By John Miller
ZURICH, Aug 17 (Reuters) - Straumann shares hit an all-time high on Thursday after the Swiss dental implant maker's first-half profit beat analyst expectations and as it plowed more than $150 million into acquisitions aimed at accelerating growth.
Net profit rose 4.4 percent to 141 million Swiss francs ($145.9 million), Straumann said, beating the 116 million franc average estimate in a Reuters poll of analysts, as the company also benefited from some one-time gains.
Sales also topped forecasts, rising nearly 18 percent to 539 million francs.
Straumann bought Texas-based ClearCorrect for about $150 million and took a separate 38 percent stake in Spain's Geniova as it goes up against rival Align Technology in the market for clear aligners sometimes used instead of metal braces to straighten teeth.
Chief Executive Marco Gadola said the aligner market is worth about $1.5 billion worldwide -- Align Technology has about 70-80 percent, with ClearCorrect's $32 million in annual sales representing just 2-3 percent -- and growing quickly.
Align Technology's second-quarter sales rose nearly 33 percent to $356 million, the San Jose-based company said in July.
"Our ambition is not to become the No. 1 player, obviously that would be almost impossible," Gadola told Reuters in an interview.
"But this market is growing very, very rapidly. It's a heavily underpenetrated market, especially outside the U.S., and we believe clearly there is room for a strong No. 2."
Straumann shares rose 8.6 percent by 0800 GMT, bringing their rise in 2017 to more than 50 percent. ($1 = 0.9662 Swiss francs) (Editing by Michael Shields)