US Healthcare 2Q26 Dental Preview: Sentiment, Setups and Signposts

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US Healthcare 2Q26 Dental Preview: Sentiment, Setups and Signposts

Global Research

27 July 2026ab

US Healthcare Equities

Americas2Q26 Dental Preview: Sentiment, Setups and

Signposts Healthcare

Kevin Caliendo

Analyst

kevin.caliendo@ubs.com

+1-212-713 3630

UBS Call: Checks Suggest Macro Broadly Negative for Specialty; Tariffs and Andrea Alfonso

Inflation to Benefit HSIC? Analyst

andrea.alfonso@ubs.com

UBS View: Our end of quarter checks suggested a very somber view from dentists as +1-212-713 1342

higher margin procedure volumes fell precipitously in May and did not rebound Brett Gasaway

materially in June or yet into July. Thus, it is difficult for us to recommend owning any of Analyst

the dental names into the 2Q print even though we do believe the buy side is starting to brett.gasaway@ubs.com

position themselves more for weak 2Q prints. What is unclear is if sentiment is that the +1-212-713 4820

war-related impacts on the consumer were one-time in nature and that demand for

things like aligners and implants bottomed in 2Q, thus providing a buying opportunity.

Commentary on demand in 3Q will matter more than normal on the upcoming calls. We

view the risk to numbers for NVST to be highest versus expectations. HSIC may see a

benefit from tariffs (refunds) and inflation (which they have historically passed through)

and stable visit volumes. XRAY stock has risen 22% since July 1 and it is unclear anything

there has changed fundamentally, so the bar from just a traditional earnings print may

be artificially high. We previewed a relatively weak US case volume quarter ALGN last

week (link).

NVST: Challenging NVST setup given valuation, macro risk, and y/y B&W

headwind not accounted for in street estimates. We see Spark and implant