The direct-to-consumer teeth-straightening company plans to start trading Thursday on the Nasdaq.
The IPO values SmileDirectClub at $8.9 billion.Dental assistant Jessica Buendia looks at a scanned image of patient's teeth in SmileDirectClub's SmileShop located inside a CVS store Wednesday, April 24, 2019, in Downey, Calif. CVS Health is venturing into dental care with plans to offer the relatively new teeth-straightening service.SmileDirectClub priced its IPO at $23 per share, above the expected range, according to a person familiar with the offering.
The start-up, founded in 2014, sells teeth aligners directly to consumers on its website and in its "SmileShops" starting at $1,895 for a two-year plan. Founders Alex Fenkell and Jordan Katzman want to disrupt the orthodontics industry with less expensive teeth-straightening treatments, convenience, and splashy television and social media advertisements.
filed last month. It posted a net loss of $74.8 million last year, more than double the net loss of $32.78 in 2017.
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