SmileDirectClub is going public. But this upstart dental unicorn is a risky bite, writes alpgomez.
SmileDirectClub on Sept. 3 filed an updated prospectus for its initial public offering. The company plans to sell about 59 million shares priced between $19 and $22 apiece.
The U.S.-centered online dental services group’s chief executive, David Katzman, will maintain voting control through a dual-class share structure and a voting arrangement with certain other shareholders including co-founders Jordan Katzman and Alexander Fenkell. Class A shares being sold to the public will have one vote per share, while Class B shares held by Katzman and early investors will carry 10 votes per share.
SmileDirectClub, which provides tooth-alignment treatments at a fraction of the cost of traditional orthodontists, had revenue of $374 million in the first half of 2019, a 113% year-over-year increase. The company lost $53 million in the first half, compared with $34 million in the first six months of 2018. Adjusted EBITDA was $2 million for the period, compared with an $8 million loss in the first half of 2018.
In October 2018, the company said it raised $380 million in funding from private equity firm Clayton, Dubilier & Rice and others at a valuation of $3.2 billion.
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