Takeaways from Meetings with Management

研报英文原文证据摘录

Takeaways from Meetings with Management

3) there's a clear priority to simplify the business and FY26E EPS — US$5.34

FY27E EPS — US$5.91 reduce organizational complexity relative to how HSIC was structured previously.

52-Week High / Low US$89.29 / US$61.95

• Real-Time Demand Trends Sound Decent. Management indicated it has good line of Shares Out (mil) 118.3 Market Cap. (mil) US$9,475.8

sight to delivering on its commitments for the year (guidance calls for revenue growth Total Assets ($mil) 11,215

of 3-5%), and noted that 1) HSIC continues to grow faster than what's currently +0-2% Avg Daily Vol (000) 1,377

for the broader dental market as more aggressive commercial activities that began in Book Value/Share US$32.96

2H-25 have persisted throughout 1H-26, and 2) the issues that impacted Medical growth Price/Book 243%

in 1Q (flu/respiratory testing) are fully in the rearview mirror. That point on share gain Div Yield 0.00%

momentum in dental is particularly encouraging as we look ahead to comps that turn Fiscal Year End Dec

more challenging beginning 3Q.

Price Performance - 1 Year

• Other Factors Providing Growth Kickers. Beyond share gains against a low-growth USD90

market backdrop, management also signaled there's no predetermined end point for

recently implemented fuel surcharges (we anticipate these adds to growth to be in place 85

for at least the next few months), and commentary from the team indicates price analytics 80

being employed more actively (a point we believe lacking in past inflationary cycles) 75

should translate to building pricing tailwinds and continued private label conversion.

Combined with the real-time demand point above, we're as comfortable with HSIC's 70

revenue outlook and guidance as we've been in years. 65

• Continued Next Page...