SmileDirectClub has opened over 300 retail stores (SmileShops) across the U.S., Puerto Rico, Canada, Australia, and the U.K. The company also had joined hands with prominent retailers such as CVS and Walgreen to open SmileShops.
SmileDirectClub has not been profitable since the time of inception. Even though the company had grown revenues, it has been incurring losses since it was founded in 2014. For the year ended December 31, 2018, Smile Direct incurred a net loss of $74.77 million compared to a loss of $32.78 million in the year ended December 31, 2017. Revenue grew to $423.2 million in 2018 from $146 million in 2017.
For the six months ended June 30, 2019, SmileDirectClub’s loss expanded to $52.9 million from $33.8 million in the prior year period. Revenue for the first half of 2019, more than doubled year-over-year to $373.5 million.
SmileDirectClub’s stock movement didn’t create smile on its investors’ faces as it plunged down about 15% from its IPO price in the first half an hour of trading. Rival Align Technology’s stock was down about 2% at 12:30 PM ET.