SmileDirectClub, Inc.
smiledirectclub.comNo Longer Reporting
The company has not filed an annual or quarterly report since its Q2 FY2023 10-Q, filed Aug 8, 2023. Its latest SEC filing is a 25-NSE from Dec 27, 2023.
10-Q for Q2 FY2023, filed Aug 8, 2023
The sections below describe the company as of the FY2022 annual report.
What Did They Do?
Sells custom clear aligners and oral care products to people seeking teeth straightening and smile care.
10-K for FY2022, filed Feb 28, 2023
How Did They Make Money?
Customers pay for aligners upfront or with a down payment followed by fixed monthly SmilePay payments; aligners are shipped after purchase. The company also earns interest through SmilePay and sells retainers and other oral-care products separately.
10-K for FY2022, filed Feb 28, 2023At this point in the journey, we offer our customers two payment options to purchase the prescribed aligners: pay the full cost of…View ↗
Following a purchase, we manufacture and ship the full set of custom-made clear aligners directly to the customer. The average treatment…View ↗
The Company’s revenues are derived primarily from sales of aligners, impression kits, whitening gel, and retainers, and interest earned…View ↗
The Company bills its customers either upfront for the full cost of aligners or monthly through its SmilePay financing program, which…View ↗
Retainers and Other Products: The Company sells retainers and other products (such as whitening gel and tooth brushes) to customers, which…View ↗
$470.7M
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10-K for FY2022, filed Mar 1, 2023
$470.7M ↗
Who Were Their Customers?
Consumers buy through the company website or app, at SmileShops, or through affiliated dental practices; some start with doctor-prescribed impression kits shipped to their homes. Retainers and other products are sold on the website and at certain retail outlets.
10-K for FY2022, filed Feb 28, 2023Our customer journey starts with any of several convenient options: a customer visits an office within our expanding collaborative model…View ↗
In person at a Partner Network location: A customer visits a dentist office or books an appointment online to take a free, in-person 3D…View ↗
Retainers and Other Products: The Company sells retainers and other products (such as whitening gel and tooth brushes) to customers, which…View ↗
Did Revenues Turn Into Profits?
No. It lost $86.4M in FY2022.
10-K for FY2022, filed Mar 1, 2023
−$262.1MView ↗
10-K for FY2022, filed Mar 1, 2023
−$86.4MView ↗
10-K for FY2022, filed Mar 1, 2023
−$210.2MView ↗
How Were They Changing?
- Net income
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Sources
10-Q for Q2 FY2023, filed Aug 9, 2023
−$17.8MView ↗
- ▼ −12% (Loss)
- vs −$20.3M in Q2 FY2022
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Oct 2, 2023
Restructuring plan provides for a sale or liquidation
The plan contemplates a sale of the company's equity or liquidation if no going-concern transaction emerges.
Sources
8-K, filed Oct 2, 2023
The DIP Facility provides the framework for a proposed “toggle” chapter 11 plan (the “Plan”). The Plan, as contemplated by the DIP…View ↗
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Oct 2, 2023
Company and subsidiaries filed for bankruptcy protection
The company and certain subsidiaries said they would continue operating during the court process.
Sources
8-K, filed Oct 2, 2023
On September 29, 2023 (the “Petition Date”), SmileDirectClub, Inc. (the “Company” or “SDC”) and certain of its direct and indirect…View ↗
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Aug 8, 2023
Company said adjusted earnings and free cash flow were on track
Management said adjusted earnings were on track to turn positive in the third quarter and free cash flow in the fourth.
Sources
8-K, filed Aug 8, 2023
Total revenue of $102 million, a 15.0% decrease over the first quarter of 2023 and a decrease of 19.1% over the prior year period. The…View ↗
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Jul 5, 2023
Nasdaq allowed continued listing under a compliance plan
The company was required to meet Nasdaq's $1.00 bid-price requirement by November 14, 2023.
Sources
8-K, filed Jul 5, 2023
On June 29, 2023, SmileDirectClub, Inc. (the “Company”) received a determination from a Nasdaq Hearings Panel (the “Panel”) approving the…View ↗
Grew. Revenue grew 11% in 4 years, from $423.2M in FY2018 to $470.7M in FY2022, about 3% a year.
More ways to start treatment
The earlier model centered on SmileShops and mailed impression kits; the latest report adds mobile scans and affiliated dental practices as ways to begin the customer journey.
10-K for FY2019, filed Mar 10, 2020Our member journey starts with two convenient options: a member books an appointment to take a free, in-person 3D oral image at any of our…View ↗
Hybrid aligner care
The earlier report describes remote monitoring after aligner shipment; the latest adds CarePlus, which combines an in-person dentist-office start with remote or in-person follow-up.
10-K for FY2019, filed Mar 10, 2020 10-K for FY2022, filed Feb 28, 2023Our member journey starts with two convenient options: a member books an appointment to take a free, in-person 3D oral image at any of our…View ↗
In 2023, we will launch our CarePlus aligner offering, which utilizes our growing Partner Network to offer customers the opportunity to…View ↗
Who Did They Compete With?
Competes with Align Technology
10-K for FY2022, filed Feb 28, 2023We compete with a handful of smaller companies that collectively have limited market share in the clear aligner industry. With the…View ↗
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