Straumann shares rise after sale of DrSmile biz, outlook hike
** Shares of Straumann STMN.S areup around 6% in Julius Baer pre-market trade after the Swiss dental implant maker raised its guidance for 2024 and announced saleof its DrSmile aligner business
** It now expects organic revenue growth for 2024 in a low double-digit percentage range, with profitability of 27-28% at constant 2023 currency rates, up from the earlierforecast of around 26%
** Straumann said it would keepa minority stake of 20% in DrSmile, a direct-to-consumer business, but plans tofocus moreon go-to-market activities in the business-to-business area
** Barclays notes the company's H1 results came in better than expected which combined with the exit of DrSmile and commentary around stable patient flow should drive outperformance in the shares, which are highly shorted
** Straumann H1 core EBIT margin came in at 27.8%, beating analysts' expectations of 24.8%
($1 = 0.8648 Swiss francs)
Reporting by Isabel Demetz and Marleen Kaesebier
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