Seeking Alpha: Dentsply - A Great Stock, But Not A Great Price

Dental care has held up better than most analysts expected, and Dentsply's (XRAY) to decision to continue investing in the business during the worst of the downturn should put it in place to gain even more share. That said, the stock's relative outperformance has left it a little expensive when compared to the larger med-tech universe.

A Confusing Q4
Dentsply's financial press releases are never what you might call a vault of information, and this is a company where shareholders should definitely make a point of listening to the conference call or reading the transcript. That said, even with the supplementary information, this was a complicated quarter.

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Dentsply: A Great Stock, But Not A Great Price

Seeking Alpha: Can Align Technology Fix The Gap In Its Valuation?

Although I'm quite willing to bemoan the lack of good growth stories in med-tech today, the reality is that it's not so much a lack of good growth stories as a lack of good undervalued growth stories that is the problem. Align Technology (ALGN) is a good case in point. While this company has a lot of things going for it - including market share, under-penetrated markets, and good profits - valuation has caught up with the shares and company guidance is denting some of its growth expectations.

A Good Quarter, But ...

Align did what it needed to do for the fourth quarter, and then a little extra. Revenue was a bit ahead of expectations and grew 39% from the year-ago quarter (and more than 2% from the third quarter). This overstates things a bit because of the Cadent acquisition, but core Invisalign revenue was up 28%. Case volume growth in the Invisalign business was an impressive 30% and more than offset weakening ASPs.

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Can Align Technology Fix The Gap In Its Valuation?