The company is on track to generate $1 billion in revenue in 2019, one of the people said.
Source: SmileDirectClubThe company, which provides invisible teeth-straightening devices, is looking to sell up to $1 billion in stock in an initial public offering, three people with knowledge of the matter said.
SmileDirectClub, based in Nashville, Tenn., manufacturers and sells invisible braces. The company allows consumers to book a 3D imagery in their "SmileShop" or get an at-home kit sent to their home. They will then send clear aligners for $1,895, which the company says can take six months of full-time wear, on average, to straighten teeth.
SmileDirectClub brought arbitration alleging that Align breached its non-compete and misused confidential information. In March, a judgein favor of SmileDirectClub and ordered Align to close all 12 of its Invisalign stores and prevented it from opening new stores. The ruling also required Align to return its ownership back to SmileDirectClub at 2017 levels, which is well below their latest fundraising round.
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