Henry Schein ($HSIC), which provides healthcare products and services to office-based animal health, dental and medical practitioners, saw significant growth in animal health sales in its second quarter.
The Melville, NY-based company reported $2.6 billion in net sales for the quarter, an increase of 9.3% compared with the same period last year, with more than half of that coming from its dental clients; but its animal health sales hit $754.5 million in revenue, up 13.2% compared with the same period last year. International animal health sales, where the company saw 2.5% growth related to foreign currency exchange, hit a company record. The company said it gained market share in animal health.
The company attributes these strong earnings to its SmartPak product, equine health supplements that are custom-made for daily doses. "We also significantly strengthened our position in the U.S. equine-products market with the acquisition of a majority ownership position in SmartPak, which was completed early in the third quarter," Henry Schein CEO Stanley Bergman said in a statement.
The majority of the company's revenues come from its dental category, with sales of $1.4 billion, up 8.6%. Medical sales pulled in $403.3 million--an increase of 4% compared to the same period last year. Technology and value-added services sales netted $89.1 million and increased by 14.2%.
- here's the earnings report