Henry Schein

#1479

Rank

$10.53B

MarketCap US

US United States

Country

Summary
Henry Schein, Inc. provides health care products and services to dental practitioners and laboratories, physician practices, government, institutional health care clinics, and other alternate care clinics worldwide. It operates through two segments, Health Care Distribution, and Technology and Value-Added Services. The Health Care Distribution segment offers dental products, including infection-control products, handpieces, preventatives, impression materials, composites, anesthetics, teeth, dental implants, gypsum, acrylics, articulators, abrasives, dental chairs, delivery units and lights, X-ray supplies and equipment, personal protective equipment, and high-tech and digital restoration equipment, as well as equipment repair services. This segment also provides medical products comprising branded and generic pharmaceuticals, vaccines, surgical products, diagnostic tests, infection-control products, X-ray products, equipment, and vitamins. The Technology and Value-Added Services segment offers software, technology, and other value-added services that include practice management software systems for dental and medical practitioners. This segment also provides value-added practice solutions, which comprise financial services on a non-recourse basis, e-services, practice technology, network, and hardware services, as well as continuing education services for practitioners, and consulting and other services. Henry Schein, Inc. was founded in 1932 and is headquartered in Melville, New York.

History

In 1932, Henry Schein, a graduate of Columbia University College of Pharmacy, borrowed $500 and opened a pharmacy in Queens, New York. The company expanded into dental supplies in the 1960s, and by the late 1980s, Henry Schein held approximately 10 percent of the dental-supply market. Marvin Schein, Henry Schein's son, took over management of daily operations in 1971.In 1978, founder Henry Schein's son Jay Schein became CEO of the company. When Jay Schein died of cancer in 1989, Stanley Bergman took over as CEO. Bergman was born in South Africa and came to New York in 1976, where he became an accountant. In 1980, he joined Henry Schein and was promoted to CFO.Henry Schein Inc. filed with the U.S. Securities and Exchange Commission in 1995 to sell 6.2 million shares in an initial public offering with William Blair & Company as the lead underwriter. The IPO raised $72.8 million and began trading on the Nasdaq. By 1996, the company was up to $1.4 billion in sales and $29 million in profit under Bergman's leadership. That year, the company made seventeen acquisitions.In August 1997, Henry Schein Inc. agreed to buy Sullivan Dental Products Inc. for approximately $318 million. The purchase made the company the world's largest distributor of dental equipment and supplies. By that point, Henry Schein had made 16 acquisitions in 1997. Also in 1997, Henry Schein acquired New York-based medical-products distributor Micro BioMedics Inc as well as Dentrix Dental Systems.Henry Schein announced the acquisition of demedis GmbH and Euro Dental Holding GmbH in June 2004. In November 2009, it was announced that Henry Schein Inc. and Butler Animal Health Supply would be launching joint venture Butler Schein Animal Health, the largest veterinary sales and distribution company in the United States. Butler Schein Animal Health was rebranded as Henry Schein Animal Health in 2013. Between 1989 and 2016, Henry Schein purchased approximately 200 companies. The company's chief executive officer, Stanley Bergman, was announced as Chief Executive Magazine's CEO of the Year in May 2017.In 2018, the FTC accused Benco Dental, Patterson Companies, and Henry Schein of violating antitrust laws. In October 2019, the FTC’s Chief Administrative Law Judge dismissed the claims against Henry Schein while finding that Benco and Patterson violated U.S. antitrust laws.In February 2019, Henry Schein spun off the company's animal health business and merged it with Vets First Choice to form a new company. The new company is established as Covetrus.Henry Schein Inc. was one of the six main defendants in lawsuits with state and local governments of the opioid epidemic in the United States. The company was dismissed as a defendant in October 2019 in the bellwether Summit County, Ohio litigation.In May 2022, Henry Schein announced a donation of $200,000 in health care products to the Howard University of Dentistry and Meharry Medical College of Dentistry in order to Support their efforts to provide free oral health to the underserved through their student outreach programs.In July 2022, Henry Schein acquired Condor Dental, a dental distribution company.


Mission
TO PROVIDE THE BEST CUSTOMER EXPERIENCE POSSIBLE.

Vision
TO BE THE ANIMAL HEALTH SOLUTIONS AND SERVICE PROVIDER THAT ALSO HAPPENS TO SELL VETERINARY SUPPLIES.

Key Team

Mr. Mark E. Mlotek (Exec. VP, Chief Strategic Officer & Exec. Director)

Mr. Ronald N. South (Sr. VP & CFO)

Mr. Michael Saul Ettinger (Exec. VP & COO)

Ms. Olga Timoshkina (VP of Corp. Fin., Chief Accounting Officer & Corp. Controller)

Graham Stanley (VP of Investor Relations & Strategic Fin. Project Officer)

Mr. Christopher Pendergast (Sr. VP & CTO)

Mr. Walter Siegel (Sr. VP & Chief Legal Officer)


Recognition and Awards
Henry Schein won 1 award in 2017. In 2017, Henry Schein won for Top Rated Companies in New York. Based on 973 ratings and 109 participants, employees at Henry Schein are satisfied with their work experience. The overall culture score, 74/100 or B+, incorporates employee ratings based on their feedback on the Professional Development, CEO Rating, eNPS and more.

References
Henry Schein
Leadership team

Mr. Stanley M. Bergman (Exec. Chairman & CEO)

Mr. James P. Breslawski (Exec. Vice Chairman & Pres)

Mr. Steven Paladino (Exec. Director)

Products/ Services
Dental, Health Care, Medical Device
Number of Employees
20,000 - 50,000
Headquarters
Melville, New York, United States
Established
1932
Company Registration
SEC CIK number: 0001000228
Net Income
500M - 1B
Revenue
Above - 1B
Traded as
HSIC
Social Media
Fri Mar 01 2024
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