Straumann declines after profit misses estimates
Straumann Holding AG, the world's biggest maker of dental implants, dropped the most in six months after first-half profit missed analysts' estimates. The shares fell as much as 7.5 percent, the most since Feb. 22. First-half net income climbed to 43.8 million Swiss francs ($45.1 million) from 38.5 million francs ($40.2 million) a year earlier, the Basel, Switzerland-based company said in an emailed statement. That missed the 47.4 million-franc average estimate of 10 analysts surveyed by Bloomberg. Straumann bought a 49 percent stake in Brazilian dental implant maker Neodent for 260 million francs ($271.68 million) in June to reduce reliance on Europe, its biggest market. The Swiss company said it doesn't expect demand in the crisis-stricken region to improve "in the near term."
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