SmileDirectClub gains on cost savings plans

SmileDirectClub

18/01/2023 11:07

** Shares of dental products maker SmileDirectClub Inc
 SDC.O  rise 7.4% to $0.64 premarket 
    ** Co announces plans to realign its operating programs and
workforce to focus on its core business and innovation portfolio
    ** Steps to "right-size the business" expected to bring
additional $120 mln to $140 mln in savings in 2023, excluding
transition costs - company 
    ** Adds that these steps will place SDC on path to positive
cash flow in late 2023
    ** However, co's prelim Q4 total revenue of $86 mln-$88 mln
comes below estimates of $95.8 mln - Refinitiv data 
    ** SDC shares lost ~74% in the past 12 months
 (Reporting by Raghav Mahobe)
 ((Raghav.Mahobe@thomsonreuters.com;))