Q2 shortfall sends SmileDirect stock reeling

Shares of SmileDirectClub are in for a rough Tuesday after the company reported second-quarter results that missed expectations and a number of analysts slashed their price targets for the company.

The leaders of Nashville-bsed SmileDirect said Monday afternoon the company lost about $55 million on a GAAP basis and had an adjusted EBITDA loss of $22 million, which was slightly worse than its first-quarter number and well short of the breakeven figure its leaders had expected. CFO Kyle Wailes said the shortfall during the quarter was due to a combination of “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.”