Europe's debt crisis and resulting economic downturn continue to impact Swiss dental implant maker Straumann's financials.
The company reported revenues of 361.7 million Swiss francs ($375.4 million) for the first half of 2012 (end-June 30), compared with 367.3 million francs ($381.2 million) for the same period a year ago.
However, Straumann saw its net profit rise. The company reported net profit of 43.8 million francs ($45.5 million) for the first half of 2012, up from 38.5 million francs ($40 million) in the first half of 2011.
"Our environment has been disappointing, and the gradual market improvement that we were expecting has not materialized," said Beat Spalinger, president and CEO, in a press release. "Furthermore, the market slowdown has coincided with a several cost-intensive strategic initiatives, including our new organizational structure and the addition of sales power in North America. Thanks to efficient cost management, we have been able to offset some of the additional costs by savings elsewhere."
