【英文】瑞信报告：牙医调查显示：牙科需求保持稳定Survey Says: Dental Demand Holds Steady（42页）

英文研究报告 2019年09月10日 07:28 管理员

Dentists also remain optimistic regarding practice revenues, expecting a weighted average increase of 1.6% over the next 12 months. The majority of respondents broadly expect strengthening overall demand as compared to the current experience, consistent with our view of stabilizing dental fundamentals.Based on our survey, Henry Schein and Patterson are the most commonly used distributors, with 64% and 45% of our respondents utilizing their services, respectively. Importantly, over a third (36%) of respondents purchase some supplies from the manufacturer directly. We also ask our cohort what percentage of purchases they make through each source, where results were unsurprisingly concentrated in the top two US dental distributors. In terms of consumables, our respondents purchase 31% and 19% of consumables throughv Henry Schein and Patterson, respectively, as well as 36% and 20% of equipment through Henry Schein and Patterson, respectively. As a reminder, the ~$20 billion North American dental distribution market is highly concentrated with the top three players, Henry Schein, Patterson, and Benco Dental Supply, representing ~85% of the market. Henry Schein continues to dominate with ~35- 40% share according to our survey, with Patterson representing ~23%, based on our analysis of recently reported company results.

In addition, we asked dentists about their participation in group purchasing organizations. Only 9% of dentists reported using GPOs, with 6% using one GPO, 3% using two GPOs, and none using more than three GPOs. As a reminder, GPOs remain relatively nonexistent in Dental, in contrast to their prevalence in Animal Health, representing only 18% share in our cohort, as compared to the Animal Health distribution market where GPOs represent 49% share (according to our 1Q Veterinary Survey). Many complaints have risen against the larger dental distributors, including Benco Dental Supply (private), Henry Schein, and Patterson Companies, alleging that these distributors are somehow preventing GPOs from successfully entering the market. Additionally, in February 2017, the Federal Trade Commission (FTC) filed a complaint against the leading dental distributors (representing ~85% of the market) alleging that these companies colluded in refusing to provide discounts or services to certain Dental Service Organizations (DSOs). According to the complaint, Benco and Henry Schein entered the pact first, with Patterson joining later, and it also alleges that Benco invited Burkhart Dental Supply to participate in the coalition on multiple occasions. The FTC trial commenced on October 16th and after three months of trial, the FTC Complaint Counsel finished its presentation of the evidence on December 19, 2018. At that time, Patterson moved to dismiss the case against the company in its entirety, indicating that the Complaint Counsel had failed to prove that Patterson had colluded with the other two named distributors. Of note, the judge denied Patterson’s motion on February, 22, 2019. We await further updates in the upcoming months.