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Henry Schein reports record revenue for first quarter
Henry Schein Inc., Long Island's biggest company by revenue, reported record first-quarter revenue and profits Tuesday as it expanded its worldwide sales of supplies to dentists, doctors and veterinarians.
The Melville-based company's net income rose more than 13 percent, to $91.5 million, or $1.03 per share, during the three months ended in March compared to the same period in 2011. Sales climbed nearly 9 percent, to $2.3 billion.
"We are quite optimistic about our strategies and state of the business," Henry Schein chairman and chief executive Stanley M. Bergman said during a call with analysts.
The company's sales results beat analysts' expectations, but its profits fell just short. Henry Schein's stock rose 78 cents Tuesday to close at $91.91.
First-quarter sales for the company's largest unit, dental supplies, grew 3 percent, to $1.2 billion. Veterinary sales rose 22 percent, to $639 million. And medical supplies increased 10 percent, to $389 million.
Henry Schein's profits and sales have boomed in recent years, propelling the company up 190 rungs on the Forbes Fortune 500 list to number 296 as annual sales hit $8.9 billion last year. By 2015 Henry Schein hopes to top $10 billion in revenue, Bergman said.
The company's growth has come as worldwide demand has grown for dental implants, surgical instruments and other medical supplies. In the United States that growth has been fueled by baby boomers, whose relative affluence and education make them more likely than members of previous generations to visit doctors, have their teeth cleaned or take pets to veterinarians.
Henry Schein employs nearly 15,000 people, including about 1,200 on Long Island. It operates in 24 countries.