Mission Statement, Vision, & Core Values (2024) of Henry Schein, Inc. (HSIC).

An Overview of Henry Schein, Inc. (HSIC)

General Summary of Henry Schein, Inc. (HSIC)

Henry Schein, Inc. (HSIC) is a leading global provider of health care products and services, primarily in the dental, medical, and veterinary sectors. Founded in 1932, the company has grown through strategic acquisitions and organic growth, establishing a strong presence in over 30 countries. As of 2024, Henry Schein offers a wide range of products including dental supplies, medical equipment, pharmaceuticals, and technology solutions.

As of 2024, Henry Schein reported global net sales of approximately $9.482 billion for the nine months ended September 28, 2024, representing a 1.7% increase compared to the same period in the previous year. The company continues to expand its offerings, focusing on technology and value-added services that enhance operational efficiency for health care providers.

Company's Financial Performance in the Latest Financial Reports

In the latest financial reports, Henry Schein demonstrated a resilient performance despite facing challenges such as the recovery from a cyber incident and fluctuations in the economic environment. For the nine months ended September 28, 2024, the company reported:

• Net Sales: $9.482 billion, up from $9.322 billion in the same period of 2023.
• Gross Profit: $3.023 billion, compared to $2.936 billion in the previous year.
• Operating Income: $466 million, down from $576 million year-over-year.
• Net Income: $302 million, a decrease from $419 million in 2023.
• Earnings Per Share (EPS): Diluted EPS of $2.30, compared to $3.02 from the prior year.

Sales in the dental segment accounted for 60.0% of total health care distribution sales, while medical products represented 33.1%. Notably, technology and value-added services saw a growth of 9.7% compared to the previous year, highlighting the shift towards integrated health care solutions.

Introduction to Company as a Leader in the Industry

Henry Schein, Inc. is recognized as one of the leading companies in the health care distribution industry, driven by its commitment to innovation and customer service. The company serves a diverse customer base, including dental practices, medical facilities, and veterinary clinics. As of 2024, Henry Schein's strategic focus on technology and value-added services positions it well for future growth and enhances its competitive advantage in the marketplace.

Investors and stakeholders are encouraged to explore further details to understand the factors contributing to Henry Schein's sustained success in the health care sector.

Mission Statement of Henry Schein, Inc. (HSIC)

Mission Statement Overview

Henry Schein, Inc. (HSIC) has established a mission statement that emphasizes its commitment to providing high-quality products and services to healthcare professionals. The mission guides the company’s strategic decisions and long-term objectives, ensuring alignment with its core values and operational goals. The mission statement reflects a dedication to improving the health of customers and communities while fostering a culture of integrity and innovation.

Core Component 1: Commitment to Healthcare Professionals

Henry Schein’s mission underscores its dedication to supporting healthcare professionals by supplying a comprehensive range of products and services. This commitment is reflected in the company's robust financial performance, with net sales reaching $9.482 billion for the nine months ending September 28, 2024, compared to $9.322 billion in the same period of the prior year.

The company serves a diverse customer base, including dental, medical, and veterinary professionals. For instance, within the healthcare distribution segment, dental net sales reached $5.690 billion for the nine-month period, demonstrating a strong market presence.

Core Component 2: Quality Products and Services

Another critical aspect of Henry Schein's mission is the delivery of quality products and services. The company maintains rigorous quality control standards and continuously seeks to innovate its offerings. For example, the gross profit margin for the nine months ended September 28, 2024, was 31.9%, indicating effective cost management and quality assurance in its operations.

Henry Schein has also made significant investments in technology and value-added services, contributing $652 million to its total net sales for the same period. This investment reflects the company’s strategy to enhance service delivery and customer satisfaction, aligning with its mission of quality assurance.

Core Component 3: Community and Global Health Improvement

Henry Schein's mission extends beyond business objectives, focusing on community and global health improvement. The company's initiatives include partnerships with various healthcare organizations and community outreach programs. In 2024, Henry Schein contributed to multiple health-focused initiatives, reaffirming its role as a socially responsible entity.

Financially, the company’s commitment to community health is evident through its operational strategies. For example, the total operating income for the nine months ended September 28, 2024, was $466 million, which supports its investments in community health initiatives.

Henry Schein's mission statement effectively encapsulates its strategic focus on healthcare professionals, quality service delivery, and commitment to community health, all supported by strong financial performance metrics. The ongoing alignment of its operations with its mission ensures that the company remains a leader in the healthcare distribution sector.

Vision Statement of Henry Schein, Inc. (HSIC)

Vision Statement Overview

As of 2024, Henry Schein, Inc. (HSIC) aims to be the most trusted partner in health care, providing innovative solutions to enhance the efficiency and effectiveness of health care delivery. The vision emphasizes leveraging technology and maintaining a commitment to high-quality service.

Commitment to Innovation

Henry Schein's vision underscores its commitment to innovation in health care solutions. The company invests significantly in technology to provide advanced products and services that support health care providers. In 2024, the Technology and value-added services segment reported net sales of $652 million, representing a 9.7% increase compared to the previous year.

Focus on Customer Satisfaction

Another critical component of HSIC's vision is a strong focus on customer satisfaction. The company aims to build lasting relationships with its customers by providing tailored solutions. In the nine months ended September 28, 2024, Henry Schein achieved a net income attributable to its shareholders of $296 million, reflecting a commitment to delivering value to its customers.

Global Reach and Accessibility

Henry Schein's vision includes a global reach, ensuring that health care solutions are accessible worldwide. As of September 28, 2024, the company's net sales were $9.482 billion, with international operations contributing significantly to this figure. The international segment reported net sales of $2.536 billion, demonstrating the company's expansive market presence.

Commitment to Community Health

The vision also highlights a commitment to community health, focusing on improving health outcomes. Henry Schein's initiatives in health care distribution and support for health care providers are essential in enhancing community health standards. In 2024, the health care distribution segment reported net sales of $8.830 billion, underscoring the company's pivotal role in the health care ecosystem.

Table: Financial Performance Overview (2024)

Core Values of Henry Schein, Inc. (HSIC)

Integrity

The core value of integrity at Henry Schein, Inc. emphasizes ethical practices and transparency in all operations. This commitment is vital for maintaining trust with stakeholders, including customers, employees, and investors.

Henry Schein has demonstrated its commitment to integrity through various initiatives, including:

• Implementation of a comprehensive compliance program that includes regular training for employees on ethical standards and legal compliance.
• Annual ethics and compliance assessments to ensure adherence to corporate policies and regulatory requirements.

Customer Focus

Customer focus is central to Henry Schein’s mission, as the company aims to provide superior service and solutions tailored to the needs of healthcare professionals.

Examples of how Henry Schein has upheld this value include:

• Launching the Customer Care Center, which handles over 1 million inquiries annually, ensuring timely support for healthcare providers.
• Investing in innovative technology platforms that enhance customer experience, such as the Henry Schein ConnectDental platform, which integrates various dental practice management tools.

Innovation

Innovation at Henry Schein drives continuous improvement and the development of new products and services to meet changing market demands.

The company has invested significantly in research and development, with a reported $50 million allocated for technological advancements in 2024, focusing on digital solutions and telehealth services.

Additionally, Henry Schein's acquisition of Biotech Dental for $423 million in April 2023 illustrates its commitment to enhancing its product offerings through strategic partnerships.

Teamwork

Teamwork is emphasized as a key value, fostering collaboration among employees to achieve common goals.

Henry Schein promotes teamwork through:

• Regular team-building events and collaborative projects across its global offices.
• Employee recognition programs that highlight teamwork achievements, contributing to a positive workplace culture.

Accountability

Accountability at Henry Schein means taking responsibility for actions and outcomes, ensuring that all employees uphold the company’s standards.

To reinforce accountability, Henry Schein has implemented:

• Performance metrics across all departments, allowing for regular assessment of employee contributions to company goals.
• A transparent reporting system for addressing ethical concerns and operational shortcomings.

Social Responsibility

Social responsibility reflects Henry Schein's commitment to making a positive impact on communities through various initiatives.

In 2024, Henry Schein pledged $10 million to support healthcare access in underserved communities, as part of its ongoing efforts to promote health equity.

The company also participates in the annual Global Volunteer Day, where employees contribute thousands of hours to community service projects.

Updated on 16 Nov 2024

Resources:

1. Henry Schein, Inc. (HSIC) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Henry Schein, Inc. (HSIC)' financial performance, including balance sheets, income statements, and cash flow statements.
2. SEC Filings – View Henry Schein, Inc. (HSIC)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.