Henry Schein, Inc. (Nasdaq: HSIC), the world's largest provider
of health care products and services to office-based dental and
medical practitioners, announced today that its Board of Directors
has authorized the repurchase of up to $400 million of shares of
the Company's common stock.
This program is in addition to the $400 million repurchase
program announced in October 2019, which as of today has
approximately $33 million remaining authorized for future
repurchases.
The Company had approximately 140 million shares outstanding as
of May 13, 2021. This new authorization represents approximately
4.0 percent of shares outstanding at the current stock price.
Purchases may be made from time to time in the open market, or
through negotiated transactions.
“This new share repurchase authorization reflects our team’s
commitment to delivering on our strategic priorities, as well as
our ability to generate solid cash flow,” said Steven Paladino,
Executive Vice President and Chief Financial Officer of Henry
Schein. “The plan provides us with the flexibility to execute on
our balanced capital allocation strategy, which includes
investments to support organic growth, strategic acquisitions, and
share repurchases.”
About Henry Schein, Inc.
Henry Schein, Inc. (Nasdaq: HSIC) is a solutions company for
health care professionals powered by a network of people and
technology. With more than 20,000 Team Schein Members worldwide,
the Company's network of trusted advisors provides more than 1
million customers globally with more than 300 valued solutions that
help improve operational success and clinical outcomes. Our
Business, Clinical, Technology, and Supply Chain solutions help
office-based dental and medical practitioners work more efficiently
so they can provide quality care more effectively. These solutions
also support dental laboratories, government and institutional
health care clinics, as well as other alternate care sites.
Henry Schein operates through a centralized and automated
distribution network, with a selection of more than 120,000 branded
products and Henry Schein private-brand products in stock, as well
as more than 180,000 additional products available as special-order
items.
A FORTUNE 500 Company and a member of the S&P 500® index,
Henry Schein is headquartered in Melville, N.Y., and has operations
or affiliates in 31 countries and territories. The Company's sales
reached $10.1 billion in 2020, and have grown at a compound annual
rate of approximately 12 percent since Henry Schein became a public
company in 1995.
For more information, visit Henry Schein at www.henryschein.com,
Facebook.com/HenrySchein, and @HenrySchein on Twitter.
Cautionary Note Regarding Forward-Looking Statements
In accordance with the “Safe Harbor” provisions of the Private
Securities Litigation Reform Act of 1995, we provide the following
cautionary remarks regarding important factors that, among others,
could cause future results to differ materially from the
forward-looking statements, expectations and assumptions expressed
or implied herein. All forward-looking statements made by us are
subject to risks and uncertainties and are not guarantees of future
performance. These forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause our
actual results, performance and achievements or industry results to
be materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. These statements are generally identified by the use of
such terms as “may,” “could,” “expect,” “intend,” “believe,”
“plan,” “estimate,” “forecast,” “project,” “anticipate,” “to be,”
“to make” or other comparable terms. Factors that could cause or
contribute to such differences include, but are not limited to,
those discussed in the documents we file with the Securities and
Exchange Commission (SEC), including our Annual Report on Form
10-K. Forward looking statements include the overall impact of the
Novel Coronavirus Disease 2019 (COVID-19) on the Company, its
results of operations, liquidity, and financial condition
(including any estimates of the impact on these items), the rate
and consistency with which dental and other practices resume or
maintain normal operations in the United States and
internationally, expectations regarding personal protective
equipment (“PPE”) and COVID-19 related product sales and inventory
levels and whether additional resurgences of the virus will
adversely impact the resumption of normal operations, the impact of
restructuring programs as well as of any future acquisitions, and
more generally current expectations regarding performance in
current and future periods. Forward looking statements also include
the (i) ability of the Company to make additional testing
available, the nature of those tests and the number of tests
intended to be made available and the timing for availability, the
nature of the target market, as well as the efficacy or relative
efficacy of the test results given that the test efficacy has not
been, or will not have been, independently verified under normal
FDA procedures and (ii) potential for the Company to distribute the
COVID-19 vaccines and ancillary supplies.
Risk factors and uncertainties that could cause actual results
to differ materially from current and historical results include,
but are not limited to: risks associated with COVID-19, as well as
other disease outbreaks, epidemics, pandemics, or similar wide
spread public health concerns and other natural disasters or acts
of terrorism; our dependence on third parties for the manufacture
and supply of our products; our ability to develop or acquire and
maintain and protect new products (particularly technology
products) and technologies that achieve market acceptance with
acceptable margins; transitional challenges associated with
acquisitions, dispositions and joint ventures, including the
failure to achieve anticipated synergies/benefits; financial and
tax risks associated with acquisitions, dispositions and joint
ventures; certain provisions in our governing documents that may
discourage third-party acquisitions of us; effects of a highly
competitive (including, without limitation, competition from
third-party online commerce sites) and consolidating market; the
potential repeal or judicial prohibition on implementation of the
Affordable Care Act; changes in the health care industry; risks
from expansion of customer purchasing power and multi-tiered
costing structures; increases in shipping costs for our products or
other service issues with our third-party shippers; general global
macro-economic and political conditions, including international
trade agreements and potential trade barriers; failure to comply
with existing and future regulatory requirements; risks associated
with the EU Medical Device Regulation; failure to comply with laws
and regulations relating to health care fraud or other laws and
regulations; failure to comply with laws and regulations relating
to the confidentiality of sensitive personal information or
standards in electronic health records or transmissions; changes in
tax legislation; litigation risks; new or unanticipated litigation
developments and the status of litigation matters; cyberattacks or
other privacy or data security breaches; risks associated with our
global operations; our dependence on our senior management, as well
as employee hiring and retention; and disruptions in financial
markets. The order in which these factors appear should not be
construed to indicate their relative importance or priority.
We caution that these factors may not be exhaustive and that
many of these factors are beyond our ability to control or predict.
Accordingly, any forward-looking statements contained herein should
not be relied upon as a prediction of actual results. We undertake
no duty and have no obligation to update forward-looking
statements.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210513006041/en/
Investors: Steven Paladino Executive Vice President and CFO
steven.paladino@henryschein.com (631) 843-5500 or Carolynne Borders
Vice President, Investor Relations
carolynne.borders@henryschein.com (631) 390-8105 Media: Ann Marie
Gothard Vice President, Corporate Media Relations
annmarie.gothard@henryschein.com (631) 390-8169
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