Survey Says: A Smile Still Hard to Find

Research evidence excerpt

Survey Says: A Smile Still Hard to Find

Foundation

July 24, 2026 09:00 AM GMT

Morgan Stanley & Co. LLCMDental | North America Erin Wright

Equity Analyst

Survey Says: A Smile Still Hard Erin.Wright1@morganstanley.comLinda Bolduc +1 212 761-6137

Linda.Bolduc@morganstanley.com +1 617 856-8009

to Find Michelle Foley

Research Associate

Michelle.Foley@morganstanley.com +1 212 761-4056

Our AlphaWise US dental survey suggests a further Derek Gross

deterioration in practice volume across 2Q & NTM outlook. ResearchDerek.Gross@morganstanley.comAssociate +1 212 761-2455

Sentiment was consistent across Specialty (Clear Aligner/ Craig Hettenbach

Implant) where demand was soft but NTM outlook held. Macro/ EquityCraig.Hettenbach@morganstanley.comAnalyst +1 212 761-6435

idiosyncratic HWs keep us cautious as we await clearer signs of a Jialin Jin

trough. Jay.Jin@morganstanley.com +1 212 761-3913

Erica Crouser

Data Analyst

Erica.Crouser@morganstanley.com +1 212 761-4807M

Key Takeaways Specialty Pharmaceuticals

Dental survey points to 2Q patient traffic softening (-2.0% y/y vs. -1.8% in 1Q), North America

Industry View In-Line

the lowest since 2021, and NTM outlook (-0.1% vs. +1.0% in 1Q) retrenches.

Clear aligner demand declined 3.6% in 2Q, down from our 1Q survey (-3.0%),

while practitioners hold a consistent sentiment on NTM trend (-1.4% vs. -1.5% in

1Q).

Clear aligner competitive landscape generally status quo (vs ALGN), but

Angelalign traction strengthens.

Implant demand lower in 2Q (-3.1% vs. -1.9% in 1Q) and NTM outlook holds (-0.5%

vs. -0.5% in 1Q), albeit still negative.

We remain cautious on Dental stocks (ALGN - EW, XRAY - EW, NVST - EW, HSIC -

UW). Our highest investor call volume Dental name into 2Q was ALGN.

Key sections and charts with greater detail, discussion enclosed.