3D Morphable models of the human body capture variations among subjects and are useful in reconstruction and editing applications. Current dental models use an explicit mesh scene representation and model only the teeth, ignoring the gum. In this work, we present the first parametric 3D morphable dental model for both teeth and gum. Our model uses an implicit scene representation and is learned from rigidly aligned scans. It is based on a component-wise representation for each tooth and the gum, together with a learnable latent code for each of such components. It also learns a template shape thus enabling several applications such as segmentation, interpolation and tooth replacement. Our reconstruction quality is on par with the most advanced global implicit representations while enabling novel applications. The code will be available at https://github.com/cong-yi/DMM