8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 22, 2008

PSS WORLD MEDICAL, INC.

(Exact name of Registrant as specified in its charter)

Commission File Number: 0-23832

Florida	59-2280364
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification Number)

4345 Southpoint Blvd.
Jacksonville, Florida	32216
(Address of principal executive offices)	(Zip code)

Registrant’s telephone number, including area code (904) 332-3000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

The exhibits to this report on Form 8-K contain statements that are not historical facts, including, but not limited to, statements regarding anticipated growth in revenue, gross and operating margins, cash flow from operations and earnings, statements regarding the Company’s current business strategy, the Company’s ability to complete and integrate acquired businesses and generate acceptable rates of return, the Company’s projected sources and uses of cash, and the Company’s plans for future development and operations, are based upon current expectations. Specifically, forward-looking statements in this presentation include, without limitation, the Company’s expected results in GAAP EPS, revenue, operating margins, operating cash flow and capital expenditures for fiscal year 2009; the Company’s acquisition strategy for fiscal year 2009; and the ability to sustain revenue and operating margin growth, as well as other expectations of growth and financial and operational performance. These statements are forward looking in nature and involve a number of risks and uncertainties. Actual results may differ materially. Among the factors that could cause results to differ materially are the following: pricing and customer credit quality pressures; the loss of any of our distributorship agreements and our reliance on relationships with our vendors; our reliance on a limited number of elder care customers; the availability of sufficient capital to finance the Company’s business plans on terms satisfactory to the Company; competitive factors; the ability of the Company to adequately defend or reach a settlement of outstanding litigations and investigations involving the Company or its management; changes in labor, equipment and capital costs; changes in regulations affecting the Company’s business, such as the Medicare reimbursements and cliffs, changes in malpractice insurance rates and tort reform; future acquisitions or strategic partnerships; general business and economic conditions; and other factors described from time to time in the Company’s reports filed with the Securities and Exchange Commission. Many of these factors are outside the control of the Company. The Company wishes to caution readers not to place undue reliance on any such forward looking statements, which statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made. The Company also wishes to caution readers that it undertakes no duty or is under no obligation to update or revise any forward-looking statements.

Item 2.02. Disclosure of Results of Operations and Financial Condition.

Item 7.01. Regulation FD Disclosure.

The following information is furnished pursuant to Item 2.02, Results of Operations and Financial Condition and Item 7.01, Regulation FD Disclosure.

On May 7, 2008, PSS World Medical, Inc. (the “Company”) issued a press release announcing that the Company will provide an online Web simulcast of the Company’s Investor Day meeting on Thursday, May 22, 2008, from 9:00 a.m. to 11.00 a.m., Eastern Time. Attached as Exhibit 99.1 to this report are copies of the written materials (slides) that will be displayed during the simulcast. These materials are incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

Exhibit Number	Description
99.1	Slides for online Web simulcast of the Company’s Investor Day meeting on Thursday, May 22, 2008.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: May 22, 2008

PSS WORLD MEDICAL, INC.
By:	/s/ David M. Bronson
Name:	David M. Bronson
Title:	Executive Vice President and Chief Financial Officer

EXHIBIT INDEX

99.1 Slides for online Web simulcast of the Company’s Investor Day meeting on Thursday, May 22, 2008.

EX-99.1

PSS World Medical

Annual Investor Day

May 22, 2008

Boston, Ma.

Robert Weiner

Vice President, Investor Relations

Forward-Looking Statements

Certain statements in this presentation are "forward-looking statements" made pursuant to the Private Securities

Litigation Reform Act of 1995 and other federal securities laws.

These forward-looking statements are identified by the

use of words such as "expect," "may," "will," "should," "believe," "plan," "anticipate," and "estimate" among others.

Specifically, forward-looking statements in this presentation include, without limitation, the Company's expected results

in GAAP EPS in fiscal years 2009, 2010 and 2011. These statements involve a number of risks and uncertainties,

many of which are outside the control of the Company. Actual results may differ materially from those identified in the

forward-looking statements. Among the factors that could cause results to differ materially are the following: fluctuating

demand for our products and services; the introduction of new products and services offered by us and our

competitors; proper functioning of our data processing systems; our ability to carry out our global sourcing strategy;

pricing pressures on large national and regional accounts and GPOs; customer credit quality and our ability to collect

our accounts receivable; our ability to compete with other medical supply companies and direct manufacturers; multi-

tiered cost structures where certain institutions can obtain more favorable prices for medical products than us; our

ability to maintain relationships with our suppliers and customers; our ability to retain sales reps and key management;

our ability to execute our growth strategy; increased operating costs, including fuel prices; risks involved in maintaining

a

large

amount

of

inventory;

we

may

not

successfully

execute

our

acquisition

strategy;

our

indebtedness

may

limit

our

ability to obtain additional financing or react to market conditions; we face litigation and product liability exposure; we

may

be

deemed

to

infringe

other

persons

intellectual

property;

our

business

is

subject

to

numerous

federal,

state

and

foreign laws and regulations, including state pedigree laws and regulations; general business, competitive and

economic factors and conditions; and other factors described from time to time in the Company's reports filed with the

Securities and Exchange Commission. The Company assumes no obligation to update the information in this release

except as otherwise required by law. Readers are cautioned not to place undue reliance on these forward-looking

statements that speak only as of the date hereof.

Today’s Agenda

•

David Smith -

Chairman and Chief Executive Officer

•

Brad Hilton -

Senior Vice President, Operations

•

John Sasen -

Chief Marketing Officer

•

Kevin English -

Senior Vice President, Supplier Operations

•

Gary Corless -

Chief Operating Officer

•

David Bronson -

Chief Financial Officer

David Smith

Chairman and CEO

Simple Beginnings

Big Dreams

Early Warehouse

Driving Growth and

Increasing Strategic Advantages

25 Years of Lessons Learned

•

Position us for future success

•

Continued strategic and competitive

advantages

Stay close to

the Customer

Stay Close to the Customer

•

Real time feedback loops

•

Improved decision-making

•

Customer needs

–

Service model

–

Product portfolio

–

Marketing programs

•

Lead innovation, not follow it

•

Best returns and better leadership

Culture and People

Win Battles

Culture and People

Win Battles

•

Don’t notice in good times but can’t

do without in bad times

•

Balance, not extremes

•

A lot of work and investment

•

Ownership and alignment of

compensation

•

Pay-off: Move rapidly as one

Focus and

Alignment

=

Execution

Focus

and

Alignment

=

Execution

•

Less dilution of effort and false starts

•

Better investments and returns

•

Leverage core competencies and highlight the

need for new ones

•

Strategy, investments, tactics, metrics and

compensation

•

Better acquisitions

•

More commitment

The DNA of PSS World

Medical

Passion

Ethics

Strategy

Innovation

Discipline

Service

Performance

Alignment

Compensation

Three-Year Strategic Plan

19%

EPS Growth

Chinese Proverbs

•

May you live in interesting times

•

May your work come to the attention of

those in power

•

May you accomplish your dreams

Economic Environment

Energy costs

Global sourcing

Housing bubble

Health care stability

“Mom & Pop”

Pressure

Technology efficiency

Presidential election

Drug therapeutics

Aging of America

Diagnostic development

Growth of alternate site

Devaluation of the $

Deficit/Reimbursement

Credit crunch

Uninsured Americans

Physician Market

Physician incomes

Labor shortage

New competition

Alternate site shift

HIT advancements

Drug therapeutics

Aging population

Diagnostic development

Competency

Insurance complexity

Rising costs

Regulation

Elder Care Market

Energy costs

Government necessity

Fines and penalties

Financing availability

Competitive bidding

Tort

Presidential election

Drug therapeutics

Aging  population

Provider incomes

Huge growth

Labor and nursing shortages

Reimbursement

Credit crunch

Lower cost position

Strategic Priorities

•

Sourcing

•

Sales force bandwidth

•

Operations simplicity

•

Innovative programs and core growth

•

H.I.T.

•

Fold-in acquisitions

•

Leadership development

Thank you

Brad Hilton

Senior Vice President, Operations

Operating Margin Expansion

Drive customer loyalty

Enhance sales and

marketing strategies

Profitability through

simplification

Achieve goal of $20 -

$25

million in cost savings

8.0%

7.0%

6.0%

5.0%

4.0%

FY08

FY09

FY10

Q4 FY11

Base

Business Simplification

Sourcing

Revenue Growth Leverage

Past Investments

That Drove Results

Infrastructure

•

Branch Consolidations

•

Facility standardization

Processes

•

Best practices

•

Targeted centralization

Team

•

Leadership development

•

Alignment of all team

compensation

Systems

•

JDE integration

•

Performance metrics

FY09 -

FY11

Profitability Through Simplification

Future Investments For

Profitable Growth

Infrastructure

•

World Med network

optimization

Processes

•

Lean process

reengineering

•

Empowered customer

Team

•

Alignment with pay for 

performance programs

•

Leadership development

Systems

•

Advanced warehouse

management system

•

Transportation and

logistics

8.0%

7.0%

6.0%

5.0%

4.0%

Q4 FY08E

Q4 FY09

Q4 FY10

Q4 FY11

Base

Business Simplification

Sourcing

Revenue Growth Leverage

Operating Margin Contribution

•Systems

•Team

•Processes

•Infrastructure

$25 million/yr. in

margin improvement

Our Goal

Intelligent Investments To Drive

Customer Loyalty

and

Shareholder Returns

Thank You

John Sasen

Executive Vice President

& Chief Marketing Officer

Brand Strategy

Develop

a

broad

array

of

competitive

products

from

commodity

to

innovative

that

strengthens

customer

loyalty

Our Brands represent our core values with

emphasis on quality and value

Positioning Our Brand

Multi Brand Strategy

Select

Specialty

Brands

•

Commodity Categories

•

Consumable Products

•

Value Priced

•

Innovative

•

Complex

•

Strategic

Product Positioning for Quality

and Customer Value

Select™

Brand

Select™

Brand

EVOKE™

Brand

REPARA

®

Brand

Branded Supplier Strategy

Mitigating Channel Conflict

•

Access to several consumer promotions

•

Positioning cost and price

•

Need for market share

•

Communications and networking

Select™

Mix

# of Reps

Rep Penetration %

0

50

100

150

200

250

0% -

15%

15% -

20%

20% -

25%

25% -

30%

30% -

35%

35% -

40%

40% +

39

73

209

221

124

46

12

Branding

Next Steps

•

Continue to develop both commodity and

specialty products

•

Deeper penetration of customer base

•

Continue to build infrastructure

•

Leverage our investments through new markets

and channels

Thank You

Kevin English

Senior Vice President,

Supplier Operations

Margin Expansion

Return on Investment Goals

$20 -

$25 million P&L

improvement

$15 -

$20 million balance

sheet improvement

20 -

30% Improvement in

Sales Rep productivity

8.0%

7.0%

6.0%

5.0%

4.0%

FY08

FY09

FY10

FY11

Base

Business Simplification

Sourcing

Revenue Growth Leverage

Past Investments that

Drove Results

•

Global sourcing capability

•

Centralized supplier management

•

Redistribution network

•

Centralized procurement

•

Performance metrics

Future Investments Drive 

Profitable Growth

•

Supplier profitability

•

Global sourcing expansion

•

Systems and technology investments

•

Sales Rep bandwidth improvements

New Approach and Investments

for Supplier Profitability

Transaction

GP

Buy-side

Profit

Marketing

Income

Supply

Chain

Excess

Rebate

Costs

Global Sourcing Focus

o

Experienced sourcing partners

o

Multiple factories

o

Use of growth for negotiating

o

Dedicated and experienced quality

control/quality assurance

o

Leverage existing model

o

Dedicated new product development

o

Establish local operations

o

Preferred supplier programs

Strategies

Investments

Systems and Technology Investments

$15-$20 Million Over Three Years

Systems/Technology

Investment

EDI

Integrated Contracts &

    Rebates System

Sals Rep Productivity

Supply Chain Visability

Margin Expansion

Significant Sourcing Contribution

•

Profitable supplier relationships

•

Meaningful investment in systems

and technology

•

Expanded global sourcing

capabilities

•

Improvements in Sales Rep

productivity

8.0%

7.0%

6.0%

5.0%

4.0%

FY08

FY09

FY10

Q4 FY11

Base

Business Simplification

Sourcing

Revenue Growth Leverage

Thank You

Gary Corless

Chief Operating Officer

Business Planning

All Things Considered...

•

Environment

•

Market

•

Regulatory

•

Competition

•

Suppliers

•

Products

•

Technology

•

Leadership

•

Sales Force

•

Customers

Why and How We Will Win

•

Largest, best-trained sales force

•

Most comprehensive solutions-based offering

•

High customer loyalty with increasing needs for

business partners

•

Robust product and program pipeline

•

Competent and seasoned management team

Physician Business

Revenue Mix –

FY 2008

By Product Segment

Branded

Consumables

34.4%

H.I.T.

.1%

Rx

22.1%

Lab Diagnostics

21.2%

Equipment

11.1%

Select

TM

11.2%

Physician Business

Select

™

Strategies

Goal: 20% growth in FY 2009

Branded

Consumables

34.4%

H.I.T.

.1%

Rx

22.1%

Lab Diagnostics

21.2%

Equipment

11.1%

11.2%

Select

•

Drive penetration of existing

customer base

•

Investments in proprietary

promotions

•

New product launches

•

Investment in field support,

infrastructure and training

TM

Physician Business

Rx Strategies

•

Focus on adult vaccine products

•

Leverage preferred supplier

contracts

•

Continued penetration of customer

base

•

Field training and education

Goal: 15% -

20% growth in FY 2009

Branded

Consumables

34.4%

H.I.T.

.1%

Rx

22.1%

Lab Diagnostics

21.2%

Equipment

11.1%

Select™

11.2%

Physician Business

Equipment and

Lab Diagnostics Strategies

•

Leverage sales force competencies

and customer relationships

•

Focus on revenue generating

products

•

Targeted ancillary services

campaigns

•

Introduction of specialty brand

diagnostic products

Goal: 2% -

3% growth in FY 2009

Branded

Consumables

34.4%

H.I.T.

.1%

Rx

22.1%

Lab

Diagnostics

21.2%

Equipment

11.1%

Select™

11.2%

Physician Business

Health Care Information Technology

(HIT) Strategies

•

Revenue cycle management, EMR,

Practice management and eCommerce

•

Investment in HIT specialists

•

Increased H.I.T. training

•

Investment in eCommerce infrastructure

Goal:

•

800 –

1,000 physicians by end of FY 2009

•

35% of Physician Business revenue eCommerce driven

Branded

Consumables

34.4%

H.I.T.

.1%

Rx

22.1%

Lab Diagnostics

21.2%

Equipment

11.1%

Select™

11.2%

Elder Care Business

Revenue Mix –

FY 2008

Billing Services

2.4%

Home Care

35.5%

Nursing Home

& Assisted Living

62.1%

Elder Care Business

Skilled Nursing & Assisted Living Strategies

•

Launch of innovative program

•

Continued Select™

penetration

•

Focused market blitzes

(SNF & Proclaim)

•

Increased Training & Development

Goal: 6% -

8% growth in FY 2009

Nursing Home

& Assisted Living

62.1%

Elder Care Business

Select™

Strategies

•

Drive penetration of existing

customers

•

Launch new products

•

Align compensation

•

Enhanced clinical support

•

Enhanced sales toolbox

Goal: 20%+ growth in FY 2009

Billing

Services

2.4%

Home Care

35.5%

Nursing Home

& Assisted Living

62.1%

Select ™

16.2%

Elder Care Business

Home Care Strategies

•

Focused blitzes

•

Enhanced sales toolbox

•

Investment in sales representatives

•

Develop specialized hospice program

•

Invest in home care IT customers

Goal: 8% -

11% growth in FY 2009

Home Care

35.5%

Elder Care Business

Billing Services Strategies

•

Expanding sales force

•

Training and education

•

Market blitzes

•

New program launch

Goal: 20% growth in FY 2009

Billing Services

2.4%

Home Care

35.5%

Nursing Home

& Assisted Living

62.1%

Thank You

David Bronson

Executive Vice President &

Chief Financial Officer

Revenue Growth

$1,619

($ in millions)

$1,742

$1,856

$2,020

FY09 Goal

8.5% -

9.5% in FY 2009

Revenue Growth

FY2009 Goals By Business Segment

($ in millions)

Elder Care Business

Physician Business

$1,309

$1,420 -

$1,425*

$547

$585 -

$590*

*Mid point of FY 2009 Goals

Revenue Growth Drivers

Physician

•

Expansion and growth of Select™

•

Leverage Rx program

•

Continued program growth & market blitzes

–

Consumables

–

Equipment

•

Investments in health care information technology

Elder Care

•

Expansion and growth of Select™

•

Home Healthcare revenue growth

•

Continued program growth and market blitzes

–

SNF

–

Billing services

Goal: 6% -

6.5%

Operating Margin Expansion

FY 06

FY 07

FY 08

Total Costs

As % of

Revenue

Total

Revenue

($ in Billions)

$1.5

$2.0

Total

Revenue

Total Costs

as % of Revenue

21

4.5% FY06

4.7% FY07

Operating Margin Contribution

8.0%

7.0%

6.0%

5.0%

4.0%

FY08

FY09

FY10

Q4 FY11

Base

Business Simplification

Sourcing

Revenue Growth Leverage

Revenue Growth Leverage

•

Distribution infrastructure

•

Technology platform

•

Shared services and back office functions

Goal: 7.5% –

9% Operating margin drop-through

FY 09 –

FY 11

Margin Expansion Investments and Return

o

Operations simplicity

o

Branding strategy &

Sourcing

o

Revenue leverage

o

$20 -

$25 million in cost to serve

Investments

Return

o

$10 -

$15 million savings in G & A savings

(G&A reduction, as % of sales)

o

$20 -

$25 million in sourcing and private

label gross profit

EPS Growth

FY 2006 –

FY 2011

$0.66

Earning Per Diluted Share

$0.73

$0.86

$0.94 -

$0.96

$1.13 -

$1.17

$1.35 -

$1.39

Actual

Goal

Fiscal Year 2005 -

2008:

Historical Earnings Progression By Quarter

FY 2006

FY 2005

FY2005

excludes

tax

benefit

of

$5.6

million

or

$0.09

per

diluted

share

FY 2007

FY 2008

Efficient Capital Structure

($ in millions)

Q4 FY 2008

Cash

$  21.1

Total Debt:

Convertible senior notes & other

$221.7

Net debt

$200.6

Shareholders’

equity

$335.0

Weighted shares outstanding

63.2

(fully diluted)

Operating Cash Flow Growth

$68.0

($ in millions)

$54.9

$69.8

$59.8

$63.5

$69.8

$73 -

$77

(Goal)

Fold-in Acquisition Strategy

•

Pressures on small distributors

–

Rebates and contracts complexity

–

Access to private label, globally-sourced

products

–

Access to HIT and other new technologies

–

Access to capital markets

Fold-in Acquisition Strategy

•

Acquire to:

–

Leverage infrastructure and capabilities

–

Gain experienced sales representatives

•

Targets:

–

$10mm -

$50mm of revenue

–

Company with similar market approaches

Share Repurchase Activity

•

April 2, 2008:

-

Board of Directors approved repurchase of 5%

•

Total

availability

3.5

MM

shares

FY06

FY07

FY08

TOTAL

Total Shares

-

2.1

6.4

8.5

Total Investment

-

$42.9

$112.5

$155.4

Total Cost Per Share

-

$20.17

$17.68

$18.31

Capital Expenditures

•

Maintenance Capital

$4 -

$5   

Million

•

Customer interface

process improvements

$11 -

12   Million

•

Strategic systems development

$12 –

13 

Million

•

Infrastructure & rollover

$1           

Million

$28 -

$30 Million

FY 2009: Financial Goals

•

Consolidated revenue growth

8.5% -

9.5%

•

Operating cash flow (in millions)

$73.0 -

$77.0

•

Earnings per diluted share

$0.94 -

$0.96

Thank You