Aug. 22 (Bloomberg) -- Nobel Biocare Holding AG reached its highest in two years after the dental implant maker’s second-quarter sales beat analysts’ estimates as its European business grew for the first time in six years.
Nobel rose 15 percent to close at 14.75 Swiss francs at 5:30 p.m. in Zurich, giving the Glattbrugg, Switzerland-based company a market value of 1.83 billion francs ($1.98 billion). The share price rise is the biggest since Jan. 27, 2000.
The world’s second-largest dental-implant maker is trying to regain ground lost to bigger Swiss rival Straumann Holding AG and is investing in product development and the expansion of its value implant business called Alpha-Bio Tec.
The 3.2 percent growth for Nobel’s implant business is “one of the strongest results across the dental-implant industry this quarter, and is encouraging after several years of decline,” Lisa Clive, an analyst with Sanford C. Bernstein Ltd., wrote in a note to investors today.
Sales for the quarter rose 2.3 percent at constant exchange rates to 147.8 million euros ($196.8 million), the company said in a statement today, beating the 144.5 million-euro average estimate of analysts surveyed by Bloomberg. Net income declined to 8 million euros from 13.7 million a year earlier, matching the Bloomberg average estimate.
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