Agrees to Acquire a Majority Interest in
TriMed, Forms Strategic Relationship With Extremity Medical
LLC
Creates Platform to Establish Strategic
Presence In The Fast-Growing Upper- And Lower-Extremities
Specialties Segment of the Orthopedic Market
Henry Schein, Inc. (NASDAQ: HSIC), the world’s largest provider
of health care solutions to office-based dental and medical
practitioners, announced plans to enter the upper- and
lower-extremities specialty segment of the orthopedic market in
line with our long-standing strategy.
The Company today announced that it has signed an agreement to
acquire a majority interest in TriMed, Inc., a global developer of
solutions for the orthopedic treatment of lower extremities (foot
and ankle) and upper extremities (primarily hand and wrist).
Headquartered in Santa Clarita, CA, TriMed had 2022 net sales of
approximately $48 million. The transaction is subject to certain
regulatory approvals and closing conditions, and is expected to be
completed in the first quarter of 2024. Henry Schein expects the
transaction to be neutral to 2024 non-GAAP earnings per share and
accretive thereafter. Financial terms were not disclosed.
In addition, Henry Schein has entered into a strategic
relationship with Extremity Medical LLC, an innovative medical
device company focused on developing new products for fusion,
fixation, and motion preservation in the orthopedic treatment of
the lower extremities and wrist. Headquartered in Parsippany, NJ,
Extremity Medical will operate as a separate, stand-alone
company.
"Partnering with the TriMed and Extremity teams will provide
Henry Schein with a platform to establish ourselves as a leading
manufacturer and supplier in the Foot and Ankle as well as Hand and
Wrist extremity segments of the orthopedic market,” said Stanley M.
Bergman, Chairman and Chief Executive Officer, Henry Schein, Inc.
“We believe the experienced leadership team that we have assembled
is well-positioned to leverage our deep and longstanding
relationships with existing integrated delivery network and
ambulatory surgery center customers.”
TriMed founders David Medoff, Chief Commercial Officer, and
Robert Medoff, MD, Medical Advisor, will continue to be a part of
the management team of TriMed and bring to Henry Schein extensive
experience, primarily in product development and commercial
relationships.
“Through our new partnership with Henry Schein, we look forward
to working together to identify new opportunities to provide
quality care to patients,” said David Medoff. “TriMed provides
unique treatment options for challenging indications and injuries.
Henry Schein will help to accelerate our growth and increase our
reach within the medical community.”
Matthew Lyons, CEO of Extremity Medical, added: “Our strategic
relationship with Henry Schein will enable us to expand our reach,
ultimately improving patient care and outcomes.”
“We are looking forward to entering the extremity segment with
the complementary portfolios of TriMed and Extremity Medical, which
extend our Brasseler Medical orthopedic cutting accessories and
revision instrument solutions,” said Tom Popeck, President of Henry
Schein’s Healthcare Specialties Group. “Upper and lower extremities
are among the fastest-growing segments of orthopedics, representing
a total addressable market of more than $5.5 billion. We are
confident that we will accelerate the reach of TriMed and Extremity
on a global basis.”
About Henry Schein, Inc.
Henry Schein, Inc. (Nasdaq: HSIC) is a solutions company for
health care professionals powered by a network of people and
technology. With approximately 24,000 Team Schein Members
worldwide, the Company's network of trusted advisors provides more
than 1 million customers globally with more than 300 valued
solutions that help improve operational success and clinical
outcomes. Our Business, Clinical, Technology, and Supply Chain
solutions help office-based dental and medical practitioners work
more efficiently so they can provide quality care more effectively.
These solutions also support dental laboratories, government and
institutional health care clinics, as well as other alternate care
sites.
Henry Schein operates through a centralized and automated
distribution network, with a selection of more than 300,000 branded
products and Henry Schein private-brand products in stock.
A FORTUNE 500 Company and a member of the S&P 500® index,
Henry Schein is headquartered in Melville, N.Y., and has operations
or affiliates in 33 countries and territories. The Company's sales
reached $12.6 billion in 2022, and have grown at a compound annual
rate of approximately 12.1 percent since Henry Schein became a
public company in 1995.
For more information, visit Henry Schein at www.henryschein.com,
Facebook.com/HenrySchein, Instagram.com/HenrySchein, and
Twitter.com/HenrySchein.
Cautionary Note Regarding Forward-Looking Statements
In accordance with the “Safe Harbor” provisions of the Private
Securities Litigation Reform Act of 1995, we provide the following
cautionary remarks regarding important factors that, among others,
could cause future results to differ materially from the
forward-looking statements, expectations and assumptions expressed
or implied herein. All forward-looking statements made by us are
subject to risks and uncertainties and are not guarantees of future
performance. These forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause our
actual results, performance and achievements or industry results to
be materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. These statements include EPS guidance and are generally
identified by the use of such terms as “may,” “could,” “expect,”
“intend,” “believe,” “plan,” “estimate,” “forecast,” “project,”
“anticipate,” “to be,” “to make” or other comparable terms. A
fuller discussion of our operations, financial condition and status
of litigation matters, including factors that may affect our
business and future prospects, is contained in documents we have
filed with the United States Securities and Exchange Commission, or
SEC, including our Annual Report on Form 10-K, and will be
contained in all subsequent periodic filings we make with the SEC.
These documents identify in detail important risk factors that
could cause our actual performance to differ materially from
current expectations. Forward looking statements include the
overall impact of the Novel Coronavirus Disease 2019 (COVID-19) on
the Company, its results of operations, liquidity and financial
condition (including any estimates of the impact on these items),
the rate and consistency with which dental and other practices
resume or maintain normal operations in the United States and
internationally, expectations regarding personal protective
equipment (“PPE”) and COVID-19 related product sales and inventory
levels, whether additional resurgences or variants of the virus
will adversely impact the resumption of normal operations, whether
supply chain disruptions will adversely impact our business, the
impact of integration and restructuring programs as well as of any
future acquisitions, general economic conditions including exchange
rates, inflation and recession, and more generally current
expectations regarding performance in current and future periods.
Forward looking statements also include the (i) ability of the
Company to have continued access to a variety of COVID-19 test
types, expectations regarding COVID-19 test sales, demand and
inventory levels, as well as the efficacy or relative efficacy of
the test results given that the test efficacy has not been, or will
not have been, independently verified under normal FDA procedures,
and (ii) potential for the Company to distribute the COVID-19
vaccines and ancillary supplies.
Risk factors and uncertainties that could cause actual results
to differ materially from current and historical results include,
but are not limited to: risks associated with COVID-19 and any
variants thereof, as well as other disease outbreaks, epidemics,
pandemics, or similar wide-spread public health concerns and other
natural disasters; our dependence on third parties for the
manufacture and supply of our products; our ability to develop or
acquire and maintain and protect new products (particularly
technology products) and technologies that achieve market
acceptance with acceptable margins; transitional challenges
associated with acquisitions, dispositions and joint ventures,
including the failure to achieve anticipated synergies/benefits;
financial and tax risks associated with acquisitions, dispositions
and joint ventures; certain provisions in our governing documents
that may discourage third-party acquisitions of us; effects of a
highly competitive (including, without limitation, competition from
third-party online commerce sites) and consolidating market; the
repeal or judicial prohibition on implementation of the Affordable
Care Act; changes in the health care industry; risks from expansion
of customer purchasing power and multi-tiered costing structures;
increases in shipping costs for our products or other service
issues with our third-party shippers; general global and domestic
macroeconomic and political conditions, including inflation,
deflation, recession, fluctuations in energy pricing and the value
of the U.S. dollar as compared to foreign currencies and changes to
other economic indicators, international trade agreements,
potential trade barriers and terrorism; failure to comply with
existing and future regulatory requirements; risks associated with
the EU Medical Device Regulation; failure to comply with laws and
regulations relating to health care fraud or other laws and
regulations; failure to comply with laws and regulations relating
to the collection, storage and processing of sensitive personal
information or standards in electronic health records or
transmissions; changes in tax legislation; risks related to product
liability, intellectual property and other claims; litigation
risks; new or unanticipated litigation developments and the status
of litigation matters; risks associated with customs policies or
legislative import restrictions; cyberattacks or other privacy or
data security breaches; risks associated with our global
operations; our dependence on our senior management, employee
hiring and retention, and our relationships with customers,
suppliers and manufacturers; and disruptions in financial markets.
The order in which these factors appear should not be construed to
indicate their relative importance or priority.
We caution that these factors may not be exhaustive and that
many of these factors are beyond our ability to control or predict.
Accordingly, any forward-looking statements contained herein should
not be relied upon as a prediction of actual results. We undertake
no duty and have no obligation to update forward-looking statements
except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20231220401470/en/
Investors: Ronald N. South Senior Vice President and Chief
Financial Officer ronald.south@henryschein.com (631) 845-2802
Graham Stanley Vice President, Investor Relations and Strategic
Financial Project Officer graham.stanley@henryschein.com (631)
843-5963 Media: Ann Marie Gothard Vice President, Global Corporate
Media Relations annmarie.gothard@henryschein.com (631) 390-8169
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