Henry Schein

Henry Schein Inc. is an American distributor of health care products and services with a presence in 32 countries.[4][5] The company is a Fortune World’s Most Admired Company[6] and is ranked number one in its industry for social responsibility by Fortune magazine.[7] Henry Schein has been recognized by the Ethisphere Institute as the World's Most Ethical Company six times as of 2017.[8]

Henry Schein Inc.
Public
Traded asNASDAQ: HSIC
S&P 500 Component
ISINUS8064071025 
IndustryHealth care supplies and services
FoundedQueens, New York
(1932 (1932))
FounderHenry Schein
HeadquartersMelville, New York, U.S.
Key people
Stanley M. Bergman
(Chairman and CEO)
Jim Breslawski
(President)
Gerald A. Benjamin
(Executive Vice President, CAO)
RevenueUS $ 13.2 Billion (2018)[1]
US $ 535.9 Million (2018)[2]
Number of employees
Over 17,829 (2019)[3]
Websitehttp://www.henryschein.com

History

In 1932, Henry Schein, a graduate of Columbia University College of Pharmacy, borrowed $500 and opened a pharmacy in Queens, New York.[8][9] The company expanded into dental supplies in the 1960s, and by the late 1980s, Henry Schein held approximately 10 percent of the dental-supply market. Marvin Schein, Henry Schein's son, took over management of daily operations in 1971.[10]

In 1978, founder Henry Schein's son Jay Schein became CEO of the company.[8] When Jay Schein died of cancer in 1989, Stanley Bergman took over as CEO.[8][9] Bergman was born in South Africa and came to New York in 1976, where he became an accountant. In 1980, he joined Henry Schein and was promoted to CFO.[8][11]

Henry Schein Inc. filed with the U.S. Securities and Exchange Commission in 1995 to sell 6.2 million shares in an initial public offering with William Blair & Company as the lead underwriter.[12] The IPO raised $72.8 million and began trading on the Nasdaq.[9][10] By 1996, the company was up to $1.4 billion in sales and $29 million in profit under Bergman's leadership. That year, the company made seventeen acquisitions.[10]

In August 1997, Henry Schein Inc. agreed to buy Sullivan Dental Products Inc. for approximately $318 million. The purchase made the company the world's largest distributor of dental equipment and supplies. By that point, Henry Schein had made 16 acquisitions in 1997. Also in 1997, Henry Schein acquired New York-based medical-products distributor Micro BioMedics Inc[13] as well as Dentrix Dental Systems.[10]

Henry Schein announced the acquisition of demedis GmbH and Euro Dental Holding GmbH in June 2004.[14] In November 2009, it was announced that Henry Schein Inc. and Butler Animal Health Supply would be launching joint venture Butler Schein Animal Health, the largest veterinary sales and distribution company in the United States.[15] Butler Schein Animal Health was rebranded as Henry Schein Animal Health in 2013.[16] Between 1989 and 2016, Henry Schein purchased approximately 200 companies.[8] The company's chief executive officer, Stanley Bergman, was announced as Chief Executive Magazine's CEO of the Year in May 2017.[17]

In 2018, the FTC accused Benco Dental, Patterson Companies, and Henry Schein of violating antitrust laws. In October 2019, the FTC’s Chief Administrative Law Judge dismissed the claims against Henry Schein while finding that Benco and Patterson violated U.S. antitrust laws.[18]

In February 2019, Henry Schein spun off the company's animal health business and merged it with Vets First Choice to form a new company.[19] The new company is established as Covetrus.[20]

Henry Schein Inc. was one of the six main defendants in lawsuits with state and local governments of the opioid epidemic in the United States.[21] The company was dismissed as a defendant in October 2019 in the bellwether Summit County, Ohio litigation.[22]

Operations

Dental

In 1997, Henry Schein acquired Sullivan Dental Products and Dentrix Dental Systems, making it the world's largest distributor of dental equipment and supplies.[10][13] Dentrix Ascend, Henry Schein's cloud-based software designed for dental offices, is a scalable system. Its interface was built to be intuitive and the company works with users to include features dental offices require.[23]

Henry Schein established the Henry Schein Dental Business Institute in March 2015 to teach owners and operators of dental practices the fundamentals of business. The first class to complete the program graduated in March 2016.[24] Henry Schein also launched the Henry Schein Digital Dentistry Program at Temple University's Maurice H. Kornberg School of Dentistry in 2016.[25]

In May 2016, Henry Schein's entity Dentrix presented the DEXIS software's ability to integrate X-rays into a patient's chart.[26] Zahn Dental, Henry Schein's laboratory supply business, acquired Custom Automated Prosthetics in June 2016. The acquisition enabled Henry Schein to expand its prosthetic offerings.[27]

Medical

In November 2014, Henry Schein Medical announced a strategic arrangement with Cardinal Health. Cardinal Health's physician office-sales organization consolidated into Henry Schein Medical.[28][29][30]

Former division

Animal health

Henry Schein has spun off this division in early 2019 [20] produces software that is used in veterinary practices designed to improve communication and data management including the online cloud-based application, Rapport.[31] In February 2016, Henry Schein released Axis-Q, a software application designed to ease the recording and access of veterinary medical records.[32]

See also

References
  1. "Henry Schein's (HSIC) Q4 Earnings Top, Revenues Lag Estimates".
  2. "Henry Schein Reports Record Fourth Quarter And Full Year 2018 Financial Results".
  3. "Henry Schein posts $3.4 billion in sales; analysts underwhelmed".
  4. "10K Report".
  5. "Henry Schein Medical Announces Sponsorship of the American Academy of Dermatology". Yahoo Finance. Retrieved 23 October 2019.
  6. "World's Most Admired Companies 2009: Henry Schein snapshot - from FORTUNE". money.cnn.com.
  7. "World's Most Admired Companies: Henry Schein". Most Admired Companies 2012 - FORTUNE on CNNMoney.com.
  8. Leslie P. Norton, Divyanshu (January 4, 2018). "Henry Schein Sparkles marked as one of the most Ethical Companies in the world".
  9. Jennifer Pellet (July 29, 2016). "Henry Schein CEO Stan Bergman Shows Business Leaders How to Ace Acquisitions". Chief Executive.
  10. "Henry Schein: Doing Well by Doing Good?" (PDF). Harvard Business School. January 6, 2014. Retrieved November 27, 2016.
  11. Alan Murray (June 10, 2016). "Every Company Is a Technology Company". Fortune. Retrieved November 27, 2016.
  12. "Finance Briefs". The New York Times. September 6, 1995. Retrieved November 27, 2016.
  13. Stefan Fatsis (August 4, 1997). "Henry Schein to Buy Sullivan In $318 Million Stock Swap". The Wall Street Journal. Retrieved November 27, 2016.
  14. "Henry Schein Acquisition of the demedis Group Cleared to Close". Henry Schein. June 16, 2004. Retrieved November 27, 2016.
  15. "Henry Schein, Butler Animal Health join forces". DVM360 Magazine. November 30, 2009. Retrieved November 27, 2016.
  16. "Butler Schein Animal Health Becomes Henry Schein Animal Health". Veterinary Practice News. March 19, 2013. Retrieved November 27, 2016.
  17. Executive, Chief (10 May 2017). "Henry Schein, Inc. CEO Stanley Bergman named Chief Executive Magazine's 2017 CEO of the Year".
  18. "FTC gets mixed ruling from administrative judge in dental supply fight". Retrieved 22 October 2019.
  19. "Henry Schein To Spin Off And Merge Animal Health Business".
  20. December 2018, Today's Veterinary Business in (2018-12-21). "Henry Schein Animal Health + Vets First Choice = Covetrus". Today's Veterinary Business. Retrieved 2019-06-23.
  21. "Three drug firms in settlement talks over US opioid crisis - WSJ". Aljazeera. 2019-10-16. Retrieved 2019-10-16.
  22. "LI firm Henry Schein will be dismissed from Ohio opioid case". Retrieved 22 October 2019.
  23. Asia Lott (June 2, 2016). "The Benefits of Cloud-Based Software for Multi-Site Practices". Dental Compare. Retrieved November 27, 2016.
  24. "17 practice owners complete Henry Schein's inaugural Dental Business Institute program". Dental Tribune. March 11, 2016. Retrieved November 27, 2016.
  25. "Digital dentistry comes to Temple". Temple University. April 7, 2016. Retrieved November 27, 2016.
  26. "Dentrix, DEXIS team up for comprehensive integration in the dental practice". Dental Products Report. May 11, 2016. Retrieved November 27, 2016.
  27. "Henry Schein acquires CAP". Dental Products Report. June 2, 2016. Retrieved November 27, 2016.
  28. "Henry Schein Medical and Cardinal Health: Where we've been, where we're going, and what it means for you". Becker's Hospital Review. November 2, 2015. Retrieved November 27, 2016.
  29. Adam Rubenfire (January 30, 2016). "Growing hospital systems stretch supply chains". Modern Healthcare. Retrieved November 27, 2016.
  30. "Agreement reflects unique supply chain needs of non-acute vs. acute-care providers". The Journal of Healthcare Contracting. February 2015. Retrieved November 27, 2016.
  31. "4 products to connect with pet owners". DVM 360. June 22, 2016. Retrieved November 27, 2016.
  32. "Veterinary product highlights from NAVC 2016". DVM 360. February 2, 2016. Retrieved November 27, 2016.
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