Henry Schein Inc.’s share price soared on Tuesday. This is because patients returned after the slowdown in COVID-19, and strong sales of dental products reported a 20.4% increase in first-quarter revenue.
A product provider to Melville-based dentist and physician offices said net sales for the quarter ended March 27 reached $ 2.9 billion, up 20.4% year-on-year.
Henry Shine’s share price rose nearly 8% on Tuesday, closing at $ 79.87.
Stanley M. Bergman, Chairman and Chief Executive Officer, said:
Bergman said patient traffic has “steadily improved” in the global dental market since the COVID-19 pandemic began.
Personal protective equipment sales are “beginning to ease” in the dental and healthcare markets compared to recent growth, but Bergman said they are expected to remain “high.”
Earnings per share after quarterly dilution from continuing operations was $ 1.16, compared to 91 cents in the previous year.
The company’s largest Henry Shine dental unit reported quarterly global sales of $ 1.8 billion, up 21.3%.
The company has also raised its guidance on earnings per share in 2021 based on non-standard accounting.
In a research note, Evercore ISI analyst Elizabeth Anderson said global dental care results exceeded her expectations, but the healthcare market was weaker than expected.
She cited seasonal flu and price pressure on personal protective equipment as possible reasons for lack of health care.
Henry Shine, Long Island’s largest revenue-based public company, is a Fortune 500 company and a member of the S & P 500 Index.
Dental PPE products are increasing Henry Shine sales
Source link Dental PPE products are increasing Henry Shine sales