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1、27January2020EquityResearchAmericas
2、UnitedStatesDentalUpdateSurveySays:DentalDemandSeeminglyStableLifeScienceToolsandDiagnostics
3、ChannelCheck■4QDentalPracticeVolume,RevenueGrowthModestlyImproves:AccordingtoourResearchAnalystsproprietarysurveyof75USdentalpractitioners,54%ofpracticesexperiencedposi
4、tiverevenuegrowthin4Q,rising1.1%(weightedavg.),aslightsequentialaccelerationfromErinWilsonWrightour3Qsurvey(+1.0%).Newpatienttraffic(+1.6%)wasthemostmeaningfuldriverof2125384080erin.wright@credit-suisse.compracticerevenues,followedbybridgesandimplants(+1.3%),preventative(+1.0%),andacutevisits(+1.
5、0%).RespondentsremainoptimisticonNTMtrendswith68%expectingKatieTryhaneimprovedpracticevolume,aniceimprovementfromthe3Qexperience(64%),with2123252713practicevolumeexpectedtogrow+2.0%,aheadofthe3Qexperience(+1.9%).Whilethekatie.tryhane@credit-suisse.comtrendsindicatenomeaningfulturnaroundindentalde
6、mand,weareencouragedbytheHaleyChristofidesstability,providingabarometerofperformanceforourdentalcoverageuniverse,consistent2123253720withourQTDconversationswithindustryconstituents(seeGNYDentalSummitnote).haley.christofides@credit-suisse.com■Equipment—DigitalDentistryDriversinInnovation:TheNTMout
7、lookonequipmentMatthewUrbikpurchasingwasessentiallyin-linewith3Q,pointingtosustainedhealthiertrendsrelativeto2123252152FY18/1H19,albeitwithpractitionersstilllikelywaryoflargercashoutlaysonbroadermatthew.urbik@credit-suisse.commacroconcerns,reimbursementpressures,andDSOcompetition.Wemaintainourpos
8、itivethesisonDentsplySirona(XRAY,OP)amidstaturnaroundstoryas2019productlaunchesofferupsideto2020estimatesonpotentiallyacceleratingtraction.WhileXRAY’sPrimescanofferingclearlyremainsinearlydaysofadoption,withpricingpotentiallyactingasadeterrenttobroadermarketpenetration,weareoptimisticonitsrecentl
9、ylaunchedupgradeprogram,whichshouldspurfurtherdemand,whilealsopromotingconsumablessales.ItsOneDSupgradeprogramenrollmenthasexceededinternalforecasts(1.5xdentistsvs.plan),andbroaderpractitionerrecognitionoftheprogramwas
