Straight teeth don’t seem to be at the top of people’s priorities in the midst of the COVID-19 pandemic. Teledentistry company SmileDirectClub ($SDC) missed expectations in its first-quarter earnings report yesterday, with orders down nearly 40 percent from April to May.
The company reported sales hitting $196.65 million, versus Wall Street’s estimate of $219.52 million. That said, revenue for the quarter is 11% higher than it was in 2019’s first quarter.
SDC raised $280 million in funding in 2018, four years after it was founded, as consumer interest and social media chatter around the company continued to grow. Since 2017, likes on SDC’s Facebook page have increased by more than 500%. But over the past few months, they’ve plateaued.
Facebook mentions had been falling off since last August. And since the beginning of the year, they’ve plummeted 89%.
Job postings have been slashed 89% since February, from 360 down to only 40 open positions.
Yet, the company’s LinkedIn employee headcount has increased by 4%. It’s possible these new hires were brought on specifically to help devise pandemic-era strategies.
Yesterday’s earnings report has the company’s net loss coming in at $107.4 million, 424.4% worse than last year’s net loss. But maybe things will turn around as consumers adapt to the “new normal” and still need to fix that overbite.
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