A Leading Veterinary Practice Management Software Company Serving Practitioners Primarily in Australia, New Zealand, the UK and the Netherlands
MELVILLE, N.Y. – Henry Schein, Inc. (NASDAQ: HSIC), the world's largest provider of health care products and services to office-based dental, animal health and medical practitioners, announced today an agreement to acquire RxWorks, Inc., a provider of veterinary practice management software primarily to customers in Australia, New Zealand, the UK and the Netherlands, and other countries around the world.
RxWorks had sales for the 12 months ended June 30, 2015 of approximately $7 million. Henry Schein expects the acquisition to close in the second half of January 2016, and to be dilutive by less than $0.01 to 2016 earnings per share, and accretive to 2017 earnings per share by approximately $0.01. Financial details and terms of the transaction were not disclosed.
Founded in 1988 with headquarters in Brisbane, Queensland, Australia, RxWorks has 68 Team Members and an installed base of more than 1,500 veterinary clinics in 19 countries worldwide. RxWorks will continue to be led by its current management team. Upon closing, RxWorks will become part of Henry Schein's Global Animal Health Practice Solutions business.
"RxWorks has an excellent reputation for helping veterinarians increase practice efficiency and improve quality health care through its innovative practice management software solutions," said Stanley M. Bergman, Chairman of the Board and Chief Executive Officer, Henry Schein, Inc. "The addition of RxWorks further strengthens our growing practice management software solutions business, which helps deepen relationships in the regions served by RxWorks with our animal health customers, including large corporate customers. The addition of RxWorks will nicely complement our expanding animal health technology businesses. We look forward to welcoming our new colleagues from RxWorks to Henry Schein."
RxWorks provides veterinary practices with software solutions and content that address clinical and business needs, such as billing, automatic appointment reminders, and tracking of patient progress through the practice workflow to avoid inefficiency. RxWorks is committed to ensuring that its software remains relevant by monitoring developments in technology and trends in veterinary medicine.
"RxWorks software is designed to facilitate consistency of patient care, enable practice growth, achieve enhanced profitability and optimize professional time, all the while improving the quality of life for patients," said Nathan Basha, Chairman of RxWorks. "Aligning with Henry Schein, a global company committed to serving animal health professionals and bringing innovation to the marketplace, allows RxWorks to provide even further value to customers while expanding industry reach."
About Henry Schein, Inc.
Henry Schein, Inc. (NASDAQ:HSIC) is the world's largest provider of health care products and services to office-based dental, animal health and medical practitioners. The Company also serves dental laboratories, government and institutional health care clinics, and other alternate care sites. A Fortune 500® Company and a member of the SP 500® and the NASDAQ 100® indexes, Henry Schein employs more than 18,000 Team Schein Members and serves more than one million customers.
The Company offers a comprehensive selection of products and services, including value-added solutions for operating efficient practices and delivering high-quality care. Henry Schein operates through a centralized and automated distribution network, with a selection of more than 100,000 branded products and Henry Schein private-brand products in stock, as well as more than 150,000 additional products available as special-order items. The Company also offers its customers exclusive, innovative technology solutions, including practice management software and e-commerce solutions, as well as a broad range of financial services.
Headquartered in Melville, N.Y., Henry Schein has operations or affiliates in 33 countries. The Company's sales reached a record $10.4 billion in 2014, and have grown at a compound annual rate of approximately 16 percent since Henry Schein became a public company in 1995. For more information, visit Henry Schein at www.henryschein.com.
SOURCE Henry Schein, Inc.
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