Henry Schein (HSIC) Corporate presentation summary

Strategic transformation and market leadership

• Evolved from a U.S. mail-order dental distributor to a global leader in dental and medical products, serving over 1 million customers in 34 countries with a $13.2B net sales in FY2025.

• Holds #1 global position in dental merchandise and practice management software, and top-three positions in endodontics, implants, and U.S. medical distribution.

• BOLD + 1 strategy drives transformation toward high-growth, high-margin businesses, targeting over 50% of non-GAAP operating income from these segments by 2027.

• Significant progress in digital transformation, including cloud-based dental software, AI integration, and global eCommerce expansion.

• Focused M&A strategy targets bolt-on acquisitions in software, specialty, and services to accelerate growth.

Financial performance and growth

• Achieved 11% CAGR in net sales and 12% CAGR in non-GAAP EPS since IPO, with FY2025 net sales of $13.2B and non-GAAP EPS of $4.97.

• Operating income reached $972M in 2025, with a 7.37% operating margin; strong cash flow supports ongoing investments and share repurchases.

• Value creation initiatives aim to deliver over $200M in operating income improvements by reducing SG&A and enhancing gross margins.

• Diversified revenue streams: 84% from distribution and value-added services, 11% from specialty products, and 5% from technology.

• Maintains a disciplined capital allocation strategy, balancing organic growth, M&A, and shareholder returns.

Market trends and growth strategies

• Benefits from favorable macro trends: aging population, increased healthcare access, digital adoption, and consolidation of practitioners.

• Dental market remains stable; medical market sees steady patient growth and share gains.

• Long-term strategies include expanding digital workflows, scaling specialty and technology offerings, and deepening customer engagement.

• Technology segment leverages recurring revenue, with opportunities to grow average revenue per account and expand globally.

• Sustainability initiatives include a net-zero roadmap, supplier engagement, and enhanced ESG reporting.