SmileDirectClub Shares Update In Response To COVID-19 Outbreak
April 03 2020 - 4:30PM
SmileDirectClub, the industry pioneer and first
direct-to-consumer medtech platform for teeth
straightening, today announced the company will extend
its SmileShop closures until at least May 3,
2020. The extended closure of SmileShops in all
markets except Hong Kong will allow SmileDirectClub to
ensure the health and safety of its Team Members and customers amid
the global pandemic. SmileDirectClub
continues to offer existing and new customers
the ability to safely straighten their teeth remotely
through its telehealth platform and
doctor-prescribed impression kits. Also continuing are
the company’s 3D print manufacturing of
personal protective equipment such as face shields
and other items, which the company is selling at cost to
healthcare organizations and governmental agencies.
Since announcing the closure
of its SmileShops last month, the
company has taken several steps
to fortify the short-term financial position of
the business and plans to resume operations with strength at the
earliest and safest possible opportunity. This includes the
suspension of most of its marketing spend
and beginning April 6th, a furlough for much of
its headquarters and retail workforce through May 3,
2020. The company will retain those needed to
support critical business and
manufacturing activities. SmileDirectClub’s executive
and leadership teams will
also forgo pay during this period. The company
will continue to offer health benefits and associated entitlements
to all impacted Team Members. “SmileDirectClub is
committed to our mission of increasing
access to premium care through innovation, and
we are taking these steps
during this unprecedented time to ensure we
emerge in as strong a position as possible to resume that
mission and continue to lead in our industry,” said David
Katzman, SmileDirectClub CEO. “Any decision that
impacts our Team Members is difficult and not taken lightly,
but we are committed to supporting our team and getting back to
full operations at the earliest and safest
opportunity.” Healthcare organizations and governmental
agencies may inquire about orders for face shields, mask
respirators and other items
at resilience@smiledirectclub.com.
Due to the Covid-19 pandemic and the wide-spread
unpredictability of its impact on the company and the market that
are outside of the company’s control, the company is withdrawing
its previous full year 2020 guidance.
About SmileDirectClub SmileDirectClub,
Inc. (Nasdaq: SDC) (“SmileDirectClub”) is an oral care company and
creator of the first direct-to-consumer medtech platform
for teeth straightening, now also offered directly via dentist and
orthodontists’ offices. Through our
cutting-edge teledentistry technology and vertically
integrated model, we are revolutionizing the oral care industry,
from clear aligner therapy to our affordable, premium oral care
product line. SmileDirectClub’s mission is to democratize
access to affordable and convenient care, unleashing the power of a
person’s smile to positively impact their place in the
world. SmileDirectClub is headquartered in Nashville,
Tennessee and operates in the U.S., Canada, Australia, New Zealand,
United Kingdom, Ireland, Germany and Hong Kong. For more
information, please visit
SmileDirectClub.com. Contact:SmileDirectClub Media
Relations: Press@SmileDirectClub.com
SmileDirectClub (NASDAQ:SDC)
Historical Stock Chart
From Jun 2024 to Jul 2024
SmileDirectClub (NASDAQ:SDC)
Historical Stock Chart
From Jul 2023 to Jul 2024