Operational Review and Financial Commentary After a very strong first half (H1 2021) defined by catch-up effects from 2020, demand continued at sustained high levels in H2. Defying supply chain bottlenecks and the COVID-19 pandemic, COLTENE seized the opportunities that presented themselves and strengthened its earning power thanks to high production capacity utilization. Catch-Up Effect in H1 and Supply Chain Challenges in H2 The first half (H1) of 2021 was defined by catch-up effects, and sales grew at disproportionately high rates. In H2, demand returned to more normal levels and the supply chain bottlenecks increasingly affected COLTENE, impacting in part its capacity to deliver. Despite a softer H2, COLTENE sales were up by a significant 12.4 % for the full year. At constant exchange rates and adjusted for the proceeds from the disposal of Vigodent in 2020, COLTENE sales increased even more, by 14.9 %. All markets and product groups recovered from their 2020 pandemic levels. At CHF 279.2 million, sales in the reporting period outperformed even 2019 sales (CHF 273.8 million), which at constant exchange rates was 10.6 % organic growth (CAGR 2019–2021: 5.1 %).
In H2, demand returned to more normal levels and the supply chain bottlenecks increasingly affected COLTENE.
Normalized Growth in Infection Control Up 35.5 % in 2020 at constant exchange rates, Infection Control sales growth normalized in 2021 to 2.3 %, or to 3.3 % in local currency terms. Dental Preservation and Efficient Treatment sales beat their prior-year performance, expanding by 19.7 % (20.1 % at constant exchange rates) and 17.8 % (17.9 % at constant exchange rates), respectively, compared to 2020. At 37.1 % (CHF 103.5 million), Efficient Treatment reclaimed its top performer status by share of sales. Coming in close second and third place, Infection Control contributed 34.5 % (CHF 96.3 million) and Dental Preservation 28.4 % (CHF 79.4 million).
North America (NAM) Still the Largest Market – Other Regions Recovering North America (NAM) is the most important market for the COLTENE Group, generating CHF 138.9 million in 2021 (2020: CHF 127.7 million). This puts NAM’s share of sales at 49.7 % (2020: 51.4 %). Whereas sales in Canada were down 8.5 % in CHF reporting currency terms, or 11.8 % in local currency terms, from a year earlier as strict pandemic measures remained in place, US sales grew, by 13.9 % in CHF and 15.6 % in local currency terms.
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