SmileDirectClub Inc (NASDAQ:SDC) shares are trading lower by 15.75% to $0.51 Wednesday morning after the company reported worse-than-expected fourth-quarter sales results.

What Happened?

SmileDirectClub reported quarterly losses of 18 cents per share which beat the analyst consensus estimate of a loss of 21 cents.

The company also reported quarterly sales of $86.53 million which missed the analyst consensus estimate of $90.62 million by 4.5%. This sales figure is a 31.5% decrease over sales of $126.29 million in the same period last year.

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What Else?

Meanwhile, for the fourth quarter 2022, the company reported net loss of $69 million, consistent with the third quarter of 2022 and an improvement of $26 million over the prior year period.

SmileDirectClub says adjusted EBITDA was a loss of $47 million for the fourth quarter 2022, an $18 million decrease over the third quarter of 2022, and an improvement of $14 million over the prior year period.

According to data from Benzinga Pro, SDC has a 52-week high of $3.10 and a 52-week low of $0.31.