瑞信-美股-医疗保健行业-牙医调查显示：牙科需求仍然不足-128-30页.pdf

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Survey says: Dental demand still lacks bite

■ 4Q Dental practice volume, revenue growth on par with 3Q trend:

According to our proprietary survey of 75 US dental practitioners, 47% of

practices experienced positive revenue growth in 4Q, rising 0.5% (weighted

avg.), consistent with our initial 3Q survey. New patient traffic (+1.0%) was

dental coverage with greater historical context.

■ Equipment–Digital dentistry drivers w/ caveats: While respondents

were more optimistic on equipment purchasing over the NTM, with

particular focus on intraoral scanners and CAD/CAM, we note that

practitioners remain wary of larger cash outlays in an anemic demand

environment, with dentists likely less inclined to make equipment

purchases in light of growing macro concerns, as well as noted

reimbursement pressures. That said, we highlight positive commentary on

Dentsply Sirona’s (XRAY, Outperform) CEREC offering, noting its

convenience and ease of use, despite continuing low overall penetration.

■ Supply chain, Direct Dist., Amazon update: Henry Schein (HSIC,

Neutral) and Patterson Companies (PDCO, Outperform) were named as

primary distributors by 40% and 17% of respondents, respectively. The

majority (80%) is satisfied with its primary distributor, and 86% do not work

with GPOs, an unsurprising dynamic (differs from Vet). While only 6% of

standard medical consumables (e.g. gloves, cotton balls) are purchased

through Amazon today, respondents expect purchases through Amazon

could grow to 14% in 3-5 years. In terms of direct distribution, respondents

currently purchase 22% of consumables direct from manufacturers, with

12% expecting to purchase more directly over NTM.