SmileDirect stock falls after mixed Q2 results

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Shares of SmileDirectClub Inc. lost more than 1% in the extended session Wednesday after the company reported second-quarter sales above Wall Street expectations but GAAP EPS was below forecasts. SmileDirect said it lost $95 million, or 25 cents a share, in the quarter, compared with a loss of $32 million in the year-ago period. Sales fell to $107 million from $196 million a year ago. Analysts polled by FactSet had expected a GAAP loss of 11 cents a share on sales of $83 million for the quarter. “Our performance in the quarter, and more importantly since the quarter, reflects the strength of our teledentistry platform, along with the flexibility and agility of our business model; both in the context of our COVID-19 recovery efforts, and our traction towards our long-term growth and margin targets,” Chief Executive Officer David Katzman said in a statement. SmileDirect said it remained on track to reach adjusted EBITDA profits in the fourth quarter. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.