Straumann Holding AG

Analysis

Business Description

Straumann Holding AG (Straumann) is a provider of dental implants, instruments, biomaterials, CAD/ CAM prosthetics and digital solutions for use in tooth replacement and restoration of tooth or prevention of tooth loss; and training and support services. The company serves general dentists, prosthodontists, oral surgeons, periodontists, orthodontists, dental technicians and laboratories and corporate customers including distributors, dental chains, hospitals and university clinics.

The company operates through three product categories: Implant Solutions, Restorative Solutions and Others.

Straumann has 18 production plants in Brazil, Germany, India, China, Canada, Japan, Spain, Luxemburg, Taiwan, France, Sweden, Switzerland and the US. The company offers products, solutions and services through a network of distribution subsidiaries and third-party distributors in more than 100 countries in Europe, the Middle East and Africa; North America; Asia Pacific; and Latin America. The company carries out over 90% of its business directly through subsidiaries.

Business Segments
Overview

Offers implants and related instruments to dental practitioners, clinics and laboratories. The company offers a range of premium and non-premium solutions through various brands, including Straumann, Neodent, Medentika, Equinox, Anthogyr and Zinedent.

- Major products include tissue level implants, bone level tapered implants, ceramic implants, mini implant system, dental implant surfaces, dental implant materials and surgical instruments.

Considers acquisitions and product innovation as major factors for growth for the segment.

Performance

Reported revenue of CHF776.0 million for FY2020, which decreased 14.5% YoY, and recorded negative growth of 0.9% during 2018-20.

The segment accounted for 54.4% of the company's revenue in FY2020.

Inventore veritatis
Overview

Includes software licenses, scanner hardware, biomaterials, orthodontics, customer training and other miscellaneous products.

- Major products include natural bovine bone grafting material, granules and blocks, processed human allogenic bone ring, customized human allogenic bone block, ClearCorrect, alloplastic biphasic calcium phosphate, native pericardium membrane, solutions for periodontal regeneration and soft tissue wound healing, and products for soft tissue management and oral wound healing in periodontology, implantology and oral surgical procedures.

Performance

Reported revenue of CHF266.1 million for FY2020, which grew 5.0% YoY, and recorded a CAGR of 17.4% during 2018-20.

The segment accounted for 18.7% of the company's revenue in FY2020.

Overview

Offers abutments and related parts and milling elements.

- Major products include bone level prosthetics, tissue level prosthetics, CARES X-stream, pre-milled abutment blanks and original components.

Deems product innovation as a major contributor to the segment’s growth.

Performance

Reported revenue of CHF383.8 million for FY2020, which decreased 11.8% YoY, and recorded a CAGR of 0.4% during 2018-20.

The segment accounted for 26.9% of the company's revenue in FY2020.

Geographical Segments
Performance

Reported revenue of CHF280.4 million for FY2020, which decreased 6.2% YoY, and recorded a CAGR of 6.7% during 2018-20.

APAC (Asia Pacific) accounted for 19.7% of the company's revenue in FY2020.

Inventore veritatis
Performance

Reported revenue of CHF110.2 million for FY2020, which decreased 9.2% YoY, and recorded a CAGR of 4.8% during 2018-20.

EMEA accounted for 7.7% of the company's revenue in FY2020.

Performance

Reported revenue of CHF504.9 million for FY2020, which decreased 8.1% YoY, and recorded CAGR of 1.8% during 2018-20.

Europe accounted for 35.4% of the company's revenue in FY2020.

Performance

Reported revenue of CHF90.2 million for FY2020, which decreased 35.4% YoY, and recorded negative growth of 16.1% during 2018-20.

LATAM (Latin America) accounted for 6.3% of the company's revenue in FY2020.

Performance

Reported revenue of CHF440.2 million for FY2020, which decreased 9.6% YoY, and recorded a CAGR of 4.7% during 2018-20.

United States; Canada accounted for 30.9% of the company's revenue in FY2020.