Annual Report 2023


2.4 bn

Revenue in CHF

5.6 m

Smiles impacted

> 11 000



Organic revenue growth


Educational activities in low- and middle-income countries


Learning and growth score


Core EBIT margin


Renewable electricity


Women in leadership positions

Letter from the Chair and CEO

Chair and CEO

Gilbert Achermann, Chair, and Guillaume Daniellot, Chief Executive Officer

Dear Reader,

In 2023, we essentially kept on performing and transforming – we continued innovating, adapting and further expanding. Most and foremost, we focused on customers in everything we did. This led to another extraordinary year and we are humbled and inspired by the impact that we have on many lives and smiles. In 2023, we helped 5.6 million smiles and improved people’s oral health and quality of life. This is what motivates us and drives us every day, and this is what we will continue to do in the future.


    Customers inspire us to push the boundaries, innovate and adapt

Read more

The start of the year was challenging in some regions with the COVID-19 pandemic still present and the changing regulatory environment in China, where the VBP (volume-based procurement) policy was implemented. These developments forced us to optimize our setup and offerings to comply with the new rules and standards and to be prudent in our spending to ensure we maintained solid profitability. During the course of the year, we were very pleased to see how the team was able to turn this challenge into an opportunity that significantly helped drive the growth of the company.

In the face of macroeconomic developments as well as geopolitical tensions, the team delivered on customer expectations and drove an organic growth of 9.8% and CHF 2.4 billion in revenue. The team’s spirit and agility made up for the significant impacts on the business  from currency headwinds which lowered revenue by CHF 145 million and led to 3.9% growth in Swiss francs. At the same time, we were able to maintain a high profitability of 25%, compensating for 200 basis points  of currency headwind.


    Our relentless team efforts in all functions and regions led to remarkable 9.8% organic growth

Our market share is growing year by year, and we are expanding our presence in key regions and segments.  We have seen strong demand for our solutions, especially in implantology, and therefore keep on investing heavily  in operations and infrastructure to meet the increasing volumes. We were able to win many new customers and believe that our market share in implantology increased from approximately 30% to around 32%, while we estimate that our global addressable market grew to above CHF 19 billion in 2023.


    Innovation is the cornerstone of our business, and we want  to provide solutions that meet clinician and patient needs, exceeding expectations

2023 was a year of numerous innovations across many business areas which also emerged based on customer feedback over the years. At the International Dental Show (IDS) in March, we were able to present an extensive range of innovations such as SmileCloud, Falcon, and the new intraoral scanner (IOS) software as well as our vision for our digital platform Straumann AXS. Another highlight in the implantology arena was the pre-launch of Straumann iExcel, a new high-performance premium implant system that provides clinicians with greater versatility and simplicity in their implant treatments and includes the new C-line with an improved BLT and for completion, a tissue-level option.


    Our latest premium Straumann iExcel solution was developed over the years based on several customer feedbacks

In 2023, we acquired GalvoSurge, a manufacturer of medical devices for optimal cleaning of dental implants affected by peri-implantitis, and AlliedStar, an intraoral scanner technology company located in China. On top of that, many new developments and software improvements on the orthodontics side have helped strengthen the value proposition of our solutions and increased our capability to treat more complex cases.


    More than 11 200 education activities worldwide, with 28% in low- to middle-income countries

It is essential to innovate and combine this with the necessary education activities to ensure our solutions reach our customers and ultimately patients. Investing in education continues to be part of our core business, as knowledge and skills are essential for our success and customer satisfaction. We organized and participated in various events and activities, such as IDS, Esthetic Days, webinars, podcasts, and online courses, to share knowledge and exchange the latest insights and best practices in the dental field with our customers.

Last year was also a year of transformation. We adjusted our brand strategy to reflect our strategic compass and enhance the distinctiveness of our brands. This changed how we present ourselves at customer events which was very well perceived by the different customer communities.

Another highlight was the clear definition of our digital strategy along the clinician journey, to offer a unique and seamless customer experience, from education and diagnosis to treatment and follow-up. The digital strategy also includes our internal digital transformation which will  help improve our processes and workflows and leverage the power of data and analytics. Above all, we do not see digital transformation to be a technical step up only within the organization, but moreover a mindset play. This is why we brought to life an internal campaign called EDGE!UP which should give people a channel to play and experiment with new technologies, learn new skills and grow together by sharing expertise.


    We focus on our player-learner culture – on a personal and professional level – to maintain a competitive edge

In 2020, we made a strategic decision to build a consumer presence and acquired DrSmile, a leading provider of clear aligners in Europe, followed by the acquisition of Plus Dental in 2022. With the end of the contracts in 2023, the founders transitioned out and the new management took over. Given the challenges of such consumer businesses, we are closely monitoring the developments and learning to ensure the right approach in combination with our clinician business. In light of the macroeconomic environment, consumer behavior is changing, and demand from this particular target group for esthetic treatments seems to soften. Now that we have achieved our goal of establishing a critical size and become the largest doctor-led direct-to-consumer-marketing orthodontics business in Europe, we shift to a sustainable organic growth strategy starting to prioritize profitability over growth. Our  other company Nihon, or the Anshin brand in Japan, is performing very well and pilots with a similar business model in implantology in other countries are under way.

The acquisition of DrSmile and Nihon will enable us to raise awareness of dental solutions and offer more accessible and affordable solutions, while maintaining the highest quality and safety standards.


    We have strengthened our presence in Europe with new customers such as the biggest DSO in Italy

In 2023, we further strengthened our strategic customer relationships with dental service organizations (DSOs)  to provide them with customized and comprehensive solutions and services. We have defined an end-to-end ambition for our Orthodontics 360 solution along a digitalized and integrated aligner workflow and more than 100 practices implemented the practice management software CareStack.

We continue to collaborate with other industry players, such as universities, research institutes, associations, the ITI and NGOs, to advance the dental profession and to contribute to the social and environmental causes that  we care about.

In 2023, we not only achieved strong financial results and market growth, but we also made significant progress in our sustainability agenda. We are proud to share with you some of the highlights and achievements that demonstrate our commitment to creating value for our stakeholders.


    Strong advancements in the area of sustainability

We believe that sustainability is not only our obligation as a responsible corporate citizen but also a strategic advantage. We do what we believe is the right thing to do, what is needed for business continuity and what is expected from us by our employees, customers and shareholders. That is why we have set ambitious goals to contribute to the wellbeing of our stakeholders and reduce our environmental impact.


    Our culture has been instrumental in our success and attracts new and diverse talent to join the organization

In 2023, we helped 5.6 million smiles and managed to reach 28% of educational activities in low- and middle-income countries. More than 91% responded to our employee survey, we reached a score of 77 (up 1 point) in reponse to the question whether people think they have good opportunities to learn and grow. As a highlight, the engagement score was at 81 which is 3 points above the global benchmark. Although we are already at a good level with 40% of leadership positions held by women, we have set ourselves a very ambitious target which we are still working on. This is not an easy one to achieve and we are committed to implementing next steps to get closer to our 50% women in leadership goal.


    SBTi approved our net-zero emissions targets in 2023

We are delighted to announce that the Science Based Targets initiative (SBTi) has approved our net-zero emissions targets, which align with the most ambitious scenario of the Paris Agreement. This means that we have started our journey to achieve net-zero greenhouse gas emissions across our entire value chain by 2040. We have also made great strides in our first sustainability target of sourcing 100% renewable electricity for our operations by 2024 and are currently at 93%. This will help us reduce our carbon footprint and support the transition to a low-carbon economy.


    In 2023, we supported more than 60 charitable projects

At Straumann we are committed to creating a positive impact for the communities in which we operate to improve access and ultimately people’s lives. This commitment involves philanthropic activities such as facilitating access to oral health education, affordable oral care, and also participating in humanitarian relief efforts, as well as actively engaging with local communities. As an example, during the early months of 2023, when devastating earthquakes struck Southwestern Türkiye and Northern Syria, the Group responded with immediate actions and donations (see p. 111). In 2023, the Board also mandated the Management to set up a Group foundation during 2024 to bundle and strengthen the Group’s philanthropic activities.


    We will strengthen our non-financial reporting

For our company, on the Board and Executive Board level, non-financial reporting and sustainability have been a priority for many years. In this spirit, we are also preparing to fulfill the non-financial reporting requirements that are going to be in force for the full-year reporting 2024 and beyond. We have already started to set our reporting frameworks according to the European Corporate Sustainability Reporting Directive (CSRD).

There will be a new framework to disclose on climate-related risks and opportunities according to the recommendations of the Taskforce on Climate-related Financial Disclosure (TCFD) which we have already started to cover in this report. In an integrated approach, we also cover  the new Swiss Ordinance 964b on non-financial reporting, which is in force now, in this report.


    We have a strong and diverse Board and Executive Management team, which shares one vision, beliefs and executes on our strategic direction

In 2023, we welcomed new members to our Board and Executive Management, and we also announced some important changes that will take effect next year.

Olivier Filliol joined the Board in 2023 and, as Beat Lüthi left the Board, Petra Rumpf became the new Vice Chair, and Marco Gadola was elected to chair the Human Resources & Compensation Committee (HRCC). As announced in August 2023, Gilbert Achermann will not seek reelection as Chair or Board member at the Annual General Meeting in April 2024. Petra Rumpf will be proposed for the role of Chair. Her extensive industry knowledge, strategic expertise, and deep understanding of digital transformation make her the ideal personality  to guide the Group into the next phase of growth.

Also in August 2023, on the Executive Management level, we were very pleased to announce Yang Xu who joined as Group Chief Financial Officer and member of the Executive Management Board in August. Rahma Samow, Head of Dental Service Organizations (DSO), decided to leave the Group and join one of Straumann Group’s main business partners. The hiring process for a new DSO Head is ongoing. In October 2023, Florian Kirsch was appointed to lead orthodontics in addition to the digital solutions business unit and is now a member of the Executive Management Board. Camila Finzi, who previously led the orthodontics business, left the Group to pursue opportunities outside the organization.


    Bringing sustainable value to our shareholders

In 2023, we were pleased to see that our shareholder basis increased by 5%. Investing in sustainable growth remains one of our priorities. This includes investment in our growing operation to meet demands and drive our digital transformation journey. Due to the macroeconomic environment and stock market re-rating, our market capitalization increased to CHF 21.6 billion in 2023 (see p. 39). Based on the 2023 results, the Board of Directors proposes to increase the dividend to CHF 0.85 per share, of which CHF 0.40 is to be paid from the capital contribution reserve, and payable on 18 April 2024. We intend to continue to increase the dividend in the future, subject to continued good performance.

Long-term growth ambition (barring unforeseen circumstances)

It has been almost two years since we launched our purpose, vision and mission along with the strategic compass, which defines our priorities and guides our decisions  and actions. We are proud that we successfully delivered  on our ambitions, and achieved remarkable results in all aspects of our business.

We were able to grow our market share and revenues, maintained strong profitability and cash flow, improved our customer satisfaction and loyalty, enhanced our innovation and education capabilities, expanded geographically and advanced our sustainability and social responsibility agenda.

As a company, we have grown and become more resilient. Our revenue growth is now more balanced geographically, our business has diversified and our core business implantology covers offerings across all price points, reducing our dependence on one segment. The Group now operates in a potential above CHF 19 billion market, and we are confident that our strong market position, balance sheet, and business model will help us navigate through challenging times. Our high-performance player-learner culture is key to our success, and we believe that our company is well-positioned to achieve its long-term goal of CHF 5 billion in revenue by 2030, with an average organic growth rate  of at least 10% annually. This strategy will be supported  by continued investment in growth, leading to a core EBIT margin of 25-30% (at constant FX rates) in the coming years, depending on the size of the investments. The Group will continue to provide yearly guidance and aims to continuously increase its gross dividend.

We would like to thank all our teams who are committed to the benefit of patients and contributed to the success of Straumann Group through their untiring efforts despite the continuing challenges caused by the macroeconomic environment.

Our sincere thanks also go to you, our partners and shareholders, for your ongoing support and confidence in our company.

Yours sincerely,

Gilbert Achermann signature

Gilbert Achermann

Guillaume Daniellot signature

Guillaume Daniellot
Chief Executive Officer

27 February 2024

Performance by region

North America
Europe, Middle East, Africa
Latin America
Asia Pacific

Share price development

(Price in CHF)


(Price in CHF)

Business Development

Straumann Group reports full-year revenue of CHF 2.4 billion and organic revenue growth of 9.8%, with strong cur-rency headwinds leading to a growth of 3.9% in CHF. The patient flow was dynamic, with regional variations. While North America experienced some consumer weakness, especially on the large implant reconstructions, Europe showed good patient flow and the APAC region, notably China, boosted the result, following the implementation of the volume-based procurement process in 2023.

In the year under review, Straumann Group made significant progress in all dimensions of its clearly defined strategic roadmap. It was marked by a strong performance of the implantology business, delivering double-digit volume growth in both the premium and challenger segments. The orthodontics ClearCorrect business saw the introduction of many features and software offerings as well as training of several thousand clinicians which led to a wider adoption of the brand.

2023 marked another important year, as Straumann Group delivered a differentiated value proposition with Straumann iExcel, Anthogyr X3, Neodent ZI, enabling doctors to achieve better clinical results with improved efficiency, or treat peri-implantitis, thanks to the acquisition of GalvoSurge.

Key performance figures

Revenue (CHF m) 2 412 2 321
Gross profit margin (%) 74.3 75.7
EBIT margin (%) 25.1 26.0
Net profit margin (%) 18.3 20.8

1 To facilitate a like-for-like comparison, the Group presents ‘core’ results in addition to the results reported under IFRS Accounting Standards – see business performance chapter in annual report

The Business development includes the following chapters
Business performance
Share performance

Sustainability Report

Advancing oral care

> Today at 5.6 million smiles

Our aim is to help 10 million smiles per year by 2030

> Today at 28%

We want to provide 35% of all our educational activities in low- and middle-income countries

Empowering people

> Today at 40%

We want 50% of leadership positions to be held by women by 2026

> Today score at 77

A score of 80 by 2026 in our employee survey in response to
‘I have good opportunitites to learn and grow’

Acting with responsibility

> Maintained in 2023

We are shaping a company with a zero tolerance policy

Caring for the planet and society

> Today at 93%

We will use 100% renewable electricity by 2024

> Target validated by SBTi in 2023

We aim to achieve net-zero emissions by 2040

Corporate governance report

The principles, structures, mechanisms and controls by which the Straumann Group is directed and the people who are responsible for their execution.

Compensation report

This report provides a comprehensive overview of the Straumann Group’s compensation principles, practices and delivery framework. It also provides information on the compensation of the general staff, management, Executive Management Board (EMB) and Board of Directors (BoD).

Financial report

The consolidated financial statements of Straumann Group for the year ended
31 December 2023 were authorized for issue in accordance with a resolution of the Board of Directors on 26 February 2024 and are subject to approval by the Annual General Meeting on April 12, 2024.


Annual Report 2023