SmileDirectClub registered a net loss of $107 million, or 28 cents a share, for the quarter, compared with a loss of $20.5 million in the year-ago period (it didn’t provide a per-share figure).
Analysts polled by FactSet anticipated a loss of 21 cents for the latest quarter.
Sales climbed 11% in the latest quarter, to $197 million, from $178 million a year earlier. But analysts anticipated $213 million for this year’s first quarter.
SmileDirectClub shares stood at $7.47 in after-hours trading Wednesday, down 3.2%. The stock fell 4.57% during the regular trading session and has plummeted 48% over the past three months.
“Despite these challenging times and a unique and complex operating environment, the SmileDirectClub team has navigated through the initial obstacles of the global pandemic by implementing changes to how we operate our business,” SmileDirectClub CEO David Katzman said in a statement.
“We leveraged our teledentistry platform, along with our completely remote kit business, to continue to serve our Club Members during these challenging times. Our performance in the quarter, and more important, since then, validates the strength, durability and flexibility of our business model.”
The company announced a new debt facility with HPS Investment Partners. After refinancing its previous debt facility, it said it will have about $420 million in cash on its balance sheet.
SmileDirectClub said last month that it received a patent for its SmileShop concept and that it’s making plans to reopen shops this month around the world.