We Lower Straumann’s FVE to CHF 90 Amid VBP News and a Lowered 2023 Profitability

Narrow-moat Straumann reported 2022 fourth-quarter and full-year results in line with our expectations. Total sales for the quarter were up 9.6%, as all regions except Asia-Pacific posted another positive quarter to end the year in a strong fashion. Despite tough comparisons with 2021, during which it posted 42% year-over-year revenue growth, the firm was able to grow its 2022 top line 15%. For the quarter, premium implantology continued to fuel growth for mature markets such as North America and Europe, regions that showed 13.7% and 11.3% respective year-over-year growth. Latin America remains the fastest growing region, bolstered by the firm’s leading presence thanks to Neodent, its value implant brand.