Dentsply Sirona: Rises on acquisition of teeth aligner maker

Gigabyte Technology

04/01/2021 18:39

** Shares of dental technology supplier  XRAY.O  up 2.1% at
53.47
    ** Co acquires custom teeth aligner maker Byte for $1.04 bln
in cash  urn:newsml:reuters.com:*:nL4N2JF2L5
    ** Says deal to add to co's long-term financial targets and
adjusted earnings in 2021
    ** Byte CEO Neeraj Gunsagar and existing management to
continue operating business
    ** Co says Byte's acquisition adds to the growth and
profitability of co's clear aligner segment, with its market
expected to grow at a rate of 20% to 25%  
    ** Brokerage Stifel says acquiring Byte makes sense as the
company is growing quickly in the direct-to-consumer (DTC) clear
aligner market; adds that acquisition makes a better capitalized
player in the niche market
    ** Brokerage says investors are comfortable that Byte's DTC
clear aligner industry segment does not cloak Align's  ALGN.o 
market for clear aligner therapy 
    ** Stifel rates the XRAY stock "hold" with a PT of $52    

 (Reporting by Sohini Podder in Bengaluru)
 ((sohini.podder@thomsonreuters.com))