BMET Biomet (MM)

Nobel Biocare Holding AG (NOBN.VX), the world's largest dental implant maker by sales, Wednesday reported a better-than-expected first quarter net profit despite a disappointing sales slowdown but said it expects dental implant markets to resume growth in 2010.

The Zurich-based company said net profit for the three months to the end of March rose to EUR38.7 million from EUR18 million a year earlier. The figure beat estimates for a bottom line result of EUR22 million as Nobel benefited from cost-cutting and currency hedging gains.

Sales, however, fell as the company, which is the biggest player in the U.S., faced challenging dental implant markets in the U.S.--especially in California and Florida--, Sweden and Germany.

Overall revenue fell 7.1% in constant currency terms to EUR136.7 million from EUR147 million a year earlier. Sales in North America dropped 6.7% to EUR44.5 million.

Analysts had hoped that overall sales would remain flat and that U.S. sales figures would show first signs of sustainable improvements after competitors such as U.S. Zimmer Holdings Inc (ZMH), closely held Biomet Inc (BMET) and Swiss peer Straumann holding AG (STRM.EB) reported rising sales during the January to March period.

"The dental implant market continued to be challenging in most regions. Our first quarter result was disappointing," said Chief Executive Domenico Scala. "But with our recent restructuring and product launches, we hope to close the sales gap to our competitors," he said, adding that improvements in markets such as Spain, Italy and France as well as in some U.S. regions such as the central U.S., the dental implant market may resume growth in 2010.

Web Site: www.nobelbiocare.com

-By Goran Mijuk, Dow Jones Newswires, +41 43 443 80 47; goran.mijuk@dowjones.com

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