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Henry Schein Acquires Lighthouse 360 From Web.com
AMERICAN FORK, Utah, March 18, 2019 /PRNewswire/ -- Henry Schein, Inc. (Nasdaq: HSIC), through its Henry Schein One joint venture, today announced that it has acquired Lighthouse 360, a provider of easy-to-use dental practice management and patient communication software that complements Henry Schein One's strategy to deliver integrated technology platforms that help dental teams become more productive and improve each stage of the patient experience.
Founded in 2006, Lighthouse 360 was previously a part of Web.com and had 2018 sales of approximately $50 million. Henry Schein, Inc. expects that Lighthouse 360 will be neutral to the Company's 2019 earnings per diluted share and accretive thereafter. Financial terms were not disclosed.
Henry Schein One is a joint venture between Henry Schein, Inc. and Internet Brands that delivers integrated technology to enhance dental practice management. As the latest addition to Henry Schein One's portfolio, Lighthouse 360 furthers the Company's mission to tightly integrate best-of-breed solutions into one technology system to help dental practices run more efficiently.
"Lighthouse 360 is an innovative provider in the large and highly fragmented market for patient engagement software," said Stanley M. Bergman, Chairman of the Board and Chief Executive Officer of Henry Schein. "Lighthouse 360's highly automated software platform will expand our practice marketing and client communication solutions, providing tools to better connect us with our dental customers, and to help dental practitioners better connect to their patients."
Lighthouse 360 serves more than 11,000 dental practices with a wide range of web-based tools that automate tedious tasks and help practices save time, reduce no-shows, and build stronger relationships with patients. Lighthouse 360 software has been recognized with numerous industry awards and is highly rated by users, with 90 percent of surveyed Lighthouse 360 users reporting that the software has increased their practice's efficiency.
"As we explored this acquisition, it quickly became clear that Lighthouse 360's relentless focus on task automation, product innovation, and exemplary customer service made it a natural fit within the Henry Schein One portfolio," added James A. Harding, Jr., Chief Executive Officer of Henry Schein One. "Lighthouse 360 is in many ways a microcosm of Henry Schein One – a passionate group of technology innovators that put practice efficiency and patient experience at the forefront of everything we do."
The Lighthouse 360 brand will remain intact and will continue to offer and support all current products following the acquisition. The Company has nearly 150 employees and is headquartered in Sugar Hill, Georgia.
"Henry Schein One's dental expertise and deep technology resources make it the ideal partner for Lighthouse 360," said Sharon Rowlands, CEO and President of Web.com. "We are excited about the future of Lighthouse 360 knowing that it will be aligned with a dynamic organization focused on addressing the unique challenges faced by the dental industry."
About Lighthouse 360
Lighthouse 360 automates dentists' daily consumer interactions and office routines such as appointment reminders, leading to improved operational efficiency and business results. The award-winning software has helped customers increase production by an average of 30 percent, and its features designed to boost practice efficiency, on average, save dental practices 16 hours per week and eliminate seven hours of weekly phone time for the front desk. For more information about Lighthouse 360, visit www.lh360.com.
About Henry Schein One
Henry Schein One, founded in 2018, is the world's largest dental practice management software company. Headquartered in American Fork, Utah, the company includes Henry Schein's market-leading solutions of Dentrix, Dentrix Ascend, Dentrix Enterprise, Easy Dental, and TechCentral, as well as international companies, including Software of Excellence, Logiciel Julie, InfoMed, Exan, and LabNet, among others. Also included in Henry Schein One are the dental businesses of Internet Brands, including web-based solutions such as Demandforce, Sesame Communications, Officite, DentalPlans.com and more. The new company integrated more than 40 software brands and employs approximately 1,500 people. 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 18,000 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 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® and the Nasdaq 100® indexes, Henry Schein is headquartered in Melville, N.Y., and has operations or affiliates in 31 countries. The Company's sales from continuing operations reached $9.4 billion in 2018, and have grown at a compound annual rate of approximately 13% since Henry Schein became a public company in 1995.
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. A full discussion of our operations and financial condition, 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, 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.
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 and consolidating 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; increases in shipping costs for our products or other service issues with our third-party shippers; general global macro-economic conditions; risks associated with currency fluctuations; risks associated with political and economic uncertainty; disruptions in financial markets; 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; new or unanticipated litigation developments; the dependence on our continued product development, technical support and successful marketing in the technology segment; our dependence on third parties for certain technologically advanced components; increased competition by third party online commerce sites; risks from disruption to our information systems; cyberattacks or other privacy or data security breaches; and certain provisions in our governing documents that may discourage third-party acquisitions of us; 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.
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SOURCE Henry Schein, Inc.