Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Dentsply International / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dentsply-international-inc" target="_blank" data-smartkarma-citation="entities:10926:1" rel="noopener">Dentsply International (XRAY US)</a> guided for 2024 revenue of $3.96–4.02B, flat to up 1.5% on an organic basis and 12% growth in 2024 EPS at midpoint.</li>
<li>The macro environment continues to be challenging. The company anticipates the ongoing softness in imaging will continue in 2024. Cost savings will support the bottom-line growth.</li>
<li>In terms of every valuation metrics, Dentsply is overpriced compared to its U.S.-listed peers. Strong balance sheet, accelerating dividend, and buyback do not justify the pricey valuation.</li>
</ul>



Dentsply International (XRAY US) guided for 2024 revenue of $3.96–4.02B, flat to up 1.5% on an organic basis and 12% growth in 2024 EPS at midpoint.
The macro environment continues to be challenging. The company anticipates the ongoing softness in imaging will continue in 2024. Cost savings will support the bottom-line growth.
In terms of every valuation metrics, Dentsply is overpriced compared to its U.S.-listed peers. Strong balance sheet, accelerating dividend, and buyback do not justify the pricey valuation.


Dentsply International (XRAY US): Sombre Growth Outlook and Pricey Valuation

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>The index is reviewed quarterly. The next review will be in June 2024 and the evaluation date for the rankings for the constituent selection process is 6th June 2024.</li>
<li>In this insight, we take a look at the Potential ADDs and Potential DELs for the June 2024 index rebal event and the intra-review ADDs/DELs.</li>
</ul>


The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
The index is reviewed quarterly. The next review will be in June 2024 and the evaluation date for the rankings for the constituent selection process is 6th June 2024.
In this insight, we take a look at the Potential ADDs and Potential DELs for the June 2024 index rebal event and the intra-review ADDs/DELs.


Quiddity Leaderboard S&P 500 June 2024 - Minimal Changes Expected but Intrareview Changes Possible

Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>This report is almost entirely based on datamined from technical publications related to patents and innovations in the area of Odontology.</li>
<li>The industry will see significant consolidation as mid-sized and smaller players with inspired innovations are be bought out as the industry seeks more cost-efficient distribution channels</li>
<li>Among the listed companies <a href="https://www.smartkarma.com/entities/3-m-co" target="_blank" data-smartkarma-citation="entities:14866:1" rel="noopener">3M Co (MMM US)</a> , <a href="https://www.smartkarma.com/entities/dentsply-international-inc" target="_blank" data-smartkarma-citation="entities:10926:1" rel="noopener">Dentsply International (XRAY US)</a> , <a href="https://www.smartkarma.com/entities/align-technology-inc" target="_blank" data-smartkarma-citation="entities:2817:1" rel="noopener">Align Technology (ALGN US)</a> , <a href="https://www.smartkarma.com/entities/envista-holdings-corp" target="_blank" data-smartkarma-citation="entities:35866:1" rel="noopener">Envista Holdings (NVST US)</a>  &amp; <a href="https://www.smartkarma.com/entities/straumann-holding-ag" target="_blank" data-smartkarma-citation="entities:22493:1" rel="noopener">Straumann Holding (STMN SW)</a> stand out. </li>
</ul>


This report is almost entirely based on datamined from technical publications related to patents and innovations in the area of Odontology.
The industry will see significant consolidation as mid-sized and smaller players with inspired innovations are be bought out as the industry seeks more cost-efficient distribution channels
Among the listed companies 3M Co (MMM US) , Dentsply International (XRAY US) , Align Technology (ALGN US) , Envista Holdings (NVST US)  &amp; Straumann Holding (STMN SW) stand out. 


A Detailed Look Into Innovations in Dentistry

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<li>
<a href="https://www.smartkarma.com/entities/dentium-co-ltd" target="_blank" data-smartkarma-citation="entities:23565:1" rel="noopener">Dentium (145720 KS)</a> earns more than 50% of its total revenue from China. The company’s revenue from China reported a CAGR of 32% during 2018–2022.</li>
<li>Despite concern over China slowdown and lower ASP due to VBP, in 3Q23, Dentium reported 12% YoY revenue growth in China, similar growth rate reported in 2Q23, driven by volume.</li>
<li>Economic slowdown is lingering over the global as well as Chinese dental implant sector, especially the premium brands. Dentium is positioned at the upper price portion within the value segment.  </li>
</ul>



Dentium (145720 KS) earns more than 50% of its total revenue from China. The company’s revenue from China reported a CAGR of 32% during 2018–2022.
Despite concern over China slowdown and lower ASP due to VBP, in 3Q23, Dentium reported 12% YoY revenue growth in China, similar growth rate reported in 2Q23, driven by volume.
Economic slowdown is lingering over the global as well as Chinese dental implant sector, especially the premium brands. Dentium is positioned at the upper price portion within the value segment.  


Dentium (145720 KS): Economic Health of China Is the Key to Bring Back Smiles

<ul>
<li>
<a href="https://www.smartkarma.com/entities/modern-dental-group-ltd" target="_blank" data-smartkarma-citation="entities:21020:1" rel="noopener">Modern Dental Group (3600 HK)</a> reported strong 1H23 performance, with 12% YoY revenue growth to HK$1.6B, driven by increase in demand for its products from existing, returning, and new customers.</li>
<li>With increasing economies of scale resulting from China re-opening and global dental industry recovery and increase in the proportion of digital solution cases, net profit jumped 109% YoY to HK$210M.</li>
<li>Despite macroeconomic headwinds, the company is confident that the medium and long-term global demand for dental prosthetics is expected to continue due to key irreversible demographic factors and trends.</li>
</ul>



Modern Dental Group (3600 HK) reported strong 1H23 performance, with 12% YoY revenue growth to HK$1.6B, driven by increase in demand for its products from existing, returning, and new customers.
With increasing economies of scale resulting from China re-opening and global dental industry recovery and increase in the proportion of digital solution cases, net profit jumped 109% YoY to HK$210M.
Despite macroeconomic headwinds, the company is confident that the medium and long-term global demand for dental prosthetics is expected to continue due to key irreversible demographic factors and trends.


Modern Dental Group (3600 HK): Stellar 1H23 Result- Volume Drives Revenue Growth; Net Profit Doubled

United States

DENTSPLY International Inc. manufactures and distributes dental supplies on a worldwide basis.  The Company's products include dental prosthetics, endodontic instruments, dental sealants, ultrasonic scalers, dental x-ray equipment, and intraoral cameras.  DENTSPLY also provides impression materials, orthodontic appliances, and dental operatory software systems, and other dental products.

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Dentsply International (XRAY US)