|         |                                          |
|---------|------------------------------------------|
| • | Reported net sales totaled $1.4 billion. |

|         |                                                     |
|---------|-----------------------------------------------------|
| • | GAAP earnings decreased to $0.43 per diluted share. |

|         |                                                         |
|---------|---------------------------------------------------------|
| • | Adjusted earnings1 declined to $0.51 per diluted share. |

|         |                                                                                                                                |
|---------|--------------------------------------------------------------------------------------------------------------------------------|
| • | Company revises fiscal 2018 outlook and now expects adjusted earnings1 to be in the range of $2.00 to $2.10 per diluted share. |

----

|         |                                                                                                                       |
|---------|-----------------------------------------------------------------------------------------------------------------------|
| • | Equipment sales declined 17.7 percent, primarily due to a decrease in sales of CEREC and digital technology products. |

|         |                                                   |
|---------|---------------------------------------------------|
| • | Consumable dental supplies decreased 4.4 percent. |

|         |                                                                                                                                                             |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Other services and products, primarily composed of technical service, parts and labor, software support services and office supplies increased 0.6 percent. |

|         |                                                                                                                                                             |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Companion animal sales declined 1.4 percent. After normalizing for changes in selling relationships, companion animal sales rose approximately 3.2 percent. |

|         |                                                                                                  |
|---------|--------------------------------------------------------------------------------------------------|
| • | Production animal sales increased 4.2 percent, reflecting strong performance across all species. |

----

|         |                                                                                        |
|---------|----------------------------------------------------------------------------------------|
| • | GAAP earnings are now expected to be in the range of $1.67 to $1.77 per diluted share. |

|         |                                                                                                                          |
|---------|--------------------------------------------------------------------------------------------------------------------------|
| • | Non-GAAP adjusted earnings1 for fiscal 2018 are now expected to be in the range of $2.00 to $2.10 per diluted share. |

|         |                                                                                |
|---------|--------------------------------------------------------------------------------|
| • | Our non-GAAP adjusted earnings1 guidance excludes the after-tax impact of: |

|         |                                                                                    |
|---------|------------------------------------------------------------------------------------|
| ◦ | Deal amortization expense of approximately $25.3 million ($0.27 per diluted share) |

|         |                                                                                                         |
|---------|---------------------------------------------------------------------------------------------------------|
| ◦ | Integration and business restructuring expenses of approximately $5.3 million ($0.06 per diluted share) |

----

----

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                | Three Months Ended |   | Six Months Ended |
|                                | October 28, 2017 |   | October 29, 2016 |   | October 28, 2017 |   | October 29, 2016 |
|                                |   |   |   |   |   |   |   |
| Net sales                           | $ | 1,385,737 |  |   | $ | 1,418,241 |  |   | $ | 2,689,852 |  |   | $ | 2,750,677 |  |
|                                |   |   |   |   |   |   |   |
| Gross profit                        | 315,743 |  |   | 318,960 |  |   | 614,791 |  |   | 636,138 |  |
|                                |   |   |   |   |   |   |   |
| Operating expenses                  | 243,984 |  |   | 239,157 |  |   | 486,199 |  |   | 490,919 |  |
|                                |   |   |   |   |   |   |   |
| Operating income                    | 71,759 |  |   | 79,803 |  |   | 128,592 |  |   | 145,219 |  |
|                                |   |   |   |   |   |   |   |
| Other income (expense):             |   |   |   |   |   |   |   |
| Other income, net                   | 1,160 |  |   | 1,622 |  |   | 2,672 |  |   | 3,986 |  |
| Interest expense                    | (11,468 | ) |   | (10,097 | ) |   | (22,671 | ) |   | (20,259 | ) |
|                                |   |   |   |   |   |   |   |
| Income before taxes                 | 61,451 |  |   | 71,328 |  |   | 108,593 |  |   | 128,946 |  |
|                                |   |   |   |   |   |   |   |
| Income tax expense                  | 21,207 |  |   | 25,572 |  |   | 37,502 |  |   | 44,284 |  |
|                                |   |   |   |   |   |   |   |
| Net income                          | $ | 40,244 |  |   | $ | 45,756 |  |   | $ | 71,091 |  |   | $ | 84,662 |  |
|                                |   |   |   |   |   |   |   |
| Earnings per share:                 |   |   |   |   |   |   |   |
| Basic                               | $ | 0.43 |  |   | $ | 0.48 |  |   | $ | 0.76 |  |   | $ | 0.89 |  |
|                                |   |   |   |   |   |   |   |
| Diluted                             | $ | 0.43 |  |   | $ | 0.48 |  |   | $ | 0.76 |  |   | $ | 0.88 |  |
|                                |   |   |   |   |   |   |   |
| Weighted average shares:            |   |   |   |   |   |   |   |
| Basic                               | 92,722 |  |   | 95,290 |  |   | 93,037 |  |   | 95,510 |  |
| Diluted                             | 93,351 |  |   | 95,904 |  |   | 93,683 |  |   | 96,138 |  |
|                                |   |   |   |   |   |   |   |
| Dividends declared per common share | $ | 0.26 |  |   | $ | 0.24 |  |   | $ | 0.52 |  |   | $ | 0.48 |  |

----

|                                                                                                              |
|--------------------------------------------------------------------------------------------------------------|
|                                                                                                              |  |  |  |  |  |  |  |
|                                                                                                         | October 28, 2017 |   | April 29, 2017 |
|                                                                                                         | (Unaudited) |   |   |
| ASSETS                                                                                                       |   |   |   |
| Current assets:                                                                                              |   |   |   |
| Cash and cash equivalents                                                                                    | $ | 101,456 |  |   | $ | 94,959 |  |
| Receivables                                                                                                  | 849,205 |  |   | 884,803 |  |
| Inventory                                                                                                    | 796,369 |  |   | 711,903 |  |
| Prepaid expenses and other current assets                                                                    | 96,578 |  |   | 111,928 |  |
|            Total current assets                       | 1,843,608 |  |   | 1,803,593 |  |
| Property and equipment, net                                                                                  | 286,715 |  |   | 298,452 |  |
| Goodwill and other intangible assets                                                                         | 1,220,865 |  |   | 1,238,983 |  |
| Long-term receivables, net and other                                                                         | 177,291 |  |   | 166,885 |  |
|            Total assets                               | $ | 3,528,479 |  |   | $ | 3,507,913 |  |
|                                                                                                         |   |   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY                                                                         |   |   |   |
| Current liabilities:                                                                                         |   |   |   |
| Accounts payable                                                                                             | $ | 634,594 |  |   | $ | 616,859 |  |
| Other accrued liabilities                                                                                    | 209,283 |  |   | 213,318 |  |
| Current maturities of long-term debt                                                                         | 14,754 |  |   | 14,754 |  |
| Borrowings on revolving credit                                                                               | 92,000 |  |   | 59,000 |  |
|            Total current liabilities                  | 950,631 |  |   | 903,931 |  |
| Long-term debt                                                                                               | 991,232 |  |   | 998,272 |  |
| Other non-current liabilities                                                                                | 219,676 |  |   | 211,277 |  |
|            Total liabilities                          | 2,161,539 |  |   | 2,113,480 |  |
| Stockholders' equity                                                                                         | 1,366,940 |  |   | 1,394,433 |  |
|            Total liabilities and stockholders' equity | $ | 3,528,479 |  |   | $ | 3,507,913 |  |

----

|                                                                                             |
|---------------------------------------------------------------------------------------------|
|                                                                                             |  |  |  |  |  |  |  |
|                                                                                             | Six Months Ended |
|                                                                                             | October 28, 2017 |  | October 29, 2016 |
|                                                                                             |  |  |  |
| Operating activities:                                                                       |  |  |  |
| Net income                                                                                  | $ | 71,091 |  |  | $ | 84,662 |  |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |
| Depreciation and amortization                                                               | 41,833 |  |  | 42,007 |  |
| Non-cash employee compensation                                                              | 16,635 |  |  | 14,693 |  |
| Change in assets and liabilities, net of acquired                                           | (52,451 | ) |  | (196,668 | ) |
| Net cash provided by (used in) operating activities                                         | 77,108 |  |  | (55,306 | ) |
| Investing activities:                                                                       |  |  |  |
| Additions to property and equipment                                                         | (16,431 | ) |  | (29,377 | ) |
| Collection of deferred purchase price receivables                                           | 24,581 |  |   | 26,210 |  |
| Other investing activities                                                                  | 11,626 |  |  | (3,095 | ) |
| Net cash provided by (used in) investing activities                                         | 19,776 |  |  | (6,262 | ) |
| Financing activities:                                                                       |  |  |  |
| Dividends paid                                                                              | (49,969 | ) |  | (47,655 | ) |
| Repurchases of common stock                                                                 | (71,254 | ) |  | (50,000 | ) |
| Retirement of long-term debt                                                                | (7,377 | ) |  | (8,250 | ) |
| Draw on revolver                                                                            | 33,000 |  |  | 143,000 |  |
| Other financing activities                                                                  | 3,561 |  |  | 974 |  |
| Net cash provided by (used in) financing activities                                         | (92,039 | ) |  | 38,069 |  |
| Effect of exchange rate changes on cash                                                     | 1,652 |  |  | (3,567 | ) |
| Net change in cash and cash equivalents                                                     | $ | 6,497 |  |  | $ | (27,066 | ) |

----

|                        |
|------------------------|
|                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                   | October 28, 2017 |   | October 29, 2016 |   | TotalSalesGrowth |   | ForeignExchangeImpact |   | InternalGrowth |
| Three Months Ended     |   |   |   |   |   |   |   |   |   |
|                   |   |   |   |   |   |   |   |   |   |
| Consolidated net sales |   |   |   |   |   |   |   |   |   |
| Consumable             | $ | 1,116,091 |  |   | $ | 1,112,232 |  |   | 0.3 |  % |   | 0.5 |  % |   | (0.2 | )% |
| Equipment and software | 181,337 |  |   | 217,194 |  |   | (16.5 | ) |   | 0.4 |  |   | (16.9 | ) |
| Other                  | 88,309 |  |   | 88,815 |  |   | (0.6 | ) |   | 0.3 |  |   | (0.9 | ) |
| Total                  | $ | 1,385,737 |  |   | $ | 1,418,241 |  |   | (2.3 | )% |   | 0.5 |  % |   | (2.8 | )% |
|                   |   |   |   |   |   |   |   |   |   |
| Dental                 |   |   |   |   |   |   |   |   |   |
| Consumable             | $ | 311,217 |  |   | $ | 324,237 |  |   | (4.0 | )% |   | 0.4 |  % |   | (4.4 | )% |
| Equipment and software | 169,513 |  |   | 205,062 |  |   | (17.3 | ) |   | 0.4 |  |   | (17.7 | ) |
| Other                  | 72,900 |  |   | 72,254 |  |   | 0.9 |  |   | 0.3 |  |   | 0.6 |  |
| Total                  | $ | 553,630 |  |   | $ | 601,553 |  |   | (8.0 | )% |   | 0.4 |  % |   | (8.4 | )% |
|                   |   |   |   |   |   |   |   |   |   |
| Animal Health          |   |   |   |   |   |   |   |   |   |
| Consumable             | $ | 804,874 |  |   | $ | 787,995 |  |   | 2.1 |  % |   | 0.6 |  % |   | 1.5 |  % |
| Equipment and software | 11,824 |  |   | 12,132 |  |   | (2.5 | ) |   | — |  |   | (2.5 | ) |
| Other                  | 6,885 |  |   | 7,019 |  |   | (1.9 | ) |   | 0.9 |  |   | (2.8 | ) |
| Total                  | $ | 823,583 |  |   | $ | 807,146 |  |   | 2.0 |  % |   | 0.6 |  % |   | 1.4 |  % |
|                   |   |   |   |   |   |   |   |   |   |
| Corporate              |   |   |   |   |   |   |   |   |   |
| Other                  | $ | 8,524 |  |   | $ | 9,542 |  |   | (10.7 | )% |   | — |  % |   | (10.7 | )% |
| Total                  | $ | 8,524 |  |   | $ | 9,542 |  |   | (10.7 | )% |   | — |  % |   | (10.7 | )% |
|                   |   |   |   |   |   |   |   |   |   |
|                   |   |   |   |   |   |   |   |   |   |
| Six Months Ended       |   |   |   |   |   |   |   |   |   |
|                   |   |   |   |   |   |   |   |   |   |
| Consolidated net sales |   |   |   |   |   |   |   |   |   |
| Consumable             | $ | 2,196,196 |  |   | $ | 2,188,453 |  |   | 0.4 |  % |   | (0.3 | )% |   | 0.7 |  % |
| Equipment and software | 318,286 |  |   | 378,140 |  |   | (15.8 | ) |   | 0.1 |  |   | (15.9 | ) |
| Other                  | 175,370 |  |   | 184,084 |  |   | (4.7 | ) |   | (0.1 | ) |   | (4.6 | ) |
| Total                  | $ | 2,689,852 |  |   | $ | 2,750,677 |  |   | (2.2 | )% |   | (0.2 | )% |   | (2.0 | )% |
|                   |   |   |   |   |   |   |   |   |   |
| Dental                 |   |   |   |   |   |   |   |   |   |
| Consumable             | $ | 631,395 |  |   | $ | 657,185 |  |   | (3.9 | )% |   | 0.1 |  % |   | (4.0 | )% |
| Equipment and software | 297,376 |  |   | 355,944 |  |   | (16.5 | ) |   | 0.2 |  |   | (16.7 | ) |
| Other                  | 143,666 |  |   | 143,439 |  |   | 0.2 |  |   | 0.1 |  |   | 0.1 |  |
| Total                  | $ | 1,072,437 |  |   | $ | 1,156,568 |  |   | (7.3 | )% |   | 0.1 |  % |   | (7.4 | )% |
|                   |   |   |   |   |   |   |   |   |   |
| Animal Health          |   |   |   |   |   |   |   |   |   |
| Consumable             | $ | 1,564,801 |  |   | $ | 1,531,268 |  |   | 2.2 |  % |   | (0.5 | )% |   | 2.7 |  % |
| Equipment and software | 20,910 |  |   | 22,196 |  |   | (5.8 | ) |   | — |  |   | (5.8 | ) |
| Other                  | 14,008 |  |   | 16,313 |  |   | (14.1 | ) |   | (1.8 | ) |   | (12.3 | ) |
| Total                  | $ | 1,599,719 |  |   | $ | 1,569,777 |  |   | 1.9 |  % |   | (0.5 | )% |   | 2.4 |  % |
|                   |   |   |   |   |   |   |   |   |   |
| Corporate              |   |   |   |   |   |   |   |   |   |
| Other                  | $ | 17,696 |  |   | $ | 24,332 |  |   | (27.3 | )% |   | — |  % |   | (27.3 | )% |
| Total                  | $ | 17,696 |  |   | $ | 24,332 |  |   | (27.3 | )% |   | — |  % |   | (27.3 | )% |

----

|                         |
|-------------------------|
|                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                    | Three Months Ended |   | Six Months Ended |
|                    | October 28, 2017 |   | October 29, 2016 |   | October 28, 2017 |   | October 29, 2016 |
|                    |   |   |   |   |   |   |   |
| Operating income (loss) |   |   |   |   |   |   |   |
| Dental                  | $ | 65,207 |  |   | $ | 77,043 |  |   | $ | 124,726 |  |   | $ | 137,338 |  |
| Animal Health           | 23,217 |  |   | 21,854 |  |   | 39,893 |  |   | 36,683 |  |
| Corporate               | (16,665 | ) |   | (19,094 | ) |   | (36,027 | ) |   | (28,802 | ) |
| Total                   | $ | 71,759 |  |   | $ | 79,803 |  |   | $ | 128,592 |  |   | $ | 145,219 |  |

----

|                                               |
|-----------------------------------------------|
|                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| For the three months ended October 28, 2017   |   | GAAP |   | Transaction-related costs |   | Deal amortization |   | Integration and business restructuring expenses |   | Non-GAAP |
| Operating income                              |   | $ | 71,759 |  |   | $ | — |  |   | $ | 9,660 |  |   | $ | 1,688 |  |   | $ | 83,107 |  |
| Other expense, net                            |   | (10,308 | ) |   | — |  |   | — |  |   | — |  |   | (10,308 | ) |
| Income before taxes                           |   | 61,451 |  |   | — |  |   | 9,660 |  |   | 1,688 |  |   | 72,799 |  |
| Income tax expense                            |   | 21,207 |  |   | — |  |   | 3,346 |  |   | 638 |  |   | 25,191 |  |
| Net income                                    |   | $ | 40,244 |  |   | $ | — |  |   | $ | 6,314 |  |   | $ | 1,050 |  |   | $ | 47,608 |  |
|                                          |   |   |   |   |   |   |   |   |   |   |
| Diluted earnings per share*                   |   | $ | 0.43 |  |   | $ | — |  |   | $ | 0.07 |  |   | $ | 0.01 |  |   | $ | 0.51 |  |
|                                          |   |   |   |   |   |   |   |   |   |   |
| Consolidated operating income as a % of sales |   | 5.2 | % |   |   |   |   |   |   |   | 6.0 | % |
| Effective tax rate                            |   | 34.5 | % |   |   |   |   |   |   |   | 34.6 | % |
|                                          |   |   |   |   |   |   |   |   |   |   |
| For the three months ended October 29, 2016   |   | GAAP |   | Transaction-related costs |   | Deal amortization |   | Integration and business restructuring expenses |   | Non-GAAP |
| Operating income                              |   | $ | 79,803 |  |   | $ | 896 |  |   | $ | 10,247 |  |   | $ | 804 |  |   | $ | 91,750 |  |
| Other expense, net                            |   | (8,475 | ) |   | — |  |   | — |  |   | — |  |   | (8,475 | ) |
| Income before taxes                           |   | 71,328 |  |   | 896 |  |   | 10,247 |  |   | 804 |  |   | 83,275 |  |
| Income tax expense                            |   | 25,572 |  |   | 338 |  |   | 3,537 |  |   | 304 |  |   | 29,751 |  |
| Net income                                    |   | $ | 45,756 |  |   | $ | 558 |  |   | $ | 6,710 |  |   | $ | 500 |  |   | $ | 53,524 |  |
|                                          |   |   |   |   |   |   |   |   |   |   |
| Diluted earnings per share*                   |   | $ | 0.48 |  |   | $ | 0.01 |  |   | $ | 0.07 |  |   | $ | 0.01 |  |   | $ | 0.56 |  |
|                                          |   |   |   |   |   |   |   |   |   |   |
| Consolidated operating income as a % of sales |   | 5.6 | % |   |   |   |   |   |   |   | 6.5 | % |
| Effective tax rate                            |   | 35.9 | % |   |   |   |   |   |   |   | 35.7 | % |
|                                          |   |   |   |   |   |   |   |   |   |   |
| For the six months ended October 28, 2017     |   | GAAP |   | Transaction-related costs |   | Deal amortization |   | Integration and business restructuring expenses |   | Non-GAAP |
| Operating income                              |   | $ | 128,592 |  |   | $ | — |  |   | $ | 19,290 |  |   | $ | 8,594 |  |   | $ | 156,476 |  |
| Other expense, net                            |   | (19,999 | ) |   | — |  |   | — |  |   | — |  |   | (19,999 | ) |
| Income before taxes                           |   | 108,593 |  |   | — |  |   | 19,290 |  |   | 8,594 |  |   | 136,477 |  |
| Income tax expense                            |   | 37,502 |  |   | — |  |   | 6,691 |  |   | 3,249 |  |   | 47,442 |  |
| Net income                                    |   | $ | 71,091 |  |   | $ | — |  |   | $ | 12,599 |  |   | $ | 5,345 |  |   | $ | 89,035 |  |
|                                          |   |   |   |   |   |   |   |   |   |   |
| Diluted earnings per share*                   |   | $ | 0.76 |  |   | $ | — |  |   | $ | 0.13 |  |   | $ | 0.06 |  |   | $ | 0.95 |  |
|                                          |   |   |   |   |   |   |   |   |   |   |
| Consolidated operating income as a % of sales |   | 4.8 | % |   |   |   |   |   |   |   | 5.8 | % |
| Effective tax rate                            |   | 34.5 | % |   |   |   |   |   |   |   | 34.8 | % |
|                                          |   |   |   |   |   |   |   |   |   |   |
| For the six months ended October 29, 2016     |   | GAAP |   | Transaction-related costs |   | Deal amortization |   | Integration and business restructuring expenses |   | Non-GAAP |
| Operating income                              |   | $ | 145,219 |  |   | $ | 1,243 |  |   | $ | 20,261 |  |   | $ | 5,679 |  |   | $ | 172,402 |  |
| Other expense, net                            |   | (16,273 | ) |   | — |  |   | — |  |   | — |  |   | (16,273 | ) |
| Income before taxes                           |   | 128,946 |  |   | 1,243 |  |   | 20,261 |  |   | 5,679 |  |   | 156,129 |  |
| Income tax expense                            |   | 44,284 |  |   | 469 |  |   | 6,914 |  |   | 2,147 |  |   | 53,814 |  |
| Net income                                    |   | $ | 84,662 |  |   | $ | 774 |  |   | $ | 13,347 |  |   | $ | 3,532 |  |   | $ | 102,315 |  |
|                                          |   |   |   |   |   |   |   |   |   |   |
| Diluted earnings per share*                   |   | $ | 0.88 |  |   | $ | 0.01 |  |   | $ | 0.14 |  |   | $ | 0.04 |  |   | $ | 1.06 |  |
|                                          |   |   |   |   |   |   |   |   |   |   |
| Consolidated operating income as a % of sales |   | 5.3 | % |   |   |   |   |   |   |   | 6.3 | % |
| Effective tax rate                            |   | 34.3 | % |   |   |   |   |   |   |   | 34.5 | % |
|                                          |   |   |   |   |   |   |   |   |   |   |
| * May not sum due to rounding                 |   |   |   |   |   |   |   |   |   |   |