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Henry Schein Management Discusses Q2 2012 Results - Earnings Call Transcript

But also the economic conditions, I think, in some parts of the world are impacting our growth somewhat. But in general, our ability to gain market share has enabled us to feel confident about reaffirming guidance, which you'll hear about a little later and are quite confident about the rest of the year. Of course, in Europe, our main business is our German business. And with respect to our German business, that -- we had tough comparables because we had a very, very successful IDS show last year. Having said that, we are quite confident with the strength of our German business. There are no major concerns relative to reduction of reimbursement in the German dental market, so we continue to be very pleased not only with our traditional business, but of course, with our Camlog business as well.

Yet of course, despite these factors, we are pleased to be reaffirming our financial guidance, Steven will address that a little later. In recent weeks, we have completed a couple of small-ish acquisitions, I think, in total about $60 million, as compared to close to a $9 billion business, it's not material from a sales point of view, but very, very important from a strategic point of view. We have a strategic plan, 2012 to '14, which calls for us to complete certain blank spots. And these acquisitions help us advance the closing of these blank spots and filling them in. And therefore, pursuing the strategic policy and priority that is contained in our strategic plan.

Of course, these acquisitions will enable us to reach more practitioners, but more importantly, in markets that we're not in and in products and services that we need complementary offerings for. And so these little acquisitions are not material in terms of sales, certainly not material in terms of capital deployment, but important from a strategic point of view. And I'll speak about this a little later.

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