Straumann agrees to sell DrSmile dental aligner business, shares soar
Adds shares in paragraph 2, H1 earnings beat and details on sales in paragraphs 1, 7-9, 11, context paragraphs 4, 10
By Marleen Kaesebier and Isabel Demetz
Aug 14 (Reuters) -Dental implant maker Straumann STMN.S announced the sale of its DrSmile aligner business and raised its full-year outlook to reflect that on Wednesday, after its half-year operating profit beat expectations.
Its shares were up 12.4% at 0751 GMT, on track for their biggest daily rise since 2008 if the gains hold.
Straumann said it had signed an agreement to sell DrSmile to Barcelona-based clear aligner provider Impress Group. It will receive a minority stake of 20% in the combined entity, it added, without disclosing other financial details of the deal.
Following the sale, the Swiss group will focus more on go-to-market activities in the orthodontics business-to-business area, it said. In April, it had said DrSmile was facing headwinds in the direct-to-consumer segment.
Straumann, which specialises in tooth replacement and orthodontic solutions, forecast 2024 organic revenue growth in a low double-digit percentage range, with profitability at 27-28% of sales at constant 2023 currency rates.
It had previously expected high single-digit organic sales growth and profitability of around 26% this year.
Second-quarter revenue grew 12.4% on a reported basis to 654.9 million Swiss francs ($757.1 million), slightly below expectations of 659.6 million francs in a poll compiled by Vara, as it hit by negative currency exchange effects.
Organic growth was 14.8% in the quarter and came ahead of estimates across Straumann's three biggest regions, EMEA (Europe, Middle East and Africa), North America and Asia-Pacific.
"Patient flow dynamic in the second quarter remained the same as in the first quarter," Straumann said about North America.
The company had said it was struggling with slowing U.S. dental implant demand when it reported first-quarter results in April, as high interest rates dented spending capacity of consumers who often use credit to pay for treatments.
Straumann's core operating profit (EBIT) rose to 354.4 million francs in the first half of 2024, beating expectations of 322.7 million francs.
($1 = 0.8650 Swiss francs)
Reporting by Marleen Kaesebier and Isabel Demetz in Gdansk; editing by Milla Nissi
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