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Henry Schein's revenue misses expectations as cyber attack impact persists
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Henry Schein's revenue misses expectations as cyber attack impact persists
May 7, 2024 5:29 AM

May 7 (Reuters) - Dental and medical products

distributor Henry Schein missed first-quarter revenue

estimates on Tuesday, weighed by lingering effects of last

year's cybersecurity incident that disrupted its manufacturing

and distribution divisions.

The company had said on Oct. 15 it took some of its systems

offline after a cyber attack, contacted law enforcement

authorities and engaged outside experts to investigate the

breach.

Henry Schein, which supplies dental products such as

implants, posted revenue of $3.17 billion for the first quarter,

compared with analysts' average estimate of $3.21 billion,

according to LSEG data.

Revenue reflects a residual impact of last year's cyber

incident and lower sales of personal protective equipment (PPE)

due to lower glove pricing, the company said.

The Melville, New York-based company also trimmed the upper

end of its 2024 sales growth forecast to 10% from 12%, keeping

the lower end unchanged at 8%, saying it "reflects continued

recovery from last year's cyber incident and a strong pipeline

of new specialty products and software innovation".

Henry Schein re-affirmed its 2024 adjusted profit forecast

of $5.00 to $5.16 per share. Analysts on average expect $5.06

per share.

On an adjusted basis, the company earned $1.10 per share for

the quarter ended March 31, compared with analysts' estimate of

$1.01 per share.

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