SmileDirectClub rises on strategic steps for boosting profit

SmileDirectClub

24/01/2022 21:34

** Dental products maker's  SDC.O  shares up 6.5% at $2.12
in extended trading
    ** SDC says it is taking strategic actions to boost
profitability, including pausing expansion into new
international markets  urn:newsml:reuters.com:*:nGNX3RJSLf
    ** Announces suspension of operations in Mexico, Spain,
Germany, Netherlands, Austria, Hong Kong, Singapore and New
Zealand
    ** Company will grow its presence in the United States,
Canada, United Kingdom, Ireland, France and Australia - SDC
    ** Strategic actions will reduce workforce
    ** Estimates year-over-year cost and capital savings
associated with the actions to be about $120 million in 2022
    ** Co reaffirms its previously issued forecast for 2021
revenue in the range of $630 mln to $650 mln
    ** Up to last close, stock down 85% in the past 12 months

 (Reporting by Amruta Khandekar)
 ((Amruta.Khandekar@thomsonreuters.com;))