Henry Schein

Henry Schein Inc.
Public
Traded as NASDAQ: HSIC
NASDAQ-100 Component
S&P 500 Component
Industry Health care supplies and services
Founded Queens, New York
(1932 (1932))
Headquarters Melville, New York, U.S.
Key people
 Stanley M. Bergman
(Chairman and CEO)
Gerald A. Benjamin
(Executive Vice President, CAO)
Revenue IncreaseUS $ 10.6 Billion (2015)[1]
IncreaseUS $ 769 Million (2015)[1]
Number of employees
 Over 19,000 (2016)[1]
Website http://www.henryschein.com

Henry Schein Inc. is a distributor of health care products and services with a presence in 33 countries.[2] The company is a Fortune World’s Most Admired Company[3] and is ranked number one in its industry for social responsibility.[4] Henry Schein has been recognized by the Ethisphere Institute as the World's Most Ethical Company five times as of 2016.[5]

History

In 1932, Henry Schein, a graduate of Columbia University College of Pharmacy, borrowed $500 and opened a pharmacy in Queens, New York.[2][5] 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.[6]

In 1978, founder Henry Schein's son Jay Schein became CEO of the company.[5] When Jay Schein died of cancer in 1989, Stanley Bergman took over as CEO.[2][5]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.[7][5]

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.[8] The IPO raised $72.8 million and began trading on the Nasdaq.[2][6] 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.[6]

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[9] as well as Dentrix Dental Systems.[6]

Henry Schein announced the acquisition of demedis GmbH and Euro Dental Holding GmbH in June 2004.[10] 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.[11] Butler Schein Animal Health was rebranded as Henry Schein Animal Health in 2013.[12] Between 1989 and 2016, Henry Schein purchased approximately 200 companies.[5]

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.[9][6] 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.[13]

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.[14] Henry Schein also launched the Henry Schein Digital Dentistry Program at Temple University's Maurice H. Kornberg School of Dentistry in 2016.[15]

In May 2016, Henry Stein's entity Dentrix presented the DEXIS software's ability to integrate X-rays into a patient's chart.[16] 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.[17]

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.[18][19][20]

Animal health

Henry Schein produces software that is used in veterinary practices designed to improve communication and data management including the online cloud-based application, Rapport.[21] In February 2016, Henry Schein released Axis-Q, a software application designed to ease the recording and access of veterinary medical records.[22]

Philanthropy

Established in 2008, Henry Schein Cares Foundation, Inc., a 501(c)(3) organization, works to foster, support, and promote dental, medical, and animal health by helping to increase access to care for communities around the world.[23] In 2014, the company established the Henry Schein Ebola Relief Fund that supports West Africa ebola relief efforts through Henry Schein Cares. The organization has responded to previous disasters including Hurricanes Sandy, Rita, and Katrina, as well as earthquakes and floods across the world.[24] The Henry Schein Cares Foundation also runs the Health Kit Outreach program supporting health professionals volunteering for at-risk and vulnerable populations,[25] the Henry Schein Cares Global Product Donation Program,[26] and the Healthy Lifestyles, Healthy Communities program.[27] In 2015, Henry Schein created the Henry Schein Cares Medal which aims to recognize organizations that excel in expanding access to care for underserved communities.[28] In 2016, the Henry Schein Cares Medal went to the Portland Animal Welfare Team for Animal Health.[29] The 2016 Henry Schein Cares Medal for Oral Health was given to the Phoenix-based Diocesan Council for the Society of St. Vincent De Paul,[30] and the Medical Health Award went to Hands Up for Haiti.[31]

See also

References

  1. 1 2 3 "Henry Schein, Inc.". MorningStar. 26 December 2015. Retrieved 21 September 2016.
  2. 1 2 3 4 Jennifer Pellet (July 29, 2016). "Henry Schein CEO Stan Bergman Shows Business Leaders How to Ace Acquisitions". Chief Executive.
  3. ↑ FORTUNE Magazine, 2009
  4. ↑ Fortune Magazine World's Most Admired Companies
  5. 1 2 3 4 5 6 Leslie P. Norton (June 18, 2016). "Henry Schein Sparkles Under Stanley Bergman". Barron's.
  6. 1 2 3 4 5 "Henry Schein: Doing Well by Doing Good?" (PDF). Harvard Business School. January 6, 2014. Retrieved November 27, 2016.
  7. ↑ Alan Murray (June 10, 2016). "Every Company Is a Technology Company". Fortune. Retrieved November 27, 2016.
  8. ↑ "Finance Briefs". The New York Times. September 6, 1995. Retrieved November 27, 2016.
  9. 1 2 Stefan Fatsis (August 4, 1997). "Henry Schein to Buy Sullivan In $318 Million Stock Swap". The Wall Street Journal. Retrieved November 27, 2016.
  10. ↑ "Henry Schein Acquisition of the demedis Group Cleared to Close". Henry Schein. June 16, 2004. Retrieved November 27, 2016.
  11. ↑ "Henry Schein, Butler Animal Health join forces". DVM360 Magazine. November 30, 2009. Retrieved November 27, 2016.
  12. ↑ "Butler Schein Animal Health Becomes Henry Schein Animal Health". Veterinary Practice News. March 19, 2013. Retrieved November 27, 2016.
  13. ↑ Asia Lott (June 2, 2016). "The Benefits of Cloud-Based Software for Multi-Site Practices". Dental Compare. Retrieved November 27, 2016.
  14. ↑ "17 practice owners complete Henry Schein's inaugural Dental Business Institute program". Dental Tribune. March 11, 2016. Retrieved November 27, 2016.
  15. ↑ "Digital dentistry comes to Temple". Temple University. April 7, 2016. Retrieved November 27, 2016.
  16. ↑ "Dentrix, DEXIS team up for comprehensive integration in the dental practice". Dental Products Report. May 11, 2016. Retrieved November 27, 2016.
  17. ↑ "Henry Schein acquires CAP". Dental Products Report. June 2, 2016. Retrieved November 27, 2016.
  18. ↑ "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.
  19. ↑ Adam Rubenfire (January 30, 2016). "Growing hospital systems stretch supply chains". Modern Healthcare. Retrieved November 27, 2016.
  20. ↑ "Agreement reflects unique supply chain needs of non-acute vs. acute-care providers". The Journal of Healthcare Contracting. February 2015. Retrieved November 27, 2016.
  21. ↑ "4 products to connect with pet owners". DVM 360. June 22, 2016. Retrieved November 27, 2016.
  22. ↑ "Veterinary product highlights from NAVC 2016". DVM 360. February 2, 2016. Retrieved November 27, 2016.
  23. ↑ Lau, Edie (November 15, 2012). "Storm recovery focus of NYC symposium". The VIN News Service. Retrieved December 14, 2012.
  24. ↑ "Henry Schein Cares Foundation opens fund for Ebola relief". Dental Tribune America. October 6, 2014. Retrieved November 27, 2016.
  25. ↑ "Dental and medical care provided to more than 750 patients living in the Dominican Republic". The Daily Advocate. May 12, 2016. Retrieved November 27, 2016.
  26. ↑ "Henry Schein Donations Expands Sylvia's Children's Care to Underserved Children". Alien Consulting. Retrieved November 27, 2016.
  27. ↑ "Henry Schein Launches 2016 Healthy Lifestyles, Healthy Communities Program". The Street. August 10, 2016. Retrieved November 27, 2016.
  28. ↑ "New medal applauds those who serve underserved". ADA News. August 20, 2015. Retrieved November 27, 2016.
  29. ↑ "PAW team named #1 in U.S.". Oregon Live. April 9, 2016. Retrieved November 27, 2016.
  30. ↑ "Henry Schein Awards Inaugural Henry Schein Cares Medal For Oral Health To The Diocesan Council For The Society Of St. Vincent De Paul In Phoenix". The Street. June 27, 2016. Retrieved November 27, 2016.
  31. ↑ Lanning Taliaferro (March 18, 2016). "Hands Up for Haiti Honored with Medical Health Award". Cappaqua Patch. Retrieved November 27, 2016.

External links

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