Straumann Group has reported revenues of 367 million Swiss francs ($462.7 million U.S.) for the first six months of 2011 (end-June 30), a decrease of 6.5% over revenues of 392.4 million francs ($495 million) for the same period in 2010.
Net profit for the six months fell 53% to 38.5 million francs ($49.2 million) from 82 million francs ($103 million) a year earlier. The company attributed the drop to "further strengthening of the Swiss franc." In addition, Straumann took a 40 million franc ($51 million) impairment charge in the wake of the Fukushima, Japan, nuclear disaster earlier this year.
"In light of recent events in Japan, Straumann signaled at the end of April that it would review the 'value-in-use' of intangible assets related to the 2007 acquisition of its Japanese distributor," the company stated in a press release. "Based on a cautious prediction of market developments in Japan over the next five to 10 years, the group considers that the assets in question are fully impaired."
The company said it expects growth to slow in the wake of the recent financial market upheaval and expects the market to grow in the low- to mid-single-digit range over the full year.
