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Healthcare products provider reports record third quarter results.
2003 DEC 3 - (NewsRx.com & NewsRx.net) -- Henry Schein, Inc., (HSIC), the largest provider of healthcare products and services to office-based practitioners in the combined North American and European markets, reported record third quarter financial results.
Net sales for the third quarter ended September 27, 2003, were $892.7 million, an increase of 17.6% from the third quarter of 2002. In local currencies, net sales increased 15.3% including 12.1% internal growth, and 3.2% from acquisitions net of divestitures.
Dental sales increased 12.9%, or 12.1% in local currencies (including 7.3% internal growth). In local currencies, dental consumable merchandise sales increased 12.2% (6.2% internal growth) and dental equipment sales were up 11.7%, all internally generated.
Medical sales increased 17.5%, all internally generated. Technology and value-added services sales grew 5.7% (4.7% internal growth), and international sales improved 33.9% or 19.3% in local currencies (including 9.7% internal growth). The company noted there was no material timing variance related to sales of influenza vaccine compared with 2002, and that flu vaccine sales were up 5.8% for the quarter. The company also reported it has successfully completed shipment of all committed quantities of injectable flu vaccine product for the current season, and has limited quantities available to satisfy future customer demand.
Net income for the third quarter of 2003 was $44.3 million or $0.99 per diluted share, reflecting a $0.04 per share loss on the divestiture of a nonstrategic business. Net income from continuing operations for the third quarter of 2003 was $46.4 million, representing an increase of 18.2% (20.9% on a comparable basis) compared with ...
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