Henry Schein, Inc.

Good morning, ladies and gentlemen, and welcome to Henry Schein's fourth quarter 2025 earnings conference call. At this time, all participants are in listen-only mode. Later, we'll conduct a question and answer session. Please press the star key followed by one on your touchstone phone if you'd like to ask a question at the end of the call. If anyone should require assistance during the call, please press the star key followed by zero on your touchstone phone. As a reminder, this call is being recorded. I would now like to introduce you to your host for today's call, Graham Stanley. Henry Schein's Vice President of Investor Relations and Strategic Financial Project Officer. Please go ahead, Graham.

Thank you, operator. And thanks to each of you for joining us today to discuss Henry Schein's financial results for the fourth quarter of 2025. With me on today's call are Stanley Bergman, Chairman of the Board and Chief Executive Officer of Henry Schein, Fred Lowry, Chief Executive Officer Designate of Henry Schein, and Ron South, Senior Vice President and Chief Financial Officer. Before we begin, I'd like to state that certain comments made during this call would include information that's forward-looking. Risks and uncertainties involved in the company's business may affect the matters referred to in forward-looking statements, and the company's performance may materially differ from those expressed in or indicated by such statements. These forward-looking statements are qualified in their entirety by the cautionary statements contained in Henry Schein's filings with the Securities and Exchange Commission and included in the risk factors section of those filings. In addition, all comments about the markets we serve, including end market growth rates and market share, are based upon the company's internal analyses and estimates. Today's remarks will include both GAAP and non-GAAP financial results. We believe the non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable the comparison of financial results between periods where certain items may vary independently of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business. These non-GAAP financial measures are presented solely for informational and comparative purposes and should not be regarded as a replacement for corresponding GAAP measures. Reconciliations between GAAP and non-GAAP measures are included in exhibit B of today's press release and can be found in the financials and filing section of our investor relations website under the supplemental information heading. and in our quarterly earnings presentation also posted on our investor relations website. The content of this conference call contains time-sensitive information that is accurate only as of the date of the live broadcast, February 24th, 2026. Henry Schein undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this call. Lastly, during today's Q&A session, please limit yourself to a single question so that we can accommodate questions from as many of you as possible. And with that, I'd like to turn the call over to Stanley Berg. Thank you, Graham.

Good morning, everyone, and thank you for joining us. I want to particularly welcome Fred Lowry to our call today. Fred will officially join Henry Schein next week as our new CEO. I will continue to serve as chairman of the board. We're very pleased Fred will be leading the company and believe he's exceptionally well suited for the role. He is joining us from Thermo Fisher Scientific, where he spent 20 years scaling large businesses through acquisitions and organic growth, managing both national and owned brand products sold through Thermo Fisher's distribution channels and advancing value added services. Fred also brings a strong customer focus. Beyond Fred's extensive leadership experience, Fred has a philosophy that aligns with the principles that have long defined Henry Schein. He understands the critical role we have in supporting dental and medical practitioners, and he is very well equipped to lead Henry Schein into its next phase of growth. Fred has already connected with many of our leadership, many in our leadership team. And I'm highly confident that the transition to Fred's leadership will be smooth and that he will drive Henry Schein to even greater success. Fred, could you please make a few remarks? Thank you.