SmileDirectClub (NSDQ:SDC) shares plummetted today on first-quarter results that came in well short of the consensus forecast.
The Nashville, Tenn.-based 3D-printed clear dental aligner maker posted losses of $107.4 million on sales of $183.9 million for the three months ended March 31, 2020, for a massive bottom-line slide from losses of $20.5 million last year despite sales growth of 9.1%.
Losses per share were -28¢, 9¢ behind Wall Street, where analysts were looking for sales of $219.5 million.
The company reduced its marketing spend by approximately 90% over the last 60 days amid the COVID-19 pandemic, while its scan volume was down by approximately 40%. The company responded to the pandemic with cost management measures, including the temporary closure of all its SmileShops around the world, excluding Hong Kong.
SDC shares were down -11.4% at $6.84 per share in early-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down -0.7%.
