NEW YORK, N.Y., USA/LEIPZIG, Germany: Uncertainty in worldwide stock markets has taken its toll on the dental industry as shares of many manufacturers plunged by up to 20 per cent over the last week. Analysts say that while shareholder value may be affected by the latest market crisis, estimates look positive owing to increasing demand for dental products and services worldwide.
The technology-heavy NASDAQ, on which most dental companies in the US are listed, closed another 0.94 per cent down after slipping by 8.3 per cent since last Friday. Markets in Europe also fell after investors began to pull out billions of dollars today in fear of another global recession.
Experts however are painting a positive picture for the industry.
“The sell-off we've witnessed in recent weeks has been completely sentiment driven, as forward earnings estimates have been stable,” commented Jeffrey D. Johnson Senior Research Analyst Medical Technology at RW Baird on Milwaukee, USA. “While there are pockets of uncertainty currently weighing on dental demand in some countries (Spain, Italy, recent fall-off in the UK), worldwide demand is slowly improving and—assuming no major catastrophes from here—should continue to slowly improve over the next 12 to 24 months."
On Friday, dental company Sirona Dental Systems reported positive business results and another increase in profit for the third quarter of this year. Analyst also raised forward earnings estimates recently for Henry Schein and Dentsply, two other companies with a market capitalisation of over US$1 billion.
Swiss implant maker Straumann said that while its stocks may be affected by the current negative market mood and a strong Swiss Franc, economic prospects for the industry look positive for the years to come.
Several other companies Dental Tribune ONLINE spoke to this Friday declined to comment on the matter.
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