 EPS guidance of $5.25 to $5.42 is above the consensus but is not directly comparable since management is now excluding the amortization of intangibles.
  • Sales growth is expected to be 1%-3% despite 30% to 35% declines in PPE and COVID sales. 
  • The analyst says the guidance is inline given the number of macro headwinds.
  • Price Action: HSIC stock is down 7.55% at $81.94 on the last check Thursday.
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