Expands Henry Schein’s offering in several of dentistry’s fastest-growing categories, including clinical software and oral surgery and orthodontic products
Henry Schein partners with Biotech Dental Group. (Credit: Henry Schein, Inc)
Henry Schein, Inc. (Nasdaq: HSIC), the world’s largest provider of health care solutions to office-based dental and medical practitioners, today announced a definitive agreement with the shareholders of Biotech Dental S.A.S., a rapidly growing provider of innovative clinical software and oral surgery and orthodontic products based in Salon-de-Provence, France, to acquire a majority ownership stake in the company.
Henry Schein and Biotech Dental will partner to bring Biotech Dental’s full line of high-quality software, products, and services, including dental prostheses, clear aligners, dental implants, regenerative solutions, and biomaterials, to more dentists and dental laboratories as well as new geographies. The closing of this transaction is subject to certain regulatory approvals.
Biotech Dental has several important solutions, including Nemotec, a comprehensive, integrated suite of planning and diagnostic software using open architecture that connects disparate devices to create a digital view of the patient’s oral health condition, offering greater diagnostic accuracy and an improved patient experience. Biotech Dental is also one of the fastest-growing implant and custom abutment brands in France, as well as the manufacturer of the Smilers® brand of clear aligners. In addition, Biotech Dental has launched LaGalaxy®, a comprehensive, open, and secure software platform where both clinical and administrative tasks can be performed. Within a single platform, dentists and dental laboratories benefit from end-to-end integrated digital solutions that help improve case outcomes while speeding treatment time, shortening case completion, and lowering the costs of implants, orthodontic, and prosthetic treatments.
“Henry Schein and Biotech Dental are committed to offering customers best-in-class, user-friendly, customer-centric solutions based on open architecture that help improve patient outcomes,” said Stanley M. Bergman, Chairman of the Board and Chief Executive Officer of Henry Schein. “Henry Schein will, over time, incorporate Biotech’s Nemotec software as part of our solutions offering, including integrating Biotech’s software solutions with Henry Schein One’s industry-leading practice management software solutions to create a leading end-to-end clinical system and to help dental practitioners streamline their clinical as well as administrative workflow.”
“Biotech Dental has excelled in several of the most exciting and fastest-growing segments of the dental market, including implants and aligners. With our combined resources, we will introduce customers to state-of-the-art technology. We are committed to maintaining the French operations of Biotech, which will become centers of excellence for some of our combined processes and manufacturing operations,” said Mr. Bergman.
“We have continually grown to meet the specialized and unique needs of dentists, orthodontists, and dental laboratories,” said Philippe Veran, Biotech Dental Founder and President. “For the past 35 years, the growth of our business has been rooted in our rich French heritage. This will remain as we continue to manufacture our products in France while bringing innovation and new technologies to the global dental community. Together, with Henry Schein, we look forward to helping our customers enhance their surgical skills, achieve better outcomes for their patients, and maximize business success.”
Under the terms of the transaction, Henry Schein will acquire a majority ownership position in Biotech Dental. Upperside Capital Partners Group will continue to own the remaining minority interest in the company. For the fiscal year 2021, Biotech Dental’s revenue was approximately $100 million. Henry Schein expects this transaction to be slightly dilutive to 2023 earnings per share when excluding amortization. The dilution is primarily due to non-cash acquisition accounting adjustments for inventory. Financial terms were not disclosed.
Mr. Veran will continue to lead the business, supported by Dr. Olivia Veran, a dental surgeon who is Biotech’s Senior Vice President and Managing Director. Mr. Veran has been a serial entrepreneur for the past 35 years, received the Entrepreneur of the Year award from Ernst & Young in 2018, and was raised to the level of Knight of the French Legion of Honor in 2021.
Source: Company Press Release