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Swiss dental implant maker Straumann posted a 12 percent rise in first-quarter sales and its solid North American performance set it apart from rival Nobel Biocare (NOBN.VX: Quote, Profile, Research), boosting its shares.
Sales rose to 200.5 million Swiss francs ($192.6 million), but that was still short of expectations and the group slightly lowered its 2008 forecast. Straumann is the world’s second-largest maker of dental implants.
“Although the figures are a bit below market expectations, shares are up as Straumann’s figures and outlook are much stronger than those of main competitor Nobel Biocare,” a Zurich-based trader said.
Straumann’s rival Nobel Biocare slashed its forecast and shocked markets with a 25 percent drop in its first-quarter net profit last week, as customers reined in spending due to economic concerns. Its shares lost a further 1 percent on Monday.
First-quarter results from Nobel Biocare and U.S. competitor Zimmer (ZMH.N: Quote, Profile, Research) had indicated the market is growing slower than anticipated and it appears Straumann is gaining market share, Landsbanki Kepler analyst Florian Gaiser said.
In North America, Straumann posted a 15.6 percent increase in sales in local currencies, contrasting sharply with Nobel Biocare, which saw sales stagnate in this market.
Straumann now expects full-year revenue growth in the low to mid twenties percent range in local currencies and a net profit margin of around 22 percent in 2008 due to the stronger franc, representing a slight cut in its forecast.
Straumann is still expecting market growth of 15 percent in the medium-term and sees growth of 13 percent to 14 percent in 2008, Chief Executive Gilbert Achermann told Reuters. Nobel Biocare said last week it expects the market to grow by about 8 percent this year.
Source: Reuters
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