2011 full-year
results presentation
Analysts’ & Media Conference Call
Basel, 22 February 2012
Disclaimer
This presentation contains certain “forward-looking
statements”, which can be identified by use of
terminology such as “expect”, “expectation”,
“intend”, “continue”, “achieve”, “maintain”,
“improve”, “foresee”, “anticipate”, “product
introductions”, “outlook”, “forecast”, or similar
wording.
Such forward-looking statements reflect the current
views of management and are subject to known
and unknown risks, uncertainties, assumptions and
other factors that may cause actual results,
performance or achievements of the Group to
differ materially from those expressed or implied
herein.

Straumann
Should such risks or uncertainties materialize, or
should underlying assumptions prove incorrect,
actual results may vary materially from those
described in this presentation.
Straumann is providing the information in this
presentation as of this date and does not
undertake any obligation to update any forwardlooking statements contained in it as a result of
new information, future events or otherwise.
2
1
Agenda
Full-year highlights
Financial review
Business and regional review
Further innovation brought to customers
Academic presence strengthened
Outlook 2012
Questions & answers

Straumann
3
Full-year highlights
Beat Spalinger
President & CEO
2
What is happening in the market?
North America and RoW performed well, helping the global
tooth restoration and replacement market to low-single-digit
growth in 2011.
Europe declined amid economic uncertainty and the debt
crisis. Consumer sentiment softened. The second and third
largest markets, Italy and Spain, suffered most.
In APAC the world’s fourth largest dental market, Japan, was
disrupted by natural disaster.
Industry consolidation and new technologies were major topics
in 2011.

Straumann
5
2011: A fundamentally positive year from a strategic and operational aspect
GROWTH
+ 4%
in local currencies as
full-year net revenue reaches
CHF 694 million
R&D
INNOVATION
CONTINUES
Multiple refinements, novel
solutions and services; 6%
of sales invested in R&D;
pipeline well stocked

Straumann
CURRENCY IMPACT
71m
CHF
lost from top line in unprecedented currency headwind:
net revenue contracts 6% in
CHF
JOBS
91
POSITION
DRIVERS
new positions
created worldwide,
mostly in Marketing & Sales
+10%
growth (l.c.) in North America;
dynamic emerging markets;
more products sold to more
customers in more geographies
than ever before
Pole position in implant
dentistry underpinned;
significant steps towards
leadership in digital dentistry
FUTURE
DIVIDEND
3.75
NO.1
CHF
per share maintained; CHF
1.55 thereof paid from capital
contributions
VISION
2020
New organizational structure;
leadership strengthened;
Straumann creates roadmap
for sustainable success
6
3
Above-market performance over the past 4 years
25%
Global Dental implant market
by share of sales (100% = CHF 3.5bn)
20%
15%
Others
35%
10%
5%
Zimmer Dental
6%
0%
Straumann
19%
Biomet 3i
8%
-5%
Dentsply/Astra
14%
-10%
Nobel Biocare
18%
-15%
Straumann organic growth

Straumann
Leading dental implant companies1
1 Market share weighted growth rates (l.c.) of Biomet/3i, Dentsply, Nobel Biocare, Straumann and Zimmer; collectively representing 2/3 of the dental implant market.
Source: Published company data, 10-K and management comments
7
Financial review
Thomas Dressendörfer
Chief Financial Officer
4
Q4: 2% growth on high baseline in prior year
FY 2011 net revenue growth
Total Group: CHF 694m
Organic growth by quarter (l.c.)
7%
5%
5%
5%
4%
(10.1%)
or
71m
3%
3%
2%
4.1%
2%
-1% -1%
(6.0%)
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
-8%
Net revenue
in CHF

Currency
effect
Net revenue
in l.c.
2009
2010
Straumann
2011
9
Underlying EBIT in line with guidance despite strong currency headwind
in CHF million
Net Revenue
Gross profit
Gross profit margin
EBITDA
EBITDA margin
Operating profit (EBIT)
EBIT margin
Net profit
Net profit margin
Basic earnings per share (EPS)
Free Cash Flow
Free Cash Flow margin

1
Straumann
FY 2010
FY 2011
Reported
FX adjusted
Reported
737.6
666.5
693.6
Change
Exceptionals
Preexceptionals1
FX adjusted
693.6
4.1%
587.0
520.0
528.5
528.5
79.6%
78.0%
76.2%
76.2%
211.9
171.3
157.4
157.4
28.7%
25.7%
22.7%
164.3
125.8
79.9
22.3%
18.9%
11.5%
131.0
71.0
17.8%
10.2%
8.37
4.54
154.2
121.1
20.9%
17.5%
22.7%
-40.2
(3.0%)
120.1
17.3%
-26.8
(1.8%)
(1.6%)
97.8
14.1%
-1.7
6.26
Throughout this presentation the term ‘pre-exceptionals’ means that the impairment of intangible assets (CHF 40 million) and the
corresponding deferred tax effect (CHF 13 million) are not included.
10
5
Main factors influencing profitability
▼ Unprecedented negative currency impact takes CHF 71 million off top line, with
transactional effect of CHF 38 million on operating income
▼ Intangible asset impairment of CHF 40 million
▼ Lower-margin digital solutions business grows faster than implants, mainly due to
successful scanner roll-out; production-related one-off costs impact gross margin
▼ Investment in Marketing & Sales to drive future growth
▲
▲

Efficiency improvements in implant and CADCAM production
Lower effective tax rate related to the impairment
Straumann
11
Volume expansion in core business offset by FX effect and business mix
In % of net revenue
-1.6%
0.8%
-0.3%
-0.2%
-1.1%
-1.0%
79.6%
Gross profit
FY 2010
78.0%
FX effect
FX-adjusted
gross profit
FY 2010

Straumann
76.2%
Production
Volume
Inventory Business mix
Pricing
leverage & (Distributor) Change Digital Solutions
related
efficiency gains
one-offs in H2
Gross profit
FY 2011
12
6
EBIT margin before FX impacted by business mix and investment in M&S
In % of net revenue
-3.4%
or
CHF 38 m
-1.8%
0.4%
-0.4%
0.3%
-5.8%
22.3%
18.9%
17.3%
11.5%
EBIT margin
FY 2010

FX effect
1
Straumann
FX-adj. EBIT Gross profit
margin FY 2010
SG&A2
Reorganisation
costs
R&D
EBIT margin
FY 2011
Impairment1 Reported EBIT
margin FY 2011
Impairment of intangible assets in the amount of CHF 40 million.
‘other income’ and a reversal of provisions in the amount of CHF 5 million.
13
2 Includes
Net profit impacted by currency headwind and impairment charge
In CHF million
-37.2
8.6
2010
2011
1.1
1.6
0.2
(0.5)
Interest income
Results from associates
Interest expenses
FX gains/losses (incl.
hedging instruments)
(4.7)
(3.6)
Financial result (net)
(4.6)
(2.3)
(1.0)
-14.6
7.3
0.3
-26.8
2.3
131.1
97.8
71.0
Net profit
margin 17.8%
Net profit FY
2010
FX
1

Straumann
Net profit
margin 14.1%
Corresponding Additional
tax effect
gross profit
Higher
SG&A
R&D
Financial
result
Pre-excep.
net profit
FY 2011
Includes other income.
included the aforementioned impairment and related deferred tax effects.
2 Exceptionals
Net profit
margin 10.2%
Excep.
Net profit FY
2011
14
7
Strong cash flow maintained – in challenging conditions
FY 2010
In CHF million
FY 2011
Inventory: Days
of supply
158
123
Receivables: Days of
sales outstanding
45
48
- 58.5
16.0
8.6
- 0.7
2.6
-1.0
154.2
CHF 40m thereof related
to currency developments
121.1
FCF margin
20.9%
FCF margin
17.5%
Free Cash
Flow FY
2010

Lower
Gross
profit
1
Straumann
Higher cash Improvement Lower
OPEX
NWC
CAPEX
Lower tax
payments1
Others
Free Cash
Flow FY
2011
Incl. VAT tax payments of CHF 3 million.
15
High strategic flexibility thanks to strong liquidity and cash generation
In CHF million
140
-19
-59
-35
-6
Free Cash Flow
CHF 121m
6
CHF 24m thereof used for
purchase program
377
350
Cash
Operating
balance cash flow
year-end
2010

1
Straumann
2
CAPEX
2010
dividend
Acquisition of minority stake in Dental Wings
Mainly exchange rate differences
Treasury
shares
bought
Investments Others2
(associates1)
Cash
balance
year-end
2011
16
8
Dividend payout ratio increased
BoD proposes to the AGM:
Dividend maintained at CHF 3.75 per
share1
in CHF
Payout ratio
5
80%
4
3
CHF 1.55 thereof paid with ‘reserves from
capital contributions’
60%
2
1
1.85
Payout band width
1.55
40%
3.75
3.75
3.75
3.00
2.50
1.90
2.20
2010
2011
0
20%
0%
2005
2006
2007
2008
2009
Paid with reserves from capital contributions ('tax exemption¨)
Dividend
Payout ratio (excl. exceptionals)

Straumann
1
17
Subject to approval by the Shareholders’ General Meeting
Businesses and regional review
Beat Spalinger
President & CEO
9
Growth accross all businesses
Restoratives
Implants
Volume expansion driven by
Bone Level range and Roxolid;
premium price positioning
defended

Regeneratives
Scanner sales to drive future
prosthetic element business
expansion
Supported by Allograft and
roll-out of MembraGel
Straumann
19
Growth across all regions, led by North America and RoW
FY 2011 regional growth
Net revenue by region (rounded)
5%
53%
Europe
CHF 404m
15%
North America
CHF 156m
26% 25%
19%
10%
6%
0% 2%
Europe
North
America
Growth in l.c.

Straumann
58%
Asia/Pacific
4%
ROW
Group
22%
Asia/Pacific
CHF 101m
ROW
CHF 33m
Total Group
CHF 694m
Contribution to global growth
20
10
Europe stable amid economic uncertainty
Challenging environment limits possibility for growth
Consumer sentiment fragile
Situation in Italy and Spain deteriorated in the latter part
of the year
Q4 contraction due to decline in Spain and Italy; Germany
rises; strong growth in France and Eastern Europe

Q4 11
% CHF
FY 10
FY 11
% CHF
110.9
100.7
(9.2%)
444.9
404.4
(9.1%)
6.4%
(3.4%)
3.2%
0.2%
(in CHF million)
Q4 10
Net revenue
Growth in % l.c.
Straumann
21
Double-digit growth continues in North America
Q4 (+12%) is strongest quarter in 2011, despite tough
comparison baseline
Growth in Canada and the US driven by implants and
intra-oral scanners; Regeneratives continue to develop
well
Currency headwind of 9% points
(in CHF million)
Q4 10
Q4 11
% CHF
FY 10
FY 11
% CHF
Net revenue
41.3
42.4
2.8%
164.7
155.6
(5.5%)
11.9%
12.0%
8.7%
10.2%
Growth in % l.c.

Straumann
22
11
Solid growth maintained in Asia/Pacific; strong expansion in RoW
Q4: solid growth in APAC driven by China and Japan
Bone Level implant roll-out progresses in Japan
Korea declines from exceptionally strong Q4 in 2010
Customer gains in Brazil; good performance in Mexico
Q4 10
Q4 11
% CHF
FY 10
FY 11
% CHF
APAC net revenue
24.2
25.0
3.0%
100.5
100.7
0.2%
Growth in % l.c.
2.9%
5.7%
2.1%
5.5%
7.2
7.5
27.5
32.9
10.7%
11.1%
12.3%
26.0%
(in CHF million)
RoW net revenue
Growth in % l.c.

4.7%
19.6%
Straumann
23
Further innovation brought to customers
12
Multiple refinements and new products in 2011
Straumann® Classic
coDiagnostiX™ 8 software

Straumann® All-in-one Sets
Straumann® Anatomic IPS
e.max® Abutment NC
Straumann® CARES Visual 6.2
Nano and other
high-end ceramics
Screw-retained bars and
bridges, full contour inlays,
onlays and veneers
Straumann® CARES®
Variobase coping
Straumann® repositionable
implant analog
Straumann
25
New-generation small-diameter soft tissue-level implant
Standard Plus Narrow Neck CrossFit® (NNC)
• Roxolid®, our strongest material
Soft Tissue Level philosophy
Consistent Emergence Profiles™
• SLActive®, our fastest healing implant surface
• CrossFit®, our reliable, intuitive connection
CrossFit® at soft tissue level
• Soft tissue level design: 1 stage surgery
• New transfer piece: handling convenience
For spaces and narrow bone ridges
SLActive® surface
Bone Control Design™
Roxolid® material
• Indications include: front single-tooth gaps or
multiple-tooth replacement (bridges and
fixed/removable overdentures)
Controlled market release underway
• Full launch: spring 2012 in Europe and N. America1
• Other markets1 to follow

Straumann
1
Pending regulatory approvals/clearances
26
13
Straumann CARES System 7.0 launch
New CARES Visual software based on
DWOS open standard software platform
Labs now have the flexibility to produce
prosthetic elements through third-party
milling or Straumann’s validated CAM
process
Fear of being ‘locked in’ to a single
manufacturer dispelled; labs now have
confidence to invest in CADCAM
Launch at Chicago Midwinter meeting

Straumann
27
CARES 7.0 – at the heart of the prosthetic workflow
Physical Inputs
Data capture
DVT
Design process
Manufacturing
Pre-operative
In-mouth product
Implant
Central
Drill guide
In-lab
Intra-oral
Abutment
Coping / bridge
In/onlay
Design
Central
Full contour
Model
Impression
Die
Wax-up
Desktop scan
Scan body
Impression scan
 Straumann
Certain services currently in development
dwos inside
3rd party
(e.g.in-lab,
chairside)
Dentures
Mouth guards
28
14
Stocked pipeline despite recent introductions
Project
Benefits
• Small diameter TL Implants
• New implant material
• Implant maintenance
• Soft tissue control
• Advanced planning, guided surgery
• More options; simplified handling
• Tooth-colored
• Rescue compromised implants
• Tissue control around implants
• New software
• Standard software platform
• CARES 7.0/8.0
• Multi-unit restoration for Bone Level implants
• CADCAM abutment solutions
• Intra-oral scanner connectivity
• Restorative services
• New restorative materials
• Standardization of digital workflows
• CARES external workflow
• More options
• More options
• Improved communication & flexibility
• Access to digital workflows
• Enhanced efficiency & handling
• Enhanced bone graft material
• PEG technology
• Enhanced regeneration
• More applications
 Straumann
29
Academic presence strengthened
15
ITI membership now exceeds 11 000
World‘s largest implant dentistry network
25% increase in 2011 to >10 000 Fellows and Members
in 95 countries
New Study Club concept drives increase
Straumann is exclusive implant manufacturing partner
12'000
10'000
8'000
6'000
4'000
2'000
0
2007
2008
2009
2010
2011
Fellows
ITI Members

Straumann
31
Novel education concept with Academic Center for Dentistry in Amsterdam
ACTA’s undergraduate program to include teaching on all basic aspects of oral implantology,
often covered only in postgraduate courses
400 hours a year of extra training reserved for implant dentistry
Program focused on one implant system; Straumann provides materials, planning software etc.
ACTA has 500 enrolled dental students and treats approximately 500 patients per day

Straumann
32
16
Refreshing our internet footprint
Corporate website redesigned and completely
revised
Powerful new search function – faster, easier
access to information
Greater range and depth of content
Focus on information needs of patients and dental
professionals in Country updates in 2012

Straumann
33
Focusing our organization to increase effectiveness
Increased portfolio, reach, customer base and sales complexity prompted complete
reorganization – from bottom to top
CEO
Local Sales
Channel
4 focused sales forces
Country
organization
3 sales regions
Business Unit
organization
Corporate
organization

Straumann
2 main BUs
Beat Spalinger
Finance
BU
Prosthetics
BU Surgical
Sales I
EMEA/
LATAM
Sales II
NAM
Sales III
APAC
Thomas
Dressendörfer
Sandro
Matter
René
Willi
Frank
Hemm
Andy
Molnar
Beat Spalinger
(ad interim)
EMB strengthened; new
Corporate structure
34
17
Building from a position of strength and shaping our organisation for the future
New organisation will:
Bring us closer to customers
Bring better solutions to the market more effectively
Encourage entrepreneurship, ownership and
accountability and engagement (no downsizing)
Spur top-line growth by increasing sales efficiency
Help us to achieve our strategic goals and Vision 2020

Straumann
35
Outlook 2012 and beyond
18
Implant markets in large developed countries are far from mature
Implants placed per 10 000 population per year
Which means that only
~1 million US patients are
treated annually

2011 data; Straumann estimates, based on OECD, various statistics offices and Millennium Research Group. The population in the US is aging, resulting in more patients with tooth loss.
Patients who have been treated are likely to require maintenance work. Most people lose more than one tooth in life and thus re-enter the treatment path.
Straumann
37
Outlook (barring unforeseen circumstances)
2012
Market
 Optimism for N. America and emerging markets; Europe faces challenges
 Our markets are expected to grow in the low-single-digit range in 2012
We are confident that we can grow ahead of the market in local currencies
With current exchange rates, we foresee little currency headwind in 2012
Continued investment to create/drive superior solutions/services, and to optimize efficiency
We expect gross and EBIT margins at least in line with 2011 levels
Straumann
Beyond 2012
Market
Vision 2020

Straumann
 Economic volatility for several years: market growth expected in high-single-digit range,
which still provides ample opportunity for shareholder value creation
Long-term growth drivers in our markets are valid and intact. Straumann has clear roadmap
and is well positioned for sustained success. Presentation at Capital Markets Day on 16 May
Please see media release or Annual Report for full version of this summary
38
19
Questions & answers
2011 Annual Report – pre-print version available
Comprehensive value reporting
Independent expert opinions, executive
interviews, corporate governance,
compensation report, environmental
report, outlooks, etc.
GRI checked to level B
Straumann’s reporting quality recognized
in 2011 Swiss Annual Report awards

Straumann
40
20
Calendar of upcoming events
24 February
Roadshow
Chicago
27 February
Citigroup Global Healthcare conference
New York
28 February
Roadshow
Denver
29 February
Roadshow
San Francisco
01 March
Roadshow
Los Angeles
13 March
Roadshow
Frankfurt
14 March
Morgan Stanley Medtech conference
London
15 March
Roadshow
Amsterdam, Edinburgh
04 April
Annual General Meeting
Basel
10 April
Ex-Dividend Date
16 April
First Quarter results
Conference Call
15/16 May
2012 Capital Markets Day
Amsterdam
Detailed calendar on www.straumann.com

Straumann
41
Appendix
21
Net revenue growth by region
CHF million
Q1 2010
Q2 2010
Q4 2010
Q1 2011
Q2 2011
125.0
(0.2)
1.4
116.6
(2.0)
3.9
92.4
(9.0)
1.2
110.9
(4.9)
6.4
113.9
(8.8)
2.2
41.7
3.6
8.4
43.6
8.9
7.7
38.2
3.6
6.9
41.3
8.1
11.9
Asia / Pacific
growth in % CHF
growth in % l.c.
Rest of the world
25.5
26.2
24.6
(0.5)
(1.7)
7.1
15.0
8.3
6.8
2.7
(0.6)
6.5
growth in % CHF
growth in % l.c.
33.6
26.3
14.0
5.9
Group
growth in % CHF
growth in % l.c.
199.2
1.5
3.1
193.2
2.9
5.4
Europe
growth in % CHF
growth in % l.c.
North America
growth in % CHF
growth in % l.c.

Q3 2010
Q3 2011
Q4 2011
105.4
(9.7)
0.3
84.4
(8.7)
1.7
100.7
(9.2)
(3.4)
40.1
(3.7)
8.0
37.9
(13.2)
9.6
35.2
(7.8)
11.3
42.4
2.8
12.0
24.2
25.5
26.2
24.0
25.0
5.9
2.9
7.2
0.0
2.2
8.9
0.0
8.9
9.4
(2.1)
5.2
7.1
3.0
5.7
7.5
11.2
7.6
12.7
10.7
24.8
26.9
39.2
48.5
9.8
18.1
4.7
11.1
161.6
(3.9)
2.5
183.6
(0.2)
7.2
188.4
(5.4)
4.3
178.9
(7.4)
5.2
150.7
(6.7)
5.1
175.6
(4.4)
1.8
Straumann
43
Currency impact cuts top line by CHF 71 million
EURCHF
1.5
Average exchange rates (rounded)
1.4
1.3
1.2
1.1
1
Jan Feb Mar Apr May Jun
Jul
FY 2010
FY 2011
YTD 20122
EURCHF
1.38
1.23
1.21
USDCHF
1.04
0.89
0.93
JPYCHF
1.19
1.11
1.20
Sep Oct Nov Dec
Net revenue breakdown
USDCHF
Cost breakdown1
1.2
CHF
14%
1.1
1
Other
18%
CHF
42%
EUR
44%
EUR
27%
0.9
0.8
USD/CAD/AUD
24%
0.7
Jan

Feb
Straumann
Mar
Apr May Jun
Jul
Sep
Oct
Nov Dec
2010
Other
14%
USD/CAD/AUD
17%
2011
1 These distribution charts represent the total net revenues and the total COGS, SG&A costs as well as R&D expenses in the various currencies. All numbers
are rounded and based on 2011 figures.
2 Average spot rates as per 21 February 2012
44
22
Your investor relations & media contacts
Corporate Investor Relations
Fabian Hildbrand
Phone
+41 (0)61 965 13 27
Mobile
+41 (0)79 392 80 32
Email
[email protected]
Corporate Communications
Mark Hill

Thomas Konrad
Phone
+41 (0)61 965 13 21
+41 (0)61 965 15 46
Email
[email protected]
[email protected]
Straumann
45
www.straumann.com
23