'Dental Kickoff:' Perspectives Following Barclays Capital-Hosted Floor Tour at the Greater New York Dental Show
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4 Buy, 3 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 1 | Down: 5 | New: 6
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Barclays on U.S. Health Care Distribution & Technology: 'Dental Kickoff:' Perspectives Following Barclays Capital-Hosted Floor Tour at the Greater New York Dental Show
Analyst, Lawrence C. Marsh, said, "The tone of attendance and of attendees sounded to be roughly in line to slightly better than that of the past two years based on Sunday and Monday volumes (though this is a somewhat typical vendor comment from our experiences at this show). There was an initial view from the show from our vendor and clinician survey work that overall utilization is expected to remain stable and grow steadily, albeit modestly, as we move into 2012."
On Sirona (Nasdaq: SIRO) - The biggest key new product at the Sirona booth was Schick WiFi, a wireless system that integrates with Schick's Elit sensor product line. In addition, we also got initial feedback on Sirona's new CEREC 4.0 software upgrade, which based on feedback at the show has resulted in very fast customer acceptance.
On Dentsply (Nasdaq: XRAY) - XRAY's new product efforts have continued, with multi-year benefits from new introductions. In addition, while management has suggested Astra Tech's top line could be more variable (which we've previously heard) the margin expansion opportunity appears to remain intact.
On Patterson (Nasdaq: PDCO)- We continue to get an upbeat tone on the long-term growth potential of CEREC, though the tone yesterday on the near-term outlook continues to be cautious consistent with recently reported Q2 results. The company continues to face a comparison headwind in its dental equipment segment with no notable CEREC upgrade opportunity this year, compounded by a still cautious equipment purchasing macro-environment.
Henry Schein (Nasdaq: HSIC) - The company isn't seeing any specific evidence of its own European business slowing, but did want to take a more cautious view in its initial 2012 guidance expectations given broader macro headlines and uncertainty. Management also highlighted stable trends in the US in both its consumables and equipment businesses.
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Analyst, Lawrence C. Marsh, said, "The tone of attendance and of attendees sounded to be roughly in line to slightly better than that of the past two years based on Sunday and Monday volumes (though this is a somewhat typical vendor comment from our experiences at this show). There was an initial view from the show from our vendor and clinician survey work that overall utilization is expected to remain stable and grow steadily, albeit modestly, as we move into 2012."
On Sirona (Nasdaq: SIRO) - The biggest key new product at the Sirona booth was Schick WiFi, a wireless system that integrates with Schick's Elit sensor product line. In addition, we also got initial feedback on Sirona's new CEREC 4.0 software upgrade, which based on feedback at the show has resulted in very fast customer acceptance.
On Dentsply (Nasdaq: XRAY) - XRAY's new product efforts have continued, with multi-year benefits from new introductions. In addition, while management has suggested Astra Tech's top line could be more variable (which we've previously heard) the margin expansion opportunity appears to remain intact.
On Patterson (Nasdaq: PDCO)- We continue to get an upbeat tone on the long-term growth potential of CEREC, though the tone yesterday on the near-term outlook continues to be cautious consistent with recently reported Q2 results. The company continues to face a comparison headwind in its dental equipment segment with no notable CEREC upgrade opportunity this year, compounded by a still cautious equipment purchasing macro-environment.
Henry Schein (Nasdaq: HSIC) - The company isn't seeing any specific evidence of its own European business slowing, but did want to take a more cautious view in its initial 2012 guidance expectations given broader macro headlines and uncertainty. Management also highlighted stable trends in the US in both its consumables and equipment businesses.
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