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Henry Schein

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Henry Schein, Inc.
Company typePublic
IndustryHealth care supplies and services
Founded1932; 92 years ago (1932), in Queens, New York
FounderHenry Schein
HeadquartersMelville, New York, U.S.
Key people
RevenueUS$12.3 billion (2023)[2]
US$416 million (2023)[2]
Number of employees
more than 25,000 (2024)[3]
Websitehenryschein.com

Henry Schein, Inc. is an American distributor of health care products and services with a presence in 33 countries.[4][5] Ethisphere named Henry Schein as one of the 2024 World's Most Ethical Companies for the 13th consecutive year.[6] For eight consecutive years, the company has received the Equality 100 Award: Leader in LGBTQ+ Workplace Inclusion by the Human Rights Campaign Foundation.[7]

History

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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]

In May 2022, Henry Schein announced a donation of $200,000 in health care products to the Howard University of Dentistry and Meharry Medical College of Dentistry in order to Support their efforts to provide free oral health to the underserved through their student outreach programs.[23]

In July 2022, Henry Schein acquired Condor Dental, a dental distribution company. [24]

In April 2023, Henry Schein acquired Biotech Dental, a provider of dental implants, clear aligners, and digital dental software, based in Salon-de-Provence, France.[25]

In July 2023, Henry Schein acquired S.I.N Implant System, a major provider of dental implants in Brazil.[26]

On October 14 2023, Henry Schein reported a major hack into its core systems, which included investor information, and payroll data - amounting to 35 Terabytes of data being exfiltrated from the company.[27] This resulted in its applications and e-commerce site being unavailable for several days.[28][29]

Operations

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Dental

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A Henry Schein syringe for dental use

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.[30]

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.[31] Henry Schein also launched the Henry Schein Digital Dentistry Program at Temple University's Maurice H. Kornberg School of Dentistry in 2016.[32]

In May 2016, Henry Schein's entity Dentrix presented the DEXIS software's ability to integrate X-rays into a patient's chart.[33] 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.[34][35][36]

In August 2019, Henry Schein acquired a majority equity stake in Cliniclands, a distributor serving dental practices throughout Sweden, Denmark, and Norway.[37]

In May 2021, Henry Schein announced it acquired an 80% ownership position in Jarvis Analytics, a software company that develops comprehensive data analytics tools for dental practitioners.[38]

In June 2021, Henry Schein acquired a 70% ownership position in eAssist Dental Solutions (eAssist), the developer of a virtual dental billing outsourcing service.[39]

In August 2022, Henry Schein acquired Midway Dental Supply, a full-service dental distributor serving across the Midwestern United States.[40]

In January 2023, Henry Schein announced its subsidiary, eAssist Dental Solutions (eAssist), acquired a majority interest in Unitas PPO Solutions (Unitas), a service provider that works with dental practices to assess their commercial insurance participation, set competitive fee-for-service rates, and negotiate contracted reimbursement with commercial insurers.[41]

Henry Schein One

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In July 2018, Henry Schein and Internet Brands completed a joint venture to form Henry Schein One. The new company delivers integrated dental technology to help improve practice management and marketing as well as patient communication.[42]

In July 2019, Henry Schein One acquired Elite Computer Italia S.r.L. (Elite), a full-service software company that delivers practice management solutions to dental practices in Italy.[43]

Medical

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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.[44][45][46]

In March 2019, Henry Schein acquired North American Rescue (NAR), the leading provider of survivability and casualty-care medical products to the defense and public-safety markets.[47]

In January 2021, Henry Schein acquired a majority ownership position in Prism Medical Products, LLC (PRISM), a nationwide provider of specialty home medical supplies with a core competency in advanced wound care products.[48]

In October 2023, Henry Schein acquired Shield Healthcare, Inc., a supplier of homecare medical products delivered directly to patients in their homes.[49]

In April 2024, Henry Schein acquired TriMed, a developer of orthopedic devices for lower extremities (foot and ankle) and upper extremities (hand and wrist).[50]

Former division

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Animal health

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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.[51] In February 2016, Henry Schein released Axis-Q, a software application designed to ease the recording and access of veterinary medical records.[52]

Philanthropy

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In 1998, Henry Schein’s Back to School program was launched; this program provides underserved children with school supplies and has helped over 65,000 students since its foundation.[53]

Since 1999, Henry Schein has held its annual ‘Holiday Cheer for Children’ program, which donates clothing, toys, and gift cards to over 20,000 children and their families throughout the holiday season.[54]

In 2015, the Alpha Omega International Dental Society and Henry Schein Cares partnered to create the Alpha Omega-Henry Schein Cares Holocaust Survivors Oral Health Program, which offers pro bono oral care to Holocaust survivors. Since its inception, the program has provided treatment to over 1,600 individuals in the United States and Canada.[55]

Since 2018, Henry Schein has supported the Special Olympics, in particular its Healthy Athletes program, through essential health care donations.[56]

In April 2023, Henry Schein launched its Practice Green initiative, which seeks to encourage U.S. and Canada healthcare professionals to transition towards sustainable practices.[57]

Henry Schein has also served as the exclusive product sponsor for the American Dental Association’s Give Kids A Smile Program. Henry Schein has contributed $20 million in oral health care products and more than 40,000 dental kits.[58]

See also

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References

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  1. ^ Sy Mukherjee. "Henry Schein says its coronavirus test takes just 15 minutes, and there's no swab necessary". Fortune. Retrieved 8 October 2020.
  2. ^ a b "Henry Schein, Inc. (HSIC)". Yahoo Finance.
  3. ^ "Henry Schein: Number of Employees 2010-2023". Macrotrends.
  4. ^ "10K Report".
  5. ^ "Henry Schein Medical Announces Sponsorship of the American Academy of Dermatology". Yahoo! Finance. Retrieved 23 October 2019.
  6. ^ "The 2024 World's Most Ethical Companies® Honoree List". World's Most Ethical Companies.
  7. ^ "Equality 100 Award". Human Rights Campaign.
  8. ^ a b c d e Leslie P. Norton, Divyanshu (January 4, 2018). "Henry Schein Sparkles marked as one of the most Ethical Companies in the world".
  9. ^ a b c Jennifer Pellet (July 29, 2016). "Henry Schein CEO Stan Bergman Shows Business Leaders How to Ace Acquisitions". Chief Executive.
  10. ^ a b c d e "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. ^ a b 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". Reuters. Retrieved 22 October 2019.
  19. ^ "Henry Schein To Spin Off And Merge Animal Health Business". Forbes.
  20. ^ a b "Henry Schein Animal Health + Vets First Choice = Covetrus". Today's Veterinary Business. 2018-12-21. 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. ^ "Henry Schein Donates $200,000 to Howard and Meharry Dental Schools to Support Care for the Underserved". Business Wire. 12 May 2022. Retrieved 12 May 2022.
  24. ^ "Henry Schein Completes Acquisition of Condor Dental". finance.yahoo.com. Retrieved 2022-07-07.
  25. ^ Sean Whooley (April 6, 2023). "Henry Schein acquires majority stake in Biotech Dental". Mass Device.
  26. ^ "Henry Schein Signs Definitive Agreement to Acquire S.I.N. Implant System". Bloomberg. May 4, 2023.
  27. ^ "Henry Schein Provides Information on Cybersecurity Incident". HenrySchein. Retrieved 9 December 2023.
  28. ^ Brohan, Mark (28 November 2023). "Data hack problems continue to plague a major distributor of dental products". DigitalCommerce360. Retrieved 9 December 2023.
  29. ^ Schappert, Stefanie. "Henry Schein data breach: banking details exposed". Cybernews. Retrieved 9 December 2023.
  30. ^ Asia Lott (June 2, 2016). "The Benefits of Cloud-Based Software for Multi-Site Practices". Dental Compare. Retrieved November 27, 2016.
  31. ^ "17 practice owners complete Henry Schein's inaugural Dental Business Institute program". Dental Tribune. March 11, 2016. Retrieved November 27, 2016.
  32. ^ "Digital dentistry comes to Temple". Temple University. April 7, 2016. Retrieved November 27, 2016.
  33. ^ "Dentrix, DEXIS team up for comprehensive integration in the dental practice". Dental Products Report. May 11, 2016. Retrieved November 27, 2016.
  34. ^ "Henry Schein acquires CAP". Dental Products Report. June 2, 2016. Retrieved November 27, 2016.
  35. ^ "Henry Schein Acquires Custom Automated Prosthetics | Henry Schein". investor.henryschein.com. Retrieved 2020-07-23.
  36. ^ Health-108, Oral (2016-06-02). "Henry Schein Acquires Custom Automated Prosthetics". Oral Health Group. Retrieved 2020-07-23.{{cite web}}: CS1 maint: numeric names: authors list (link)
  37. ^ "Henry Schein Acquires Majority Interest In Cliniclands, An Innovative Distributor Serving Dentists In Sweden, Denmark And Norway". Oral Health Group. August 6, 2019.
  38. ^ "INDUSTRY NEWSHenry Schein One Acquires Majority Stake in Jarvis Analytics". Dentistry Today. May 28, 2021.
  39. ^ Ariana Portalatin (January 5, 2023). "Henry Schein subsidiary acquires stake in dental PPO services company". Becker's Dental.
  40. ^ "Henry Schein Acquires Midway Dental Supply". Aegis. August 29, 2022.
  41. ^ Sean Whooley (January 5, 2023). "Henry Schein acquires majority interest in Unitas PPO solutions". Mass Device.
  42. ^ "Henry Schein and Internet Brands to form Henry Schein One". Dental Tribune. July 3, 2018.
  43. ^ "Henry Schein Closes Acquisition of Elite Computer Italia". Nasdaq. July 17, 2019.
  44. ^ "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.
  45. ^ Adam Rubenfire (January 30, 2016). "Growing hospital systems stretch supply chains". Modern Healthcare. Retrieved November 27, 2016.
  46. ^ "Agreement reflects unique supply chain needs of non-acute vs. acute-care providers". The Journal of Healthcare Contracting. February 2015. Retrieved November 27, 2016.
  47. ^ "Henry Schien Buys North American Rescue, Expands Medical Arm". Nasdaq. March 5, 2019.
  48. ^ Sean Whooley (January 6, 2021). "Henry Schein buys majority of Prism Medical Products". Mass Device.
  49. ^ "Henry Schein (HSIC) Acquires Majority Stake in Shield Healthcare". Nasdaq. October 24, 2023.
  50. ^ Danielle Kirsch (April 4, 2024). "Henry Schein completes TriMed majority interest acquisition, adds orthopedic extremities to portfolio". Mass Device.
  51. ^ "4 products to connect with pet owners". DVM 360. June 22, 2016. Retrieved November 27, 2016.
  52. ^ "Veterinary product highlights from NAVC 2016". DVM 360. February 2, 2016. Retrieved November 27, 2016.
  53. ^ "HENRY SCHEIN BACK TO SCHOOL PROGRAM TURNS 25". Orthodontic Products. September 8, 2022.
  54. ^ "Henry Schein hosts Holiday Cheer for Children event". Long Island Times. December 18, 2023.
  55. ^ "Program Overview". Holocaust Survivors Oral Health Program.
  56. ^ "HENRY SCHEIN SUPPORTS SPECIAL OLYMPICS ATHLETE HEALTH SCREENINGS". Orthodontic Products. June 21, 2023.
  57. ^ Marisa Higgins (April 21, 2023). "Henry Schein Champions Sustainability with Launch of Practice Green". Environment + Energy Leader.
  58. ^ "American Dental Association Foundation Kicks Off the 21st Year of Give Kids A Smile® With Exclusive National Sponsors, Henry Schein and Colgate-Palmolive". ADA. February 3, 2023.
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