SmileDirectClub appreciates $ 23 for public listing
Start-up of dental treatment online SmileDirectClub is to be published at a price set at $ 23 per share, a dollar higher than the company had previously proposed.
58.5 million shares are expected to raise $ 1.3 billion for SmileDirectClub when it begins trading on Nasdaq later today under the symbol "SDC." teeth. After visiting one of the company's more than 300 locations for 3D imaging or using a home impression set, each set of aligns teeth moves to a customer. SmileDirectClub said it takes an average of six months for the teeth to reach the desired position.
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Alex Fenkell and Jordan Katzman founded the Nashville-based SmileDirectClub in 201[ads1]4. The company had revenue of $ 423 million last year, compared to $ 145 million the year before. It took a net loss of $ 74 million last year, up from $ 32 million the year before, as marketing and other expenses increased sharply.
A SmileDirectClub subscription starts at $ 1,895, which is said to be much less expensive than traditional orthodontic models. Nor does the service require personal visits.
The company has the approval of Golden State Warriors striker Draymond Green, who is both a customer and an interest in the business. After having tooth decay for five years and cracking a holder, he finally ended up with SmileDirectClub to straighten his teeth.
"It's easy to just grab it and go, and then I can switch on the road," he said in a marketing video. "I did photoshoots with my lines in – you can't see them."
The company said it had more than 700,000 customers, and it represents more than 95 percent of physician-directed al-home clear aligner industry. SmileDirectClub also said it has plenty of room to grow in the US and world orthodontic markets, which it valued at $ 945 billion.
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