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10-K annual report · filed Feb 25, 2025

Henry Schein (HSIC) FY2024 10-K Annual Report

HSIC overviewOriginal on SEC EDGAR
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Henry Schein (HSIC) filed its fiscal 2024 10-K annual report with the SEC on Feb 25, 2025. It reported revenue of $12.7B (+2.7% year over year) and net income of $390M.

  • Top risk flagged: Regulatory risk: non-compliance with EU Medical Device Regulation impacting global specialty products manufacturing

FY2024 key financial metrics · XBRL

Revenue
$12.7B
+2.7% YoY
Net income
$390M
−6.3% YoY
Operating margin
4.9%
−0.1 pp YoY
Gross margin
31.7%
+0.4 pp YoY
EPS (diluted)
$3.05
−3.5% YoY
ROE
11.5%
+0.1 pp YoY
Operating cash flow
$848M
+69.6% YoY

Source: XBRL data from the Henry Schein (HSIC) FY2024 10-K on SEC EDGAR. USD.

Henry Schein FY2024 10-K analysis

AI summary of each section, grounded in the filing text

Business Overview

  • Core business model: Global distributor and manufacturer of dental, medical, specialty healthcare products, and practice management technologies
  • New segment reporting structure in 2024: three segments; Global Distribution and Value-Added Services, Global Specialty Products, Global Technology
  • Strategic shift: 2024 restructuring plan initiated for integration and efficiency following recent acquisitions and prior restructuring completion
  • Quantitative highlight: Net sales increased 2.7% to $12.67B; Global Specialty Products sales up 8.7%, driven by acquisitions of TriMed, Biotech Dental, S.I.N.
  • Noteworthy fact: Restructuring charges of $73M in 2024 including $13M goodwill impairment related to Global Specialty Products segment disposal

Management Discussion & Analysis

  • Revenue $12.339B, down 2.4% YoY; Global Dental flat at $6.65B (+0.3%), Global Medical down 10% to $3.91B
  • Gross margin 31.7% vs 31.3%; Global Specialty Products margin 54.1% vs 53.3%, Global Technology margin 67.4% vs 69.2%, Global Distribution margin 25.6% vs 25.2%
  • Best segment: Global Technology sales up 9.6% to $602M with 67.4% gross margin; worst: Global Medical sales down 10% to $3.91B
  • Operating expenses $3.245B (26.3% of sales) vs $3.084B (24.4%); net cash from operations $848M vs $500M; capex and acquisitions $430M outflow vs $1.135B prior year; repurchases ongoing with $380M remaining authorization
  • Management impacted by 2023 cyber incident affecting sales and working capital; expects continued share repurchases and monitors emerging global tax rules (OECD Pillar Two) and market conditions

Risk Factors

  • Regulatory risk: non-compliance with EU Medical Device Regulation impacting global specialty products manufacturing
  • Geopolitical risk: disruptions from ongoing wars including Ukraine and Israel-Gaza conflicts affecting international trade and operations
  • Operational risk: October 2023 cyberattack caused $9M expenses and decreased sales in North American and European distribution segments
  • Competitive risk: pressure from third-party online commerce sites challenging traditional distribution channels
  • Financial risk: reliance on $60M cyber insurance claim with $20M still under review potentially affecting coverage realization

Generated from the filing text; verify against the original. How to read a 10-K

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