Henry Schein 2012 Annual Report Download - page 44
Download and view the complete annual report
Please find page 44 of the 2012 Henry Schein annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.34
ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Cautionary Note Regarding Forward-Looking Statements
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 are identified by the use of such terms as “may,” “could,” “expect,” “intend,” “believe,” “plan,”
“estimate,” “forecast,” “project,” “anticipate” or other comparable terms.
Risk factors and uncertainties that could cause actual results to differ materially from current and historical
results include, but are not limited to: effects of a highly competitive market; our dependence on third parties for
the manufacture and supply of our products; our dependence upon sales personnel, customers, suppliers and
manufacturers; our dependence on our senior management; fluctuations in quarterly earnings; risks from expansion
of customer purchasing power and multi-tiered costing structures; possible increases in the cost of shipping our
products or other service issues with our third-party shippers; general global macro-economic conditions;
disruptions in financial markets; possible volatility of the market price of our common stock; changes in the health
care industry; implementation of health care laws; failure to comply with regulatory requirements and data privacy
laws; risks associated with our global operations; transitional challenges associated with acquisitions and joint
ventures, including the failure to achieve anticipated synergies; financial risks associated with acquisitions and joint
ventures; litigation risks; the dependence on our continued product development, technical support and successful
marketing in the technology segment; risks from rapid technological change; risks from disruption to our
information systems; certain provisions in our governing documents that may discourage third-party acquisitions of
us; and changes in tax legislation. 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.
Executive-Level Overview
We believe we are the world’ s largest provider of health care products and services primarily to office-based
dental, medical and animal health care practitioners. We serve over 775,000 customers worldwide, including dental
practitioners and laboratories, physician practices and animal health clinics, as well as government, institutional
health care clinics and other alternate care clinics. We believe that we have a strong brand identity due to our more
than 80 years of experience distributing health care products.
We are headquartered in Melville, New York, employ more than 15,000 people (of which nearly 7,000 are
based outside the United States) and have operations or affiliates in 25 countries, including the United States,
Australia, Austria, Belgium, Canada, China, the Czech Republic, France, Germany, Hong Kong SAR, Iceland,
Ireland, Israel, Italy, Luxembourg, Mauritius, the Netherlands, New Zealand, Portugal, Slovakia, Spain,
Switzerland, Thailand, Turkey and the United Kingdom.
We have established strategically located distribution centers to enable us to better serve our customers and
increase our operating efficiency. This infrastructure, together with broad product and service offerings at
competitive prices, and a strong commitment to customer service, enables us to be a single source of supply for our
customers’ needs. Our infrastructure also allows us to provide convenient ordering and rapid, accurate and
complete order fulfillment.