Dental implants maker Straumann sales boosted by strong Asia Pacific
Shares down 10.5% at 1046 GMT
Organic growth slows in N.America and EMEA
CEO says high interest rates hit US patient traffic
Q1 organic sales growth 15.1%, with 82% jump in APAC
Recasts with share reaction, CEO comments in paragraphs 2-4
By Mateusz Dobrzyniewski and Marleen Kaesebier
April 30 (Reuters) -Shares in Swiss dental implants maker Straumann STMN.S fell more than 10% on Tuesday, as slower U.S. sales growth took the shine off an 82% organic rise in the Asia Pacific region.
There has been some slowdown in terms of patients seeking treatment in the U.S. since last year, Straumann CEO Guillaume Daniellot said in a results call.
"It was always related to a spending capacity being impacted by higher interest rate," Daniellot said, noting many U.S. households use credit to pay for treatment.
Because of this, high interest rates have much bigger impact on North America than Europe, Daniellot added.
Straumann said its organic revenue rose 15.1% to 643.8 million Swiss francs ($706.5 million) in the first quarter, with strong demand for its premium implants in Asia Pacific.
"The report was great, it was a beat, but it was entirely a beat because of Asia Pacific, because of China," Stifel analyst Daniel Jelovcan told Reuters.
Growth slowed in Straumann's two biggest regions, Europe, Middle East and Africa (EMEA) and North America, which reported organic sales rises of 5.2% and 3.7%, respectively.
Jelovcan said the softer U.S. market likely took many by a surprise, as consumer sentiment has been improving.
Straumann reaffirmed its 2024 organic revenue growth forecast in the high single-digit percentage range. That includes 15-20% growth in China from the second half of the year, Daniellot said.
The company is among the winners from China's volume-based procurement (VBP) programme for healthcare products, which has brought down selling prices but boosted demand.
Straumann flagged a larger patient flow in China due to the VBP and a low comparison base, but did not provide detailed results for the region.
($1 = 0.9113 Swiss francs)
Reporting by Mateusz Dobrzyniewski and Marleen Käsebier in Gdansk; Editing by Milla Nissi and Alexander Smith
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