1、M FoundationDental|North AmericaSurvey Says:Half SmileOur AlphaWise dental survey suggests slightly better 2Q demand and a more optimistic NTM outlook.Clear aligner demand improved sequentially(albeit still negative),while implants moderated.Sentiment is cautious in dental w/macro/idiosyncratic head

2、winds,but improving demand could offer some relief.M Morgan Stanley&Co.LLCErin WrightEquity Analyst Erin.W +1 212 761-6137 Linda BolducEquity Analyst Linda.B +1 617 856-8009 Connor M MassariResearch Associate Connor.M +1 212 761-2417 Michelle FoleyResearch Associate Michelle.F +1 212 761-4056 Craig

3、HettenbachEquity Analyst Craig.H +1 212 761-6435 John Y ParkResearch Associate John.P +1 212 761-4029 Jialin JinResearch Associate Jay.J +1 212 761-3913 Erica CrouserData Analyst Erica.C +1 212 761-4807 Specialty PharmaceuticalsNorth AmericaIndustry ViewIn-Line2Q Dental Traffic/Revenue Trends Improv

4、e Sequentially;NTM Demand Outlook Edges Higher:Our proprietary survey of 75 US dental practitioners suggests 2Q practice traffic was relatively flat(-0.3%y/y),improving from our prior 1Q survey of-1.3%(see note).Practice revenues were+0.2%in 2Q,above the 1Q experience(-0.7%),aided by favorable prici

5、ng and acute visits,offset by declines across bridges/implants,cosmetic,and routine visits.Importantly,the outlook on future NTM demand improved,with practitioners expecting traffic growth of+0.8%and revenue growth of+1.4%(vs.-0.1%and-0.1%respectively in our prior survey).This surveys NTM outlook is

6、 a more optimistic view as compared to the latest ADA 2Q data(see link)which revealed deteriorating confidence regarding the U.S.economy/dental sector/own practice over the next 6 months.Net/net,while we are encouraged by the positive signals in the report,we await more consistent improvement to fee