SmileDirectClub reports 18.3% revenue drop in Q3

SmileDirectClub saw an 18.3 percent decrease in revenue in its third quarter over the prior year period, according to the company's third-quarter results released Nov. 8.

The company's total third-quarter revenue was $138 million, while its revenue this year to date is $511 million, an increase of 8.3 percent over the prior year period.

SmileDirectClub also had a net loss of $89 million, a decrease of 105.6 percent over the prior year period. Its overall net loss this year to date is $240 million, a 2.1 percent increase over the prior year period.

The company shipped 69,906 aligners in the third quarter with an average gross sales price of $1,900, compared to $1,794 for the third quarter of 2020.

"We are disappointed with our third quarter results driven by the macroeconomic headwinds that are influencing the spending of our core demographic," said David Katzman, CEO and chair of SmileDirectClub. "While we could not have anticipated the rapidly evolving nature of this impact on our consumer, we have responded quickly to focus our marketing on helping support them during this time, while we also move upstream with higher income demographics through the challenger campaign and investments in our Dental Partner Network. We remain incredibly optimistic and believe that we are well positioned to continue to capture the global opportunity in the rapidly expanding market for clear aligners."

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