Nobel Biocare Holding AG, a Swiss dental-implant maker, fell the most in two years after forecasting revenue growth that disappointed some investors.
Nobel tumbled 10 percent to 13.05 Swiss francs in Zurich, the biggest drop since Feb. 9, 2012. Revenue will rise about 3 percent to 4 percent this year at constant exchange rates, the company said in a statement today. Analysts on average expected 4.2 percent growth, according to Barclays Plc.
Slow economic growth in Europe is weighing on sales of dental implants, which often aren’t covered by insurance. Revenue in the fourth quarter dropped 2.2 percent, Nobel said.
“This was not a stellar end to the year, and the bears will likely argue that the guidance is disappointing,” Tom Jones, an analyst at Berenberg Bank in London, wrote in a report today.
The dental implant market will grow 2 percent this year, the same as last year, Chief Executive Officer Richard Laube said in an interview. Laube said he’s “very optimistic” the company can grow in a difficult market.
“The U.S. experienced solid growth accelerating to the high single-digit percentage range in the course of the year,” the company said in today’s statement. “Markets in Europe continued to suffer from ongoing economic difficulties and were flat at best.”