October 26, 2017 / 8:54 AM / a year ago

CORRECTED-UPDATE 1-Straumann shares shine on strong quarter, revenue outlook

(Corrects currency to Swiss francs, paragraph 2)

Oct 26 (Reuters) - Dental implant maker Straumann raised its full-year revenue target on Thursday, lifting its shares to a record high after its strongest quarterly growth in nine years.

Straumann, whose shares rose as much as 8 percent to 718 Swiss francs, expects full-year revenue to grow between 13 and 15 percent, above its previous forecast and said its full-year core profit margin would improve.

“Straumann has everything in place to drive significant margin expansion,” Berenberg analysts said, adding that cost control and strong organic revenue growth should lead to significant margin improvement.

Straumann said third-quarter revenues rose 15.9 percent organically to 257.9 million Swiss francs ($261 million), boosted by 28 percent growth in the Asia-Pacific region and 17 percent growth in North America.

Analysts on average had expected revenues of 249 million Swiss francs.

Straumann said disruption to its clinics caused by recent hurricanes in Florida and Texas had little impact on the quarterly results.

“We expect additional growth to come from key products that gained regulatory approvals in China, Brazil, Russia and India in Q3, as well as our newest subsidiaries in emerging markets,” Chief Executive Marco Gadola said in a statement.

The company said it had closed its $150 million acquisition of ClearCorrect, announced in August, helping it gain access to the rapidly growing market for clear aligners that straighten teeth invisibly without metal braces. ($1 = 0.9925 Swiss francs) (Reporting by Daria Kowalewska and Sylwia Lasek in Gdynia; Editing by Biju Dwarakanath and Alexander Smith)

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