Henry Schein 2005 Annual Report Download - page 3

During the past decade, we have built a strong record of
success by capitalizing on trends influencing the markets
we serve and committing ourselves to meeting our
customers’ needs. As an integrated products and services
company, Henry Schein is ideally positioned to serve the
emerging global market of dental, medical, and veterinary
office-based practitioners who have similar needs across
geographic borders. Our markets are being fueled by a
generation of baby boomers who are educated, affluent,
and willing to spend more to stay healthy and look
good as they age. As awareness of the correlation
between oral health and overall well-being increases,
dental expenditures have risen, driven by greater demand
for cosmetic dentistry, wider dental insurance coverage,
and a growing use of dental pharmaceuticals. Similarly,
medical expenditures have increased as procedures
migrate from acute-care settings to physician’s offices
and alternate-care settings, and as the use of vaccines
and other pharmaceuticals continues to grow. And with
increasing expenditures to care for a growing pet
population, the veterinary companion animal market
remains strong.
As we have taken advantage of these opportunities, our
net sales have grown at a 10-year compound annual
growth rate (CAGR) of more than 22%, rising from
$616 million in 1995 to $4.6 billion in 2005. This drove
TO OUR STOCKHOLDERS,
2005 was another record year...
Henry Schein is ideally positioned
to serve the emerging global
market of dental, medical and
veterinary office-based
practitioners.
... for Henry Schein—one that culminated
in our opening the NASDAQ®Stock Market
for trading on November 30th to celebrate
Henry Schein’s tenth anniversary as a
publicly-traded company.