SmileDirectClub will file for an IPO this summer, according to a report that said JPMorgan will manage the public offering.
The company, which provides “invisible aligner” products for teeth straightening, has raised nearly $400 million in capital, Axios reported Thursday.
SDC announced in October that it had completed its first institutional private placement of equity capital for a total of $380 million.
The products, which SDC calls “at-home, doctor-directed aligner therapy,” allow customers to use clear aligners to straighten their teeth without getting braces. Part of SmileDirectClub’s pitch to customers is that they can get treatments at home without having to visit a dentist or orthodontist. The company sends materials to customers through the mail and can evaluate progress by photos.
The Nashville-based company started four years ago and expects $1 billion in 2019 revenue.
The suit alleged Align’s Invisalign stores violated a non-compete agreement with SDC and misused confidential SDC information. Align was ordered by the arbitrator to close its 12 Invisalign stores.
SmileDirectClub said in a press release earlier this month that it is valued at $3.2 billion and employs more than 4,300 people.
Photo courtesy of SmileDirectClub.
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