Dental implant maker Straumann slumps on softer U.S. performance
Corrects name and brokerage of the analyst in 2nd and 4th bullets
** Swiss implant maker Straumann STMN.S slumps around 9% after softer performance in North America, its second largest region, overshadows strong Q1 growth in Asia Pacific
** Q1 North America revenues fell 2.3%, which Stifel Europe analyst Daniel Jelovcan says may have taken many by surprise, as most U.S. consumer sentiment is robust
** "I think its an overreaction", he adds, saying higher interest rates may be a key reason short-term, but that tough complex case treatments (making up 15% of U.S. market) effects are slowing down and that the new U.S. product launch of iExcel in March will help to further gain market share
** "The (Q1) report was great, it was a beat, but it was entirely a beat because of Asia Pacific, because of China," Jelovcan says
** Straumann's revenue grew 15.1% organically to 643.8 million Swiss francs ($705.30 million), while sales in Asia Pacific spike 82% organically, with most significant growth in China
($1 = 0.9128 Swiss francs)
Reporting by Marleen Kaesebier
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