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 offering 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.
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“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.”
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 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.
Risk factors and uncertainties that could cause actual results to differ materially from current and historical results include, but are not limited to: risks associated with COVID-19, as well as other disease outbreaks, epidemics, pandemics, or similar wide spread public health concerns and other natural disasters or acts of terrorism; our dependence on third parties for the manufacture and supply of our products; our ability to develop or acquire and maintain and protect new products (particularly technology products) and technologies that achieve market acceptance with acceptable margins; transitional challenges associated with acquisitions, dispositions and joint ventures, including the failure to achieve anticipated synergies/benefits; financial and tax risks associated with acquisitions, dispositions and joint ventures; certain provisions in our governing documents that may discourage third-party acquisitions of us; effects of a highly competitive (including, without limitation, competition from third-party online commerce sites) and consolidating market; the potential repeal or judicial prohibition on implementation of the Affordable Care Act; changes in the health care industry; 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 and political conditions, including international trade agreements and potential trade barriers; failure to comply with existing and future regulatory requirements; risks associated with the EU Medical Device Regulation; failure to comply with laws and regulations relating to health care fraud or other laws and regulations; failure to comply with laws and regulations relating to the confidentiality of sensitive personal information or standards in electronic health records or transmissions; changes in tax legislation; litigation risks; new or unanticipated litigation developments and the status of litigation matters; cyberattacks or other privacy or data security breaches; risks associated with our global operations; our dependence on our senior management, as well as employee hiring and retention; and disruptions in financial markets. 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.
Source: Biospace