Company Reports

Straumann delivered a 6% (9% organic) sales growth during the second quarter. First-half core EBITDA and EPS are up 1% and down 1%, respectively. The firm also announced Christopher Norbye as the new chief executive effective Dec. 1. Shares are down 3% Aug. 19.

Straumann is a leader in the CHF 6 billion global dental implants industry. With decades of experience and unparalleled know-how, Straumann is frequently ranked as the most credible and trusted dental implant brand in the world. Today, the leading five companies hold about three quarters of the implant market, with the remaining space shared among several hundred local players.

Straumann announced on June 17 that it expects full-year core EBIT margin to expand 140-170 basis points at constant exchange rates for fiscal 2026, up from its previous outlook for 30-60 basis points. The shares rallied 10% on the news.

Straumann delivered a 7% organic revenue growth in the first quarter, although currency headwinds forced a reported revenue decline of 1%. Management reaffirmed its 2026 outlook of high-single-digit organic growth. Shares traded up slightly following the readout.

Straumann delivered a 7% organic revenue growth during the fourth quarter. In constant currencies, the firm ended 2025 with 9% revenue growth and a 30.6% core EBITDA margin, up 50 basis points against last year. Shares traded about sideways on results.

Straumann is a leader in the CHF 6 billion global dental implants market. With decades of experience and unparalleled know-how, Straumann is frequently ranked as the most credible and trusted dental implant brand in the world. Today, the leading five companies hold about three quarters of the implant market, with the remaining space shared among several hundred local players.

Straumann reported 8.3% organic sales growth during its third-quarter earnings and confirmed its full-year guidance of high-single-digit organic growth with a slight core EBIT margin improvement at constant currencies. Shares are trading up about 8% as of this writing.

Straumann reported second-quarter earnings that included 9.3% organic revenue growth, slightly missing FactSet consensus. Respective core EBIT and margin for the first half of 2025 were CHF 358 million, below the consensus estimate of CHF 365 million, and 26.6%, down from last year's 27.8%.

Straumann is a leader in the CHF 6 billion global dental implants market. With decades of experience and unparalleled know-how, Straumann is frequently ranked as the most credible and trusted dental implant brand in the world. Today, the leading five companies hold about three quarters of the implant market, with the remaining space shared among several hundred local players.

Narrow-moat Straumann reported first-quarter results that came in largely as we expected. Total sales of CHF 681 million were up 5.7% year over year, or 10.1% when adjusted for the DrSmile divestiture. Resilient implantology demand and solid execution across EMEA and Asia-Pacific helped offset ongoing macroeconomic headwinds. Management reaffirmed its full-year outlook of high-single-digit organic revenue growth, and while we remain in line with this guidance, we anticipate a tougher macroeconomic backdrop and tariff uncertainty to weigh on consumer sentiment and discretionary spending, particularly in the US, resulting in softer demand over the remainder of the year. We are narrowly trimming our growth assumptions and lowering our fair value estimate to CHF 115 per share from CHF 120.

Straumann is a leader in the CHF 6 billion global dental implants market. With decades of experience and unparalleled know-how, Straumann is frequently ranked as the most credible and trusted dental implant brand in the world. Today, the leading five companies hold about three quarters of the implant market, with the remaining space shared among several hundred local players.

On April 2, President Donald Trump announced a sweeping set of tariffs on all imports ranging from 10% to varying reciprocal rates, effective on April 5. In response, the broad dental market opened down yesterday at about a mid-single-digit percent from yesterday’s close and firms under our coverage—Align, Dentsply, Sirona, and Straumann—are all trading more than 5% lower at the time of writing. We think the industry can see two impacts from tariffs:

Straumann is a global leader in dental implants, a market that is estimated to be worth about CHF 6.0 billion. With decades of experience, Straumann is frequently ranked as the most credible and trusted dental implant brand in the world. Today, the leading five companies hold about three quarters of the implant market, with the remaining space shared among several hundred local players.

Narrow-moat Straumann reported solid fourth-quarter earnings that were largely in line with our expectations. Total sales of CHF 645 million were up 3.4% year on year, or 9.5% excluding the DrSmile divestiture impact, and core EBITDA margin came in at 29.5%, improving 100 basis points from last year. With Feb. 19’s results, Straumann finished the year with 35% market share in the CHF 6 billion global implantology industry, representing a 300-basis-point increase versus last year. The firm’s persistent market outperformance, in our opinion, speaks to solid execution, continued innovation, and commercial success, and we believe these three pillars uphold Straumann’s narrow moat. After updating our model and accounting for time value, we raise our fair value estimate to CHF 120 per share from CHF 112, and we think shares are slightly overvalued at the current price.

Straumann is a global leader in dental implants, a market that is estimated to be worth about CHF 6.0 billion. With decades of experience, Straumann is frequently ranked as the most credible and trusted dental implant brand in the world. Today, the leading five companies hold about three quarters of the implant market, with the remaining space shared among several hundred local players.

Narrow-moat Straumann reported third-quarter earnings that came in slightly below our expectations. Total sales of CHF 586 million were up 2.6% year over year, or 7.7% after accounting for the DrSmile divestiture, but behind our estimate of CHF 605 million. Straumann delivered growth across the portfolio and gained shares in both premium and value implants. The firm didn’t take any major pricing actions in developed markets like Europe, so we surmise that most of the growth was driven from volume. After the Oct. 29 results, nine months of the year delivered about 15% organic growth, but Straumann maintained its guidance of low-double-digit growth for the year, which implies a slowdown in the fourth quarter. After adjusting our model, we maintain our fair value estimate of CHF 112 per share, as our new estimates were offset by time value of money.

Narrow-moat Straumann reported strong second-quarter earnings that came in above our expectations. After updating our model for these results and recent cash flows, we are raising our fair value estimate to CHF 112 per share from CHF 100.

Straumann is a global leader in dental implants, a market that is estimated to be worth about CHF 6.0 billion. With decades of experience, Straumann is frequently ranked as the most credible and trusted dental implant brand in the world. Today, the leading five companies hold about three quarters of the implant market, with the remaining space shared among several hundred local players.

Narrow-moat Straumann reported first-quarter earnings that came in as we expected. Total sales of CHF 644 were up 8.1% year over year, or 16.5% in local currencies. Unfavorable headwinds related to the euro, US dollar, and yen created material headwinds—more than 600 basis points—but strong execution and market-share wins in certain regions proved enough to more than offset those impacts. We maintain our fair value estimate of CHF 100 per share.

Straumann is a global leader in dental implants, a market that is estimated to be worth CHF 5.6 billion. With over 60 years of experience, Straumann is frequently ranked as the most credible and trusted dental implant brand in the world. Today, the leading five companies hold about three quarters of the implant market, with the remaining space shared among several hundred local players.