Henry Schein Inc. (NASDAQ: HSIC), one of the world's largest providers of health-care products and services, including those to the dental industry, announced today that its board of directors has authorized the repurchase of up to $300 million of shares of the company's common stock. This program is in addition to the $300 million repurchase program announced in December 2013, which as of today has approximately $10.5 million remaining authorized for future repurchases.
The company had approximately 84 million shares outstanding as of September 27, 2014. The new authorization represents approximately 3% of shares outstanding at the current stock price. Purchases will be made periodically in the open market or through negotiated transactions.
"Henry Schein's share repurchase program demonstrates our long-term commitment to increasing shareholder value," said Stanley M. Bergman, chairman of the board and chief executive officer of Henry Schein. "Our strong balance sheet provides us with the financial flexibility to return capital to shareholders while continuing to invest in our business and maintaining our ability to capitalize on our growth opportunities."
Henry Schein, headquartered in Melville, N.Y., has operations or affiliates in 28 countries. The company's sales reached a record $9.6 billion in 2013 and have grown at a compound annual rate of approximately 16% since Henry Schein became a public company in 1995. Henry Schein employs more than 17,000 individuals and serves more than 800,000 customers. The company operates through a centralized and automated distribution network with more than 96,000 branded products and Henry Schein private-brand products in stock, as well as more than 110,000 additional products available as special-order items.