SmileDirectClub Inc. (NASDAQ: SDC) finally has something to smile about in the wake of its initial public offering, as shares made a handy gain early on Wednesday. The firm announced its recent expansion into New Zealand.
While New Zealand provides its population with financial assistance on routine oral care through its publicly funded dental care system, it often does not cover orthodontia, with braces costing an average of $8,750 in New Zealand dollars (NZD).
Following the successful launch of SmileDirectClub in Australia in May 2019, the brand opened its first SmileShops in Auckland and Wellington, New Zealand, in September, followed by a new location in Christchurch, with plans to expand its footprint in the country over the coming months.
The SmileDirectClub clear aligner therapy will be available for a flat rate of $3250 NZD, or through its SmilePay option of $430 deposit and $130 per month for 24 months.
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Kay Oswald, President of International at SmileDirectClub, commented:
Traditionally, orthodontics around the world has been costly and inconvenient. Building on consumer acceptance of remote clear aligner therapy in the U.S., Canada, U.K. and Australia, we are proud to extend SmileDirectClub’s safe, consumer-friendly teledentistry platform to locally licensed dentists and orthodontists in New Zealand. Through our affiliated network of doctors and 100% vertically aligned business model, SmileDirectClub increases access to affordable orthodontic care, already helping more than 700,000 people achieve a confidence-boosting smile.
Shares of SmileDirectClub traded up about 1.7% at $11.53 Wednesday morning, in a post-IPO range of $11.20 to $21.10. The consensus price target is $20.14.
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