Henry Schein, Inc. (NASDAQ:HSIC) Q2 2020 Earnings Conference Call - Final Transcript

Aug 04, 2020 • 10:00 am ET


Henry Schein, Inc. (NASDAQ:HSIC) Q2 2020 Earnings Conference Call - Final Transcript


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Good morning, ladies and gentlemen, and welcome to the Henry Schein Second Quarter 2020 Conference Call. [Operator instructions]

I would now like to introduce your host for today's call, Carolynne Borders, Henry Schein's Vice President of Investor Relations. Please go ahead, Carolynne.

Carolynne Borders

Thank you, Regina, and my thanks to each of you for joining us to discuss Henry Schein's results for the second quarter of 2020. With me on the call today are Stanley Bergman, Chairman of the Board and Chief Executive Officer at Henry Schein; and Steven Paladino, Executive Vice President and Chief Financial Officer.

Before we begin, I would like to state that certain comments made during this call will include information that is forward-looking. As you know, risks and uncertainties involved in the company's business may affect the matters referred to in forward-looking statements. As a result, the company's performance may materially differ from those expressed in or indicated by such forward-looking statements. These forward-looking statements are qualified in their entirety by the cautionary statements contained in Henry Schein's filings with the Securities and Exchange Commission, including in the risk factors section of such filings. In addition, all comments about the markets we serve, including end market growth rates and market share, are based upon the company's internal analysis and estimates.

Our conference call remarks will include both GAAP and non-GAAP financial results. We believe the non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable the comparison of financial results between periods where certain items may vary independently of business performance and allow for greater transparency with respect to key metrics used by management in operating our business.

These non-GAAP financial measures are presented solely for informational and comparative purposes and should not be regarded as a replacement for corresponding GAAP measures. Reconciliations between GAAP and non-GAAP measures can be found in the Supplemental Information Section of our Investor Relations website and in Exhibit B of today's press release, which is available in the Investor Relations section of our website.

The content of this conference call contains time-sensitive information that is accurate only as of the date of the live broadcast, August 4, 2020. Henry Schein undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this call. Please limit yourself to a single and a follow-up during Q&A to allow as many listeners as possible to ask a question within the one hour that we have allotted for this call.

With that said, I would like to turn the call over to Stanley Bergman.

Stanley Bergman

Thank you very much, Carolynne. Good morning, everyone, and thank you for joining us. Over the past few months, we have witnessed dental and medical practices continue to reopen worldwide. While patient volumes are still below pre-COVID-19 levels, the recovery in the dental and medical end markets is progressing at a far more rapid pace than we had originally anticipated.

We are, of course, closely monitoring