Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/straumann-holding-ag" target="_blank" data-smartkarma-citation="entities:22493:1" rel="noopener">Straumann Holding AG (STMN SW)</a> is the global leader in dental implantology, with ~29% market share. With multi-brand implant portfolio, the company is well-positioned to capture the market opportunity.  </li>
<li>Straumann raised expectations for 2022 organic revenue growth to the mid-teen percentage range from low double-digit percentage range earlier, versus the strong comparative year (+42% organic revenue growth in 2021).</li>
<li>Straumann has significantly expanded its addressable market to CHF18B+. To achieve the company’s ambition of CHF5B revenue by 2030, an average organic growth rate of ~10% annually is needed.</li>
</ul>



Straumann Holding AG (STMN SW) is the global leader in dental implantology, with ~29% market share. With multi-brand implant portfolio, the company is well-positioned to capture the market opportunity.  
Straumann raised expectations for 2022 organic revenue growth to the mid-teen percentage range from low double-digit percentage range earlier, versus the strong comparative year (+42% organic revenue growth in 2021).
Straumann has significantly expanded its addressable market to CHF18B+. To achieve the company’s ambition of CHF5B revenue by 2030, an average organic growth rate of ~10% annually is needed.


Straumann Holding AG (STMN SW): Strong Organic Revenue Growth Indicates Continued Business Recovery

Equity Long-Short Analyst

Pyari Menon

<ul>
<li>Economic slowdown, China lockdown and more competition has hit <a href="https://www.smartkarma.com/entities/align-technology-inc" target="_blank" data-smartkarma-citation="entities:2817:1" rel="noopener">Align Technology (ALGN US)</a> share performance. Quantity and quality of innovations suggests a solid moat that should help a comeback.</li>
<li>ALGN has dominant leadership in digital design and mass custom manufacture of clear aligner orthodontics. A return of demand should lead to strong upside. </li>
<li>Dentistry has seen significant new technologies we list the top fifteen innovators in the sector. Align is primarily in the narrow business of straightening teeth, but dominates the space.</li>
</ul>


Economic slowdown, China lockdown and more competition has hit Align Technology (ALGN US) share performance. Quantity and quality of innovations suggests a solid moat that should help a comeback.
ALGN has dominant leadership in digital design and mass custom manufacture of clear aligner orthodontics. A return of demand should lead to strong upside. 
Dentistry has seen significant new technologies we list the top fifteen innovators in the sector. Align is primarily in the narrow business of straightening teeth, but dominates the space.


Align Technology - Very Well Positioned when Demand Returns

<ul>
<li>On a constant-currency basis, Q3 revenue of <a href="https://www.smartkarma.com/entities/align-technology-inc" target="_blank" data-smartkarma-citation="entities:2817:1" rel="noopener">Align Technology (ALGN US)</a> was reduced by 3% sequentially and 6% year-over-year, one of the largest quarterly foreign exchange impacts.</li>
<li>Weak consumer sentiment is taking a toll on Invisalign shipment, with adult case starts plunging 11% q/q and 16% y/y to 377K. Invisalign ASPs nosedived to nine-quarter low of $1,150.  </li>
<li>Amid increasing competition and macroeconomic headwinds, long-term model of 20–30% revenue growth is hard to achieve. The company is also expected to miss 2022 operating margin target of 20%.</li>
</ul>


On a constant-currency basis, Q3 revenue of Align Technology (ALGN US) was reduced by 3% sequentially and 6% year-over-year, one of the largest quarterly foreign exchange impacts.
Weak consumer sentiment is taking a toll on Invisalign shipment, with adult case starts plunging 11% q/q and 16% y/y to 377K. Invisalign ASPs nosedived to nine-quarter low of $1,150.  
Amid increasing competition and macroeconomic headwinds, long-term model of 20–30% revenue growth is hard to achieve. The company is also expected to miss 2022 operating margin target of 20%.


Align Technology (ALGN US): Q3 Result Not Aligned with Consensus; Outlook Remains Cloudy

United States

Envista Holdings Corporation operates as a holding company. The Company, through its subsidiaries, provides dental consumables, equipment, and services to dental professionals. Envista Holdings offers its services in the United States.

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Envista Holdings (NVST US)

Straumann Holding AG (STMN SW): Strong Organic Revenue Growth Indicates Continued Business Recovery

During 9M 2022, Straumann reported organic revenue growth of 18% YoY. The company has raised 2022 organic revenue growth guidance to the mid-teen...

Tina Banerjee

Align Technology - Very Well Positioned when Demand Returns

Decline in earnings has driven the sell-off, but with patience and tolerance for volatility ALGN's innovation dominance should lead to good long...

Pyari Menon

Align Technology (ALGN US): Q3 Result Not Aligned with Consensus; Outlook Remains Cloudy

With ~50% revenue from international market, Align’s Q3 result was significantly impacted by unfavorable Fx. Macroeconomic uncertainty and weak...

Tina Banerjee

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