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Henry Schein reports record fourth-quarter profits
Henry Schein Inc., a Melville-based distributor of medical products, reported record fourth-quarter profits Wednesday as its sales of supplies to dentists, doctors and veterinarians continue to grow around the globe.
The company's net income rose more than 7 percent, to $ 112,467 million or $1.26 per share, during the last three months of 2012 compared to the same period in 2011. Sales rose nearly 3 percent, to $2.4 billion.
“Once again we believe we gained market share during the quarter in each of our business groups, driven by strong domestic results across the board and despite some challenges in certain overseas markets,” chairman and chief executive Stanley M. Bergman said in a statement.
Despite the overall increase, revenue for the company’s largest unit, dental supplies, dipped 2.4 percent, to $1.3 billion as the sagging European economy depressed equipment sales, particularly in Germany and the Netherlands.
Profits at the company have boomed in recent years 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 roughly 1,200 on Long Island. It operates in 24 countries, including Germany, France and the United Kingdom. The company entered the Chinese market in 2010.
As part of the announcement, the company affirmed its guidance on its 2013 earnings per share -- what it expects to earn for the full year -- at $4.81 to $4.91, which represents growth of 8 to 11 percent, excluding restructuring costs.