CORRECT: Straumann 1st Half Net Down 16%, Keeps 2009 Goals
August 11 2009 - 2:29AM
Dow Jones News
Dental implants maker Straumann Holding AG (STMN.EB) Tuesday
confirmed its 2009 targets after reporting a better-than-expected
16% drop in second-quarter net profit due to good cost
management.
Net profit came in at CHF84.6 million ($78.3 million), after
CHF100.5 million a year ago, and beating analysts estimates of
CHF74.62 million.
For 2009, the company said the dental market should shrink to
between 5% to 10%, but still expects to outperform the market this
year in terms of sales development.
Straumann also still expects an operating margin of more than
20% for 2009, "depending on currency developments."
Sales in the first half fell 6.9% to CHF384.1 million, falling
short of analyst estimates of CHF393 million.
Year-to-date, Straumann shares have gained 27% as investors are
hoping for a recovery of the market for dental implants. They
closed Monday at CHF236.
This compares to a 29% rise in shares of Zurich-based rival
Nobel Biocare Holding AG (NOBN.VX) which will report second-quarter
figures Wednesday.
Straumann and Nobel Biocare rivals Zimmer Holdings Inc. (ZMH)
and Biomet Inc. (BMET) have already reported one of their weakest
quarters, prompting analysts to take a more cautious stance on the
sector as customers remain hesitant to undergo big-ticket
treatments, such as bridges and implants, during recession.
Company Web Site: www.straumann.com; www.nobel-biocare.com
-By Julia Mengewein, Dow Jones Newswires; +41 43 443 80 45;
julia.mengewein@dowjones.com