Henry Schein (HSIC) Stifel Jaws & Paws Conference 2026 summary

Strategic priorities and business transformation

• Leadership is focused on delivering on 2026 guidance and value creation initiatives, with progress on both fronts.

• Efforts are underway to simplify the business, reduce silos, and better align commercial approaches to enhance customer partnerships.

• Growth is being driven by scaling technology and own brands, with a focus on market share gains in distribution.

• Accelerated innovation is expected through internal AI development and industry partnerships, especially in technology and specialty products.

• Value creation initiatives target $125 million run rate by year-end and up to $200 million over the next few years, emphasizing both gross profit and cost efficiencies.

Market trends and business performance

• Dental market remains steady, largely insulated from consumer confidence swings, and is more sensitive to employment rates.

• Dental business momentum has continued from Q1 into May, with share gains attributed to promotional activity and experienced sales hires.

• Medical segment faced Q1 headwinds from diagnostic test kits, but underlying business showed mid-single-digit growth, expected to continue.

• Internationally, Germany and Canada are highlighted as strong performers, with Canada effectively managing competitive challenges.

• Internal revenue growth of 2.5% in Q1 is seen as a trough, with expectations for improvement as headwinds subside.

Product innovation and portfolio development

• New product launches are accelerating, with a focus on both supplier-driven and internally developed offerings, such as the exclusive Curodont launch.

• AI-driven capabilities and cloud-based platforms are being prioritized to increase recurring revenue and customer value.

• Specialty products, particularly implants, are a growth focus, with recent majority ownership in a value implant business expected to drive expansion.

• Distribution, specialty, and technology businesses are all positioned for above-market growth through expanded offerings and value-added services.