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SDC

SmileDirectClub

$10.19

0.685 (7.21%)

11:39
10/23/19
10/23
11:39
10/23/19
11:39

Guggenheim says SmileDirect California situation more unique than first thought

Guggenheim analyst Glen Santangelo said in a note before the open that he has received many questions about California bill AB1519 amid broad assumptions that similar legislation would be enacted across the entire country. However, his deeper dive revealed that the bill, which should have been a routine recertification of the State Dental Board, went through a progression that illustrates more of a unique situation in California than he originally thought existed. He found that the CA Dental Association is the number one campaign contributor to California Assemblyman Evan Low, who authored the bill, and Santangelo noted that Governor Gavin Newsom signed the bill while also voicing in writing his dissatisfaction with the process. The analyst, who concluded that the state may be unique in terms of the prioritization of the dental industry in legislative action, keeps a Buy rating and $24 price target on shares of SmileDirectClub.

  • 12

    Nov

SDC SmileDirectClub
$10.19

0.685 (7.21%)

10/14/19
STFL
10/14/19
NO CHANGE
Target $19
STFL
Buy
SmileDirectClub may or may not be hurt from AB-1519, says Stifel
The Governor of California on Sunday signed AB-1519, which extends the Dental Board's authority to oversee dental services until 2024, Stifel analyst Jonathan Block tells investors in a research note. The bill includes many amendments including several specific to self-applied orthodontic treatments administered via telehealth, and notes that the Dentist must review diagnostic digital or conventional radiographs for orthodontia prior to moving teeth, adds the analyst. Block says the headwinds the bill may or may not cause for SmileDirectClub's business are "difficult to decipher." He adds, though, that he called out AB-1519 in his initiation report as potentially causing multiple compression in the near-term. The analyst keeps a Buy rating on SmileDirectClub with a $19 price target. The stock in morning trading is down 5%, or 57c, to $10.56.
10/14/19
UBSW
10/14/19
NO CHANGE
Target $24
UBSW
Buy
SmileDirectClub may have to place dentists in CA shops due to new law, says UBS
UBS analyst Kevin Caliendo noted that California Governor Gavin Newsom signed bill AB-1519 over the weekend and the law is expected to go into effect on January 1, 2020. He thinks that SmileDirectClub may need to place dentists inside its shops due to the new law, though it is less clear if the bill will mean that patients will need to get x-rays as well as iTero scans, which may eventually be determined in court. The analyst, who noted that SmileDirect is scheduled to report Q3 results on November 12, noted that he has received questions on if the company might pre-announce, but he has "no insight or precedent into whether the company will opt to do that or not." Caliendo has a Buy rating and $24 price target on SmileDirectClub shares
10/15/19
GUGG
10/15/19
NO CHANGE
Target $24
GUGG
Buy
SmileDirectClub should consider pre-announcing Q3 results, says Guggenheim
Guggenheim analyst Glen Santangelo noted that 36 state dental boards have filed some complaint against the practice of teledentistry, so California's AB1519 is "not a new issue" for SmileDirectClub. However, the signing of the new bill into law has aggravated regulatory uncertainty and added to pre-existing near-term concerns about revenues, Santangelo said. Given his view that Q3 results and guidance will be positive data points, and his belief that management's reiteration of its view that the recent legislation passed in California will not disrupt its business model would help alleviate some concerns, Santangelo thinks management should consider pre-announcing Q3 results , though he has "no indication that the company will consider going down this route." Santangelo keeps a Buy rating with a $24 price target on SmileDirectClub shares, though he expects the stock "to languish until the company discloses revenues and reiterates its position on the regulatory uncertainty in a more convincing way."
10/17/19
FBCO
10/17/19
NO CHANGE
FBCO
SmileDirectClub reaction to CA Assembly Bill 1519 overdone, says Credit Suisse
Credit Suisse analyst Erin Wilson Wright said she believes the 13% decline in SmileDirectClub shares on Monday following news that California Assembly Bill 1519 was signed was "overdone," adding that based on her talks today with the company's General Council she does not foresee the company modifying its operations in the state. SmileDirect, which has faced backlash from several other state professional organizations, continues to defend its practices "effectively" and is taking an increasingly more proactive approach, Wilson Wright said. She maintains an Outperform rating on SmileDirectClub shares.

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