Earnings call transcript: Straumann Q1 2025 shows 11% organic growth

Straumann Group reported robust financial results for the first quarter of 2025, with revenue reaching 681 million Swiss francs and organic revenue growth of 11%. The company highlighted strong performance across all business segments and minimal impact from foreign currency fluctuations. Recent data from InvestingPro shows the stock has gained 25% over the past six months, reflecting strong investor confidence. Despite a challenging macroeconomic environment in North America, Straumann increased its dividend by 12% compared to the previous year.

Key Takeaways

• Straumann achieved 11% organic revenue growth in Q1 2025.
• The company expanded its manufacturing network to 19 facilities.
• New product launches included the IXL implant system and Straumann Access platform.
• Strong growth was observed in EMEA, APAC, and Latin America.
• The dividend increased by 12% year-over-year.

Company Performance

Straumann Group demonstrated strong financial health in the first quarter of 2025, driven by innovation and market expansion. InvestingPro analysis confirms this strength with a Financial Health Score of 3.2, rated as "GREAT." The company maintained its leadership in the global dental implant market, capturing approximately 35% of the market share. For deeper insights into Straumann’s financial health and growth potential, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro. Despite macroeconomic challenges in North America, Straumann’s diversified portfolio and strategic initiatives allowed it to achieve significant growth in other regions, particularly EMEA, APAC, and Latin America.

Financial Highlights

• Revenue: 681 million Swiss francs, with an 11% organic growth.
• Dividend: Increased by 12% compared to the previous year.
• Market Share: Approximately 35% in the global dental implant market.

Outlook & Guidance

Straumann is targeting high single-digit organic revenue growth and expects a 30-60 basis points improvement in its core EBIT margin. The company remains confident in its ability to deliver strong performance despite macroeconomic uncertainties, focusing on innovation and market expansion.

Executive Commentary

Guillaume Dannier, CEO of Straumann, emphasized the company’s commitment to growth and innovation, stating, "We are a growth organization, an innovation-based growth organization." He further highlighted the importance of innovation in expanding market share: "Innovation is clearly critical to expanding market share."

Risks and Challenges

• Macroeconomic pressures in North America could impact future growth.
• Supply chain disruptions may pose operational challenges.
• Market saturation in certain regions could limit expansion opportunities.
• Competitive pricing strategies may affect margins.
• Regulatory changes in key markets could impact operations.

Q&A

During the earnings call, analysts focused on topics such as tariff impacts and mitigation strategies, regional market dynamics, and competitive pricing. The company addressed growth expectations for its ClearCorrect and digital solutions, providing clarity on its strategic direction.

Full transcript - Straumann Holding AG (STMN) Q1 2025:

Valentina, Chorus Call Operator, Chorus Call: Ladies and gentlemen, welcome to the Straumann Group Q1 twenty twenty five Results Conference Call and Live Webcast. I am Valentina, the Chorus Call operator. The conference must not be recorded for publication or broadcast. At this time, it’s my pleasure to hand over to Guillaume Dannier, CEO. Please go ahead.

Guillaume Dannier, CEO, Straumann Group: Thank you and good morning or afternoon and thanks a lot to all for joining us for this presentation of Straumann Group’s first quarter twenty twenty five results. Please take note of the disclaimer in our media release and on Slide two. Through to this conference, we will reference the presentation slides that were published on our website earlier this morning. As always, the presentation and discussion will contain forward looking statements. The conference will follow the usual format.

As shown on the agenda on slide three, I will first give you an overview of our strong first quarter performance and then Yang, our CFO, will share details about the financials. After that, I’ll provide you with an update on strategic initiatives and our outlook. As always, we will answer your questions at the end of the presentation. And then let’s move directly to slide five. I’m very pleased about our strong start to the year despite the macroeconomic uncertainties that we are all facing.

Thanks to the team’s relentless customer focus and commitment to innovation, digitalization, and education, we achieved 681,000,000 in revenue driven by a dynamic demand in all our business segments. This resulted in a strong organic revenue growth of 11%, reflecting resilient performance across a landscape of ongoing varied regional market dynamics. Looking back at the first quarter, I see three major highlights. First and foremost, our continued strong performance in the EMEA and APAC regions. Secondly, our presence at the IDS Dental Fair, which drove massive interest from visitors at our booth, thanks to the launch of many new customer focused solutions from innovative products to seamless digital workflow integrations.

And thirdly, our new collaboration with the three d printing pioneer company, Sprint Ray, which combined with Straumann Access cloud based platform, marks a significant step forward in single visit chairside restorative dentistry. All these highlights reflect the strength of our business, both in terms of our diversified portfolio and our global market presence. They continue reinforcing the solid foundation we are building to keep delivering sustainable long term growth.

: Also,

Guillaume Dannier, CEO, Straumann Group: in challenging times like this, our high performance play all owner culture is critical is navigating fast changing market dynamics. It enables us to stay agile, adapt quickly, and continue to size new opportunities as they arise. This leads me to our confirmed outlook for 2025. Despite an increased uncertainty within our microeconomic environment, we are confident about our continuing strong performance and aim to achieve organic revenue growth in the high single digit percentage range with 30 to 60 basis point improvement of the core EBIT margin at constant 2024 currency rates. With this, let’s have a look at the regional development on slide six.

While we had a strong start into the year despite ongoing macroeconomic uncertainties, we continue to observe significant variation across regional market dynamics, which are reflected in differences in patient flow and consequently in regional performance. I have already highlighted the excellent performance of our largest region EMEA. Even the high baseline continuing to deliver strong growth quarter after quarter is a remarkable achievement. Our performance can be attributed to four key factors, one structural and three specific to the Straumann Group. On the structural side, since the pandemic, people are spending more on the health and well-being.

In addition, in the EMEA region in particular, the price gap between a free unit bridge and an implant treatment has narrowed over the past years. This combined with improved reimbursement from private insurers over the past years and a growing number of trained dentists offering implant treatments is supporting continued higher market penetration. Secondly, our multi price, multi brand strategy has been instrumental in serving a broad customer base and gaining market share. Thirdly, we have made significant investments in direct go to market capabilities in Eastern European and Middle Eastern countries, such as Romania, Poland, and Turkey as an example, rather than focusing solely on more major markets of Western Europe. And lastly, our adjacent businesses such as anti oral scanners and clear aligners are also contributing to boost the overall regional performance.

In the first quarter, we saw broad based momentum across all business segments in EMEA. In implantology, our challenger brands delivered strong double digit revenue growth, while the Straumann premium brand continued to gain share supported by early successes following the IXL launch in selected markets last year. Orthodontics also made a meaningful double digit growth further strengthening the region’s performance. Finally, with the EMEA launch of new solutions such as our Straumann access platform, the IXL implant system, and unique prosthetic service in the first quarter, we continue to create the conditions to further expand our market position. The second highlight is the performance of the Asia Pacific region, which achieved a historical high against a strong comparison base.

Asia Pacific outside of China performed very well with strong double digit growth in emerging markets like Thailand, India, and Malaysia, while developed markets such as Australia and Japan sustain their growth momentum. The implantology business remained the primary growth driver with both premium and challenger brands playing an instrumental role. Furthermore, digital solutions made a meaningful contribution to the overall regional performance supported by the launch of our entry level series central scanner across the region. Once more, the growth in China stood out driven by the long lasting structural impact of the volume based procurement initiatives that boosted awareness and made implants treatment more affordable. When it comes to North America, the challenging macroeconomic environment had an impact on consumer sentiment leading to soft demand during the first quarter.

Despite these very volatile market conditions, both our premium and challenger segments delivered positive growth with Straumann benefiting from the growing traction of the newly launched IXL implant system. On the other side, the orthodontics business remained soft. Finally, the digital business contributed positively to growth driven by the successfully launched unique prosthetics service and intraoral scanners. Looking at Latin America, we are very pleased with the consistent strong double digit growth. The implant business led by our challenger brand, Niodent, remained the main growth driver in its home region with key market like Brazil and Mexico delivering strong revenue performance.

It is also worth highlighting the accelerated growth in the premium segment thanks to specifically targeted initiatives. In addition, ClearCorrect delivered an impressive performance with Brazil and Mexico also being the main contributors. The digital business played a key role as well, particularly with strong demand for serious and for all scanners, further supporting the region’s robust growth. And with this, I hand over to Yang to provide additional details on the financials.

Yang, CFO, Straumann Group: Thank you, Guillaume, and hello, everyone. I would like to remind you once again that we restated our financials according to IFRS requirements following our sales of doctor’s smart business in September 2024. So the financials I will walk you through now refer to continuous operations for both 2025 and prior year first quarter numbers. On slide eight, our revenue in the first three months of this fiscal year reached 681,000,000 Swiss francs, which corresponds to an organic growth of 11%. For the first time in several years, the foreign currency impact was rather muted.

However, as you have likely noticed, the Swiss francs has recently been strengthening again, and we could face foreign exchange headwinds in the coming quarters. For this quarter, there was also no m and a impact. Thanks to broad based share gains.

: The group

Yang, CFO, Straumann Group: the growth globally reflecting the strength of our strategy, the broad geographic mix, and the diversified portfolio which helped to balance different regional dynamics. The significant growth in the first quarter was also across all segments, implantology, orthodontics, and digital. Let’s move to slide nine and our capital allocation principles. We remain committed to our long standing and successful capital allocation principles. As a growth company, our top priority remains to reinvest in sustainable growth or in the business.

We also aim to maintain a strong balance sheet through economic cycles as evidenced by our low leverage and strong liquidity management. With heightened macroeconomic uncertainty, we continue to support our customers, leverage our global supply chain network, and ensure sufficient inventories across various markets. Mergers and acquisitions remain a strategic priority to accelerate our strategy. Two weeks ago, we also paid our dividend, which was 12% higher than the previous years, reflecting our commitment to maintaining or gradually increasing the absolute dividend in line with earnings growth. Today is also my final quarterly results presentation with the Straumann Group.

I want to thank you all for the meaningful discussions we’ve had and look forward to saying goodbye in person during my last roadshow next week. With that, Guillaume, back to you.

Guillaume Dannier, CEO, Straumann Group: Thank you, Yang. Let’s move on to slide 11 straight away. In the current environment with so many uncertainties, we can strongly rely on our key fundamentals. First, we operate in a growing market where we hold approximately a 12.5% share. Secondly, our multi brand and multi price portfolio is very well diversified to cater to different customer segments.

And thirdly, we benefit from our broad geographical market presence served by a global manufacturing footprint. Looking at the market first, implantology remains the cornerstone of our business. And with a global market share of around 35, we are clearly the leading company in this business segment. And while we have come a long way, there are still very significant growth opportunities ahead of us within and beyond the implantology market. Moving on to slide 12, I would like to highlight once again the fact that the implantology market remains yet significantly underpenetrated, offering a vast growth potential.

Spain, with its large number of surgically trained dentists and a dynamic DSO presence driving increased affordability for patients, serves as a valuable benchmark for evaluating average implant treatment penetration. Using Spain as a reference, we see significant potential for growth in both developed markets such as France, Germany, and The US, as well as in emerging market like India. We are confident that market penetration will actually continue to rise. This development is driven by increasing patient awareness of dental implant treatments. A growing number of surgically trained dentists who can place implants in all geographies, and more affordable treatment costs.

These factors will further accelerate market expansion, and we are well positioned to capture this opportunity. A good example is China where the three element mentioned above unlocked by the implementation of the VBP have significantly increased implant penetration, although overall levels still remain relatively low. Therefore, we believe China as one strong example represent a large market with significantly long term growth. It moves on to slide 13. The second important strength I mentioned is that we have significantly expanded and built a diversified portfolio over the years.

Thanks to our multi brand strategy in implantology, we offer solutions at values price points capturing to the different customer segments. In addition, we have successfully diversified beyond implantology and strengthened our global presence, giving us the flexibility to adapt to different customer needs and pricing expectations worldwide. Moving on to our third strength on slide 14, we have significantly expanded our geographical footprint both in terms of presence and production facilities. While we operated just six manufacturing sites in 02/00/2013, we now run 19 production facilities worldwide, including the Shanghai Compass, which we expect to be fully operational in the next coming month. This expanded manufacturing network strengthens our supply chain and significantly improves its agility and resilience to a fast changing environment.

We already leverage local production across several business areas. For instance, in The US, where we have the capability to produce a significant portion of the solutions sold in that market. This applies to premium implants as well as most other business areas such as customized prosthetic and orthodontics. Together, these three fundamental strengths form a strong foundation for sustainable growth, allowing us to serve different customer segments in over a hundred countries. It is precisely this reach that gives us a decisive advantage in times of economic fluctuation.

Our strategic compass is designed to capture a growing share of our total addressable market of 20,000,000,000 Swiss francs. Innovation, digitalization, and education are our three key pillars to unlock these opportunities. I am pleased that we have continued to make significant progress in the first quarter along all those they have mentioned. Let’s start with our approach to innovation and digitalization on slide 16. Innovation is clearly critical to expanding market share, and there are two major elements to it.

Firstly, what we call the what dimensions. It is corresponding to the product and solution side. We constantly innovate there with the goal of helping clinicians to reach clinical excellence and efficiency always backed by scientific evidence. Secondly, the how dimension. This is related to the customer experience side.

As in many industries today, delivering a superior customer experience in term of simplicity, efficiency, and convenience is what separates successful solutions from those that fall behind. Technology and especially digital innovation is a key driver in creating this differentiated experience for clinicians. Thus, by innovating on both the what and the how dimensions, we ensure that we remain ahead of the competition and keep expanding the leadership in our core segment. Now let’s move to slide 17 and talk about how we combine innovation, digitalization, education at the International Dental Show in Cologne in March. With regard to the one dimension, we pursued our global IXL launch at IDS.

This next generation implant system combines four implant designs in one. With both unique features such as rock solid material and SL active surface, it supports minimally invasive treatments and faster OCO integration and thus drives practice efficiency and high clinical outcome. We also introduced unique, our cloud based prosthetic service that enables labs to outsource the design and production of highly customized respirations. Finally, Falcon offers compact dynamic navigation system for real time surgical guidance generated a very high interest. These innovations reflect the strength of our core implant business and our ability to further expand our market share in this segment in the short and mid term.

Now moving to the how dimension, which also strongly relates to our key success pillar, digitalization. In today’s environment, it is no longer enough to upgrade products and solutions. We have to make workflow simpler, faster, and more connected, and that’s where our digital capabilities come in. Our cloud based platform, Stroman Access, which we just launched for the EMEA region, connects the entire treatment journey from diagnostics to execution in all one seamless digital ecosystem. Let’s move on to slide 18.

At the IDS, we announced our collaboration with Sprint Ray and launched the Straumann signature Midas chairside three d printer. Combined with the Serious central scanner and a complete integration into our Straumann Access platform, we can now offer unique chairside workflow solution that allows clinicians to deliver single respirations in under ten minutes, making efficiency single visit treatment a reality. Thus, we increase patient benefits by shortening time to tooth while enabling clinicians to treat more patients efficiently. So by combining both the what and the how dimensions and and sizing on education even such as ideas, we are delivering meaningful value to our customers and building a foundation for our short, mid, and long term growth. Now let’s move to slide 19 and talk about how we support our growth journey.

We are investing significantly in innovation and digitalization as mentioned earlier, also in education since implantology and orthodontics are not covered in undergraduate clinical education. We therefore play an important role in empowering clinicians to be more active in specialty dentistry cases. Now the largest share of our capital expenditure goes to expanding production capacity and strengthening our supply chain. In China, the volume based procurement initiative has a long lasting impact by boosting awareness and making implant treatments more affordable. We see significant growth opportunities ahead, which are supported by the large population and the aging trend.

To capture these growth opportunities, we invested in local production. The ramp up of our Shanghai Compass is well on track. Production has already started and we expect to begin fully approved manufacturing for China VBP commercial products during the second half of twenty twenty five. Another major milestone is the start of construction of our third new Odin factory in Turitiba, Brazil to support the strong growth of our challenger brand implant volume. As you can see in the photo, work is already well underway.

The site is expected to be operational by the end of twenty twenty six. Together with other supply chain enhancements, both investments will enable us to continue delivering high quality solution at scale and support our ambitious growth plans, which bring me to our outlook on slide ’20. We have entered 2025 from a position of strength backed by a diversified portfolio, a strong market presence, and a clear strategic vision. With this foundation, we remain confident in our ability to navigate the complexities of the global landscape and continue expanding our market share, reinforcing our confidence in our long term ambition for 2030. Our broad geographical presence provides resilience against regional economic fluctuations, while our worldwide manufacturing footprint supports our supply chain flexibility in times of growing geopolitical complexities.

While tariffs will have an impact, we have set up the right measures to manage the consequences. Therefore, we remain confident for 2025 to achieve organic revenue growth in the high single digit percentage range with a 30 to 60 basis points improvement of the core EBIT margin at constant 2024 currency rates. And now before to conclude, I would like to thank Yang for all her contributions, her dedication, insight, and very positive spirit have made a lasting impact, and we are grateful for everything she has done. Thank you, Yan. With this, we can open the question and answer session.

Please press star and one on your phone to join the queue. Kindly limit yourself to two questions. This will give all participants a chance to ask a question within the available time. Chorus Call, can we have the first question please?

Valentina, Chorus Call Operator, Chorus Call: The first question comes from Brendan Vasquez from William Blair. Please go ahead.

: Hi, good morning everyone and thank you for taking the question. First, I just wanted to start on the guidance. You guys put up a good first quarter here and I hate to harp on it because you actually reiterated guidance on what’s an uncertain macro. But just maybe talk a little bit about the dynamics because as you go through the year for guidance, your comps get a little bit easier. You did a double digit to start the year.

So it implies a little bit of a deceleration through the year. Perhaps maybe is there just a little conservatism that you’re building in for the full year organic growth guidance? Maybe we can start there.

: Yeah.

Guillaume Dannier, CEO, Straumann Group: I think, you you know, we are pleased with our first quarter. In the current environment, we believe that adding a high single digit growth guidance is already quite a a a very significant objective. And then, we don’t know a lot of the kind of a macro evolution in the coming quarters, then I think it’s still not so easy to predict that the q one conditions will remain the same, for the remaining quarters of the year. Now if everything, stay the same, we will be very pleased, by the the the second part of the year to revise guidance if if needed. But for the time being, we believe the guidance is well placed, and we are really confident in being able to, achieve it.

: Yep. That makes sense. And then maybe one, I’m sure others will have questions on macro as well. So maybe I’ll pivot here and ask. Guillaume, there’s a lot of new products that you guys are launching, a lot that you highlighted from IDS.

Maybe spend a minute just talking about the top one or two that you think will be most impactful here to growth in in maybe the next twelve to twenty four months and and why they may be the most impactful to the company growth profile? Thanks.

Guillaume Dannier, CEO, Straumann Group: Yeah. I think thanks for highlighting this. We we we have to say we are really, really happy with the level of innovation we are bringing to the market on a consistent, manner. And this is one of the key strength we have to continue gaining share, even if some new as we see the macro is not very positive, gaining share is the only way to grow, and we are still adding or keeping the the conditions for this for all our sales team worldwide. The I would say the two major or the three major products that we are going to see impact in the next twenty four months are obviously the IXL, implant system.

This is the way to grow share on our core, digital, in our core implant segments on the premium side. The feedback we are hearing from customers using it already is extremely positive. Then, yeah, we are, really confident there. The second, side is considering the digital dimension. We are really excited with our intraoral scanner portfolio.

Our entry level series, especially in market like Brazil, like, China, like, South Europe, for example, are already providing significant growth, on this side. And, of course, the partnership with FreeShape is allowing us to have a complete portfolio, and we believe that digital penetration will continue to significantly increase despite, the macroeconomic environment. We believe that efficiency gain is going to be important into the practices and the price level of scanners have significantly decreased. And we are still believing significantly in this growth driver. And lastly is this partnership with, with Midas and Sprint Ray where it could also significantly change the landscape in single, tooth restoration chairside, that will be, I would say, the beginning, a slow development because we are then implementing this technology, but we believe that in twenty four months from now, it could represent something very interesting for us.

Then, that’s the way we are seeing that, and we are very exciting about those product that has been launched less than three months ago or four months ago, meaning that, a lot of growth potential for us.

Valentina, Chorus Call Operator, Chorus Call: The next question comes from David Edlington from JPMorgan. Please go ahead.

David Edlington, Analyst, JPMorgan: Thanks for the questions. Maybe just firstly, if you could point towards the trajectory through the quarter, were you seeing any softness quarter in either The U. S. Or Europe? And then secondly, on foreign exchange, give you an update in terms of what you think the headwinds will be from here for the rest of the year, top line and margins?

And then finally, on tariffs, you alluded to it, but is it safe to say that you expect very limited impact from tariffs? Thanks.

Guillaume Dannier, CEO, Straumann Group: Thank you, David. I I got, well, the the the two last question that I’m sure Yang will will will take. For for the first one, you were, I did not capture the first. It’s the dynamic within the quarter for the region. That was the question?

David Edlington, Analyst, JPMorgan: Yes. Exactly. I just wondering if you were seeing any softness given the macro headwinds increased through the quarter. I just wondered if you saw any softness as it came towards the end of the quarter in either Europe or U. S.

Specifically.

Guillaume Dannier, CEO, Straumann Group: Okay. Yeah. All three interesting question. Actually, what we have seen in North America while being soft is is a very volatile situation from quarter to quarter. And we have seen actually customers somewhat responding to the news that they were receiving on a macro economical side.

Then there have been fear of potentially stocking themselves a little bit less patient flow than the we have seen up and down, from month to month. But I would not say that we’re seeing worsening during the quarter. We actually ended March better than we, than, that we were in the middle of the quarter, then it it’s still a very volatile environment. And it has been a lot related to the uncertainty, we believe, on the marketplace. And, I really believe that, in in a in a in a better and at least, in a better and more stable dynamic, in in the months to come.

Thanks, of course, for from our innovation that will keep, you know, providing us new customer acquisition opportunity, but also by the fact that, I think, some some clarity will be, I hope, gained, when it come to macro. For the two other question, Yan, do you want

Yang, CFO, Straumann Group: to Okay. Jump

Guillaume Dannier, CEO, Straumann Group: in, chime in?

Yang, CFO, Straumann Group: Hey, David. First, on the FX question. Yes. We have seen very muted, almost zero impact on the first quarter. However, if we take a snapshot of today or yesterday’s spot or forward, it could be as high as hundred basis point on the top line and depends on if you look at the spot or the forward rate, it could be 20 to 30 basis point on the bottom.

But this is, of course, point in time and nobody has a crystal ball, so we just have to observe and update the market as we go. The tariff is of course, the we are somewhat insulated from the tariffs. Thanks to our global network, but we’re not immune. Their tariff has some bearing in our financials, but it’s fully embedded into our confirmed guidance. The reason is we are also diligently put in place the network optimization in responding to the changing target situation.

And we do have a footprint to that is across the globe, including The United States, and that help us to lessen some of the things. But we of course, right now, as we speak, as everyone else, we are we are managing the network in the most efficient way so we can so we can respond to the tariffs and be able to absorb some of the negative impact into our full p and l for this year.

Valentina, Chorus Call Operator, Chorus Call: The next question comes from Victoria Lambert from Berenberg. Please go ahead.

Victoria Lambert, Analyst, Berenberg: Hi. Thank you for taking my questions. The first one is just on the outlook for The US. Are you guys still expecting patient volumes in 2025 to be ahead of 2024? I think you gave that color in February.

So just some an update on that would be helpful. And then my second question is just on ClearCorrect. You had some cost savings from the the doctor’s smile exit last year, and you’ve been reinvesting. So just wanted to get a sense of of if any of this reinvestment have been paying off, what we’re seeing, and market share? I I know that US has been a bit softer, but but maybe ex US, we could get a bit more color.

Thank you.

Guillaume Dannier, CEO, Straumann Group: Yes. Of course, when it comes to US forward looking, again, I think it’s still very unpredictable in some ways, with all the elements that are at play and all the discussion that you guys are hearing as much as we do, on the potential impact on tariffs and inflations and then potentially, adding a lower demand overall. But we we actually don’t see this, at the moment. We don’t see the situation worsening, and we believe still that we are going to have a better 2025 than 2024. This has been our, I would say, our view, before starting 2025, and it did not change so far.

Then the we have a, it’s a slow start based on all the different announcement that have not been planned by anyone, but we still believe that we have strong fundamentals that are going to be at play here, once again on the innovation side for market share gain, also by a more stable environment, and a strong execution. Then we will, then deliver on a better US, from our perspective, and that’s what has been included in our guidance. When it comes to ClearCorrect, ex US, I think double digit growth. We are very pleased with, the feedback we are receiving from customers, that are pleased with the improvement we have done in software, with the capability to support them in growing their number of cases. Then both Europe and Latin America are really then the keeping developing our auto business.

And this is what we are looking at also structuring in the same manner for US when the macro will be more supportive of, case growth. Then that’s why the the investment that have been done on the one side feet on the ground. And on the second side, on technology, be it software, but also treatment planning expertise, help us really, to improve our value proposition as we were expecting.

Valentina, Chorus Call Operator, Chorus Call: The next question comes from Hassan Alwakil from Barclays. Please go ahead.

Hassan Alwakil, Analyst, Barclays: Hi, good morning. Thank you for taking my questions. A couple from me, both follow ups. Firstly, on tariff, could you talk about what your assumptions are today and whether you’re embedding all announced tariffs? And if there’s a range of impact within the guidance that you’re thinking about?

And then to what extent can you cover your manufacturing needs from Andover? And what about digital equipment? And then secondly, following up on your U. S. Comments, when we met at IDS, Guillaume, you sounded more cautious on this market and the volatility you are observing here.

Are you seeing any evolving dynamics between single tooth and full arch? And how confident are you in achieving consensus expectations of mid single digit growth in North America in full year ’25? Thank you.

Guillaume Dannier, CEO, Straumann Group: Well, when when it comes to tariffs, we have then quite a good coverage of already local manufacturing. We are obviously optimizing our Andover site to be able to produce more finished product locally to The US market, but we think we can absorb a significant part of the volume. So there, % of our customized prosthetic is done in Texas. Hundred percent of our clear aligner is manufactured also in Texas for The US market. A significant part of our biomaterial is done with local partner like LNH in Virginia.

Then I think we have our challenger brands that is produced in Brazil that is going to, of course, be going through the the the tariff side. And we are looking at solutions for our, digital portfolio, together with our partner on, the FreeShape side and our own manufacturing side as well. Then I think a large part of our manufacturing is then already based in The US. And, for confirming our guidance, we have taken the situation that has been expressed by the US administration, early on when they have announced, the Liberation Day. Then that’s where we stand.

Then the we are going to look at what it means from, the kind of final discussions or alignments in between countries, in the the, you know, the three months, kind of period that has been granted for those kind of international alignments. That’s why we are not taking the easy way, and we are planning for the worst and expect for the best. When it comes to The US, you know, we are normally confident to do better than what we have done in 2024 in the current macro environment. Obviously, if you would have a very strong deterioration of The US, it will be very different. But at the moment in time, we don’t see sign of this in the market.

We are discussing, of course, with all our customers and staying very close to them. They have seen again a lot of volatility, but not a worsening trend. And that’s one of the reason where we believe we can still achieve the vision that we had at the beginning of the year.

Hassan Alwakil, Analyst, Barclays: Very helpful. If I could just follow-up on the strong ClearCorrect performance OUS. Are you seeing any difference in performance or the mix between specialists and GPs? I know this is something that you’ve been working actively on.

Guillaume Dannier, CEO, Straumann Group: No. We have seen strong performance ex U. S, but not in The U. S.

Hassan Alwakil, Analyst, Barclays: Yes. And my question is how the performance is trending between specialists and GP. Okay.

Guillaume Dannier, CEO, Straumann Group: I think our portfolio capture more to the GP segment, but you have some countries where clear aligner and orthodontics are done only for specialists, and Brazil is a very good example. Then I would say that, we have, from an overall European standpoint, a much more GP penetration where when it comes to Latin America is much more, specialist, penetration, when it comes to a regulatory, than situation of those two different regions. That’s where we are pleased that, our systems can now both, be delivering on, specialist and GP segment, looking at the performance we have been able to post for the past quarters already.

Robert Davies, Analyst, Morgan Stanley: Perfect. Thank you.

Valentina, Chorus Call Operator, Chorus Call: The next question comes from Daniel Yelovkan from Zedkabet. Please go ahead.

Guillaume Dannier, CEO, Straumann Group0: Yes, good morning. The first question is on Germany and France. You mentioned Germany was again strong. Does that mean like the EMEA region, so close to double digit? Or and what were the major drivers there?

Was it IXL or premium, challenger, and so on? And to that question is the French market, you didn’t really mention. And on top of my mind, I think you had a a certain management change there. How does it look in France? Thanks.

Guillaume Dannier, CEO, Straumann Group: Yes, Daniel. Germany was strong, then the and the major reason of, this very, solid performance is the combination of all our businesses that are delivering very well. You know, I I’ve been expressing the fact that in EMEA and, I would say, Germany, also especially, we have seen that more dentists placing implants. We have seen also reimbursement evolving a little bit favorably over the year, then the market conditions are positive for supporting, input market penetration. And we have significantly increased our capability to serve customers on both, premium and challenger brands.

Then we were relying mainly on premium brand in the past, and we are now getting the combination of premium challenger brands, some ClearCorrect and some digital, which are bringing then our German market performance, much above, the total market growth that we see. When it comes to France, I think we are, well, France is not, in a period of best performance. It’s, actually acceptable. But as you can imagine, our expectation is to be significantly above market growth. And we have on the one side, then the need, to increase and improve execution, but also the fact that we have our former leader has been, then looking for a different experience at the beginning among the group.

Then the that’s why we had also a change of leadership here, and we are trusting our French team, to be able to, leverage all the innovation that we are giving, also as an opportunity of creating more customers and delivering even higher performance than the one we are having right now.

Guillaume Dannier, CEO, Straumann Group0: Okay. Thanks very much.

Valentina, Chorus Call Operator, Chorus Call: The next question comes from Viktor Topra from Wells Fargo. Please go ahead.

Guillaume Dannier, CEO, Straumann Group1: Hey, good morning and thanks for taking the question. Two for me. Appreciate the commentary on tariffs, but I’m just wondering if you can quantify the tariff exposure you’re facing in 2025 and when you expect those tariffs to hit And then I just had a follow-up, please.

Guillaume Dannier, CEO, Straumann Group: I I think we the tariff exposure is is fluctuating. You know, it has been fluctuating during the whole first quarter depending of what’s going to be applied, what is not applying, then we have a a different range and different scenario. Then and when, it is going to hit, then it has already started to hit the company, with the 10% that have been implemented, for all the different countries. Then, for the time being, this is the first step that we have, like, every company submitted to to tariffs. And then we are going to see what’s going to be the final results in a couple of months from now.

But that’s where we stand at the moment by, being able to have more clarity on this side. But when we look at the worst case scenario, we are able to, manage the consequences by all the preventive measures we have put in place.

Guillaume Dannier, CEO, Straumann Group1: Okay. Got it. That’s very helpful. And then my follow-up question is, I would just wanted to get, some additional color about the differences in growth this quarter in your value and your premium implant businesses and how we should think about them for the rest of the year. Thank you.

Guillaume Dannier, CEO, Straumann Group: On the global perspective, when we look out two different brands, premium and challenger, then challenger is growing, always faster, than premium. But the premium is also very, very strong. And we can say that we are almost double digit on both sides. We’ve adding our then the with our challenger brands, being able to, of course, be much more dynamic because of the geographical mix. Once again, adding all those emerging market growing faster from a volume standpoint and all being at 90% ish in the challenger side.

Valentina, Chorus Call Operator, Chorus Call: The next question comes from Maja Stefani Pataki from Kepler Cheuvreux. Please go ahead.

Guillaume Dannier, CEO, Straumann Group2: Good morning, everyone. Two questions, please. One, could you provide us a bit of an estimate of how much the potential impact from the IDS was on growth in Q1? And also, what you think that the Easter impact the positive Easter impact was in Q1 just to see where the potential underlying growth could have been in Q1? And then the second question, more broadly speaking, I fully understand that the the visibility on what is going to happen particularly in The US is is very low and, you know, you you reflect on the market being very volatile.

In case the market would remain very volatile and growth would slow a bit and you would not get to your target, how do you think about costs? Would you consider to adapt on the cost side to match the new environment? Or do you think the, you know, the projects that you’ve put in place for long term growth should be continued throughout this challenging time? Thank you.

Guillaume Dannier, CEO, Straumann Group: Yes. Good good good question, Maya, well. And when it comes to IDS, IDS is not really a place where we sell. It’s a it’s a we are selling to some customer in the German market, but I would say it’s limited impact on the total number that you are seeing. Then this could be excluding excluded as a special effect.

Secondly, the Easter effect is a good one, at least when it comes to EMEA. Last year, then it has, I would say, supported a bigger growth or a stronger growth in q one, because Easter is in April this year and it was in March year, meaning that we have, somewhat extra selling days this year in q one that we are not going to have in q two. Then we are expected expecting, of course, this effect in the second quarter for the EMEA region. When it comes to, our investment policy and related to our short term performance, we we are, of course, a a growth organization, an innovation based growth organization, and investment in growth and, for the long term is really critical. Now, obviously, we are also capturing and caring, for the short and midterm perspective.

Then, there are significant investments that are planned for our, that growth project. Some are, of course, then, committed. Some are more flexible. And if we were having, to see significant, I would say, headwind from macro, because of recession in any part of the world or whatsoever, then we would have, of course, the ability to take care of our total spending and assess, of course, the criticality of our different investment for the long term. And it will be always the balance that we have been able to do.

If you look at the COVID time, if you look at the, more difficult time in the past, we have been always balancing the short term, than the results with our long term growth investments, and this is what we would be doing the same way if those kind of scenario would be coming up.

Guillaume Dannier, CEO, Straumann Group2: Thank you.

Valentina, Chorus Call Operator, Chorus Call: The next question comes from Oliver Metzger from ODDO BHF. Please go ahead.

Guillaume Dannier, CEO, Straumann Group3: Yeah. Good morning from my side. Two questions I have. The first one is about the dynamics in China. So can you make a comment about right now about this strong dynamic?

Do you see some there’s some headwinds from penetrating the Tier three clinics? Or would you regard the current momentum basically as the underlying market dynamic? Second question is on IXL. So IXL brings more freedom to the dentist, but which comes at a premium. So value contribution should be bigger than the volume contribution.

First, can you confirm this? And second, can you make a comment whether IXL has been so far more successful at the conversion of existing Straumann customers or at the approach of new customers? Thank you.

Guillaume Dannier, CEO, Straumann Group: Thank you, Oliver. China question is obviously important, and we see overall in the marketplace still a significant dynamic. Once again, we believe that the VBP rules have created very significant conditions for, then growth because the reservoir that have been unlocked is massive in between patients that are having missing teeth and that are able to afford treatment. Now, as as always, because of education level, because of information availability, the those kind of change are happening first in tier one, tier two cities with people being able to invest, to adapt, and this is what we have seen in the first twelve to eighteen months. And we have seen this dynamic being also then, now, happening in tier three, four, five cities where we see a lot of dynamic in this part of the country.

Then that’s one of the reasons that’s one of the reason also that our multi brand portfolio is very critical. We are having three brands in China at three different price points. We are having Straumann, Premium. We are having Ontogee as a value brand, and we are having T plus as our entry level brand. And all three are growing or at least are helping us to increase further not only our top line, but also our market shares.

When it comes to I x l, yeah, it creates value at the practice level. I think not not because of simplicity. If you recall something which is important that, we might not underline enough, because of the fact that IXL is based on rock solid material, then you can use, narrower implant diameter. It means, for example, in, specific macro conditions like today, you can do what we call graftless procedure. It means that in very thin jawbone, you can place an implant without adding bone grafting, which is reducing surgery complexity, which is reducing the total procedure price, and which is increasing speed to treatment.

Those kind of really interesting technical advantage are really supporting practices not only to have a nicer inventory management, not only higher kind of clinical outcome, but also having the possibility to increase conversion rate. And this is what we are driving with IXL, then it creates increased value within the practice on both their capability to respond to all patient needs, but also their capability, obviously, to have a lower, than the inventory. Are we more successful with existing than new customers? I think it’s we have to be successful in both Because, obviously, we have launched this first with a new customer acquisition strategy, because you have limited volume to start with, and we want to make sure that we generate growth. But at the same time, all your very good customers want to try it and want to make sure that they are also first in line to be able to leverage your new technology.

Then we are having, I would say, a healthy mix in between new customers and existing customers, then using IXL and both with the same level of very positive feedback.

Valentina, Chorus Call Operator, Chorus Call: The next question comes from Dylan Van Haften from Stifel. Please go ahead.

: Hey, guys. Thanks for taking my questions and wishing you the best, Jeng. So maybe just to get a clear sort of understanding of, ClearCorrect sort of dynamics in The US, could you confirm to us whether it’s deteriorated when it comes to the trajectory or not? We understand the OUS growth, but just anything you could tell us there. And then my second question would just be on the initial traction with the Midas and the Syrios bundle, and how we should think about that over the rest of the year, including the consumable component.

Thank you.

Guillaume Dannier, CEO, Straumann Group: We have not seen a deterioration, inside the quarter. We have seen up and down once again, in between Jan, Feb, March. Then that that’s why we have been, again, rather, still, we’ve, staying on our expectations for a better 2025 than the 2024, because of the the the dynamic of q one. Then that’s what we are, expecting to see in the second quarter, and I think the second quarter will tell us a lot, about what will be, overall NAAM for total year. When it comes to, Midas and our Serious bundle, we are obviously very excited about this and, of course, changing dentistry from that standpoint.

We are just we have just announced this at IDS, and we are currently, training the team. Then, the Midas will be commercially available for us starting at summer, then I think the impact will be seen more in the second half of twenty twenty five. And I would say it’s going to be a a step by step development because some people will want to try, and there will be a a word-of-mouth that will, I expect, be positive. Then I think you will see, no effect or limited a very limited effect in second quarter. We should start to see third quarter and I think the bigger effect for the year should be in the last quarter.

: Awesome. Thank you.

Valentina, Chorus Call Operator, Chorus Call: The next question comes from Richard Felto from Goldman Sachs. Please go ahead.

Guillaume Dannier, CEO, Straumann Group4: Hi, there. Thank you. Just two questions for me, please. The first one is on the clear aligners business. I was wondering if you could give us an update on profitability post the sale of Doctor.

Smile. And then the second question, as it relates to your China business and the establishment of your Shanghai campus, can you maybe provide a bit of detail on what that enables your business to do differently in China going forward? Thank you.

Guillaume Dannier, CEO, Straumann Group: On the on the clear aligner side, then as we are, you know, on the investment side to reach critical mass, we are not yet at the profitable stage. As we are really still increasing double digit, we are feeling that we are then the on the on the on the good track and a good path to get there. But at the moment, for us, it’s really being able to reach size. And to reach size on the one side was to ensure that our value proposition was at the right level, which we see now, it’s the case with regard to the traction we we have. And secondly speaking, the feet on the ground.

And as we are ramping up our volume and our shares, I think we are going to see profitability then along the way. But this is not what we’re pursuing right now with the fact that as doctor Smile is out, then we need to make sure that we’re building up, the critically the critical mass of this business. And when it comes to Shanghai, I’m I’m sorry. I I did not hear the question well. Could you help me with your second question again?

Guillaume Dannier, CEO, Straumann Group4: Yes. I was just wondering was as the sort of the Shanghai campus is up and running and fully operational, does that have any implications on how you’re running the business either from, I guess, sort of manufacturing, education of your customers, that that kind of thing. Just wondering how it how it changes your business operations in China.

Guillaume Dannier, CEO, Straumann Group: Yes. On on this one, from a pure business operation, it has not changed that much. The thing which is really positive, obviously, it brings, free, it it brings free benefits. Okay? The first one is obviously being compliant with what we expect being the VBP two point o about having local manufacturing to be able to, then participate in the VBP two point zero volume, especially related to then most of the, clinical operation in China.

And that’s the first very significant, benefit. The second benefit is, then having the opportunity of having a lower manufacturing, cost country, than Switzerland, also, which is a good benefit looking at the profitability and the size of the country, it would help us to, then continue to invest in the market, especially on the education side where there is a very, very significant need. The third one, which is sometimes underestimated, is the fact that China is also growing and and developing very fast from a technology standpoint. By local manufacturing, here, you get access to also, technology ecosystem and environment supplier environment of also different and advanced technology that would allow us not only to improve, and increase our capability in China, but that would help us also to be smarter and maybe even more innovative, for the future. Then that’s what we see as a benefit of the Straumann Compass, and that’s why we are very, very excited to get started officially, with, then the commercially approved product in the second half.

Guillaume Dannier, CEO, Straumann Group4: Very helpful. Thank you.

Valentina, Chorus Call Operator, Chorus Call: The next question comes from Veronika Dubajova from Citi. Please go ahead.

Guillaume Dannier, CEO, Straumann Group5: Hi, Guillermo. Yeah. Thank you guys for taking my questions. I have two, please. One is just if you could help us understand the APAC growth rate in the quarter by splitting out China versus rest of the region.

I know you called out strength in some of the emerging markets outside of China, but maybe if you can talk to whether Australia grew double digits, that would be super helpful as well. And then my second question is a competitive question on a question on the competitive environment in The US market and in particular, as you see this continued volatility, whether you are seeing more pressure from, some of your peers on pricing and or from their value offerings? Thank you so much.

Guillaume Dannier, CEO, Straumann Group: Thank you, Veronica. What what we see in I actually thanks for highlighting this. We have a very strong growth also from countries outside of China. We have the the mature market like Australia and Japan. It’s not double digit growth, but it’s still very, very solid growth that we see in those two countries, that are leveraging also all the different part of the portfolio.

And and the rest of the, I would say, really truly emerging markets are really strong double digit, on market like India, Malaysia, Vietnam, Thailand as well. Those are really, really, strongly growing country at a yeah. I would say, still low volume, in most of the case, but really promising for what’s coming in the future and keeping, the very strong dynamic of the Asia Pacific region. When it’s come to competitive environment, I think we are still seeing North America as a very competitive market. This is the highest priced market in the world.

Then there is a lot of competition with a lot of players because of the lack of innovation or trying to gain share for price, then we have seen that for a long time. This is still happening as we speak. Then have we seen an increased price competition not more than before, still at a very high level, but I would not say that we have seen that more than before.

Guillaume Dannier, CEO, Straumann Group5: Excellent. Thank you so much, Guillaume.

Valentina, Chorus Call Operator, Chorus Call: Next question comes from Hugo Solve from BNP Exane. Please go ahead.

Guillaume Dannier, CEO, Straumann Group6: Hi, hello. Thank you for taking my questions and thank you, Jan, for the insight and discussions in the past couple of years. Wishing you the best. First, on North America, maybe in terms of a quick follow-up on phasing throughout quarters. You mentioned, I think, Guillaume, that growth in March was stronger than February.

Was growth in March also stronger than in January? And have you seen in March any pre buying or stocking from DSOs? And second, on phasing, but in China this time, you expect to have the local China plant up and running for commercial production in H2. How long will it take to fully ramp up commercial production there? And when exactly would you expect not to source anymore from, Switzerland?

Thank you.

Guillaume Dannier, CEO, Straumann Group: To start with, the NAAM, March, we don’t have to it. We don’t want to go too much into detail because, I think I I don’t think that this is giving, too much anywhere light on what’s happening as the market is very volatile, and it was, reacting to a lot of the news. But I would say then the March was somewhat, in comparison with January. Then it’s the same kind of ballpark numbers. And have we seen any stocking effect?

No. I because of the lack of volatility because of the volatility, then there is a lack of confidence. And then, I don’t think that there is any kind of a significant stock whether it’s on DSOs or even on, the single practices. When it comes to, our Shanghai campus, we are going to ramp up over the several hours. Then I think it will take something like six months to be able to deliver a large part of what we are selling in China, being manufactured in China.

I would say, you know, we should arrive somewhere in December, January to something like 80% of of of things like this. I would say in between 70 to 80%. And I’m saying this because we are manufacturing only what I would say the standard technology, which is, then we are manufacturing titanium SLA products, and everything which is the high end of of the portfolio and the latest technology like SL Active and HOX Solid will still be manufactured only in Switzerland. So that’s the manufacturing approach that we have taken, and this is, when it comes to the Straumann premium brand, we should be around an 20%, And that’s a little bit the picture that you can have in mind. Thank you very much.

Valentina, Chorus Call Operator, Chorus Call: The next question comes from Julien Dormois from Jefferies. Please go ahead.

: Hi, good morning, Guillaume. Good morning, Yang. Thanks for squeezing me in. Have two questions left, please. The first one relates to a comment you made at the start, Guillaume, about the change the structural change in demand in Europe.

And I think you highlighted some reimbursement changes and also some of the dentists or more penetration among dentists being trained. So would you have any anecdotal evidence of that? And maybe provide a few numbers around this, that would be super helpful. And the second question comes back on tariffs and elaborates on the Rencast question about price competition in The U. S.

Did I get to try that you’re not planning any particular price increase because of tariffs in The U. S. At this point of the year?

Guillaume Dannier, CEO, Straumann Group: Yeah. When it comes to the structural improvement in the market in Europe, and it’s what we have seen that over the past, yeah, I would say, five, seven, five to seven years. Reimbursement, I I what what was happening in Europe is that in the, in the insurance model, but also in some of the social security systems that are existing, in large European countries like France, then the the free elite bridge, was always reimbursed to a certain level and implant was not at all. And that was obviously, driving a significant gap into pricing and especially out of pocket pricing for patients where the three unit bridge will be cheaper than an implant, and on top, it will be more reimbursed. And if you would like to get some numbers idea, I would say that, a free unit bridge for European pricing, was around, you know, something like 3,000, 3,500, that went down.

Yeah. 3,500 that went down to 3,000, I would say, something like this. An implant was 4,000, euro, 6, 7 years ago. And I think in average, we should be around 2,500 now. Then the difference in between and I think it will be close to the free unit bridge that should be around, you know, 2,500 or 2,000 now.

Then the price difference in between the implant and the free bridge is, much lower. And especially the reimbursement now, it’s almost the same because you have, very often system that said, I will give you for your implant the same that I would give you for a free unit bridge because at the end, this is the exactly the alternative. Then it has created an environment for GPs to place implants as well, and to be able to sell implant alternatives to free the bridge in a better reimbursement, environment. Is that helpful?

: That’s very helpful. Thank you very much.

Guillaume Dannier, CEO, Straumann Group: And that’s one of the difference in market penetration that we have not seen yet where the price of the implant has really staying at a very high level, and this is where DSOs are somewhat helpful to be able to support a bit of a lower treatment cost in order to increase volume. And exactly what we have seen in Spain where DSO has decreased price of implant to play the volume gain, and we have seen the penetration going up very significantly. Then that’s why we are confident that our market penetration will continue to rise in the years to come by having those kind of trend that we’d also develop geographically. And when it comes to tariff, we are not planning any specific price increase for the time being with regard to the measure that we have been able to take.

: That’s great. Thank you very much.

Valentina, Chorus Call Operator, Chorus Call: And the last question comes from Robert Davies from Morgan Stanley. Please go ahead.

Robert Davies, Analyst, Morgan Stanley: Yes. Thanks for squeezing me in. Just a couple of questions for me. One was just on your previous comments around growth expectations for China. I think you’d mentioned something like 20% growth expected for this year and next year.

That was my first question. Is that still true? And then the second one, just if you could give us a little more color around the pricing dynamics between the premium and challenger segments as well as what you’re seeing in clear aligners, that would be great. Thank you.

Guillaume Dannier, CEO, Straumann Group: We we we did not express 20% in China. We expressed that when we were at the beginning of the VDP round where we were saying that we expect 20% growth at least for the next eighteen months, and this is actually what has happened, because of the, you know, really strong, new customer segment, which is now able to afford. We said, then, at the beginning of the years from a guidance standpoint that we still expect double digit growth in China, which is still what we are believing into as far as we are advanced into the year right now. When it comes to price dynamic, we see, then the as as it has been, and I would say in the past couple of years, quite some price pressure coming from different side and from competition, from consolidating environment. But, again, that’s where innovation is really helping us to hold online and ensuring that we are not seeing any significant deterioration of pricing, in the different segments.

And then I would apply the same thinking when it comes to premium to challenger and to clear aligners. When it comes to digital, I would say it’s a bit different. It’s a kind of mixed product. You have a different, it’s not price, but you have some price pressure on the top end of the market where the, there is a significant price difference into the entry level scanners, with regard to the high technology scanner that we’re offering, and, that’s where we have really always to demonstrate the quality of the technology, of, for example, our partner, FreeShape, versus entry level scanners to make sure that we are still keeping a healthy ratio between what would be premium technology and an overall scanner and what would be entry level. And that’s what we see not only for us, but for the entire market.

Robert Davies, Analyst, Morgan Stanley: Mhmm. Okay. That’s great. Thank you.

Guillaume Dannier, CEO, Straumann Group: Well, thank you, and that concludes our conference today. We look forward to meeting you at one of our upcoming events. Our schedule is actually outlined on slide 22. We wish you all the best, and have a nice and great day. Goodbye from sunny Basel.

Yang, CFO, Straumann Group: Hi, everyone.

Valentina, Chorus Call Operator, Chorus Call: Ladies and gentlemen, the conference is now over. Thank you for choosing Chorus Call and thank you for participating in the conference. You may now disconnect your lines. Goodbye.

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