Henry Schein, Inc. (HSIC), a distributor of health care products and services, said on Tuesday that its Board has approved an amendment to the strategic partnership agreement to allow KKR Hawaii Aggregator L.P. to raise its stake up to 19.9% in HSIC through open market purchases.
In addition, the company has revised up its annual earnings guidance above analysts' forecast to reflect third-quarter results.
For the full year, the company now expects adjusted profit of $4.88 to $4.96, compared with the earlier guidance of $4.80 to $4.94 per share. This new outlook reflects a year-on-year earnings growth of 3% to 5%.
On average, 15 analysts polled project the firm to earn $4.82 per share for the year. Analysts' estimates typically exclude special items.
For the full year, Henry Schein now anticipates total sales growth of around 3% to 4% against the earlier growth outlook of 2% to 4%.
Excluding items, the company has reaffirmed its annual EBITDA growth guidance. Henry Schein still projects its adjusted EBITDA to increase in mid-single digits.
HSIC was up by 8.29% at $70 in the pre-market trade on the Nasdaq.
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