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Henry Schein's (HSIC) New Tie-Up to Improve Patient Outcome
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Henry Schein, Inc.’s (HSIC - Free Report) joint venture (JV) with Internet Brands, Henry Schein One, recently announced a partnership with VideaHealth. The collaboration will enable Henry Schein One to introduce Dentrix Detect AI (artificial intelligence), powered and manufactured by VideaHealth.
The Dentrix Detect AI is an AI-enabled X-Ray analysis tool that integrates directly into Dentrix Practice Management Systems. The integration with VideaHealth’s FDA-cleared computer-assisted detection device will likely aid oral health professionals in harnessing the power of AI in dental practices.
The latest tie-up and the subsequent launch are expected to significantly boost Henry Schein's technology and value-added services business on a global scale. It will also likely solidify the company’s foothold in the global dental practice management solutions space.
Rationale Behind the Tie Up
The AI-enabled X-ray analysis tool, the Dentrix Detect AI, is expected to provide real-time clinical decision support to dentists. Its full integration into Dentrix allows it to work within existing Dentrix workflows and eliminates the need for dentists to import or export images to utilize AI analysis. As every image is automatically analyzed in the software, it will likely aid dentists in assessing radiographs and other images more quickly. Thus, dentists may be able to provide greater transparency to patients, thus making better treatment recommendations and improving case acceptance.
Per Henry Schein’s management, Henry Schein One aims to focus on AI solutions that can add greater value to dental practices and patients. The tie-up with VideaHealth is expected to aid in helping dental professionals elevate the digitalization of patient care via AI.
VideaHealth’s management feels that the seamless integration of its AI detection technology into the Dentrix software will allow dentists to begin using AI to make more accurate patient diagnoses.
Industry Prospects
Per a report by Precedence Research, the global dental practice management software market size was estimated at $1.37 billion in 2021 and is anticipated to reach $4.67 billion by 2030 at a CAGR of 14.6%. Factors like the expanding elderly population, growing awareness about oral health and increasing use of AI are likely to drive the market.
Given the market potential, the latest partnership is likely to provide a significant boost to Henry Schein’s business globally.
Notable Developments
Last month, Henry Schein reported its third-quarter 2022 results, where it registered solid bottom-line performance. It also witnessed robust global technology and value-added services sales, where its year-over-year growth was driven by strength in Henry Schein One. Management had noted that the technology & value-added services businesses had good underlying sales growth and Henry Schein One’s solid domestic and international sales growth was driven by its Dentrix practice management software and Dentrix Ascend and Dentally cloud-based solutions.
In October, Henry Schein’s JV with Internet Brands, Henry Schein One, and Smile Brands announced that Dentrix Ascend cloud-based practice management software from Henry Schein One would be adopted as the exclusive dental practice management system of Smile Brands and its affiliated dental practices.
Price Performance
Shares of the company have gained 13.2% in the past year against the industry’s 8.1% decline and the S&P 500's 15.1% fall.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Currently, Henry Schein carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are AMN Healthcare Services, Inc. (AMN - Free Report) , ShockWave Medical, Inc. (SWAV - Free Report) and McKesson Corporation (MCK - Free Report) .
AMN Healthcare, carrying a Zacks Rank #2 (Buy) at present, has an estimated long-term growth rate of 3.3%. AMN’s earnings surpassed the Zacks Consensus Estimate in all the trailing four quarters, the average beat being 10.9%.
AMN Healthcare has gained 9.9% against the industry’s 27.6% decline in the past year.
ShockWave Medical, carrying a Zacks Rank #2 at present, has an estimated growth rate of 21.2% for 2023. SWAV’s earnings surpassed estimates in all the trailing four quarters, the average beat being 146.1%.
ShockWave Medical has gained 46.9% against the industry’s 22.1% decline over the past year.
McKesson, carrying a Zacks Rank #2 at present, has an estimated long-term growth rate of 10.1%. MCK’s earnings surpassed estimates in two of the trailing four quarters and missed the same in the other two, the average beat being 4.8%.
McKesson has gained 73.2% against the industry’s 8.1% decline over the past year.
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Henry Schein's (HSIC) New Tie-Up to Improve Patient Outcome
Henry Schein, Inc.’s (HSIC - Free Report) joint venture (JV) with Internet Brands, Henry Schein One, recently announced a partnership with VideaHealth. The collaboration will enable Henry Schein One to introduce Dentrix Detect AI (artificial intelligence), powered and manufactured by VideaHealth.
The Dentrix Detect AI is an AI-enabled X-Ray analysis tool that integrates directly into Dentrix Practice Management Systems. The integration with VideaHealth’s FDA-cleared computer-assisted detection device will likely aid oral health professionals in harnessing the power of AI in dental practices.
The latest tie-up and the subsequent launch are expected to significantly boost Henry Schein's technology and value-added services business on a global scale. It will also likely solidify the company’s foothold in the global dental practice management solutions space.
Rationale Behind the Tie Up
The AI-enabled X-ray analysis tool, the Dentrix Detect AI, is expected to provide real-time clinical decision support to dentists. Its full integration into Dentrix allows it to work within existing Dentrix workflows and eliminates the need for dentists to import or export images to utilize AI analysis. As every image is automatically analyzed in the software, it will likely aid dentists in assessing radiographs and other images more quickly. Thus, dentists may be able to provide greater transparency to patients, thus making better treatment recommendations and improving case acceptance.
Per Henry Schein’s management, Henry Schein One aims to focus on AI solutions that can add greater value to dental practices and patients. The tie-up with VideaHealth is expected to aid in helping dental professionals elevate the digitalization of patient care via AI.
VideaHealth’s management feels that the seamless integration of its AI detection technology into the Dentrix software will allow dentists to begin using AI to make more accurate patient diagnoses.
Industry Prospects
Per a report by Precedence Research, the global dental practice management software market size was estimated at $1.37 billion in 2021 and is anticipated to reach $4.67 billion by 2030 at a CAGR of 14.6%. Factors like the expanding elderly population, growing awareness about oral health and increasing use of AI are likely to drive the market.
Given the market potential, the latest partnership is likely to provide a significant boost to Henry Schein’s business globally.
Notable Developments
Last month, Henry Schein reported its third-quarter 2022 results, where it registered solid bottom-line performance. It also witnessed robust global technology and value-added services sales, where its year-over-year growth was driven by strength in Henry Schein One. Management had noted that the technology & value-added services businesses had good underlying sales growth and Henry Schein One’s solid domestic and international sales growth was driven by its Dentrix practice management software and Dentrix Ascend and Dentally cloud-based solutions.
In October, Henry Schein’s JV with Internet Brands, Henry Schein One, and Smile Brands announced that Dentrix Ascend cloud-based practice management software from Henry Schein One would be adopted as the exclusive dental practice management system of Smile Brands and its affiliated dental practices.
Price Performance
Shares of the company have gained 13.2% in the past year against the industry’s 8.1% decline and the S&P 500's 15.1% fall.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Currently, Henry Schein carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are AMN Healthcare Services, Inc. (AMN - Free Report) , ShockWave Medical, Inc. (SWAV - Free Report) and McKesson Corporation (MCK - Free Report) .
AMN Healthcare, carrying a Zacks Rank #2 (Buy) at present, has an estimated long-term growth rate of 3.3%. AMN’s earnings surpassed the Zacks Consensus Estimate in all the trailing four quarters, the average beat being 10.9%.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
AMN Healthcare has gained 9.9% against the industry’s 27.6% decline in the past year.
ShockWave Medical, carrying a Zacks Rank #2 at present, has an estimated growth rate of 21.2% for 2023. SWAV’s earnings surpassed estimates in all the trailing four quarters, the average beat being 146.1%.
ShockWave Medical has gained 46.9% against the industry’s 22.1% decline over the past year.
McKesson, carrying a Zacks Rank #2 at present, has an estimated long-term growth rate of 10.1%. MCK’s earnings surpassed estimates in two of the trailing four quarters and missed the same in the other two, the average beat being 4.8%.
McKesson has gained 73.2% against the industry’s 8.1% decline over the past year.