SmileDirectClub's stock jumps after joining Empire BlueCross BlueShield networks [MarketWatch]
SmileDirectClub, Inc. (SDC)
Last smiledirectclub, inc. earnings: 2/25 04:03 pm
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Source: MarketWatch
Shares of SmileDirectClub Inc. shot up 6.7% in premarket trading Wednesday, after the direct-to-consumer teeth straightening product company said it has joined Empire BlueCross BlueShield's new teledentistry orthodontia coverage program, Ortho@Home. SmileDirectClub will offer remote dental care and clear aligner therapy to those in Empire BlueCross BlueShield networks. "Empire is committed to providing our members with more convenient and affordable care options," said Scott Towers, president of dental and vision business at Empire. SmileDirectClub's stock has nearly doubled (up 93%) since it closed at a record low of $3.88 on April 3, but still closed Tuesday 67% below its initial public offering price of $23, amid concerns over regulatory scrutiny, news reports about injured customers and a lowered revenue growth outlook from the company. The company went public in September 2019. The stock has lost 14.2% year to date, while the S&P 500 has declined 7.4%.
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