Sales, profits up at health supply giant Henry Schein
Melville-based health care supply giant Henry Schein Inc. reported rising third-quarter revenues and profits Tuesday as its global sales of veterinary, dental and medical products continued to grow.
Henry Schein, Long Island's largest public company by sales, reported revenue of $2.349 billion during the three months ended in September, an increase of 5.28 percent compared with the same period in 2012. Henry Schein's profit rose 10.5 percent, to $116 million or $1.23 per share.
The company's earnings slightly beat analysts' estimates, but its sales fell short of their expectations of $2.37 billion in the quarter.
Henry Schein's stock closed down $2.51, or 2.22 percent, at $110.58.
In a statement announcing the earnings, Henry Schein chairman and CEO Stanley M. Bergman credited the increase in sales and profits to "our strategy of organic growth complemented by strategic acquisitions and our ongoing commitment to controlling expenses."
Henry Schein's revenue has grown significantly in recent years as baby boomers age and people worldwide grow more willing to spend money on health care for themselves and their pets.
That demand has fueled 17 consecutive quarters of rising sales for Henry Schein, propelling the company up 190 rungs on the 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 annual revenue, Bergman has said.
Third-quarter sales for the company's largest unit, dental supplies, were up 5.7 percent, to $1.18 billion. Veterinary sales increased 7.38 percent, to $642 million. Sales of medical supplies ticked up just 0.45 percent, to $444.5 million.
Henry Schein employs nearly 16,000 people, including about 1,200 on Long Island. It operates in 25 countries.