Straumann falls as H1 results miss estimates
** Shares in Straumann STMN.S down 4.4% after the Swiss dental implant maker reports H1 earnings below market expectations, impacted by negative foreign exchange movements and a weaker performance in North America
** Posts H1 EBIT of 358 million Swiss francs ($446 million), below consensus estimates of 365 million francs
** North America sales total 170.7 million francs in H1, down 0.9%, and slightly below estimates of 172.4 million francs
** "FX has been a larger headwind than anticipated, particularly to margins, which are likely to be larger in H2," J.P. Morgan says
** The broker adds it sees a little downward pressure on consensus estimates
** Vontobel says the North America business is somewhat disappointing as investors always have high expectations for growth in the region
($1 = 0.8032 Swiss francs)
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