<p><strong>亨利香恩</strong>(HSIC -9.18%) 是一家专注于分销牙科和医疗产品的医疗解决方案公司，于 2025 年 8 月 5 日发布了季度财报。本季度最显著的发展是盈利能力下降，GAAP 稀释每股收益（EPS）为 0.70 美元，非 GAAP 稀释每股收益为 1.10 美元，均较去年同期下降，非 GAAP 每股收益 1.10 美元远低于分析师预期的 1.19 美元，较去年同期的 1.23 美元下降了 10.6%。总收入（GAAP）达到 32.4 亿美元，显示出与去年同期相比 3.3% 的报告销售增长。尽管收入增长，但费用增加、利润率缩小——尤其是在美国牙科分销领域——以及更大的重组费用导致 GAAP 净收入下降。本季度反映出专业和技术解决方案业务的持续强劲，但在内部目标和市场预期方面面临持续压力和表现不佳，非 GAAP 每股收益 1.10 美元比分析师预期的 1.19 美元低出约 7.6%。</p>
<table>
<thead>
<tr>
<th>指标</th>
<th>2025 年第二季度</th>
<th>2025 年第二季度预估</th>
<th>2024 年第二季度</th>
<th>同比变化</th>
</tr>
</thead>
<tbody>
<tr>
<td>每股收益（非 GAAP）</td>
<td>1.10 美元</td>
<td>1.19 美元</td>
<td>1.23 美元</td>
<td>(10.6%)</td>
</tr>
<tr>
<td>收入</td>
<td>32.4 亿美元</td>
<td>32.2 亿美元</td>
<td>31.4 亿美元</td>
<td>3.2%</td>
</tr>
<tr>
<td>调整后 EBITDA</td>
<td>2.56 亿美元</td>
<td></td>
<td>2.68 亿美元</td>
<td>-4.5%</td>
</tr>
<tr>
<td>净收入</td>
<td>8600 万美元</td>
<td></td>
<td>1.04 亿美元</td>
<td>(17.3%)</td>
</tr>
</tbody>
</table>
<p>来源：FactSet 提供的分析师预估。管理层预期基于 2025 年第一季度财报中提供的管理层指引。</p>
<h2>业务概述与战略重点</h2>
<p><strong>亨利香恩</strong>(HSIC -9.18%) 作为全球医疗产品和服务的分销商，服务于超过一百万的客户，包括牙科和医疗实践、实验室以及替代护理环境。它提供广泛的消耗品、设备、药品和服务，支持其在 33 个国家的 36 个分销中心和运营网络。该公司还为医疗提供者提供技术平台，包括实践管理软件和基于云的解决方案。</p>
<p>近期的商业战略强调扩大产品供应、拓展全球市场以及投资数字创新。自 2024 年以来，公司专注于扩展专业产品、技术解决方案、增值服务和自有品牌商品。战略收购和合作关系至关重要，包括与 KKR 的显著合作，同时持续关注医疗行业的运营效率、成本管理和合规性。成功依赖于高效的分销物流、满足频繁小订单的能力以及不断扩大其数字和专业产品的市场份额。</p>
<h2>季度业绩与细分发展</h2>
<p>在本季度，总收入（GAAP）达到 32.4 亿美元，与去年同期相比报告的总净销售增长 3.3%，收入（GAAP）约低于市场共识 2200 万美元。然而，2025 财年第二季度的非 GAAP 每股收益为 1.10 美元，未达到 1.19 美元的非 GAAP 分析师目标，并且较去年非 GAAP 稀释每股收益 1.23 美元下降。净收入（GAAP）下降了 16.8%，调整后 EBITDA 从去年同期的 2.68 亿美元降至 2.56 亿美元。利润下降主要是由于成本压力加大和美国核心牙科业务利润率缩小。手套价格下降和针对性销售努力对毛利润造成了压力，净收入还面临来自重组成本翻倍的额外压力，重组费用增长至 2300 万美元。</p>
<p>牙科仍然是公司的最大细分市场。全球牙科商品销售增长 0.3%，尽管在固定汇率下增长有限。美国牙科的平均售价下降，特别影响了利润率，而国际牙科设备销售增长了 12.1%。美国牙科设备业务在季度中期经历了订单放缓，管理层将其归因于与关税相关的暂时不确定性。牙科设备整体销售增长了 3.0%。</p>
<p>医疗分销细分市场表现突出。全球医疗分销销售增长 6.1%，得益于患者流量增加、家庭解决方案业务增长和收购贡献。到 2025 财年第一季度，家庭解决方案的年化收入接近 4 亿美元，近期在该领域的交易为整体销售增长贡献了约 0.8%。与此同时，全球技术集团——包括实践管理软件如 Dentrix Ascend 和 Dentally——的收入增长了 7.4%。客户对基于云的解决方案和收入周期管理产品的采用被视为关键增长引擎。</p>
<p>增值服务——包括金融服务、咨询和专业产品——增长了 3.6%。然而，由于与去年创纪录时期的比较困难，实践过渡服务的收入有所下降。</p>
<p>本季度出现了几项影响重大的一次性项目。重组费用达到 2300 万美元（GAAP），这是一个节省计划的一部分，旨在到 2025 财年末削减超过 1 亿美元的年度费用。管理层预计这些项目将在 2026 年初开始产生效果。公司回购了约 370 万股，耗资 2.59 亿美元。然而，这些交易对本季度稀释每股收益的影响微乎其微。</p>
<h2>展望未来</h2>
<p>对于 2025 财年，管理层保持财务指引不变。预计非 GAAP 每股收益为 4.80 美元至 4.94 美元——较 2024 财年增长 1% 至 4%——并预计销售增长约为 2% 至 4%。调整后 EBITDA 预计将增长中个位数百分比。管理层表示，收益可能会集中在下半年。重组计划，包括通过与 KKR 和管理咨询公司合作实现的成本削减和效率提升，预计将在 2026 年开始产生更大的财务影响。</p>
<p>在此期间没有支付或宣布任何股息；HSIC 目前不支付股息。关注该公司的投资者应关注未来几个季度的利润率趋势改善、重组节省的更新，以及云技术和专业产品等高增长领域的业务表现。考虑到当前重组的许多好处预计要到 2025 年底或 2026 年才能显现，短期内的业绩可能仍会继续显示出温和的增长和利润压力，直到更显著的改善出现。</p>
<p><em>除非另有说明，收入和净收入均按照美国公认会计原则（GAAP）呈现。</em></p>

亨利香恩

<p>亨利香恩 (HSIC) 报告了 2025 年第二季度每股收益下降 11%，非公认会计原则每股收益为 1.10 美元，未达到分析师预期的 1.19 美元。总收入达到 32.4 亿美元，同比增长 3.3%。尽管收入增长，净收入因成本上升和重组费用下降了 16.8%。公司维持 2025 财年的非公认会计原则每股收益指导区间为 4.80 美元至 4.94 美元，预计下半年盈利将更强劲。战略重点包括扩展产品供应和增强数字解决方案，重组计划旨在到 2025 财年削减超过 1 亿美元的成本</p>

<p><strong>Henry Schein</strong>(HSIC -9.18%), a healthcare solutions company focused on distributing dental and medical products, released its quarterly results on August 5, 2025. The quarter’s most notable development was a drop in profitability, as both GAAP diluted EPS ($0.70) and non-GAAP diluted EPS ($1.10) declined compared to the prior-year period, with Non-GAAP earnings per share (EPS) of $1.10 came in well below analyst expectations of $1.19 and declining 10.6% from $1.23 in the prior-year period. Total revenue (GAAP) reached $3.24 billion, and showing 3.3% as-reported sales growth from the year-ago result. Despite revenue growth, heightened expenses, shrinking margins—especially in U.S. dental distribution—and larger restructuring charges led to lower GAAP net income. The quarter reflected continued strength in the specialty and technology solutions businesses but marked ongoing pressure and underperformance against both internal goals and market estimates, as evidenced by non-GAAP EPS of $1.10, which missed the analysts' estimate of $1.19 by approximately 7.6%.</p>
<div class="lb-trans"><p><strong>亨利香恩</strong>(HSIC -9.18%) 是一家专注于分销牙科和医疗产品的医疗解决方案公司，于 2025 年 8 月 5 日发布了季度财报。本季度最显著的发展是盈利能力下降，GAAP 稀释每股收益（EPS）为 0.70 美元，非 GAAP 稀释每股收益为 1.10 美元，均较去年同期下降，非 GAAP 每股收益 1.10 美元远低于分析师预期的 1.19 美元，较去年同期的 1.23 美元下降了 10.6%。总收入（GAAP）达到 32.4 亿美元，显示出与去年同期相比 3.3% 的报告销售增长。尽管收入增长，但费用增加、利润率缩小——尤其是在美国牙科分销领域——以及更大的重组费用导致 GAAP 净收入下降。本季度反映出专业和技术解决方案业务的持续强劲，但在内部目标和市场预期方面面临持续压力和表现不佳，非 GAAP 每股收益 1.10 美元比分析师预期的 1.19 美元低出约 7.6%。</p>
</div><table>
<thead>
<tr>
<th>Metric</th>
<th>Q2 2025</th>
<th>Q2 2025 Estimate</th>
<th>Q2 2024</th>
<th>Y/Y Change</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS (Non-GAAP)</td>
<td>$1.10</td>
<td>$1.19</td>
<td>$1.23</td>
<td>(10.6%)</td>
</tr>
<tr>
<td>Revenue</td>
<td>$3.24 billion</td>
<td>$3.22 billion</td>
<td>$3.14 billion</td>
<td>3.2%</td>
</tr>
<tr>
<td>Adjusted EBITDA</td>
<td>$256 million</td>
<td></td>
<td>$268 million</td>
<td>-4.5%</td>
</tr>
<tr>
<td>Net Income</td>
<td>$86 million</td>
<td></td>
<td>$104 million</td>
<td>(17.3%)</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>指标</th>
<th>2025 年第二季度</th>
<th>2025 年第二季度预估</th>
<th>2024 年第二季度</th>
<th>同比变化</th>
</tr>
</thead>
<tbody>
<tr>
<td>每股收益（非 GAAP）</td>
<td>1.10 美元</td>
<td>1.19 美元</td>
<td>1.23 美元</td>
<td>(10.6%)</td>
</tr>
<tr>
<td>收入</td>
<td>32.4 亿美元</td>
<td>32.2 亿美元</td>
<td>31.4 亿美元</td>
<td>3.2%</td>
</tr>
<tr>
<td>调整后 EBITDA</td>
<td>2.56 亿美元</td>
<td></td>
<td>2.68 亿美元</td>
<td>-4.5%</td>
</tr>
<tr>
<td>净收入</td>
<td>8600 万美元</td>
<td></td>
<td>1.04 亿美元</td>
<td>(17.3%)</td>
</tr>
</tbody>
</table>
</div><p>Source: Analyst estimates provided by FactSet. Management expectations based on management's guidance, as provided in Q1 2025 earnings report.</p>
<div class="lb-trans"><p>来源：FactSet 提供的分析师预估。管理层预期基于 2025 年第一季度财报中提供的管理层指引。</p>
</div><h2>Business Overview and Strategic Focus</h2>
<div class="lb-trans"><h2>业务概述与战略重点</h2>
</div><p><strong>Henry Schein</strong>(HSIC -9.18%) operates as a global distributor of healthcare products and services, serving more than one million customers across dental and medical practices, laboratories, and alternate care settings. It delivers a wide selection of consumables, equipment, pharmaceuticals, and services, supported by a network of 36 distribution centers and operations in 33 countries. The company also offers technology platforms for healthcare providers, including practice management software and cloud-based solutions.</p>
<div class="lb-trans"><p><strong>亨利香恩</strong>(HSIC -9.18%) 作为全球医疗产品和服务的分销商，服务于超过一百万的客户，包括牙科和医疗实践、实验室以及替代护理环境。它提供广泛的消耗品、设备、药品和服务，支持其在 33 个国家的 36 个分销中心和运营网络。该公司还为医疗提供者提供技术平台，包括实践管理软件和基于云的解决方案。</p>
</div><p>Recent business strategy emphasizes broadening its offerings, expanding its global reach, and investing in digital innovation. Since 2024, it has focused on expanding specialty products, technology solutions, value-added services, and owned-brand goods. Strategic acquisitions and partnerships are pivotal, including a notable collaboration with KKR, as is ongoing attention to operational efficiency, cost management, and regulatory compliance within the healthcare sector. Success hinges on efficient distribution logistics, the ability to fill frequent small orders, and continuously growing its digital and specialty product presence.</p>
<div class="lb-trans"><p>近期的商业战略强调扩大产品供应、拓展全球市场以及投资数字创新。自 2024 年以来，公司专注于扩展专业产品、技术解决方案、增值服务和自有品牌商品。战略收购和合作关系至关重要，包括与 KKR 的显著合作，同时持续关注医疗行业的运营效率、成本管理和合规性。成功依赖于高效的分销物流、满足频繁小订单的能力以及不断扩大其数字和专业产品的市场份额。</p>
</div><h2>Quarterly Performance and Segment Developments</h2>
<div class="lb-trans"><h2>季度业绩与细分发展</h2>
</div><p>In the quarter, Total revenue (GAAP) reached $3.24 billion, a 3.3% increase in as-reported total net sales versus the prior-year period, Revenue (GAAP) was approximately $22 million below consensus. However, Non-GAAP EPS was $1.10 for Q2 FY2025, falling short of the $1.19 non-GAAP analyst target and dropping from last year’s non-GAAP diluted EPS of $1.23. Net income (GAAP) declined by 16.8%, and Adjusted EBITDA slipped to $256 million from $268 million in the prior-year period. Declining profit was driven by heightened cost pressures and slimmer margins in core U.S. dental operations. Lower glove pricing and targeted sales efforts weighed on gross profit, and net income faced additional headwinds from doubled restructuring costs, which grew to $23 million.</p>
<div class="lb-trans"><p>在本季度，总收入（GAAP）达到 32.4 亿美元，与去年同期相比报告的总净销售增长 3.3%，收入（GAAP）约低于市场共识 2200 万美元。然而，2025 财年第二季度的非 GAAP 每股收益为 1.10 美元，未达到 1.19 美元的非 GAAP 分析师目标，并且较去年非 GAAP 稀释每股收益 1.23 美元下降。净收入（GAAP）下降了 16.8%，调整后 EBITDA 从去年同期的 2.68 亿美元降至 2.56 亿美元。利润下降主要是由于成本压力加大和美国核心牙科业务利润率缩小。手套价格下降和针对性销售努力对毛利润造成了压力，净收入还面临来自重组成本翻倍的额外压力，重组费用增长至 2300 万美元。</p>
</div><p>Dentistry remains the company’s largest segment. Global dental merchandise sales rose 0.3%, though growth was muted in constant currency. U.S. dental saw lower average selling prices—particularly impacting margins—while International dental equipment sales increased 12.1%. The U.S. dental equipment business experienced a slowdown in orders midway through the quarter, which management attributed to temporary uncertainty tied to tariffs. Dental equipment sales overall gained 3.0%.</p>
<div class="lb-trans"><p>牙科仍然是公司的最大细分市场。全球牙科商品销售增长 0.3%，尽管在固定汇率下增长有限。美国牙科的平均售价下降，特别影响了利润率，而国际牙科设备销售增长了 12.1%。美国牙科设备业务在季度中期经历了订单放缓，管理层将其归因于与关税相关的暂时不确定性。牙科设备整体销售增长了 3.0%。</p>
</div><p>The medical distribution segment stood out. Global Medical Distribution sales increased 6.1%, supported by greater patient traffic, a growing home solutions business, and acquisition contributions. Annualized revenue for home solutions neared $400 million as of Q1 FY2025, as Recent deals in the sector added approximately 0.8% to overall sales growth. Meanwhile, the global technology group—encompassing practice management software such as Dentrix Ascend and Dentally—grew revenue by 7.4%. Customer adoption of cloud-based solutions and revenue cycle management products was cited as a key growth engine.</p>
<div class="lb-trans"><p>医疗分销细分市场表现突出。全球医疗分销销售增长 6.1%，得益于患者流量增加、家庭解决方案业务增长和收购贡献。到 2025 财年第一季度，家庭解决方案的年化收入接近 4 亿美元，近期在该领域的交易为整体销售增长贡献了约 0.8%。与此同时，全球技术集团——包括实践管理软件如 Dentrix Ascend 和 Dentally——的收入增长了 7.4%。客户对基于云的解决方案和收入周期管理产品的采用被视为关键增长引擎。</p>
</div><p>Value-added services—comprised of financial services, consulting, and specialty offerings—grew 3.6%. However, income from practice transitions services dipped due to tough comparisons with last year’s record period.</p>
<div class="lb-trans"><p>增值服务——包括金融服务、咨询和专业产品——增长了 3.6%。然而，由于与去年创纪录时期的比较困难，实践过渡服务的收入有所下降。</p>
</div><p>The quarter featured several impactful one-time items. Restructuring charges reached $23 million (GAAP), part of a savings plan aiming to cut more than $100 million in annual expenses by the end of FY2025. Management expects these projects to start producing results at the beginning of 2026. The company repurchased approximately 3.7 million shares for $259 million. However, the effect of these transactions on diluted EPS was minor for the quarter.</p>
<div class="lb-trans"><p>本季度出现了几项影响重大的一次性项目。重组费用达到 2300 万美元（GAAP），这是一个节省计划的一部分，旨在到 2025 财年末削减超过 1 亿美元的年度费用。管理层预计这些项目将在 2026 年初开始产生效果。公司回购了约 370 万股，耗资 2.59 亿美元。然而，这些交易对本季度稀释每股收益的影响微乎其微。</p>
</div><h2>Looking Ahead</h2>
<div class="lb-trans"><h2>展望未来</h2>
</div><p>For fiscal 2025, leadership kept its financial guidance unchanged. Expectations are for non-GAAP EPS of $4.80 to $4.94—representing 1% to 4% growth over FY2024—and sales growth of approximately 2% to 4% is expected. Adjusted EBITDA is forecast to rise by a mid-single-digit percentage. Management stated that earnings are likely to be weighted toward the second half of the year. The restructuring program, including cost cuts and efficiency gains through partnerships with KKR and management consulting firms, is expected to have a larger financial impact beginning in 2026.</p>
<div class="lb-trans"><p>对于 2025 财年，管理层保持财务指引不变。预计非 GAAP 每股收益为 4.80 美元至 4.94 美元——较 2024 财年增长 1% 至 4%——并预计销售增长约为 2% 至 4%。调整后 EBITDA 预计将增长中个位数百分比。管理层表示，收益可能会集中在下半年。重组计划，包括通过与 KKR 和管理咨询公司合作实现的成本削减和效率提升，预计将在 2026 年开始产生更大的财务影响。</p>
</div><p>No dividend was paid or announced during the period; HSIC does not currently pay a dividend. Investors tracking the company in upcoming quarters should watch for improved margin trends, updates on restructuring savings, and the business performance of high-growth segments like cloud-based technology and specialty products. Given that much of the current restructuring’s benefits are not expected until late 2025 or 2026, near-term results may continue to show modest growth and margin pressure before more significant improvements emerge.</p>
<div class="lb-trans"><p>在此期间没有支付或宣布任何股息；HSIC 目前不支付股息。关注该公司的投资者应关注未来几个季度的利润率趋势改善、重组节省的更新，以及云技术和专业产品等高增长领域的业务表现。考虑到当前重组的许多好处预计要到 2025 年底或 2026 年才能显现，短期内的业绩可能仍会继续显示出温和的增长和利润压力，直到更显著的改善出现。</p>
</div><p><em>Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.</em></p>
<div class="lb-trans"><p><em>除非另有说明，收入和净收入均按照美国公认会计原则（GAAP）呈现。</em></p>
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亨利香恩（HSIC）第二季度每股收益下降了 11%