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MELVILLE, N.Y.--(BUSINESS WIRE)--Henry Schein, Inc. (Nasdaq: HSIC), the worlds largest provider of health care solutions to office-based dental and medical practitioners, today reported record first-quarter financial results from continuing operations. Results from continuing operations exclude contributions from Henry Scheins former Animal Health business, which was spun off in February 2019 to form a new publicly traded company, Covetrus (Nasdaq: CVET). Total net sales for the quarter ended March 27, 2021, were $2.9 billion, up 20.4% compared with the first quarter of 2020. The 20.4% increase included 14.9% internal growth in local currencies, 3.3% growth from acquisitions, and 2.2% growth related to foreign currency exchange. (See Exhibit A for details of sales growth). GAAP net income attributable to Henry Schein, Inc. from continuing operations for the first quarter of 2021 was $166.0 million, or $1.16 per diluted share, compared with prior-year GAAP net income from continuing operations of $130.5 million, or $0.91 per diluted share. Non-GAAP net income from continuing operations for the first quarter of 2021 was $177.7 million, or $1.24 per diluted share, compared with prior-year non-GAAP net income from continuing operations of $134.1 million, or $0.94 per diluted share. Exhibit B provides a reconciliation of GAAP net income and diluted EPS from continuing operations to non-GAAP net income and diluted EPS from continuing operations. We are pleased with exceptional first-quarter global financial performance versus the comparable prior-year period, and also compared to the first quarter of 2019, which is the result of planning and excellent execution across all of our businesses. We also delivered a very strong operating margin for the quarter. While end markets in most geographies still face challenges due to the ongoing pandemic, the overall market recovery and our improving financial results have continued. Our positive momentum reflects the adaptiveness of our business model as well as the commitment of Team Schein Members to our customers and our communities, said Stanley M. Bergman, Chairman of the Board and Chief Executive Officer of Henry Schein. Throughout these unprecedented times, Henry Schein has remained focused on the safety of our team and on responding to our customers needs, as well as on driving innovation, gaining market share, enhancing our margin profile, and optimizing our cost structure. We believe all of this positions us well to continue to drive earnings growth and create value over the long-term. Global Dental sales for the first quarter of 2021 of $1.8 billion increased 21.3% versus the prior-year period. In local currencies, internally generated sales increased 13.7% with 4.2% growth from acquisitions and 3.4% growth related to foreign currency exchange. The 13.7% internal growth in local currencies included an increase of 10.9% in North America and an increase of 17.9% internationally. Global Dental consumable merchandise internal sales increased by 13.2% in local currencies. Excluding sales of personal protective equipment (PPE) and COVID-19 related products, growth was 10.9%. In North America, dental consumable merchandise internal sales in local currencies increased 9.3%, or 6.9% excluding sales of PPE and COVID-19 related products, and dental equipment internal sales in local currencies increased 17.4%. Internationally, dental consumable merchandise internal sales in local currencies increased 19.2%, or 16.7% excluding sales of PPE and COVID-19 related products, and dental equipment internal sales in local currencies increased 12.9%. For the first quarter, our dental sales in both North America and international markets were strong, including significant growth in North America dental equipment sales versus the fourth quarter of 2020, noted Mr. Bergman. Global Dental Specialty sales were also strong with year-over-year internal growth of 18.3% in local currencies. We remain optimistic about the stability and health of the global dental markets we serve, despite rising COVID-19 cases in certain geographies, as patient traffic and practice spending have steadily improved since the first few months of the pandemic. Global Medical sales for the first quarter of 2021 of $993.0 million increased 24.0% versus the comparable period last year, consisting of 22.1% internal growth in local currencies, 1.6% growth from acquisitions and 0.3% growth related to foreign currency exchange. Excluding sales of PPE and COVID-19 related products, internal sales in local currencies decreased 6.8%, in part resulting from an extremely mild influenza season that impacted diagnostic and consumable merchandise sales, as well as from lower pharmaceutical sales related to fewer patient office visits due to COVID-19. We are pleased to report strong double-digit global Medical sales growth during the first quarter. We expect the physician, ambulatory surgery center, alternate care and home health markets to improve over time as infection levels abate and patient volumes normalize. That said, we expect COVID-19 test sales to decline, primarily as a result of unit price erosion, remarked Mr. Bergman. While sales of PPE products have begun to moderate from recent quarterly growth rates in both our Dental and Medical businesses, we expect PPE sales will remain at elevated levels as dentists and physicians implement new standard-of-care best practices, said Mr. Bergman. Global Technology and Value-Added Services sales of $143.0 million increased 8.4% versus the prior-year quarter and included 3.6% internal sales growth in local currencies, 3.4% growth from acquisitions and 1.4% growth related to foreign currency exchange. Global Technology and Value-Added Services sales have steadily improved over the last several quarters, with Henry Schein One internal sales in local currencies increasing by 2.6% in the first quarter, representing continued sequential-quarter growth. In addition, financial services internal sales in local currencies increased by 22.5%, in part driven by higher sales of dental equipment, noted Mr. Bergman. Stock Repurchase Plan During the first quarter of 2021, the Company repurchased approximately 1.3 million shares of its common stock at an average price of $66.90 per share, for a total of approximately $88.7 million. The impact of the repurchase of shares on first-quarter diluted EPS was immaterial. At the end of the first quarter, Henry Schein had approximately $112.6 million authorized and available for future stock repurchases. Financial Guidance Henry Schein today raised guidance for 2021 non-GAAP diluted EPS from continuing operations. At this time, the Company is not providing guidance for 2021 GAAP diluted EPS from continuing operations as it is unable to provide an accurate estimate of expenses related to the ongoing restructuring initiative. Financial guidance is as follows: Adjustments to Projected 2021 Non-GAAP Diluted EPS The Company has provided guidance for 2021 non-GAAP diluted EPS from continuing operations, as noted above. A reconciliation to the Companys projected 2021 diluted EPS from continuing operations prepared on a GAAP basis is not provided because the Company is unable to provide without unreasonable effort an estimate of costs related to an ongoing restructuring program to mitigate stranded costs and drive additional operating efficiencies, including the corresponding tax effect that will be included in the Companys 2021 diluted EPS from continuing operations prepared on a GAAP basis. The inability to provide these reconciliations is due to the uncertainty and inherent difficulty of predicting the occurrence, magnitude, financial impact and the timing of related costs. Management does not believe these items are representative of the Companys underlying business performance. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results. First Quarter 2021 Conference Call Webcast The Company will hold a conference call to discuss first-quarter 2021 financial results today, beginning at 10:00 a.m. Eastern time. Individual investors are invited to listen to the conference call through Henry Scheins website by visiting www.henryschein.com/IRwebcasts. In addition, a replay will be available beginning shortly after the call has ended for a period of one week. 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 and Use of Non-GAAP Financial Information 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 include EPS guidance and 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. A fuller discussion of our operations, financial condition and status of litigation matters, including factors that may affect our business and future prospects, is contained in documents we have filed with the United States Securities and Exchange Commission, or SEC, including our Annual Report on Form 10-K, and will be contained in all subsequent periodic filings we make with the SEC. These documents identify in detail important risk factors that could cause our actual performance to differ materially from current expectations. 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. Included within the press release are non-GAAP financial measures that supplement the Companys Consolidated Statements of Income prepared under generally accepted accounting principles (GAAP). These non-GAAP financial measures adjust the Companys actual results prepared under GAAP to exclude certain items. In the schedules attached to this press release, the non-GAAP measures have been reconciled to and should be considered together with the Consolidated Statements of Income. Management believes that non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance and allow for greater transparency with respect to key metrics used by management in operating our business. These non-GAAP financial measures are presented solely for informational and comparative purposes and should not be regarded as a replacement for corresponding, similarly captioned, GAAP measures. (TABLES TO FOLLOW) HENRY SCHEIN, INC. CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data) (unaudited) Three Months Ended March 27, March 28, 2021 2020 Net sales $ 2,924,961 $ 2,428,871 Cost of sales 2,034,110 1,682,857 Gross profit 890,851 746,014 Operating expenses: Selling, general and administrative 657,992 567,362 Restructuring costs 2,931 4,787 Operating income 229,928 173,865 Other income (expense): Interest income 1,983 3,190 Interest expense (6,485) (7,812) Other, net 309 (220) Income from continuing operations before taxes, equity in earnings of affiliates and noncontrolling interests 225,735 169,023 Income taxes (56,685) (37,910) Equity in earnings of affiliates 5,878 2,734 Net income from continuing operations 174,928 133,847 Loss from discontinued operations - (282) Net Income 174,928 133,565 Less: Net income attributable to noncontrolling interests (8,931) (3,304) Net income attributable to Henry Schein, Inc. $ 165,997 $ 130,261 Amounts attributable to Henry Schein, Inc.: Continuing operations $ 165,997 $ 130,543 Discontinued operations - (282) Net income attributable to Henry Schein, Inc. $ 165,997 $ 130,261 Earnings per share from continuing operations attributable to Henry Schein, Inc.: Basic $ 1.17 $ 0.91 Diluted $ 1.16 $ 0.91 Loss per share from discontinued operations attributable to Henry Schein, Inc.: Basic $ - $ 0.00 Diluted $ - $ 0.00 Earnings per share attributable to Henry Schein, Inc.: Basic $ 1.17 $ 0.91 Diluted $ 1.16 $ 0.91 Weighted-average common shares outstanding: Basic 142,298 142,967 Diluted 143,398 143,095 HENRY SCHEIN, INC. CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) March 27, December 26, 2021 2020 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 144,538 $ 421,185 Accounts receivable, net of reserves of $79,936 and $88,030 1,317,546 1,424,787 Inventories, net 1,626,185 1,512,499 Prepaid expenses and other 482,356 432,944 Total current assets 3,570,625 3,791,415 Property and equipment, net 353,248 342,004 Operating lease right-of-use assets 301,759 288,847 Goodwill 2,587,438 2,504,392 Other intangibles, net 597,619 479,429 Investments and other 369,231 366,445 Total assets $ 7,779,920 $ 7,772,532 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 909,575 $ 1,005,655 Bank credit lines 67,415 73,366 Current maturities of long-term debt 111,176 109,836 Operating lease liabilities 68,580 64,716 Accrued expenses: Payroll and related 286,106 295,329 Taxes 146,755 138,671 Other 533,161 595,529 Total current liabilities 2,122,768 2,283,102 Long-term debt 506,461 515,773 Deferred income taxes 42,254 30,065 Operating lease liabilities 248,624 238,727 Other liabilities 410,184 392,781 Total liabilities 3,330,291 3,460,448 Redeemable noncontrolling interests 452,899 327,699 Commitments and contingencies Stockholders' equity: Preferred stock, $.01 par value, 1,000,000 shares authorized, none outstanding - - Common stock, $.01 par value, 480,000,000 shares authorized, 141,310,113 outstanding on March 27, 2021 and 142,462,571 outstanding on December 26, 2020 1,413 1,425 Additional paid-in capital - - Retained earnings 3,493,060 3,454,831 Accumulated other comprehensive loss (136,305) (108,084) Total Henry Schein, Inc. stockholders' equity 3,358,168 3,348,172 Noncontrolling interests 638,562 636,213 Total stockholders' equity 3,996,730 3,984,385 Total liabilities, redeemable noncontrolling interests and stockholders' equity $ 7,779,920 $ 7,772,532 HENRY SCHEIN, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands, unaudited) Three Months Ended March 27, March 28, 2021 2020 Cash flows from operating activities: Net income $ 174,928 $ 133,565 Loss from discontinued operations - (282) Income from continuing operations 174,928 133,847 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 49,363 46,983 Impairment charge on intangible assets - 2,000 Stock-based compensation (credit) expense 12,790 (17,514) Provision for (benefit from) losses on trade and other accounts receivable (2,696) 14,543 Provision for deferred income taxes 11,171 2,645 Equity in earnings of affiliates (5,878) (2,734) Distributions from equity affiliates 5,139 2,413 Changes in unrecognized tax benefits 2,804 (1,575) Other 35 (13,924) Changes in operating assets and liabilities, net of acquisitions: Accounts receivable 118,795 (1,283) Inventories (78,085) 73,038 Other current assets (45,310) (22,002) Accounts payable and accrued expenses (179,725) (137,680) Net cash provided by operating activities from continuing operations 63,331 78,757 Net cash used in operating activities from discontinued operations - (282) Net cash provided by operating activities 63,331 78,475 Cash flows from investing activities: Purchases of fixed assets (13,843) (23,008) Payments related to equity investments and business acquisitions, net of cash acquired (204,027) (37,947) Proceeds from sale of equity investment - 12,000 Repayments from loan to affiliate 139 1,137 Other (5,513) (5,787) Net cash used in investing activities from continuing operations (223,244) (53,605) Net cash used in investing activities from discontinued operations - - Net cash used in investing activities (223,244) (53,605) Cash flows from financing activities: Net change in bank borrowings (241) 358,639 Proceeds from issuance of long-term debt - 250,000 Principal payments for long-term debt (17,781) (8,478) Debt issuance costs (85) (58) Payments for repurchases of common stock (88,659) (73,789) Payments for taxes related to shares withheld for employee taxes (6,158) (13,155) Distributions to noncontrolling shareholders (6,520) (3,664) Acquisitions of noncontrolling interests in subsidiaries - (14,925) Payments to Henry Schein Animal Health Business - (2,962) Net cash provided by (used in) financing activities from continuing operations (119,444) 491,608 Net cash provided by financing activities from discontinued operations - 282 Net cash provided by (used in) financing activities (119,444) 491,890 Effect of exchange rate changes on cash and cash equivalents from continuing operations 2,710 (5,489) Effect of exchange rate changes on cash and cash equivalents from discontinued operations - - Net change in cash and cash equivalents from continuing operations (276,647) 511,271 Net change in cash and cash equivalents from discontinued operations - - Cash and cash equivalents, beginning of period 421,185 106,097 Cash and cash equivalents, end of period $ 144,538 $ 617,368 Exhibit A - First Quarter Sales Henry Schein, Inc. 2021 First Quarter Sales Summary (in thousands) (unaudited) Q1 2021 over Q1 2020 Global Q1 2021 Q1 2020 Total Sales Growth Foreign Exchange Growth Local Currency Growth Acquisition Growth Local Internal Growth Dental $ 1,788,928 $ 1,475,076 21.3% 3.4% 17.9% 4.2% 13.7% Medical 993,037 800,688 24.0% 0.3% 23.7% 1.6% 22.1% Total Health Care Distribution 2,781,965 2,275,764 22.2% 2.3% 19.9% 3.3% 16.6% Technology and value-added services 142,996 131,965 8.4% 1.4% 7.0% 3.4% 3.6% Total excluding Corporate TSA Revenue 2,924,961 2,407,729 21.5% 2.3% 19.2% 3.3% 15.9% Corporate TSA revenues (1) - 21,142 n/a n/a n/a n/a n/a Total Global $ 2,924,961 $ 2,428,871 20.4% 2.2% 18.2% 3.3% 14.9% North America Q1 2021 Q1 2020 Total Sales Growth Foreign Exchange Growth Local Currency Growth Acquisition Growth Local Internal Growth Dental $ 1,044,783 $ 888,372 17.6% 0.6% 17.0% 6.1% 10.9% Medical 965,127 778,028 24.0% 0.0% 24.0% 1.6% 22.4% Total Health Care Distribution 2,009,910 1,666,400 20.6% 0.3% 20.3% 4.0% 16.3% Technology and value-added services 121,937 113,498 7.4% 0.1% 7.3% 3.3% 4.0% Total excluding Corporate TSA Revenue 2,131,847 1,779,898 19.8% 0.3% 19.5% 4.0% 15.5% Corporate TSA revenues (1) - - n/a n/a n/a n/a n/a Total North America $ 2,131,847 $ 1,779,898 19.8% 0.3% 19.5% 4.0% 15.5% International Q1 2021 Q1 2020 Total Sales Growth Foreign Exchange Growth Local Currency Growth Acquisition Growth Local Internal Growth Dental $ 744,145 $ 586,704 26.8% 7.7% 19.1% 1.2% 17.9% Medical 27,910 22,660 23.2% 10.6% 12.6% 0.0% 12.6% Total Health Care Distribution 772,055 609,364 26.7% 7.8% 18.9% 1.2% 17.7% Technology and value-added services 21,059 18,467 14.0% 8.8% 5.2% 4.1% 1.1% Total excluding Corporate TSA Revenue 793,114 627,831 26.3% 7.8% 18.5% 1.3% 17.2% Corporate TSA revenues (1) - 21,142 n/a n/a n/a n/a n/a Total International $ 793,114 $ 648,973 22.2% 7.6% 14.6% 1.2% 13.4% (1) Corporate TSA revenues represents sales of certain animal health products to Covetrus under the transition services agreement entered into in connection with the Animal Health Spin-off, which ended in December 2020. Exhibit B Henry Schein, Inc. 2021 First Quarter Reconciliation of reported GAAP net income from continuing operations and diluted EPS from continuing operations attributable to Henry Schein, Inc. to non-GAAP net income from continuing operations and diluted EPS from continuing operations attributable to Henry Schein, Inc. (in thousands, except per share data) (unaudited) First Quarter % 2021 2020 Growth Net Income from continuing operations attributable to Henry Schein, Inc. $ 165,997 $ 130,543 27.2 % Diluted EPS from continuing operations attributable to Henry Schein, Inc. $ 1.16 $ 0.91 27.5 % Non-GAAP Adjustments Restructuring costs - Pre-tax (1) $ 2,931 $ 4,787 Income tax benefit for restructuring costs (1) (733) (1,197) Settlement and litigation costs - Pre-tax (2) 12,750 - Income tax benefit for settlement and litigation costs (2) (3,202) - Total non-GAAP adjustments to Net Income from continuing operations $ 11,746 $ 3,590 Non-GAAP adjustments to diluted EPS from continuing operations $ 0.08 $ 0.03 Non-GAAP Net Income from continuing operations attributable to Henry Schein, Inc. $ 177,743 $ 134,133 32.5 % Non-GAAP diluted EPS from continuing operations attributable to Henry Schein, Inc. $ 1.24 $ 0.94 31.9 % Management believes that non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance and allow for greater transparency with respect to key metrics used by management in operating our business. These non-GAAP financial measures are presented solely for informational and comparative purposes and should not be regarded as a replacement for corresponding, similarly captioned, GAAP measures. Earnings per share numbers may not sum due to rounding. (1) Represents Q1 2021 restructuring costs of $2,931, net of $733 tax benefit, resulting in an after-tax effect of $2,198, Q1 2020 restructuring costs of $4,787, net of $1,197 tax benefit, resulting in an after-tax effect of $3,590. (2) Represents a Q1 2021 pre-tax charge of $12,750 related to settlement and litigation costs, net of a tax benefit of $3,202, resulting in a net after-tax charge of $9,548.

Answer: Henry Schein Reports Record First-Quarter 2021 Financial Results from Continuing Operations Total net sales of $2.9 billion up 20.4% versus prior year GAAP diluted EPS from continuing operations of $1.16 versus prior-year GAAP diluted EPS from continuing operations of $0.91 Non-GAAP diluted EPS from continuing operations of $1.24 versus prior-year non-GAAP diluted EPS from continuing operations of $0.94 Reflecting strong first-quarter results, the Company raises guidance for 2021 non-GAAP diluted EPS from continuing operations to be at or above $3.70