Nobel Biocare: Slight improvement but situation remains more than challenging
SELL, Fair Value CHF8.9 (-10%)
Revenue for 2012 was EUR580.5m (consensus : EUR578.5m) driven once again by the Americas (39% of sales, +1.8% CER). EMEA remained under pressure (41% of sales, -3.6% CER) while Asia/Pacific (21% of sales, -8.6% CER) suffered from a media campaign in Japan where the market was down 15% and represents 60% of regional revenue.
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