A month has gone by since the last earnings report for Henry Schein (HSIC). Shares have lost about 0.4% in that time frame, underperforming the S&P 500.Will the recent negative trend continue leading up to its next earnings release, or is Henry Schein due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts. Henry Schein Q2 Earnings Top Estimates, Margins DipHenry Schein reported breakeven adjusted earnings per share from continuing operations in the second quarter of 2020 compared with earnings per share of 84 cents in the year-ago quarter. However, adjusted earnings per share compared favorably with the Zacks Consensus Estimate of a loss of 16 cents. The quarter’s adjustments exclude the impact of certain restructuring charges.The year-over-year earnings were primarily impacted by pandemic-led business disruptions, especially in the company’s Dental business.Revenues in DetailHenry Schein reported net sales of $1.68 billion in the second quarter, down 31.2% year over year. The metric beat the Zacks Consensus Estimate by 19.9%.The year-over-year decline resulted from pandemic-led impacts on business and 30.3% decline in local currencies. In local currencies, internally-generated sales declined 30.5%. Further, acquisition growth was 0.2%. However, unfavorable foreign currency exchange made a 0.9% impact on the top line.In the quarter under review, the company recorded sales of $1.21 billion in the North American market, down 31.7% year over year. Sales totaled $478.9 million in the international market, down 29.9% year over year.Segment AnalysisHenry Schein derives revenues from three operating segments — Dental, Medical, and Technology and Value-added Services.In the second quarter, the company derived $941.3 million of global Dental sales, down 41.2% year over year. This includes a 40% decline in local currencies and 1.2% adverse impact of foreign currency exchange. At local currencies, internally-generated sales declined 40.1%, which included a decrease of 46.9% in North America and a drop of 29.5% internationally. However, acquisition growth was 0.1%.North America’s dental consumable merchandise internal sales in local currencies fell 47.5% whereas dental equipment internal sales in local currencies declined 44.9%. Internationally, dental consumable merchandise internal sales and dental equipment internal sales, both in local currencies, declined 29.2% and 30.5% respectively.Global Medical revenues plunged 11.4% year over year to $617.8 million, resulting from an 11.4% fall in local currencies. In local currencies, internally-generated sales declined 11.4% and acquisition growth was flat. Foreign currency exchange had no impact.The business registered strong demand for personal protective equipment (PPE) in the quarter under review. Further, the fall in sales of consumable merchandise was lower than the company’s expectations. The company, while responding to the pandemic, made available a wide menu of COVID-19 point-of-care diagnostic tests and related solutions to its medical customers.Revenues from global Technology and Value-added Services plunged 15.9% to $105.2 million. This included a 15.4% fall in local currencies and a 0.5% drop owing to adverse currency translation. At local currencies, internally-generated sales declined 17% but acquisition growth was 1.6%.Despite the plunging revenues, the segment registered some positives during the quarter. Henry Schein One’s dental software sales witnessed improvement as the second quarter progressed, in line with the resumption of dental practice operations. Notably, the monthly trend for transactional software revenues improved resulting from more patients visiting the dental offices across the globe.Margin TrendIn the reported quarter, gross profit totaled $454.3 million. Gross margin contracted 438 basis points (bps) to 26.9% on a 40.8% fall in gross profit.Selling, general and administrative expenses declined 24.9% to $445.8 million in the quarter under review.Overall adjusted operating profit was $8.5 million, down 95.1% year over year. Further, adjusted operating margin contracted 661 bps year over year to 0.5%.Financial PositionThe company exited the second quarter of 2020 with cash and cash equivalents of $296.1 million compared with $617.4 million at the end of the first quarter. Long-term debt for the company at the end of the second quarter was $515.8 million compared with $865.8 million at the end of the first quarter of 2020.Cumulative net cash used in operating activities from continuing operations at the end of the second quarter was $843 million compared with net cash provided by operating activities from continuing operations of $298.8 million in the year-ago period.2020 GuidanceAs the uncertainty of the pandemic and its impact on business operations cannot be ascertained at present, the company is not providing any financial guidance for the year at present.How Have Estimates Been Moving Since Then?In the past month, investors have witnessed an upward trend in estimates review. The consensus estimate has shifted 51.38% due to these changes.VGM ScoresAt this time, Henry Schein has a poor Growth Score of F, however its Momentum Score is doing a lot better with a B. Following the exact same course, the stock was allocated a grade of B on the value side, putting it in the top 40% for this investment strategy.Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookEstimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Notably, Henry Schein has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Henry Schein, Inc. (HSIC): Free Stock Analysis Report To read this article on Zacks.com click here.