SmileDirectClub saw its revenue and gross profits increase considerable in Q1 2022 compared to the end of 2021.
SmileDirectClub announced its financial results for the first quarter of 2022, reporting that revenue increased 20.1% compared to Q4 2021, with gross profit up 32.5% for the same period.
Total revenue hit $152 million, a 20.1% increase over Q4 2021 and a decrease of 24% over the prior-year period.
The company reported a net loss of $73 million, an improvement of $22 million over the fourth quarter of 2021 and the prior-year period.
Earlier in the year, SDC completed a new $255 million secured debt facility, strengthening the company’s liquidity with greater flexibility to fuel its continued operations and growth plans.
The company shipped 76,254 aligners in the first quarter, a 15.3% sequential increase over 66,133 shipments in the fourth quarter of 2021.
First-quarter average aligner gross sales price declined slightly to $1,890 compared to $1,899 for the fourth quarter of 2021.
“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,” said David Katzman, chief executive officer and chairman of SmileDirectClub. “We also strengthened our liquidity position with the announcement last month of a new $255 million secured debt facility that gives us financial flexibility to continue making investments in key strategic growth areas of our business. We remain optimistic on our business outlook for 2022 and beyond.”