Henry Schein Q4 Topline, Bottom Line Beat Street View, FY22 Outlook Exceeds Consensus

Henry Schein Inc HSIC posts Q4 FY21 sales of $3.33 billion, beating the consensus of $3.14 billion, up 5.2% Y/Y, including 1.4% internal growth in local currencies, 4.3% growth from acquisitions, and a 0.5% decline related to foreign currency exchange.

• Q4 internal sales growth in local currencies, excluding personal protective equipment (PPE) and COVID-19 related products, was 6.3% compared with the prior year.
• Global Dental sales increased 9.4% to $2 billion, and Medical sales of $1.1 billion decreased 3.2%.
• The gross margin expanded from 27.2% to 29.4%, and the operating income was $200.5 million, compared to $181.2 million a year ago.
• Adjusted EPS of $1.07 increased 7%, beating the estimate of $0.91.
• Guidance: Henry Schein expects FY22 GAAP diluted EPS of $4.75 - $4.91, reflecting a Y/Y growth of 7% - 10%, better than $4.63 consensus. 
• The guidance compares with preliminary growth for 2022 non-GAAP diluted EPS in the mid to high single digits over 2021.
• Price Action: HSIC stock closed at $75.79 on Monday.