Morningstar | Straumann's 1Q Performance Broadly Met Our Expectations Amid Healthy Organic Growth. See Updated Analyst Note from 30 Apr 2019
Straumann's fiscal first-quarter earnings results showed strength across its core businesses and broadly met our expectations. The company reiterated its 2019 outlook, and we do not anticipate major changes to our fair value estimate or our narrow moat rating. Despite a degree of seasonal digital hardware softness, the company still posted double-digit organic revenue growth across all regions.Straumann posted healthy growth across all regions during the period, mainly thanks to its implant business. We think the premium and nonpremium implant businesses should continue to fuel the company's performance, with healthy clear aligner growth providing further benefit. During the period, Straumann's premium implant growth was driven by ongoing BLT implant strength in addition to contribution from its BLX implant. We still think the newly launched BLX implant will help Straumann steal market share in the fully tapered premium implant segment, and we anticipate only a limited degree of product cannibalization. Separately, the company's ClearCorrect business held 73% year-over-year clear aligner case growth. We still expect broad clear aligner growth to persist, thanks to ongoing North American salesforce expansion alongside product launches in Brazil, China, and Europe. Lastly, we attribute the company's digital hardware softness to International Dental Show (IDS) seasonality. The IDS only occurs once every two years, and most dental buyers delay large purchasing decisions in order to benefit from IDS promotions.
Straumann is engaged in tooth replacement solutions that include dental implants, prosthetics and regenerative products. Co. develops, manufactures and supplies dental implants, instruments, computer-aided design/computer-aided manufacturing prosthetics and tissue regeneration products for use in tooth replacement and restoration solutions or to prevent tooth loss. Co. provides a range of services to dental practitioners, clinics and laboratories. Through a collaboration with its academic partner the International Team for Implantology ( ITI), Co. supports research and offers training and education to dental professionals worldwide.
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