William Blair analyst John Kreger views SmileDirectClub's Q3 earnings as positive, "although perhaps not positive enough" to change the negative sentiment that has developed around the stock over the last two months given regulatory question marks. Further, the Q4 guidance is slightly worse than expected, and the regulatory outlook around teledentistry "will remain cloudy," particularly as investors wait for more clarity around California Assembly Bill 1519, Kreger tells investors in a research note. Nonetheless, he remains "bullish on the long-term thesis,"and believes SmileDirectClub's risk/reward is attractive at present. Kreger maintains an Outperform rating on the name.