Henry Schein Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Henry Schein Inc. filed its 2023 10-K report detailing financial performance and business operations for the fiscal year ending December 30, 2023.</b>

AI Summary

HENRY SCHEIN INC (HSIC) filed a Annual Report (10-K) with the SEC on February 28, 2024. Henry Schein Inc. filed its 2023 Annual Report on Form 10-K on February 28, 2024. The report covers the fiscal year ending December 30, 2023. The company's principal business is wholesale of medical, dental & hospital equipment & supplies. The filing includes details on various financial instruments and assets, such as finance receivables, noncompete agreements, and trademarks. Key dates related to debt obligations and stock incentive plans are also noted.

Why It Matters

For investors and stakeholders tracking HENRY SCHEIN INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Henry Schein's financial health, operational segments, and strategic initiatives for the past fiscal year, crucial for investors to assess performance and future outlook. The detailed breakdown of assets, liabilities, and business segments offers insights into the company's market position and operational efficiency within the healthcare distribution and technology sectors.

Risk Assessment

Risk Level: medium — HENRY SCHEIN INC shows moderate risk based on this filing. The company operates in the wholesale medical, dental & hospital equipment & supplies sector, which is subject to regulatory changes and market competition, as indicated by its SIC code 5047 and the nature of its business.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand the company's performance and potential challenges in the healthcare supply chain.

Key Numbers

• 20231230 — Fiscal Year End (Conformed Period of Report)
• 20240228 — Filing Date (As of Date)
• 150 — Public Document Count (Document Count)
• 000-27078 — SEC File Number (SEC File Number)

Key Players & Entities

• HENRY SCHEIN INC (company) — Filer name
• 0001000228 (company) — Central Index Key
• 5047 (company) — Standard Industrial Classification
• DE (company) — State of Incorporation
• 135 DURYEA RD (company) — Business Address Street 1
• MELVILLE (company) — Business Address City
• NY (company) — Business Address State
• 11747 (company) — Business Address ZIP

FAQ

Industry Context

Henry Schein operates in the wholesale distribution of medical, dental, and hospital equipment and supplies, a critical segment of the healthcare industry.

Regulatory Implications

The company is subject to regulations governing the distribution of healthcare products and services within the United States and internationally.

What Investors Should Do

1. Review the consolidated financial statements for detailed revenue, net income, and balance sheet information.
2. Analyze the business overview and risk factors to understand the company's operational landscape and potential challenges.
3. Examine any disclosures related to executive compensation and corporate governance.

Key Dates

• 2023-12-30: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-28: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This filing is the 2023 annual report, providing updated financial and operational data compared to previous filings.

Filing Documents

• form10k20231230.htm (10-K) — 3501KB
• exhibit211.htm (EX-21.1) — 34KB
• exhibit231.htm (EX-23.1) — 2KB
• exhibit311.htm (EX-31.1) — 7KB
• exhibit312.htm (EX-31.2) — 7KB
• exhibit321.htm (EX-32.1) — 6KB
• exhibit971.htm (EX-97.1) — 37KB
• exhibit991.htm (EX-99.1) — 8KB
• exhibit992.htm (EX-99.2) — 38KB
• exhibit993.htm (EX-99.3) — 32KB
• exhibit994.htm (EX-99.4) — 65KB
• exhibit995.htm (EX-99.5) — 19KB
• exhibit996.htm (EX-99.6) — 28KB
• exhibit997.htm (EX-99.7) — 18KB
• exhibit998.htm (EX-99.8) — 28KB
• exhibit999.htm (EX-99.9) — 29KB
• form10k20231230p43i0.gif (GRAPHIC) — 9KB
• form10k20231230p43i1.gif (GRAPHIC) — 2KB
• form10k20231230p43i2.gif (GRAPHIC) — 7KB
• form10k20231230p43i3.gif (GRAPHIC) — 4KB
• form10k20231230p43i4.gif (GRAPHIC) — 0KB
• form10k20231230p43i5.gif (GRAPHIC) — 0KB
• 0001000228-24-000011.txt (&nbsp;) — 17433KB
• hsic-20231230.xsd (EX-101.SCH) — 110KB
• hsic-20231230_cal.xml (EX-101.CAL) — 157KB
• hsic-20231230_def.xml (EX-101.DEF) — 594KB
• hsic-20231230_lab.xml (EX-101.LAB) — 1402KB
• hsic-20231230_pre.xml (EX-101.PRE) — 924KB
• form10k20231230_htm.xml (XML) — 2955KB

Business

Business 3 ITEM 1A.

Risk Factors

Risk Factors 25 ITEM 1B. Unresolved Staff Comments 39 ITEM 1C. Cybersecurity 39 ITEM 2.

Properties

Properties 41 ITEM 3.

Legal Proceedings

Legal Proceedings 41 ITEM 4. Mine Safety Disclosures 42 PART II ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 42 ITEM 6. [Reserved] 43 ITEM 7.

Management's Discussion and Analysis of Financial Condition

Management's Discussion and Analysis of Financial Condition and Results of Operations 44 ITEM 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 60 ITEM 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 62 ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 126 ITEM 9A.

Controls and Procedures

Controls and Procedures 126 ITEM 9B. Other Information 130 ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 130 PART III ITEM 10. Directors, Executive Officers and Corporate Governance 130 ITEM 11.

Executive Compensation

Executive Compensation 130 ITEM 12.

Security Ownership of Certain Beneficial Owners and Management

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 131 ITEM 13. Certain Relationships and Related Transactions, and Director Independence 131 ITEM 14. Principal Accounting Fees and Services 131 PART IV ITEM 15. Exhibits and Financial Statement Schedules 131 ITEM 16. Form 10-K Summary 138

Signatures

Signatures 139 Table of Contents 3 PART I ITEM 1.

Business

Business General Henry Schein, Inc. is a solutions company for health care professionals powered by a network of people and technology. We believe we are the world's largest provider of health care products and services primarily to office- based dental and medical practitioners, as well as alternate sites of care. Our philosophy is grounded in our commitment to help customers operate a more efficient and successful business so the practitioner can provide better clinical care. With more than 91 years of experience distributing health care products, we have built a vast set of small, mid-sized and large customers in the dental and medical markets, serving more than one million customers worldwide across dental practices, laboratories, physician practices, and ambulatory surgery centers, as well as government, institutional health care clinics and other alternate care clinics. We are headquartered in Melville, New York and employ more than 25,000 people. Approximately 55% of our workforce is based in the United States and approximately 45% is based outside of the United States. We have operations or affiliates in 33 countries and territories. Our broad global footprint has evolved over time through our organic success as well as through contribution from strategic acquisitions. We stock a comprehensive selection of more than 300,000 branded products and Henry Schein corporate brand products through our main distribution centers. Our infrastructure, including over 5.3 million square feet of space in 36 strategically located distribution and 22 manufacturing facilities around the world, enables us to historically provide rapid and accurate order fulfillment, better serve our customers and increase our operating efficiency. This infrastructure, together with broad product and service offerings at competitive prices, and a strong commitment to customer service, enables us to be a single source of supply for our customers' needs. W

View Full Filing

View this 10-K filing on SEC EDGAR