Henry Schein Expands Product Offering of Specialty Pharmaceuticals Through Two Strategic Acquisitions; Transaction Expected to be Accretive to Earnings
MELVILLE, N.Y.--(BUSINESS WIRE)--Nov. 19, 2003--Henry Schein, Inc. (Nasdaq:HSIC), the largest provider of healthcare products and services to office-based practitioners in the combined North American and European markets, today announced that is has expanded its distribution of specialty pharmaceuticals through the acquisitions of Damer & Cartwright Pharmaceutical, Inc. and American Medical Services, Inc. -- two privately held affiliated companies headquartered in Chicago, Illinois. Terms of the all cash transaction were not disclosed.
Damer & Cartwright is a specialty distributor of pharmaceuticals that has been providing value-added pharmacy services for more than 40 years. The Company's sales are focused on oncology, infertility, hepatitis, transplant and respiratory disease states.
American Medical Services was founded in 1996 as a distributor of oncology drugs and other healthcare supplies primarily to oncologists. Damer & Cartwright and American Medical Services share a common executive management team who will continue to be actively involved in managing these businesses. Each of the companies serve customers primarily in Illinois and will serve as a platform for national expansion into rapidly growing markets.
"Henry Schein is a leading distributor of vaccines and injectables to the office-based healthcare practitioner market, and with these acquisitions we are entering into strategic, high-growth complementary product categories in a number of important clinical areas," said Stanley M. Bergman, Chairman, Chief Executive Officer and President of Henry Schein.
"We look forward to the long-term benefits of providing this expanded offering of products and services to our customer base," continued Mr. Bergman. "It is my great pleasure to welcome our new colleagues to Team Schein."
"With nearly five decades of combined experience, Damer & Cartwright and American Medical Services have established an excellent reputation for providing the highest level of service and quality products at the lowest possible cost. Henry Schein shares our commitment to customer service and to business integrity, and we are delighted to be joining together to expand our specialty pharmaceutical offering to new customers, while further strengthening current customer relationships," said Michael Brown, President of Damer & Cartwright and American Medical Services.
The two acquired companies posted combined revenues in excess of $100 million for the last 12 months and the acquisitions are expected to be accretive to Henry Schein's 2004 earnings. The Company reiterated its guidance for full-year 2004 earnings per diluted share of $3.52 to $3.58.
About Henry Schein
Recognized for its excellent customer service and low prices, Henry Schein serves more than 400,000 customers worldwide, including dental practices and laboratories, physician practices and veterinary clinics, as well as government and other institutions.
The Company operates its four business groups - Dental, Medical, International and Technology through a centralized and automated distribution network, which provides customers in more than 125 countries with a comprehensive selection of over 90,000 national and Henry Schein private-brand products. Henry Schein also offers a wide range of innovative value-added practice solutions, including such leading practice management software systems as DENTRIX(R) and Easy Dental(R) for dental practices, and AVImark(R) for veterinary clinics, which are installed in over 50,000 practices; and ArubA(R), Henry Schein's electronic catalog and ordering system.
Headquartered in Melville, New York, Henry Schein employs over 7,400 people in 16 countries. The Company's 2002 sales reached a record $2.8 billion. For more information, visit the Henry Schein Web site at www.henryschein.com.
Certain information contained herein includes information that is forward-looking. The matters referred to in forward-looking statements may be affected by the risks and uncertainties involved in the Company's business. These forward-looking statements are qualified in their entirety by the cautionary statements contained in the Company's Securities and Exchange Commission filings.
CONTACT: Henry Schein, Inc., Melville
Steven Paladino, 631-843-5500
or
Susan Vassallo, 631-843-5562
svassa@henryschein.com
SOURCE: Henry Schein, Inc.