Henry Schein intensifies its focus on dental and medical markets
MELVILLE, N.Y., U.S.: Henry Schein, the world’s largest provider of healthcare products and services to office-based dental and medical practitioners, announced the completion of the spinoff of its animal health business last week. The step is part of the company’s decision to narrow its focus on generating growth in existing dental and medical markets, paired with the pursuit of new investment opportunities.
As part of this spinoff, Henry Schein received approximately $1.1 billion in what is expected to be tax-free proceeds that will be used to pay down debt. The company will continue to advance its long-standing goal of helping healthcare professionals operate more efficient practices by providing new solutions and technologies for the ultimate benefit of patients. Henry Schein will still have more than 18,000 employees in 31 countries after the spinoff.
“Through our reliable network of trusted advisers, we provide customers with invaluable information, education, and advice,” said Stanley M. Bergman, Chairman of the Board and CEO of Henry Schein. “Customers rely on us because of our network of valued suppliers and industry experts, our comprehensive offering of technology and services, our supply chain excellence, our deep industry and professional relationships, and the talented Team Schein members who support our constituencies every day.”
Though Henry Schein historically has been associated with the distribution of healthcare products, the company announced that it would increasingly focus on providing services to improve the daily workflow of dental practices. These include
- business solutions, such as equipment financing services, practice analysis, practice brokering, recruitment services, revenue cycle management, leasing advice and compliance support;
- clinical solutions, such as a wide range of implants, orthodontic devices, and bone regeneration materials, as well as telemedicine and clinical decision support services;
- technology solutions, such as the practice management software offered by its affiliate Software of Excellence, as well as a broad range of digital equipment, technical service and on-site support; and
- supply chain solutions, including a best-in-class fulfillment system for product delivery, as well as inventory management systems and customized supply chain solutions for integrated delivery networks and large group practices.
“Henry Schein is so much more than a supplier of products,” Bergman said. “We provide the solutions healthcare professionals rely on to operate more efficiently and provide patients with the very best care. We intend to grow our dental and medical businesses through continued investments in the products, technologies, services and support that comprise our unique set of healthcare solutions.
“We have an almost nine-decade history of successful reinvention, including 23 years as a public company, delivering consistent results as markets change. We intend to build on our record of success in the years ahead,” he concluded.