SmileDirectClub (NSDQ:SDC) shares dipped today on first-quarter results that were mixed compared to the consensus forecast.
The Nashville, Tenn.-based dental technology company posted losses of $29.9 million, or -25¢ per share, on sales of $188.8 million for the three months ended March 31, 2021, for a -2.3% bottom-line slide on sales growth of 2.6%.
Adjusted to exclude one-time items, losses per share were -12¢, 1¢ ahead of Wall Street, where analysts were looking for sales of $199.5 million.
“The first quarter represents continued traction against our long-term targets as we execute against our controlled growth plan,” SmileDirectClub CEO & chairman David Katzman said in a news release. “We are especially pleased to see consumer sentiment gaining positive momentum as we remain laser-focused on the delivery of a world-class club member experience.”
In light of a cyber attack that took place in April and caused system outages, resulting in a significant financial hit, as reported by Forbes, SmileDirectClub updated its second-quarter guidance. The company now expects revenues of between $195 million and $200 million, with adjusted earnings expected to be approximately breakeven.
SDC shares were down -3.3% at $7.70 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 -1%.