Align Technology to Supply Non-Invisalign Clear Aligners to SmileDirectClub in North America - Seite 2
"We're looking forward to working with Align Technology as they help us provide a more convenient way for consumers with simple malocclusion to straighten their teeth," said Alex Fenkell and Jordan Katzman, SmileDirectClub Co-Founders. "More than 50 million people in the U.S. want a better smile, but not everyone will seek treatment through an orthodontic or dental office. Our goal is to serve a larger segment of this market with a more affordable aligner option from the convenience of their homes. In partnership with Align Technology, we will have access to additional manufacturing capabilities that will allow us to serve more smiles."
The agreement with SmileDirectClub brings Align's manufacturing and production expertise to a new and growing segment of the adult treatment market, one that provides new treatment choices to consumers and new business opportunities to Invisalign providers.
Under the agreement, the companies will create a new Invisalign doctor referral program similar to the Invisalign Doc Locator, that will systematically refer the approximately 30 percent of SmileDirectClub's SMILECHECK case assessments that are too complex for their minor tooth movement product, to Invisalign providers in the patient's local area.
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As part of the transaction, Align acquired a 17% stake in SmileDirectClub for $46.7 million and gained a seat on SmileDirectClub's board of directors. As a result of Align's equity holding in SmileDirectClub, Align is required to account for this investment under the equity method of accounting. Thus, Align will include a proportional share of SmileDirectClub's earnings or losses, in its financial statements beginning July 25, 2016. Align's financial results will reflect two components: 1) commencing in October when Align begins to supply aligners, the sale of aligners to SmileDirectClub and the income therefrom under the supply agreement will be reported in its Clear Aligner business segment, and 2) in Q3'16, Align's portion of SmileDirectClub's reported profits and/or losses will be included in its operating expenses. Align expects the transaction to be incremental to both its topline growth and earnings in 2017.