|         |                                                        |
|---------|--------------------------------------------------------|
| • | First-quarter reported net sales totaled $1.3 billion. |

|         |                                                           |
|---------|-----------------------------------------------------------|
| • | First-quarter GAAP earnings were $0.33 per diluted share. |

|         |                                                     |
|---------|-----------------------------------------------------|
| • | Adjusted earnings1 totaled $0.44 per diluted share. |

|         |                                                                                      |
|---------|--------------------------------------------------------------------------------------|
| • | Company expands digital dentistry product portfolio with new supplier relationships. |

|         |                                                                                                     |
|---------|-----------------------------------------------------------------------------------------------------|
| • | Company reiterates adjusted earnings1 guidance for fiscal 2018 of $2.25 to $2.40 per diluted share. |

|         |                                                   |
|---------|---------------------------------------------------|
| • | Consumable dental supplies decreased 3.6 percent. |

|         |                                                                                                               |
|---------|---------------------------------------------------------------------------------------------------------------|
| • | Equipment sales declined 15.1 percent, due to the decrease in sales of CEREC and digital technology products. |

----

|         |                                                                                                                                                                                   |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Other services and products, primarily composed of technical service, parts and labor, software support services and office supplies were essentially flat compared to last year. |

|         |                                                                                                                                                      |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Companion animal sales improved 1.2 percent. After normalizing for changes in selling relationships, companion sales rose approximately 6.0 percent. |

|         |                                                                                         |
|---------|-----------------------------------------------------------------------------------------|
| • | Production animal sales rose 6.0 percent, reflecting stronger sales across all species. |

|         |                                                                                    |
|---------|------------------------------------------------------------------------------------|
| • | GAAP earnings are expected to be in the range of $1.90 to $2.05 per diluted share. |

----

|         |                                                                                                      |
|---------|------------------------------------------------------------------------------------------------------|
| • | Non-GAAP adjusted earnings1 are expected to be in the range of $2.25 to $2.40 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 $5.4 million ($0.06 per diluted share) |

----

----

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |
|                                | Three Months Ended |
|                                | July 29, 2017 |   | July 30, 2016 |
|                                |   |   |   |
| Net sales                           | $ | 1,304,115 |  |   | $ | 1,332,436 |  |
|                                |   |   |   |
| Gross profit                        | 299,048 |  |   | 317,178 |  |
|                                |   |   |   |
| Operating expenses                  | 242,215 |  |   | 251,762 |  |
|                                |   |   |   |
| Operating income                    | 56,833 |  |   | 65,416 |  |
|                                |   |   |   |
| Other income (expense):             |   |   |   |
| Other income, net                   | 1,512 |  |   | 2,364 |  |
| Interest expense                    | (11,203 | ) |   | (10,162 | ) |
|                                |   |   |   |
| Income before taxes                 | 47,142 |  |   | 57,618 |  |
|                                |   |   |   |
| Income tax expense                  | 16,295 |  |   | 18,712 |  |
|                                |   |   |   |
| Net income                          | $ | 30,847 |  |   | $ | 38,906 |  |
|                                |   |   |   |
| Earnings per share:                 |   |   |   |
| Basic                               | $ | 0.33 |  |   | $ | 0.41 |  |
|                                |   |   |   |
| Diluted                             | $ | 0.33 |  |   | $ | 0.40 |  |
|                                |   |   |   |
| Weighted average shares:            |   |   |   |
| Basic                               | 93,350 |  |   | 95,461 |  |
| Diluted                             | 94,019 |  |   | 96,090 |  |
|                                |   |   |   |
| Dividends declared per common share | $ | 0.26 |  |   | $ | 0.24 |  |

----

|                                                                                                              |
|--------------------------------------------------------------------------------------------------------------|
|                                                                                                              |  |  |  |  |  |  |  |
|                                                                                                         | July 29, 2017 |   | April 29, 2017 |
|                                                                                                         | (Unaudited) |   |   |
| ASSETS                                                                                                       |   |   |   |
| Current assets:                                                                                              |   |   |   |
| Cash and cash equivalents                                                                                    | $ | 99,779 |  |   | $ | 94,959 |  |
| Receivables                                                                                                  | 841,284 |  |   | 884,803 |  |
| Inventory                                                                                                    | 777,354 |  |   | 711,903 |  |
| Prepaid expenses and other current assets                                                                    | 97,676 |  |   | 111,928 |  |
|            Total current assets                       | 1,816,093 |  |   | 1,803,593 |  |
| Property and equipment, net                                                                                  | 294,819 |  |   | 298,452 |  |
| Goodwill and other intangible assets                                                                         | 1,230,718 |  |   | 1,238,983 |  |
| Long-term receivables, net and other                                                                         | 153,612 |  |   | 166,885 |  |
|            Total assets                               | $ | 3,495,242 |  |   | $ | 3,507,913 |  |
|                                                                                                         |   |   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY                                                                         |   |   |   |
| Current liabilities:                                                                                         |   |   |   |
| Accounts payable                                                                                             | $ | 536,020 |  |   | $ | 616,859 |  |
| Other accrued liabilities                                                                                    | 188,290 |  |   | 213,318 |  |
| Current maturities of long-term debt                                                                         | 14,754 |  |   | 14,754 |  |
| Borrowings on revolving credit                                                                               | 163,000 |  |   | 59,000 |  |
|            Total current liabilities                  | 902,064 |  |   | 903,931 |  |
| Long-term debt                                                                                               | 998,457 |  |   | 998,272 |  |
| Other non-current liabilities                                                                                | 210,219 |  |   | 211,277 |  |
|            Total liabilities                          | 2,110,740 |  |   | 2,113,480 |  |
| Stockholders' equity                                                                                         | 1,384,502 |  |   | 1,394,433 |  |
|            Total liabilities and stockholders' equity | $ | 3,495,242 |  |   | $ | 3,507,913 |  |

----

|                                                                               |
|-------------------------------------------------------------------------------|
|                                                                               |  |  |  |  |  |  |  |
|                                                                               | Three Months Ended |
|                                                                               | July 29, 2017 |  | July 30, 2016 |
|                                                                               |  |  |  |
| Operating activities:                                                         |  |  |  |
| Net income                                                                    | $ | 30,847 |  |  | $ | 38,906 |  |
| Adjustments to reconcile net income to net cash used in operating activities: |  |  |  |
| Depreciation and amortization                                                 | 21,104 |  |  | 20,359 |  |
| Non-cash employee compensation                                                | 8,656 |  |  | 9,184 |  |
| Change in assets and liabilities, net of acquired                             | (106,635 | ) |  | (141,228 | ) |
| Net cash used in operating activities                                         | (46,028 | ) |  | (72,779 | ) |
| Investing activities:                                                         |  |  |  |
| Additions to property and equipment                                           | (6,674 | ) |  | (15,042 | ) |
| Collection of deferred purchase price receivables                             | 12,191 |  |   | 12,432 |  |
| Other investing activities                                                    | — |  |  | (3,095 | ) |
| Net cash provided by (used in) investing activities                           | 5,517 |  |  | (5,705 | ) |
| Financing activities:                                                         |  |  |  |
| Dividends paid                                                                | (25,210 | ) |  | (24,197 | ) |
| Repurchases of common stock                                                   | (37,500 | ) |  | (25,000 | ) |
| Retirement of long-term debt                                                  | — |  |  | (4,125 | ) |
| Draw on revolver                                                              | 104,000 |  |  | 88,000 |  |
| Other financing activities                                                    | 1,916 |  |  | (506 | ) |
| Net cash provided by financing activities                                     | 43,206 |  |  | 34,172 |  |
| Effect of exchange rate changes on cash                                       | 2,125 |  |  | (3,163 | ) |
| Net change in cash and cash equivalents                                       | $ | 4,820 |  |  | $ | (47,475 | ) |

----

|                        |
|------------------------|
|                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                   | July 29, 2017 |   | July 30, 2016 |   | TotalSalesGrowth |   | ForeignExchangeImpact |   | InternalGrowth |
| Three Months Ended     |   |   |   |   |   |   |   |   |   |
|                   |   |   |   |   |   |   |   |   |   |
| Consolidated net sales |   |   |   |   |   |   |   |   |   |
| Consumable             | $ | 1,080,105 |  |   | $ | 1,076,221 |  |   | 0.4 |  % |   | (1.2 | )% |   | 1.6 |  % |
| Equipment and software | 136,949 |  |   | 160,946 |  |   | (14.9 | ) |   | (0.2 | ) |   | (14.7 | ) |
| Other                  | 87,061 |  |   | 95,269 |  |   | (8.6 | ) |   | (0.5 | ) |   | (8.1 | ) |
| Total                  | $ | 1,304,115 |  |   | $ | 1,332,436 |  |   | (2.1 | )% |   | (1.0 | )% |   | (1.1 | )% |
|                   |   |   |   |   |   |   |   |   |   |
| Dental                 |   |   |   |   |   |   |   |   |   |
| Consumable             | $ | 320,178 |  |   | $ | 332,948 |  |   | (3.8 | )% |   | (0.2 | )% |   | (3.6 | )% |
| Equipment and software | 127,863 |  |   | 150,882 |  |   | (15.3 | ) |   | (0.2 | ) |   | (15.1 | ) |
| Other                  | 70,766 |  |   | 71,185 |  |   | (0.6 | ) |   | (0.1 | ) |   | (0.5 | ) |
| Total                  | $ | 518,807 |  |   | $ | 555,015 |  |   | (6.5 | )% |   | (0.2 | )% |   | (6.3 | )% |
|                   |   |   |   |   |   |   |   |   |   |
| Animal Health          |   |   |   |   |   |   |   |   |   |
| Consumable             | $ | 759,927 |  |   | $ | 743,273 |  |   | 2.2 |  % |   | (1.6 | )% |   | 3.8 |  % |
| Equipment and software | 9,086 |  |   | 10,064 |  |   | (9.7 | ) |   | (0.1 | ) |   | (9.6 | ) |
| Other                  | 7,123 |  |   | 9,294 |  |   | (23.4 | ) |   | (3.8 | ) |   | (19.6 | ) |
| Total                  | $ | 776,136 |  |   | $ | 762,631 |  |   | 1.8 |  % |   | (1.6 | )% |   | 3.4 |  % |
|                   |   |   |   |   |   |   |   |   |   |
| Corporate              |   |   |   |   |   |   |   |   |   |
| Other                  | $ | 9,172 |  |   | $ | 14,790 |  |   | (38.0 | )% |   | — |  % |   | (38.0 | )% |
| Total                  | $ | 9,172 |  |   | $ | 14,790 |  |   | (38.0 | )% |   | — |  % |   | (38.0 | )% |

----

|                         |
|-------------------------|
|                         |  |  |  |  |  |  |  |
|                    | Three Months Ended |
|                    | July 29, 2017 |   | July 30, 2016 |
|                    |   |   |   |
| Operating income (loss) |   |   |   |
| Dental                  | $ | 59,519 |  |   | $ | 60,295 |  |
| Animal Health           | 16,676 |  |   | 14,829 |  |
| Corporate               | (19,362 | ) |   | (9,708 | ) |
| Total                   | $ | 56,833 |  |   | $ | 65,416 |  |

----

|                                               |
|-----------------------------------------------|
|                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| For the three months ended July 29, 2017      |   | GAAP |   | Transaction-related costs |   | Deal amortization |   | Integration and business restructuring expenses |   | Non-GAAP |
| Operating income                              |   | $ | 56,833 |  |   | $ | — |  |   | $ | 9,630 |  |   | $ | 6,906 |  |   | $ | 73,369 |  |
| Other expense, net                            |   | (9,691 | ) |   | — |  |   | — |  |   | — |  |   | (9,691 | ) |
| Income before taxes                           |   | 47,142 |  |   | — |  |   | 9,630 |  |   | 6,906 |  |   | 63,678 |  |
| Income tax expense                            |   | 16,295 |  |   | — |  |   | 3,345 |  |   | 2,611 |  |   | 22,251 |  |
| Net income                                    |   | $ | 30,847 |  |   | $ | — |  |   | $ | 6,285 |  |   | $ | 4,295 |  |   | $ | 41,427 |  |
|                                          |   |   |   |   |   |   |   |   |   |   |
| Diluted earnings per share*                   |   | $ | 0.33 |  |   | $ | — |  |   | $ | 0.07 |  |   | $ | 0.04 |  |   | $ | 0.44 |  |
|                                          |   |   |   |   |   |   |   |   |   |   |
| Consolidated operating income as a % of sales |   | 4.4 | % |   |   |   |   |   |   |   | 5.6 | % |
| Effective tax rate                            |   | 34.6 | % |   |   |   |   |   |   |   | 34.9 | % |
|                                          |   |   |   |   |   |   |   |   |   |   |
| For the three months ended July 30, 2016      |   | GAAP |   | Transaction-related costs |   | Deal amortization |   | Integration and business restructuring expenses |   | Non-GAAP |
| Operating income                              |   | $ | 65,416 |  |   | $ | 347 |  |   | $ | 10,014 |  |   | $ | 4,875 |  |   | $ | 80,652 |  |
| Other expense, net                            |   | (7,798 | ) |   | — |  |   | — |  |   | — |  |   | (7,798 | ) |
| Income before taxes                           |   | 57,618 |  |   | 347 |  |   | 10,014 |  |   | 4,875 |  |   | 72,854 |  |
| Income tax expense                            |   | 18,712 |  |   | 131 |  |   | 3,377 |  |   | 1,843 |  |   | 24,063 |  |
| Net income                                    |   | $ | 38,906 |  |   | $ | 216 |  |   | $ | 6,637 |  |   | $ | 3,032 |  |   | $ | 48,791 |  |
|                                          |   |   |   |   |   |   |   |   |   |   |
| Diluted earnings per share*                   |   | $ | 0.40 |  |   | $ | — |  |   | $ | 0.07 |  |   | $ | 0.03 |  |   | $ | 0.51 |  |
|                                          |   |   |   |   |   |   |   |   |   |   |
| Consolidated operating income as a % of sales |   | 4.9 | % |   |   |   |   |   |   |   | 6.1 | % |
| Effective tax rate                            |   | 32.5 | % |   |   |   |   |   |   |   | 33.0 | % |
|                                          |   |   |   |   |   |   |   |   |   |   |
| * May not sum due to rounding                 |   |   |   |   |   |   |   |   |   |   |