Henry Schein One, a subsidiary of Henry Schein, Inc. (Nasdaq: HSIC), announced today that it has acquired an 80% ownership position in Jarvis Analytics, a software company that develops comprehensive business analytics tools to help dental practitioners and their teams use data to diagnose problems, strengthen decision-making, and improve business performance.
Dallas-based Jarvis Analytics was founded by Steven Maroulis in 2017. Maroulis will continue to manage Jarvis Analytics and lead the Henry Schein One Dental Analytics business as Executive Director. The expected 2021 financial results from Jarvis Analytics are immaterial to Henry Schein One. The acquisition will be neutral to Henry Schein’s 2021 earnings per share and accretive thereafter. Additional financial terms were not disclosed.
“This partnership further demonstrates our commitment to offer the latest advances in technology through Henry Schein One, making it possible for dental practices to improve nearly every aspect of their business management,” said Stanley M. Bergman, Chairman of the Board and Chief Executive Officer of Henry Schein. “We look forward to a strong partnership with Jarvis that will enable dental teams to use data more effectively to build a better business.”
Dental practices have tremendous amounts of data stored in practice management systems, such as Henry Schein’s market-leading Dentrix®, Dentrix Ascend®, and Dentrix® Enterprise, as well as systems for patient relationship management, finance, marketing, and more. Unfortunately, many dental practices do not yet consolidate and analyze this disparate data. Jarvis simplifies the collection of data from multiple sources and organizes it so the information can be presented in real-time reports, dashboards, and other methods. Jarvis’ analytics tools can also help identify the impact positive changes may have on projected revenue, including hygiene recall, patient retention, case acceptance, and collection.
“Data mining is the new vehicle for accelerating dental business growth. Dental practices that know how to use dental analytics to analyze their data can see what has happened, what is happening, and make informed decisions about the changes they should make to improve performance,” said Mike Baird, Chief Executive Officer of Henry Schein One. “The addition of Jarvis Analytics means dental teams will benefit by having a trusted partner with the size and expertise of Henry Schein One to enhance and support their dental analytics solutions. With these insights, practices owners and dental management teams can make better decisions to improve efficiency, increase revenue, and maintain clinical excellence.”
Jarvis Analytics will continue to be practice management system agnostic, working with more than 10 practice management systems, including Dentrix, Dentrix Ascend, and Dentrix Enterprise. The analytics tools offered by Jarvis Analytics will eventually become integrated into select Henry Schein One practice management systems, making it possible to deliver one digital workflow that simplifies management while improving business performance.
“From day one, our vision has been to help dental practitioners turn practice management data into powerful insights,” said Mr. Maroulis. “Our customers recognize the value of data analytics and have chosen to embed it into every layer of their business to drive operational efficiencies and growth. We’re excited for the future and look forward to the critical role Jarvis will undertake to help Henry Schein One become the leader in dental analytics solutions for dental businesses of any size.”
About Henry Schein One
Henry Schein One, a subsidiary of Henry Schein, Inc. established in partnership with Internet Brands in 2018, is a software company providing integrated software and services to the dental industry. Headquartered in American Fork, Utah, the company offers market-leading solutions for dental practices, including Dentrix®, Dentrix Ascend®, Dentrix® Enterprise, Easy Dental®, TechCentral™, Demandforce®, Sesame Communications, Lighthouse360®, Officite, and DentalPlans.com® as well as solutions offered through international companies, including Software of Excellence, Logiciel Julie, InfoMed, axiUm, and LabNet, among others. For more information, visit www.henryscheinone.com.
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 more than 20,000 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.
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 31 countries and territories. The Company's sales reached $10.1 billion in 2020, and have grown at a compound annual rate of approximately 12 percent since Henry Schein became a public company in 1995.
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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 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. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the documents we file with the Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K. 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 and whether additional resurgences of the virus will adversely impact the resumption of normal operations, the impact of restructuring programs as well as of any future acquisitions, and more generally current expectations regarding performance in current and future periods. Forward looking statements also include the (i) ability of the Company to make additional testing available, the nature of those tests and the number of tests intended to be made available and the timing for availability, the nature of the target market, 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.
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