Dental News Roundup July 2010
BY LAUREN UZDIENSKI, JULY 30, 2010
Align Technologies reported 2Q:10 revenues of $108.2 million, which included $14.3 million in deferred revenue from Invisalign Teen replacement aligners. Adjusted revenue of $93.9 increased from $90.1 million in the year-ago period and beat estimates by $3.8 million. During the quarter, 67,500 Invisalign cases were shipped, accelerating from 63,600 in 1Q:10 and 53,000 2Q:09. Non-GAAP net profit for 2Q:10 was $16.5 million, or $0.21 per diluted share, beating estimates by $0.07.
Biomet reported F4Q:10 sales of $702.5, up 8% over the year-ago period. Dental sales increased by 2% during the quarter. Growth rates exclude the effects of currency. The company reported a net loss of $14.5 million for the quarter, narrowing from a net loss of $170.9 million during F4Q:09.
Dentsply reported 2Q:10 sales of $565.1 million, up 2% as reported over the year-ago period and missing estimates by $3.5 million. Chairman and CEO Bret Wise noted, "The dental markets have shown a modest recovery in the first half of 2010," though the company said that the strengthening U.S. dollar is expected to have a negative impact on results in the second half of 2010. Net income for the quarter was $72.4 million, or $0.49 per diluted share, missing estimates by a penny.
Zimmer reported 2Q:10 revenues of $1.1 billion, representing a 3% increase over 2Q:09 and missing estimates by $0.1 billion. Dental sales increased by 8% to $56.0 million. Growth rates exclude the effects of currency. Adjusted EPS for the quarter was $1.09, increasing 9% over the year-ago period and beating estimates by $0.04.
Product Introduction and Update
Astra Tech announced that they have expanded their Atlantis patient-specific abutment options to include Dentsply Friadent's XiVE and Frialit implants as well as Straumann's Standard/Standard Plus (Wide Neck) implants for North American customers. The announcement follows Astra Tech's strategy of "providing patient-specific abutments for all major implant systems."
A U.K. survey led by Align Technology reported that one in three British people believe an attractive smile will help them attain professional success; similarly, 26% of HR managers polled said they "would be less likely to hire a potential employee if they had an unattractive smile."
Biomet 3i and Renishaw plc, a manufacturer of in-lab dental scanners, will collaborate to offer "comprehensive digital solutions to dental professionals and patients worldwide." Combined solutions will give dentists access to a "wider range of dental milling options" and will feature 3i incise copings and frameworks; Renishaw contact scanners; 3i incise CAD software; and Renishaw in-lab milling machines.
BIOLASE Technology announced a cost-cutting initiative whereby the company will shed 20 jobs and implement additional measures that they estimate will save approximately $3.0 million annually. Additionally, the company reported that CFO Brett Scott had resigned. CEO David Mulder and the company's corporate controller have assumed the CFO's responsibilities until a successor is named.
In conjunction with the Periodontal Research Group of the IADR, Straumann recognized Professors Martha Somerman and Ulf Wikesjo for their "significant contributions to research in periodontology" at the 88th General Session of the International Association for Dental Research in Barcelona. The newly-created IADR/Straumann Award in Regenerative Periodontal Medicine comes with a cash prize of $5,000.
BIOLASE Technology appointed Alex Arrow, M.D., CFA, and Norman J. Nemoy, M.D., F.A.C.S., to their Board of Directors. Drs. Arrow and Nemoy will replace George V. d'Arbeloff and Robert M. Anderton, D.D.S. Dr. Arrow is the CFO of Arstasis, a manufacturer of interventional cardiology devices. Dr. Nemoy is a practicing physician at Tower Urology Medical Group and is on the attending staff at both Cedars-Sinai Medical Center and Century City Medical Center.
Dental Technologies, Inc. announced the appointment of Russell I. Olsen to the position of Senior Vice President of Sales, Marketing and Service. Mr. Olsen has over 25 years of executive management, sales and marketing experience in the dental and medical industry. Most recently, he served as President and Chief Executive Officer at Keystone Dental, Inc., where in three years he implemented the company's go-to-market strategy, grew the customer base into the thousands, oversaw three acquisitions and evolved the business into the #9 dental implant manufacturer worldwide.
Straumann Chief Financial Officer Wolf-Rudiger Daetz is resigning his post as of September 2010 "to pursue his career outside Straumann." Mr. Daetz joined the company in March. A successor has not been announced, though the company notes that President and CEO Beat Spalinger will supervise finance and operations until a new CFO is identified.