The company that tried to bypass doctor supervision of orthodontics by offering consumers a chance to perform DIY tooth movement has filed for Chapter 11 bankruptcy protection.
Smile Direct Club raised $1.35 billion in an IPO less than five years ago, but the business obviously didn't got the way they anticipated.
At first the company was going to be a consumer only company with no doctor supervision, then they tried to become a company that made aligners *for* doctors using the doctors to diagnose the problem and then shipping aligners to the patient.
However, most doctors were not enthusiastic about a company that, at first, didn't want to work with them and made sure they marketed that to the public, to then wanting to partner with doctors when the first business model wasn't profitable.
That sort of left the company in a 'no man's land' of relying on their retail outlets even though they said they were trying to get away from that part of the business.
Now the company has a stated asset amount of around $400+ million but owes its creditors over $1 billion.
There are a ton of stories about this online. So if you search "smile direct club bankruptcy" you will have more info on this than you thought possible.
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