- 200bps gross margin contraction - it was accepted as common wisdom that amalgam was the lower GP product, hence it was expected that GP margin would tick up as amalgam sales went down. That's not happening.
- Brazil/SA continues to flounder long after the Brazilian packaging facility - which was supposed to be the turnkey to unlocking the SA/Brazilian growth opportunity - was opened.
I'll admit to being a little torn over my small SDI position. Outside of amalgams, the underlying/structural growth rate in dental consumables is growing at high single digits so i like the market dynamics, but there's plenty i don't like specifically about SDI.
SDI Price at posting:
49.0¢ Sentiment: Hold Disclosure: Held
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