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1、22July2019Americas/UnitedStatesEquityResearchLifeScienceToolsandDiagnosticsDentalUpdateResearchAnalystsCHANNELCHECKErinWilsonWright2125384080erin.wright@credit-suisse.comSurveySays:DentalDemandBuildsKatieTryhane2123252713■2QDentalpracticevolume,revenuegrowthbetterthan1Qtrend:kat
2、ie.tryhane@credit-suisse.comAccordingtoourproprietarysurveyof75USdentalpractitioners,63%ofGeorgeEngroffpracticesexperiencedpositiverevenuegrowthin2Q,rising1.4%(weighted2123252289avg.),aniceimprovementfromour1Qsurvey(+0.7%).Newpatienttrafficgeorge.engroff@credit-suisse.com(+1.3%)
3、wasthemostmeaningfuldriverofpracticerevenues,followedbyorthodontics(+0.9%),routinevisits(+0.9%),andbridgesandimplants(+0.8%).RespondentsremainoptimisticonNTMtrendswith72%expectingimprovingpracticevolume(vs.65%in1Q).Whilethetrendsindicatenomeaningfulturnaroundindentaldemand,weare
4、modestlyencouragedbythestability,providingabarometerforperformanceacrossourdentalcoverageuniverse.Notingkeycaveats,(1)thisisourfourthquarterlysurvey,whereweexpectincreasinglyrelevanttakeawayswithgreaterhistoricalcontextand(2)oursurveywasslightlymoreskewedtowardorthodontistsinthe
5、latestquarterrelativetopriormixexperiences.■Equipment–Digitaldentistrydriversininnovation:Whilerespondentswereseeminglysequentiallymoreupbeatonequipmentpurchasingoverthenexttwelvemonths,withparticularfocusonintraoralscanners,wenotethatsomepractitionersmaystillremainwaryoflargerc
6、ashoutlaysinlightofmacroconcernsaswellasnotedreimbursementpressures.WemaintainourpositivethesisonDentsplySirona(XRAY)amidstalongertermturnaroundstoryasinnovationisseeminglymaterializingwithitsnewPrimescanofferingsandSureSmileclearalignersystemsoftware.Thatsaid,tractionforPrimesc
7、anisadmittedlyinearlydays,withonly1%ofrespondentscurrentlyutilizingthesystemandwith1%expectingtoimminentlypurchasethesystem(8%awaitinganupgradecycle),acknowledginganelementofpentupdemand.XRAY’sSureSmilebroadlyexperiencedpositivereviews,andweawaitfurthercommentaryonXRAY’sopportun
8、ityinthemarket.ForAlignTechnology(ALGN),weweres
