Dental implant maker Nobel Biocare has reported a fall in net profit by one third in 2008 to €109.7 million (SFr164.3 million), with turnover down 4.2 per cent.
The Zurich-based firm, which is the world leader in its sector, missed expectations as cash-strapped customers continued to cut spending on its top-of-the-range treatments.
The group, which also makes bridges and crowns, reported a turnover of €619.2 million, down from €665.9 million in 2007.
In a statement on Wednesday, Nobel Biocare said it could not give a reliable outlook for 2009.
"For 2009, the company continues to foresee a demanding market environment due to deteriorating economic conditions in most markets."
The company is in the process of reducing its overall workforce by around three per cent although it still employs more people than in 2007 following three acquisitions last year.