Henry Schein reported solid financial results for Q4 and full-year 2024, reflecting stable performance in the dental and medical markets.

For Q4 2024, total net sales grew 5.8% to $3.2 billion, with internal sales increasing 5.5% and acquisitions contributing 0.7%. GAAP diluted EPS was $0.74, while non-GAAP diluted EPS was $1.19. Adjusted EBITDA rose significantly to $270 million from $172 million in Q4 2023. The company generated $204 million in operating cash flow for the quarter.

For the full year, total net sales increased 2.7% to $12.7 billion, with acquisitions driving growth. GAAP net income was $390 million ($3.05 per diluted share), while non-GAAP net income increased to $605 million ($4.74 per diluted share). Adjusted EBITDA rose 7.7% to $1.06 billion. Operating cash flow for the year reached $848 million, up $348 million from 2023.

Henry Schein introduced a new segment structure for more transparency:
- **Global Distribution and Value-Added Services** ($10.8B sales in 2024), covering dental and medical markets.
- **Global Specialty Products** ($1.4B sales), focusing on dental implants, biomaterials, and other healthcare products.
- **Global Technology** ($0.6B sales), which includes practice management software and e-services.

The company recorded $37 million in restructuring costs in Q4 2024, expecting over $80 million in annual savings, with a total target of $75M-$100M in savings by the end of 2025.

Henry Schein repurchased $75 million in shares in Q4 and $385 million for the full year, with an additional $500 million authorized in January 2025, including $250 million for an accelerated share repurchase program.

For 2025, Henry Schein expects non-GAAP diluted EPS in the range of $4.80 to $4.94, with mid-single-digit Adjusted EBITDA growth.

source: Henry Schein, February 25, 2025.