Nobel Biocare 2Q Net Beats Views, Doesn't Give 2009 Goals
12 August 2009 - 3:44PM
Dow Jones News
Dental implant maker Nobel Biocare Holding AG (NOBN.VX)
Wednesday reported a better-than-expected second-quarter net profit
on lower restructuring costs, but said its market remains
challenging.
Nobel failed to give a quantitative guidance for 2009.
It said net profit for the three months to June 30 rose to
EUR28.2 million from EUR24.3 million a year earlier, beating
analysts' estimates of a drop to EUR21.86 million. The figure
includes restructuring costs of EUR5.8 million, while most analysts
had penciled in costs of around EUR10 million.
The Zurich-based maker of implants, crowns and bridges said
sales for the period fell 8.7% to EUR153.5 million, after EUR168.20
million, while the 10 analysts polled by Dow Jones had called for
sales of EUR158.68 million.
Nobel Biocare shares have gained around 24% year-to-date driven
by recent M&A speculation and hopes the company will benefit
from its restructuring efforts once demand for its products picks
up again.
Its shares closed Tuesday at EUR26.50.
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.nobelbiocare.com; www.straumann.com
-By Julia Mengewein, Dow Jones Newswires; +41 43 443 80 45;
julia.mengewein@dowjones.com