While Nobel Biocare saw its revenues drop 5.6% year over year in the third quarter of FY2009 (end-September 30) to EUR125.3 million ($186 million), net profit for the quarter more than doubled to EUR33.6 million ($50 million), up from EUR13.50 million ($20 million) in the same quarter a year ago.
Cost-cutting measures and currency gains offset the decline in sales, the company said.
Looking ahead, the dental implant maker remains cautiously optimistic, according to CEO Domenico Scala.
"While many markets show signs of stabilization, and several have even demonstrated a quarter-on-quarter improvement, visibility remains low over the short term," he said in a press release.
Nobel Biocare estimates that the dental implant market declined by approximately 8% in the first nine months of 2009. "Nobel Biocare continues to improve its business quality and implement its cost-saving measures, while simultaneously investing in new product launches," the release stated. "As a consequence, it is well poised to benefit from any future market recovery. The successful launch of NobelProcera and a more favorable comparison base should help the company’s performance in the final quarter of 2009."
In a conference call following announcement of the financial results, Scala said the company is looking at a number of potential acquisitions and has around EUR200 million ($297 million) set aside for M&A activity.
In related news, last month Nobel Biocare announced two management changes. William Ryan was appointed president and general manager for North America, replacing Kevin Mosher who, after five years with the company, has decided to pursue a new professional challenge. Ernst Zaengerle was appointed executive vice president of global operations, replacing Mathias Krebs, who will take over a new assignment within the company.
