Henry Schein Inc., Long Island's biggest public company by revenue, reported its best-ever second-quarter sales Tuesday as an improving U.S. economy, aging population and increased spending on global health care buoyed demand for supplies to dentists, doctors and veterinarians.
The Melville medical equipment distributor's revenue rose 8.6 percent, to $2.39 billion during the three months ended in June compared to the same period in 2012. Henry Schein's profit climbed nearly 8.1 percent, to $108.4 million or $1.23 per share.
"We're very pleased with our second-quarter results -- quite solid across the board," Henry Schein chairman and chief executive Stanley M. Bergman said during a call with analysts.
Henry Schein's sales have soared in recent years as American baby boomers age, technology advances and people around the globe grow increasingly willing to spend money on health care for themselves and their pets. That demand has fueled 16 consecutive quarters of rising sales for Henry Schein, 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 annual revenue, Bergman has said.
The company's second-quarter sales beat the expectations of analysts, who had forecast second-quarter sales of $2.385 billion. Nonetheless, Henry Schein stock closed down 23 cents Tuesday, at $105.01.
Second-quarter sales for the company's largest unit, dental supplies, grew 6.2 percent, to $1.3 billion. Veterinary sales rose 14 percent, to $666.3 million. And medical supplies increased 7 percent, to $387.9 million.
Bergman said he expects the company's U.S. sales to continue improving this year, particularly as the job market improves and more people are covered by dental insurance, prompting more checkups. Economic woes in Europe, however, could lead to challenges for the company overseas, especially in Italy, Spain, Portugal and The Netherlands.
Henry Schein has raised its guidance for the year, saying it expected to earn $4.86 to $4.91 per share. The company's earlier guidance was $4.81 to $4.91.
Henry Schein employs nearly 16,000 people, including about 1,200 on Long Island. It operates in 24 countries.