The chief finance officer of SmileDirectClub has announced cuts across the business due to falling sales.
In the last year revenue fell by 28 per cent. To offset the losses SmileDirect club has identified “$120 million in cost savings” according to The Wall Street Journal.
Trory Crawford, has been SmileDirect’s CFO since January 2022. Speaking to The Wall Street Journal Tony said, “The company continues to identify potential savings but hasn’t set additional targets.”
Share prices are also falling from $6.49 last year to $1.10 in September 2022. Pressure is now being placed to “show that customers that, even in an inflationary environment, [SmileDirect] can still boost sales.”
SmileDirect is hoping that innovation in it’s product offering will help increase profits. The Wall Street Journal explains, “[SmileDirect] plans to release a feature by the end of the year that will allow customers to scan their teeth on their mobile phones and receive preliminary treatment plans within minutes. Customers currently have to wait one to three weeks after they visit a store or send in an impression of their teeth through the mail.”
To further drive sales, the company will be introducing a premium offering, provided through partnerships with dental offices. The package will include SmileDirect’s aligners and additional access to dental professionals.