In its first-quarter results published after market hours last night, SmileDirectClub (SDC -13.62%) didn't miss bottom-line estimates by much. But the market wasn't in a forgiving mood on Tuesday, apparently, with investors pushing the company's share price down by nearly 11%.
For the quarter, SmileDirectClub posted total revenue of $152 million, which was a chunky (20%) improvement over the same period of 2021. The company's non-GAAP (adjusted) net loss narrowed, meanwhile, coming in at just under $22.6 million ($0.19 per share) versus the year-ago quarter's $28.9 million shortfall.
This shook out to a mixed quarter for SmileDirectClub, as analysts tracking its stock were estimating it would book slightly over $134 million on the top line, but a slightly narrower per-share net loss of $0.16.
"We are off to a good start for 2022 and on plan with the right-sizing of our operating structure and allocating capital to core growth initiatives that can produce the highest return on investment," CEO David Katzman said of the quarter.
He added that SmileDirectClub is in front of several "strategic growth initiatives," which include build-outs of its oral care, retail store, and partnership efforts.
SmileDirectClub also reiterated its existing guidance, in which it's forecasting $600 million to $650 million in total revenue for this year, and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) landing in the red at $25 million to $75 million.
By comparison, 2021 saw the company earn $638 million in revenue, and posted an adjusted EBITDA loss of $133 million.
The company did not proffer any net profit guidance.