MELVILLE, N.Y., Nov. 4, 2015 /PRNewswire/ -- Henry Schein, Inc. (NASDAQ: HSIC), the world’s largest provider of health care products and services to office-based dental, animal health and medical practitioners, today reported record third quarter financial results.

Net sales for the quarter ended September 26, 2015 were $2.7 billion, an increase of 2.4% compared with the third quarter of 2014. This consisted of 8.3% growth in local currencies and a 5.9% decline related to foreign currency exchange. In local currencies, internally generated sales increased 4.8% and acquisition growth was 3.5% (see Exhibit A for details of sales growth).

Net income attributable to Henry Schein, Inc. for the third quarter of 2015 was $127.7 million, or $1.52 per diluted share. Excluding restructuring costs of $8.4 million pretax or $0.08 per diluted share, as well as a one-time income tax benefit, net of noncontrolling interest, of $3.8 million or $0.05 per diluted share, adjusted net income attributable to Henry Schein, Inc. for the third quarter of 2015 was $130.6 million or $1.55 per diluted share. This represents an increase of 13.7% and 15.7%, respectively, compared with the third quarter of 2014 (see Exhibit B for reconciliation of GAAP net income and EPS to non-GAAP adjusted net income and EPS).

“We are pleased with our third quarter financial results, which reflected accelerated growth in adjusted diluted EPS as well as in worldwide sales despite the continued negative impact of the strength of the U.S. dollar. Through our long-standing strategy of organic growth complemented by strategic acquisitions, we believe we continued to gain market share on an overall basis during the quarter, both in North America and internationally,” said Stanley M. Bergman, Chairman of the Board and Chief Executive Officer of Henry Schein. “We are pleased to be introducing guidance for 2016 adjusted diluted EPS that represents growth of 10% to 12% compared with the midpoint of our new 2015 adjusted guidance range.”

Dental sales of $1.3 billion declined 2.5%, consisting of 4.6% growth in local currencies and a 7.1% decline related to foreign currency exchange. In local currencies internally generated sales increased 4.1% and acquisition growth was 0.5%. The 4.1% internal growth in local currencies included 4.4% growth in North America and 3.6% growth internationally.

“In North America, we believe that consumable merchandise internal sales growth in local currencies of 3.8% indicates continued solid patient flow to dental offices. Equipment sales and service internal growth in local currencies of 6.4% was the highest in more than a year and reflected particular strength in sales of traditional equipment,” commented Mr. Bergman. “International consumable merchandise internal sales in local currencies grew by 2.9%, and international equipment sales and service internal growth in local currencies was a solid 5.3% following double-digit gains in the preceding quarter.”

Animal Health sales of $732.5 million declined 3.4%, consisting of 4.5% growth in local currencies and a 7.9% decline related to foreign currency exchange. In local currencies, internally generated sales increased 0.5% and acquisition growth was 4.0%. The 0.5% internal growth in local currencies included a 1.9% decline in North America and 2.7% growth internationally.

“The 1.9% decline in internal sales in local currencies in North America reflected 4.2% growth when normalizing results to account for the impact of certain products switching between agency sales and direct sales, as well as changes to our veterinary diagnostics manufacturer relationships,” commented Mr. Bergman. “Growth in our Animal Health group continues to reflect strategic acquisitions. During the quarter we closed on our purchase of a majority interest in Jorgen Kruuse A/S, which expanded our direct presence to Denmark, Norway and Sweden. We also expect to introduce Kruuse branded products to additional markets. Subsequent to the quarter close, we announced an agreement to acquire a majority interest in Vetstreet, a leading provider of marketing solutions and health information analytics to veterinary clinics and animal health manufacturers.”

Medical sales of $597.2 million increased 24.3%, consisting of 25.0% growth in local currencies and a 0.7% decline related to foreign currency exchange. In local currencies, internally generated sales increased 13.6% and acquisition growth was 11.4%.

“Internal sales growth in our Medical group in North America of 14.1% was at an eight-year high as we made further progress with large group practices and integrated delivery networks. This growth was bolstered by sales resulting from our strategic agreement with Cardinal Health, and we are delighted with the continued successful transition of customers to the Henry Schein platform,” remarked Mr. Bergman.

Technology and Value-Added Services sales of $89.7 million increased 3.0%, including 5.8% growth in local currencies and a 2.8% decline related to foreign currency exchange. In local currencies, internally generated sales increased 5.2% and acquisition growth was 0.6%.

“Technology and Value-Added Services internal sales growth in North America was 4.5% in local currencies, and international internal growth was 8.4% in local currencies with particular strength during the quarter in electronic services and value-added services,” commented Mr. Bergman. “Henry Schein is committed to the efficient delivery of health care services while supporting the business success of our customers.

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