Dental Devices & Distribution: HSIC, NVST, STMN, & XRAY: 2Q26 Preview & ADA Survey Takeaways

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Dental Devices & Distribution: HSIC, NVST, STMN, & XRAY: 2Q26 Preview & ADA Survey Takeaways

J P M O R G A N North America Equity Research

31 July 2026

Dental Devices & Distribution

HSIC, NVST, STMN, & XRAY: 2Q26 Preview & ADA

Survey Takeaways

Dental earnings ramp up next week with Dentsply Sirona (XRAY), Envista Medical Supplies & Devices

AC(NVST), and Henry Schein (HSIC), followed by Straumann (STMN) later in Lilia-Celine B Lozada

August. Unsurprisingly, intra-quarter datapoints have been mixed once again. On (1-212) 622-1019

the constructive side, management commentary has generally been positive with lilia-celine.b.lozada@jpmchase.com

many teams citing stable demand trends, the latest ADA survey points to a slightly J.P. Morgan Securities LLC

healthier backdrop, including improving dentist sentiment, and Chase card data European Medical Technologies &

Servicesindicates similar low-single digit growth in dental services transactions in 2Q.

Offsetting that, consumer sentiment troughed in 2Q, our recent channel checks David Adlington AC

suggest pockets of softness in more deferrable/high-ticket procedures, and Align (44-20) 7134-5828

(not covered) reported greater-than-expected pressure in its capital equipment david.adlington@jpmorgan.com

J.P. Morgan Securities plc

business. On balance, we view the ADA survey and the broadly neutral-to-positive

Managed Care and Facilities

management tone as the most telling leading indicators, leaving us incrementally

more constructive on the near-term demand outlook in dental, particularly for John Stansel, CFA AC

consumables. That said, company-specific narratives and expectations will be (1-212) 622-0083

john.stansel@jpmorgan.com

equally as important. See below for implications from the ADA survey, J.P. Morgan Securities LLC