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Henry Schein Reports Record First Quarter Results
Date:5/3/2011

MELVILLE, N.Y., May 3, 2011 /PRNewswire/ -- Henry Schein, Inc. (NASDAQ: HSIC), the largest provider of healthcare products and services to office-based practitioners, today reported record financial results for the quarter ended March 26, 2011.

Net sales for the first quarter of 2011 were $1.9 billion, an increase of 10.6% compared with the first quarter of 2010.  This consists of 9.9% growth in local currencies and 0.7% growth related to foreign currency exchange.  Internal sales growth in local currencies was 3.8% (see Exhibit A for details of sales growth).

Net income attributable to Henry Schein, Inc. for the first quarter of 2011 was $76.5 million or $0.82 per diluted share, an increase of 10.6% and 9.3%, respectively, compared with first quarter 2010 adjusted net income, which excludes restructuring costs of $12.3 million or $0.09 per diluted share.  EPS growth was 24.2% on an as-reported basis (see Exhibit B for reconciliation of GAAP net income and EPS to non-GAAP adjusted net income and EPS).

"We are particularly pleased to report high-single to low-double digit sales growth in local currencies in all of our business groups," said Stanley M. Bergman, Chairman and Chief Executive Officer of Henry Schein.

North American Dental sales of $662.8 million increased 7.8%, consisting of 7.2% growth in local currencies and 0.6% growth related to foreign currency exchange.  The 7.2% growth in local currencies included 8.9% growth in Dental consumable merchandise sales and 1.3% growth in Dental equipment sales and service revenues.

"Solid gains in sales of Dental consumable merchandise are impressive in light of overall market conditions," commented Mr. Bergman.  "We also are happy to report a fifth consecutive quarter of growth in Dental equipment sales and service revenues."

North American Medical sales of $319
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SOURCE Henry Schein, Inc.
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