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Published: 2022-11-01 00:00:00 ET

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FOR IMMEDIATE RELEASE

HENRY SCHEIN REPORTS RECORD NON-GAAP THIRD-QUARTER 2022 DILUTED EPS

FINANCIAL RESULTS

●

Net sales of $3.1 billion decreased 3.5% compared with the third-quarter 2021;

internal sales increased 6.8%

in local currencies when excluding sales of PPE and COVID-19 test kits

●

GAAP diluted EPS of $1.09 compared with third-quarter 2021 GAAP diluted

EPS of $1.15

●

Non-GAAP diluted EPS of $1.15 compared with third-quarter 2021 non-GAAP

diluted EPS of $1.10

●

Full-year 2022 non-GAAP diluted EPS guidance of $4.79 to $4.87

MELVILLE, N.Y.,

November 1, 2022 –

Henry Schein, Inc. (Nasdaq: HSIC), the world’s largest provider of health care

solutions to office-based dental and medical practitioners, today reported record non-GAAP

financial results for the third

quarter ended September 24, 2022.

“Our financial results for the third quarter of 2022 reflect solid underlying

growth across our business and in most

geographies. We grew our non-GAAP diluted EPS compared with the third quarter of 2021, despite currency headwinds

and

lower sales of personal protective equipment (PPE) and COVID-19

test kits,” said Stanley M. Bergman, Chairman of the

Board and Chief Executive Officer of Henry Schein.

“Today,

we are narrowing

our 2022 non-GAAP diluted EPS guidance

range, which reflects our confidence in the underlying strength and stability

of our business. Overall, we feel very good about

the outlook for the company and remain highly focused on delivering on

our BOLD+1 strategy, as we continue to increase

the sustainable profitability of the business.

“Internal growth in local currencies of global dental sales, excluding PPE,

was good.

Consumable merchandise

growth, excluding PPE, was solid, and we were especially pleased with excellent

growth in our North America equipment

business and continued strength in our global equipment order book.

“Sales growth in local currencies in our Medical business continued

to be excellent during the third quarter when

excluding PPE and COVID-19 test kits, as we continue to deepen our

relationships with existing large IDN customers while

nicely growing our other medical businesses.

Our focus on equipment, pharmaceutical products,

and point-of-care

diagnostics remain bright spots in this business.

“Our Technology & Value

-Added Services businesses had good underlying sales growth.

Henry Schein One once

again posted solid sales growth domestically and internationally,

driven by our Dentrix practice management software, and

our Dentrix Ascend and Dentally cloud-based solutions,” concluded

Mr. Bergman.

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Third-Quarter Financial Results

●

Total

net sales

for the quarter were $3.1 billion, a decrease of 3.5% compared with

the third quarter of 2021. The

3.5% decrease included a 2.4%

decrease in local currencies excluding acquisitions,

1.8% growth from acquisitions

and a 2.9%

decrease related to foreign currency exchange

. Sales of PPE and COVID-19 test kits in the third quarter

were $244 million, which is $260 million lower than the prior-year period. When excluding

sales of PPE and

COVID-19 test kits, our third-quarter internal sales growth in local currencies

was 6.8% compared with the prior-

year period.

●

GAAP net income

for the quarter was $150 million, or $1.09 per diluted share, compared with

third-quarter 2021

GAAP net income of $162 million, or $1.15 per diluted share.

●

Non-GAAP net income

for the quarter was $157 million, or $1.15 per diluted share, compared with

third-quarter

2021 non-GAAP net income of $155 million, or $1.10 per diluted share

●

Integration and restructuring expenses for the quarter were $10 million pre-tax,

or $0.05 per diluted share.

●

Global Dental sales

were $1.8 billion for the quarter, a decrease of 2.1% compared with the prior-year period.

Internally generated sales increased 1.2% in local currencies and acquisitions

contributed 1.4% growth. This growth

was offset by a 4.7% decrease related to foreign currency exchange. The 1.2%

internal sales increase in local

currencies reflects a 0.1%

decrease in North America and 3.3% growth internationally.

●

Global Dental consumable merchandise internal sales

decreased by 0.8% in local currencies. Excluding

sales of PPE, internal sales growth was 5.1% in local currencies.

Global Dental equipment internal sales

growth

was 8.0% in local currencies.

●

North America dental consumable merchandise internal sales decreased

3.6% in local currencies,

and increased 3.8% when excluding sales of PPE. North America dental

equipment internal sales

increased 12.8% in local currencies.

●

International dental consumable merchandise internal sales increased

3.9% in local currencies, and

increased 6.9% when excluding sales of PPE. International dental equipment

internal sales increased

1.4% in local currencies.

●

Global Medical sales

were $1.1 billion for the quarter, a decrease of 6.7% compared with the prior-year period.

Internally generated sales decreased 8.8% in local currencies and

acquisitions contributed 2.4% growth, while foreign

currency exchange resulted in a decrease of 0.3%. Internal sales increased

9.3% in local currencies when excluding

sales of PPE and COVID-19 test kits.

See Exhibit A for details of sales growth.

See Exhibit B for a reconciliation of GAAP net income and diluted

EPS to non-GAAP net income and diluted EPS.

-3-

●

Global Technology and Value

-Added Services sales

were $176 million for the quarter, an increase of 3.8%

compared with the prior-year period,

driven by the strength of Henry Schein One.

This included 4.2% internal sales

growth in local currencies and 1.4% growth from acquisitions,

offset by a 1.8% decline related to foreign currency

exchange.

Year

-to-Date Financial Results

●

Total

net sales

for the first nine months of 2022 were $9.3 billion, an

increase of 2.3% compared with the first nine

months of 2021. The 2.3%

increase included 2.4%

internal growth in local currencies excluding acquisitions and

2.1% growth from acquisitions,

offset by a 2.2% decrease related to foreign currency exchange.

Sales of PPE and

COVID-19 test kits for the first nine months were $991 million, which

is $344 million lower than in the prior-year

period. When excluding sales of PPE and COVID-19 test kits, our internal sales

growth for the first nine months of

2022 in local currencies was 7.3% compared with the prior-year

period.

●

GAAP net income

for the first nine months of 2022 was $491 million, or $3.55 per diluted

share, compared with

GAAP net income for the first nine months of 2021 of $484 million, or

$3.40 per diluted share.

●

Non-GAAP net income

for the first nine months of 2022 was $498

million, or $3.60 per diluted share, compared

with non-GAAP net income for the first nine months of 2021 of $490 million,

or $3.45 per diluted share

Stock Repurchase Plan

During the third quarter of 2022, the Company repurchased

approximately 1.2 million shares of its common stock at

an average price of $76.42 per share, for a total of $90.5 million. The

impact of the repurchase of shares on third-quarter

diluted EPS was immaterial. At quarter-end, Henry Schein had approximately

$400 million authorized and available for

future stock repurchases.

Financial Guidance

Henry Schein today provided guidance for 2022 non-GAAP

diluted EPS. Guidance for 2022 GAAP diluted EPS is

not being provided at this time.

Guidance for 2022 is for completed or previously announced acquisitions

and does not include potential future

acquisitions or integration and restructuring expenses. Guidance also

assumes that foreign currency exchange rates will

remain generally consistent with current levels, end markets will remain

consistent with current market conditions and that

there are no material adverse market changes associated with COVID-19.

●

Full-year 2022 non-GAAP diluted EPS attributable to Henry Schein, Inc.

is expected to be $4.79 to $4.87 excluding

integration and restructuring charges,

reflecting growth of 6% to 8% compared with 2021 non-GAAP

diluted EPS of

$4.52, and growth of 7.5% to 9.5% compared with 2021 GAAP

diluted EPS of $4.45.

●

Full-year 2022 sales growth is expected to be approximately 1.5%

to 2.5% over 2021. This compares with previous

guidance of 3% to 6% growth over 2021 and mainly reflects a strengthening US

dollar and lower PPE sales.

-4-

●

Full-year 2022 sales of COVID-19 test kits are expected to decrease 25% to 30%

from 2021,

consistent with prior

guidance, and full-year 2022 sales of PPE are expected to decrease

30% to 35% from 2021.

On a combined basis,

full-year 2022 sales of PPE and COVID-19 test kits are expected to

be approximately 30% lower than in 2021.

●

Reaffirming expectations for full-year 2022 non-GAAP operating margin expansion of 20-25 basis points over 2021

non-GAAP operating margin.

We intend to issue 2023 financial guidance with our fourth quarter earnings results.

Adjustments to 2022 GAAP Diluted EPS

The Company is providing guidance for 2022 diluted EPS on a non-GAAP

basis, as noted above.

Although the

Company had previously provided guidance for 2022 diluted EPS prepared

on a GAAP basis, it is no longer providing such

guidance or a reconciliation of its 2022 non-GAAP guidance to the Company’s projected 2022 diluted EPS prepared on

GAAP basis. This is because the Company is unable to provide without

unreasonable effort an estimate

of integration and

restructuring costs related to an ongoing initiative to drive operating efficiencies,

including the corresponding tax effect that

will be included in the Company’s 2022 diluted EPS prepared

on a GAAP basis. The inability to provide this reconciliation is

due to the uncertainty and inherent difficulty of predicting the occurrence, magnitude,

financial impact and timing of related

costs.

Management does not believe these items are representative of the Company’s underlying business performance.

For

the same reasons, the Company is unable to address the probable significance

of the unavailable information, which could be

material to future results.

Third-Quarter 2022 Conference Call Webcast and Presentation

The Company will hold a conference call to discuss third-quarter 2022

financial results today, beginning at 10:00

a.m. Eastern time. Individual investors are invited to listen to the conference

call through Henry Schein’s website by visiting

www.henryschein.com/IRwebcasts. In addition, a replay will be available beginning shortly after the call has

ended for a

period of one week.

The Company will be posting slides that provide a summary of its third-quarter

2022 financial results on its website

at https://www.henryschein.com/us-en/Corporate/investor-presentations.aspx

About Henry Schein, Inc.

Henry Schein, Inc. (Nasdaq: HSIC) is a solutions company for health care

professionals powered by a network of

people and technology. With approximately 22,000 Team

Schein Members worldwide, the Company's network of trusted

advisors provides more than 1 million customers globally with more

than 300 valued solutions that help improve operational

success and clinical outcomes. Our Business, Clinical, Technology, and Supply Chain solutions help office-based dental and

medical practitioners work more efficiently so they can provide quality care more

effectively. These solutions also support

dental laboratories, government and institutional health care clinics, as well

as other alternate care sites.

-5-

Henry Schein operates through a centralized and automated distribution

network, with a selection of more than

120,000 branded products and Henry Schein private-brand products

in stock, as well as more than 180,000 additional

products available as special-order items.

A FORTUNE 500 Company and a member of the S&P 500® index, Henry Schein is headquartered in Melville,

N.Y.,

and has operations or affiliates in 32 countries and territories. The Company's sales reached

$12.4 billion in 2021, and

have grown at a compound annual rate of approximately 12.5 percent since Henry

Schein became a public company in 1995.

For more information, visit Henry Schein at www.henryschein.com, Facebook.com/HenrySchein,

Instagram.com/HenrySchein,

and Twitter.com/HenrySchein

Cautionary Note Regarding Forward-Looking Statements and Use

of Non-GAAP Financial Information

In accordance with the “Safe Harbor” provisions of the Private Securities

Litigation Reform Act of 1995, we provide

the following cautionary remarks regarding important factors that,

among others, could cause future results to differ

materially from the forward-looking statements, expectations and assumptions

expressed or implied herein.

All forward-

looking statements made by us are subject to risks and uncertainties

and are not guarantees of future performance.

These

forward-looking statements involve known and unknown risks, uncertainties

and other factors that may cause our actual

results, performance and achievements or industry results to be materially different

from any future results, performance or

achievements expressed or implied by such forward-looking statements.

These statements include EPS guidance and are

generally identified by the use of such terms as “may,” “could,” “expect,” “intend,” “believe,” “plan,” “estimate,” “forecast,”

“project,” “anticipate,” “to be,” “to make” or other comparable

terms. A fuller discussion of our operations, financial

condition and status of litigation matters, including factors that may

affect our business and future prospects, is contained in

documents we have filed with the United States Securities and Exchange

Commission, or SEC, including our Annual Report

on Form 10-K, and will be contained in all subsequent periodic filings we

make with the SEC. These documents identify in

detail important risk factors that could cause our actual performance to

differ materially from current expectations. Forward

looking statements include the overall impact of the Novel Coronavirus Disease

2019 (COVID-19) on the Company, its

results of operations, liquidity and financial condition (including any

estimates of the impact on these items), the rate and

consistency with which dental and other practices resume or maintain

normal operations in the United States and

internationally, expectations regarding personal protective equipment (“PPE”) and COVID-19 related product sales and

inventory levels, whether additional resurgences or variants of the virus will adversely

impact the resumption of normal

operations, whether supply chain disruptions will adversely impact our

business, the impact of integration and restructuring

programs as well as of any future acquisitions, general economic conditions

including exchange rates, inflation and recession,

and more generally current expectations regarding performance in current

and future periods.

Forward looking statements

also include the (i) ability of the Company to have continued access to a

variety of COVID-19 test types, expectations

regarding COVID-19 test sales, demand and inventory levels, as well

as the efficacy or relative efficacy of the test results

given that the test efficacy has not been, or will not have been, independently

verified under normal FDA procedures,

and (ii)

potential for the Company to distribute the COVID-19 vaccines and

ancillary supplies.

Risk factors and uncertainties that could cause actual results to differ materially from current

and historical results

include, but are not limited to: risks associated with COVID-19

and any variants thereof, as well as other disease outbreaks,

epidemics, pandemics, or similar wide-spread public health concerns

and other natural disasters; our dependence on third

parties for the manufacture and supply of our products; our ability to

develop or acquire and maintain and protect new

products (particularly technology products) and technologies that achieve

market acceptance with acceptable margins;

transitional challenges associated with acquisitions, dispositions and

joint ventures, including the failure to achieve

anticipated synergies/benefits; financial and tax risks associated with acquisitions, dispositions

and joint ventures; certain

provisions in our governing documents that may discourage third-party

acquisitions of us; effects of a highly competitive

(including, without limitation, competition from third-party online commerce

sites) and consolidating market; the repeal or

judicial prohibition on implementation of the Affordable Care Act; changes

in the health care industry; risks from expansion

of customer purchasing power and multi-tiered costing structures; increases

in shipping costs for our products or other

service issues with our third-party shippers; general global and domestic

macroeconomic and political conditions, including

inflation, deflation,

recession, fluctuations in energy pricing and the value of the U.S. dollar as compared

to foreign

currencies and changes to other economic indicators,

international trade agreements, potential trade barriers and terrorism;

-6-

failure to comply with existing and future regulatory requirements;

risks associated with the EU Medical Device Regulation;

failure to comply with laws and regulations relating to health care fraud or

other laws and regulations; failure to comply with

laws and regulations relating to the collection, storage and processing of

sensitive personal information or standards in

electronic health records or transmissions; changes in tax legislation;

risks related to product liability, intellectual property

and other claims; litigation risks; new or unanticipated litigation developments

and the status of litigation matters; risks

associated with customs policies or legislative import restrictions; cyberattacks

or other privacy or data security breaches;

risks associated with our global operations; our dependence on our senior

management, employee hiring and retention, and

our relationships with customers, suppliers and manufacturers; and disruptions

in financial markets.

The order in which these

factors appear should not be construed to indicate their relative importance

or priority.

We caution that these factors may not be exhaustive and that many of these factors are beyond our ability to control

or predict.

Accordingly, any forward-looking statements contained herein should not be relied upon as a prediction of

actual

results.

We undertake no duty and have no obligation to update forward-looking statements except as required by law.

Included within the press release are non-GAAP financial measures

that supplement the Company’s Consolidated

Statements of Income prepared under generally accepted accounting

principles (GAAP). These non-GAAP financial

measures adjust the Company’s actual results prepared under GAAP to exclude certain items. In the schedules

attached to the

press release, the non-GAAP measures have been reconciled to and should be

considered together with the Consolidated

Statements of Income. Management believes that non-GAAP

financial measures provide investors with useful supplemental

information about the financial performance of our business, enable comparison

of financial results between periods where

certain items may vary independent 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,

similarly captioned, GAAP

measures.

CONTACTS:

Investors

Ronald N. South

Senior Vice President and Chief Financial Officer

ronald.south@henryschein.com

(631) 845-2802

Graham Stanley

Vice President, Investor Relations and Strategic Financial Project Officer

graham.stanley@henryschein.com

(631) 843-5963

Media

Ann Marie Gothard

Vice President, Global Corporate Media Relations

annmarie.gothard@henryschein.com

(631) 390-8169

(TABLES TO FOLLOW)

-7-

HENRY SCHEIN, INC.

CONDENSED CONSOLIDATED

STATEMENTS

OF INCOME

(in millions,

except share and per share data)

(unaudited)

Three Months Ended

Nine Months Ended

September 24,

September 25,

September 24,

September 25,

2022

2021

2022

2021

Net sales

3,067

3,178

9,276

9,070

Cost of sales

2,153

2,266

6,444

6,376

Gross profit

914

912

2,832

2,694

Operating expenses:

Selling, general and administrative

648

657

2,010

1,906

Depreciation and amortization

137

133

Restructuring and integration costs

Operating income

211

675

651

Other income (expense):

Interest income

Interest expense

(11)

(7)

(27)

(20)

Other, net

Income before taxes, equity in earnings of affiliates

and noncontrolling interests

205

206

658

637

Income taxes

(46)

(50)

(155)

(154)

Equity in earnings of affiliates

Gain on sale of equity investment

Net income

162

169

515

508

Less: Net income attributable to noncontrolling interests

(12)

(7)

(24)

Net income attributable to Henry Schein, Inc.

150

162

491

484

Earnings per share attributable to Henry Schein, Inc.:

Basic

1.10

1.16

3.59

3.44

Diluted

1.09

1.15

3.55

3.40

Weighted-average common

shares outstanding:

Basic

135,608,678

139,377,237

136,731,413

140,661,182

Diluted

137,084,049

141,079,337

138,488,254

142,178,702

Note: Certain prior period amounts have been reclassified to conform to the current period presentation.

-8-

HENRY SCHEIN, INC.

CONDENSED CONSOLIDATED

BALANCE SHEETS

(in millions, except share data)

September 24,

December 25,

2022

2021

(unaudited)

ASSETS

Current assets:

Cash and cash equivalents

123

118

Accounts receivable, net of reserves of $63 and $67

1,507

1,452

Inventories, net

1,818

1,861

Prepaid expenses and other

509

413

Total current assets

3,957

3,844

Property and equipment, net

354

366

Operating lease right-of-use assets

319

325

Goodwill

2,870

2,854

Other intangibles, net

635

668

Investments and other

399

424

Total assets

8,534

8,481

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable

957

1,054

Bank credit lines

107

Current maturities of long-term debt

Operating lease liabilities

Accrued expenses:

Payroll and related

330

385

Taxes

127

137

Other

549

593

Total current liabilities

2,146

2,307

Long-term debt

934

811

Deferred income taxes

Operating lease liabilities

271

268

Other liabilities

338

377

Total liabilities

3,726

3,805

Redeemable noncontrolling interests

563

613

Commitments and contingencies

Stockholders' equity:

Preferred stock, $0.01 par value, 1,000,000 shares authorized,

none outstanding

Common stock, $0.01 par value, 480,000,000 shares authorized,

135,258,887 outstanding on September 24, 2022 and

137,145,558 outstanding on December 25, 2021

Additional paid-in capital

Retained earnings

3,922

3,595

Accumulated other comprehensive loss

(312)

(171)

Total Henry Schein, Inc. stockholders' equity

3,611

3,425

Noncontrolling interests

634

638

Total stockholders' equity

4,245

4,063

Total liabilities, redeemable noncontrolling

interests and stockholders' equity

8,534

8,481

-9-

HENRY SCHEIN, INC.

CONDENSED CONSOLIDATED

STATEMENTS

OF CASH FLOWS

(in millions, unaudited)

Three Months Ended

Nine Months Ended

September 24,

September 25,

September 24,

September 25,

2022

2021

2022

2021

Cash flows from operating activities:

Net income

162

169

515

508

Adjustments to reconcile net income to net cash provided by operating activities

Depreciation and amortization

160

151

Gain on sale of equity investment

(10)

Stock-based compensation expense

Provision for (benefit from) losses on trade and other accounts receivable

(5)

(9)

Benefit from deferred income taxes

(5)

(7)

(20)

(1)

Equity in earnings of affiliates

(3)

(6)

(12)

(18)

Distributions from equity affiliates

Changes in unrecognized tax benefits

(6)

Other

(12)

(3)

(25)

Changes in operating assets and liabilities, net of acquisitions:

Accounts receivable

(114)

(185)

(93)

(83)

Inventories

(13)

(84)

(9)

(208)

Other current assets

(59)

(96)

(41)

Accounts payable and accrued expenses

213

(131)

Net cash provided by operating activities

211

348

433

Cash flows from investing activities:

Purchases of fixed assets

(24)

(17)

(67)

(49)

Payments related to equity investments and business acquisitions,

net of cash acquired

(120)

(119)

(127)

(415)

Proceeds from sale of equity investments

Proceeds from (payments for) loan to affiliate

(4)

(6)

Other

(11)

(8)

(26)

(19)

Net cash used in investing activities

(152)

(138)

(211)

(479)

Cash flows from financing activities:

Net change in bank borrowings

(7)

(13)

Proceeds from issuance of long-term debt

165

200

Principal payments for long-term debt

(1)

(2)

(58)

(122)

Debt issuance costs

(2)

Proceeds from issuance of stock upon exercise of stock options

Payments for repurchases and retirement of common stock

(90)

(50)

(200)

(251)

Payments for taxes related to shares withheld for employee taxes

(1)

(30)

(7)

Distributions to noncontrolling shareholders

(6)

(5)

(18)

(9)

Acquisitions of noncontrolling interests in subsidiaries

(14)

(49)

(33)

(50)

Net cash provided by (used in) financing activities

(115)

(121)

(254)

Effect of exchange rate changes on cash and cash equivalents

(5)

(6)

(11)

(2)

Net change in cash and cash equivalents

(48)

(302)

Cash and cash equivalents, beginning of period

108

167

118

421

Cash and cash equivalents, end of period

123

119

123

119

-10-

Exhibit A - Third Quarter Sales

Henry Schein, Inc.

2022 Third Quarter

Sales Summary

(in millions)

(unaudited)

Q3 2022 over Q3 2021

Global

Q3 2022

Q3 2021

Total Sales

Growth

Foreign

Exchange

Growth

Local

Currency

Growth

Acquisition

Growth

Local

Internal

Growth

Dental Merchandise

1,369

1,418

-3.5%

-4.5%

1.0%

1.8%

-0.8%

Dental Equipment

416

405

2.6%

-5.7%

8.3%

0.3%

8.0%

Total Dental

1,785

1,823

-2.1%

-4.7%

2.6%

1.4%

1.2%

Medical

1,106

1,185

-6.7%

-0.3%

-6.4%

2.4%

-8.8%

Total Health Care Distribution

2,891

3,008

-3.9%

-2.9%

-1.0%

1.7%

-2.7%

Technology and value-added services

176

170

3.8%

-1.8%

5.6%

1.4%

4.2%

Total Global

3,067

3,178

-3.5%

-2.9%

-0.6%

1.8%

-2.4%

North America

Q3 2022

Q3 2021

Total Sales

Growth

Foreign

Exchange

Growth

Local

Currency

Growth

Acquisition

Growth

Local

Internal

Growth

Dental Merchandise

865

878

-1.6%

-0.3%

-1.3%

2.3%

-3.6%

Dental Equipment

266

237

12.8%

-0.4%

13.2%

0.4%

12.8%

Total Dental

1,131

1,115

1.5%

-0.3%

1.8%

1.9%

-0.1%

Medical

1,088

1,162

-6.3%

0.0%

-6.3%

2.4%

-8.7%

Total Health Care Distribution

2,219

2,277

-2.5%

-0.1%

-2.4%

2.1%

-4.5%

Technology and value-added services

155

149

4.1%

0.0%

4.1%

1.6%

2.5%

Total North America

2,374

2,426

-2.1%

-0.1%

-2.0%

2.1%

-4.1%

International

Q3 2022

Q3 2021

Total Sales

Growth

Foreign

Exchange

Growth

Local

Currency

Growth

Acquisition

Growth

Local

Internal

Growth

Dental Merchandise

504

540

-6.5%

-11.2%

4.7%

0.8%

3.9%

Dental Equipment

150

168

-11.6%

-13.0%

1.4%

0.0%

1.4%

Total Dental

654

708

-7.7%

-11.6%

3.9%

0.6%

3.3%

Medical

-25.1%

-12.2%

-12.9%

0.0%

-12.9%

Total Health Care Distribution

672

731

-8.3%

-11.7%

3.4%

0.6%

2.8%

Technology and value-added services

1.7%

-14.8%

16.5%

0.0%

16.5%

Total International

693

752

-8.0%

-11.7%

3.7%

0.6%

3.1%

Note: Certain prior period amounts have been reclassified to

conform to the current period presentation.

-11-

Exhibit A - Year

-to-Date Sales

Henry Schein, Inc.

2022 Third Quarter Year

-to-Date

Sales Summary

(in millions)

(unaudited)

Q3 2022 Year

-to-Date over Q3 2021 Year

-to-Date

Global

Q3 2022

Q3 2021

Total Sales

Growth

Foreign

Exchange

Growth

Local

Currency

Growth

Acquisition

Growth

Local

Internal

Growth

Dental Merchandise

4,236

4,347

-2.6%

-3.2%

0.6%

1.2%

-0.6%

Dental Equipment

1,230

1,177

4.5%

-4.5%

9.0%

0.1%

8.9%

Total Dental

5,466

5,524

-1.1%

-3.5%

2.4%

1.0%

1.4%

Medical

3,274

3,078

6.3%

-0.3%

6.6%

3.3%

Total Health Care Distribution

8,740

8,602

1.6%

-2.3%

3.9%

1.8%

2.1%

Technology and value-added services

536

468

14.5%

-1.4%

15.9%

7.4%

8.5%

Total Global

9,276

9,070

2.3%

-2.2%

4.5%

2.1%

2.4%

North America

Q3 2022

Q3 2021

Total Sales

Growth

Foreign

Exchange

Growth

Local

Currency

Growth

Acquisition

Growth

Local

Internal

Growth

Dental Merchandise

2,610

2,614

-0.2%

0.0%

1.6%

-1.6%

Dental Equipment

750

675

11.2%

-0.3%

11.5%

0.1%

11.4%

Total Dental

3,360

3,289

2.2%

-0.2%

2.4%

1.3%

1.1%

Medical

3,215

3,000

7.2%

0.0%

7.2%

3.4%

3.8%

Total Health Care Distribution

6,575

6,289

4.6%

-0.1%

4.7%

2.3%

2.4%

Technology and value-added services

469

404

16.0%

0.0%

16.0%

8.5%

7.5%

Total North America

7,044

6,693

5.2%

-0.2%

5.4%

2.7%

International

Q3 2022

Q3 2021

Total Sales

Growth

Foreign

Exchange

Growth

Local

Currency

Growth

Acquisition

Growth

Local

Internal

Growth

Dental Merchandise

1,626

1,733

-6.2%

-7.8%

1.6%

0.7%

0.9%

Dental Equipment

480

502

-4.5%

-10.2%

5.7%

0.1%

5.6%

Total Dental

2,106

2,235

-5.8%

-8.3%

2.5%

0.5%

2.0%

Medical

-25.3%

-8.4%

-16.9%

0.0%

-16.9%

Total Health Care Distribution

2,165

2,313

-6.5%

-8.3%

1.8%

0.5%

1.3%

Technology and value-added services

5.3%

-9.8%

15.1%

0.0%

15.1%

Total International

2,232

2,377

-6.1%

-8.3%

2.2%

0.5%

1.7%

Note: Certain prior period amounts have been reclassified to

conform to the current period presentation.

-12-

###

Exhibit B

Henry Schein, Inc.

2022 Third Quarter

Reconciliation of reported GAAP net income and diluted EPS attributable to

Henry Schein, Inc.

to non-GAAP net income and diluted EPS attributable to Henry Schein,

Inc.

(in millions, except per share data)

(unaudited)

Third Quarter

Year

-to-Date

2022

2021

Growth

2022

2021

Growth

Net income attributable to Henry Schein, Inc.

150

162

(7.7)

491

484

1.5

Diluted EPS attributable to Henry Schein, Inc.

1.09

1.15

(5.2)

3.55

3.40

4.4

Non-GAAP Adjustments

Restructuring and integration costs-Pre-tax (1)

Income tax benefit for restructuring and integration costs (1)

(3)

(1)

Settlement and litigation costs - Pre-tax (2)

Income tax benefit for settlement and litigation costs (2)

(4)

Gain on sale of equity investment (3)

(7)

Total

non-GAAP adjustments to net income

(7)

Non-GAAP adjustments to diluted EPS

0.05

(0.05)

0.05

0.04

Non-GAAP net income attributable to Henry Schein, Inc.

157

155

1.5

498

490

1.8

Non-GAAP diluted EPS attributable to Henry Schein, Inc.

1.15

1.10

4.5

3.60

3.45

4.3

Management believes that non-GAAP financial measures

provide investors with useful supplemental information

about the financial

performance of our business, enable comparison of financial results

between periods where certain items may

vary independent 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,

similarly captioned, GAAP measures.

Net income growth rates are

based on actual values and may not

recalculate due to rounding

Earnings per share amounts may not sum due

to rounding.

(1)

Represents Q3 2022 and YTD 2022 restructuring costs of $9 million and

integration costs of $1 million, net of $3 million tax benefit,

resulting in an after-tax effect of $7 million.

Represents YTD 2021 restructuring costs of $4 million, net of $1 million tax benefit,

resulting in an after-tax effect of $3 million.

(2)

Represents a YTD 2021 pre-tax charge of $16 million,

net of $2 million of noncontrolling interests, related to settlement and

litigation costs, net of a tax benefit of $4 million, resulting in a net after-tax

charge of $10 million.

(3)

In the third quarter of 2021 we received contingent proceeds of $10 million

from the 2019 sale of Hu-Friedy resulting in the

recognition of an additional after-tax gain of $7 million.