By Wallace Witkowski
SmileDirectClub Inc. shares dropped in the extended session Monday after the teledentistry company’s quarterly results and outlook came in worse than expected following an April cyberattack and the prolonged effects of COVID-19 on its customer base.
SmileDirectClub /zigman2/quotes/214109287/composite SDC -6.03% shares fell 15% after hours, following a 1.9% decline in the regular session to close at $6.70. The stock was down as much premarket Tuesday.
The company reported a second-quarter loss of $16.9 million, or 14 cents a share, compared with a loss of $26.8 million, or 25 cents a share, in the year-ago period.
Revenue rose to $162.6 million from $94.4 million in the year-ago quarter.
Analysts surveyed by FactSet had forecast a loss of 9 cents a share on revenue of $198.5 million. Back in May, the company disclosed it had been the victim of a cyberattack and that the incident would weigh upon revenue.
“The short-term headwinds from residual impacts of the April cyber-attack, the lasting economic effects from COVID on our target demographic and the slower scaling of some of our new international markets due to COVID prevented us from achieving our anticipated second-quarter results,” said Kyle Wailes, SmileDirectClub chief financial officer, in a statement.
SmileDirectClub forecast revenue of $750 million to $800 million for the year, while analysts expect $833.5 million.