The main part of my investment thesis was (and still is) the...

The main part of my investment thesis was (and still is) the operational leverage and the profit growth that would come with that. However in terms of competition:

Looking at my notes:
- There are only 2 competitors (have been for the last 10+ years) - one Japanese and one USA;
- World leader in market share for Amalgum;
- Market share - 25% of US market for Amalgum, 15% of Whitening market, 3% of Glass Onimer market;

So in terms of existing competitors there hasn't been a lot of movement in the past 10 years.

In terms of competitive moat:

- The businesses compete on the performance of the material. Less so on price because while margins are large the costs of the material is a very small percentage of the fee the dentist charges the consumer. This means they are highly unlikely to replace their incumbent material that they are firstly familiar with and secondly has given their clients a good experience in the past just to save a few dollars.
- In an interview Jeff Cheetham has stated that the lead time can be 5 years to convert a dentist so the sales are sticky and this in itself creates the competitive moat.