Biomet (NASDAQ:BMET)
Historical Stock Chart

From May 2019 to May 2024

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