#1smile DIRECT CLUB smile DIRECT CLUB Q2 2023 1#2Forward-Looking Statements This presentation contains forward-looking statements. All statements other than statements of historical facts may be forward-looking statements. Forward- looking statements generally relate to future events and include, without limitation, projections, forecasts and estimates about possible or assumed future results of our business, financial condition, liquidity, results of operations, plans, and objectives. Some of these statements may include words such as "expects," "anticipates," "believes," "estimates," "targets," "plans," "potential," "intends," "projects," and "indicates." Although they reflect our current, good faith expectations, these forward-looking statements are not a guarantee of future performance, and involve a number of risks, uncertainties, estimates, and assumptions, which are difficult to predict. Some of the factors that may cause actual outcomes and results to differ materially from those expressed in, or implied by, the forward-looking statements include, but are not necessarily limited to: the current noncompliance with the minimum bid requirement pursuant to the Nasdaq Listing Rules; our ability to consummate our convertible note exchange and secure additional financing, the duration and magnitude of the COVID-19 pandemic and related containment measures; our management of growth; the execution of our business strategies, implementation of new initiatives, and improved efficiency; our sales and marketing efforts; our manufacturing capacity, performance, and cost; our ability to obtain future regulatory approvals; our financial estimates and needs for additional financing; consumer acceptance of and competition for our clear aligners; our relationships with retail partners and insurance carriers; our R&D, commercialization, and other activities and expenditures; the methodologies, models, assumptions, and estimates we use to prepare our financial statements, make business decisions, and manage risks; laws and regulations governing remote healthcare and the practice of dentistry; our relationships with vendors; the security of our operating systems and infrastructure; our risk management framework; our cash and capital needs; our intellectual property position; our exposure to claims and legal proceedings; and other factors described in our filings with the Securities and Exchange Commission, including but not limited to our Annual Report on Form 10-K for the year ended December 31, 2022 and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2023. New risks and uncertainties arise over time, and it is not possible for us to predict all such factors or how they may affect us. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. We are under no duty to update any of these forward-looking statements after the date of this presentation to conform these statements to actual results or revised expectations. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this presentation. Market and Industry Data This presentation also contains estimates and other statistical data obtained from independent parties and by us relating to market size and growth and other data about our industry and ultimate consumers. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates and data. In addition, projections, assumptions, and estimates of our future performance and the future performance of the geographic and other markets in which we operate are necessarily subject to a high degree of uncertainty and risk. We provide additional disclosures regarding our marketing claims on our web site which can found at smiledirectclub.com/claims/. Non-GAAP Financial Measures This presentation contains certain non-GAAP financial measures, including adjusted EBITDA ("Adjusted EBITDA") and Free Cash Flow. We utilize certain non- GAAP measures, including Adjusted EBITDA, and Free Cash Flow to evaluate our actual operating performance and for planning and forecasting of future periods. These non-GAAP measures should not be considered in isolation or as a substitute for the related GAAP measures, and other companies may define such measures differently. We provide a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures in the appendix to this presentation and in our Current Report on Form 8-K announcing our quarterly earnings results, which can be found on the SEC's website at www.sec.gov and our website at investors.smiledirectclub.com. We do not provide a reconciliation of forward-looking Adjusted EBITDA to the most directly comparable GAAP financial measure (net loss), as the reconciliation to the corresponding GAAP measure is not available due to the variability, complexity and limited visibility of the non-cash items that are excluded from forward-looking Adjusted EBITDA. This presentation is a supplement to, and should be read in conjunction with, SmileDirectClub's earnings release for the quarter ended June 30, 2023. smile DIRECT CLUB 2#3Our vision. We started by disrupting the 120+ year old orthodontic industry. We created the first telehealth platform for orthodontia that connects doctors with their patients, removing significant barriers to open teeth straightening to entirely new populations where it was historically out of reach. Now, with a winning team and best- in-class partnerships, we're making it increasingly convenient, more affordable, and more comfortable by utilizing the transformative innovations in digital scanning, materials science, and taking a "big data" approach to treatment planning and in-treatment monitoring to improve outcomes. smile DIRECT CLUB Evolve the brand into an everyday oral care staple: Through transformative innovation, we will democratize access to quality daily routine oral care products with superior performance. SmileDirectClub should own the oral care half of the bathroom vanity countertop. This grows our brand presence and connection points by offering oral care products in retail, and online, and through subscription models, keeping us physically present to be top of mind. Extend the access spectrum: Building on the success we've seen with our telehealth model, we will launch offerings that appeal to even more people, including orthodontia's traditional customers. This includes a hybrid (in-person and virtual) service model for teens and high-income households delivered via a large and comprehensive network of dental offices. + Establish SDC as the largest referrer of dental care: Strengthen our Partner Network by introducing partner practices to new patients as the first step in their teeth straightening journey and through Al-assisted diagnosis via connected devices. 3#4History of Disrupting the Aligner Market May 2014 SmileDirect Club is founded smile DIRECT CLUB December 2017 Tops over 1,000 team Members March 2016 First SmileShop opens in Midtown Manhattan November 2018 Launch in Canada June 2018 May 2019 Launch in July 2019 Launch in UK July 2019 Launch Nighttime Australia Aligners July 2019 Launch line of category disrupting oral care products in partnership with Walmart SmileHouse, home to Access Dental Lab, a 3D printing and manufacturing affiliate Note: Timeline not to scale. Smile Direct Club Partner Network smile Nasdag amaz January 2020 Launch pilot Partner Network Lifetime Smile Guarantee September 2019 IPO on Nasdaq July 2020 Launch SDC Teen, our first offering for orthodontia's largest segment April 2021 Introduce the Lifetime Smile Guarantee September 2020 Launch 2nd Gen 2 Manufacturing launch generation manufacturing capabilities March 2020 Utilize 3d printing facility to support COVID effort November 2021 Announce SmileOS Treatment Planning Software January 2022 Strategic focus Q1 2023 Test CarePlus in select Partner Network 1 markets I Q4 2022 Launch pilot SmileMaker program in Australia on increasing profitability through core growth initiatives Today Progressing initiatives with line-of-sight ROI and continuing I I disciplined operational I focus I Q3 2023 Launch CarePlus nationwide Q2 2023 Launch SmileMaker platform in the U.S. BRAN POT 4#5Culture of Continual Innovation, Improvement and Evolution in How We Serve Our Customers I I Re-imagined the way SDC interacts with customers - SmileMaker app platform Hybrid care Over $200mm in recognized cost savings since 2020 Cost Savings Rationalizing footprint to increase marketing efficiency ▪ 128 operating SmileShops Marketing smile DIRECT Footprint ■ Continued Innovation CLUB 50+ active U.S. patents CarePlus ■ Launch of ComfortSense technology featuring patented laser tech that precision cuts aligners Smile- Maker™ ■ ▪ Successful pilot launch of new Al- powered technology to enable customers to take 3D images of their teeth through the SDC app Enhanced care at higher price point, opening access to new customer base ▪ 73% of higher household income customers indicated interest to purchase¹ smile 1) Source: CarePlus Quant Research, April 2022, n = 2,126 (US HHI $125K+). Research with US gen pop, 18-65 years old, who are interested in straightening their teeth, or their DIRECT CLUB teen's, in next 3 years, or have straightened their teeth or their teen's in the past 3 years, or are currently in treatment for themselves or their teen's. LO 5#6Our strategic pillars. Our Mission: Democratize access to a smile each and every person loves. smile DIRECT CLUB Expand our reach through Transformative innovation driven by A winning team with Rigorous financial discipline Grow existing base and acquire new customer segments Dissatisfaction with the status quo coupled with a pipeline of innovation Attracting and retaining top talent and partners Demonstrating investment focus and discipline across the organization in every decision we make 6#7Key initiative overview. smile DIRECT CLUB 2367#8SDC Has Reimagined the Way It Wins Customers Meeting the changing needs of consumers via two key strategic growth initiatives BA CIT SmileMaker Al-Powered Scanning App smile 1) DIRECT CLUB A CarePlus Premium Hybrid Offering ● ● ● ● Description Al-powered mobile 3D scanning technology Enables acceleration of draft treatment plan from weeks to minutes, driving improved sales conversion Platform encourages referrals (sharing) Opportunity to upsell CarePlus through all U.S. SmileShops Utilizes Partner Network of dentists and orthodontists to provide hybrid in-person and virtual care Enhanced care at higher price point but similar marketing expense as Care, resulting in higher EBITDA margins 73% of higher household income customers indicated interest to purchase¹ Status Q4 2022 Australia launch Q2 2023 U.S. pilot launch Pilot launched in 4 U.S. markets (14 locations); Q3 2023 U.S. nationwide launch to all SmileShops Source: CarePlus Quant Research, April 2022, n = 2,126 (US HHI $125K+). Research with US gen pop, 18-65 years old, who are interested in straightening their teeth, or their teen's, in next 3 years, or have straightened their teeth or their teen's in the past 3 years, or are currently in treatment for themselves or their teen's. 8#9Our SmileMaker Platform uses Al scanning through your smartphone to deliver a view of your potential new smile in minutes. This transformative process shrinks the ability to scan and buy your aligners from weeks to minutes. smile DIRECT CLUB Custom Smile Plan You f Te e SES Entire scan done in approximately 2 minutes 9#10SmileMaker Reduces Friction by Shortening the Customer Acquisition Funnel ■ 1-3 Weeks Decreased Cost Per Lead and Time to Purchase vs. Legacy Kits and Scans Incremental Shipments Driven by More Efficient Lead Generation Observed reduction in cost per lead in both Australia launch and U.S. pilot launch Assuming the same marketing spend, incremental leads result in more revenue through SmileMaker versus a Smile Assessment at the same conversion rate. smile DIRECT CLUB Decreased Time to Purchase Legacy Product Website / App Store Visit Complete Smile Assessment Complete Kits & Scans Buy Aligners 1-3 Minutes Buy moves up the funnel SmileMaker Website / App Store Visit Download Scan / Draft Treatment Plan Buy Aligners Successful Pilot Launched in Australia, With U.S. Rollout in 2023 Q4 2022 Q2 2023 H2 2023 Australia Launch Decrease in Cost per Lead U.S. Pilot Launch Introduce SmileMaker within select marketing platforms ahead of full rollout Continued U.S. Rollout & Expansion 10#11Partner network provides CarePlus access to target customer. smile DIRECT CLUB smile DIRECT Target consumer. Price leader. Product. Service. Journey starts. smile DIRECT CLUB -$ CLUB SAV8 Traditional Customer Historically focused on serving the $70k income consumer without previous access to teeth straightening Price leadership at a lower cost to traditional braces and competitor clear aligners - $2,250 or $89 per month Refined production know-how and scale capabilities of core 22-hour aligner and nighttime products 24/7 global customer care team with app enabled support Journey entry points primarily via SmileMaker or SmileShop scans and secondarily via the Partner Network A ZI (3 Expanded Customer Base with CarePlus Expanding customer base to higher income and teen segments A higher price point at $3,900 which provides enhanced access to care, while improving economics to both Partners and SDC Clear aligner product combined with an initial set of retainers and other SDC products High touch, white-glove experience including in person clinician visits, with access to both locally-based and telehealth doctor enabled enhancements Mandatory in person office visit required via Partner Network or SmileShop 11#12CarePlus research confirms strength of offering. HHI Consumers CarePlus is a compelling proposition for HHI consumers. 73% of higher household income customers surveyed indicated a likelihood to purchase.¹ Interest in Care Plus concept by income bracket Overall (incomes $25K and up) smile DIRECT CLUB Under $125K (net) $25,000 to $49,999 $50,000 - $74,999 $75,000 $124,999 $125K+ (net) $150,000 to $199,999 $200,000 to $299,999 $300,000 or more CarePlus $3900 70% 68% 61% 66% 75% 73% 72% 71% 73% 83% Current Partners Interest in CarePlus is strong with existing Partner Network partners to expand their offering with CarePlus.² 92% of current partners would like to have both traditional SmileDirectClub & SmileDirectClub CarePlus options Because SmileDirectClub CarePlus... + Is a great clinical fit + Enhances compliance + Will help retain & refer patients + Provides economic benefit 1) Source: CarePlus Quant Research, April 2022, n = 2,126 (US HHI $125K+). Research with US gen pop, 18-65 years old, who are interested in straightening their teeth, or their teen's, in next 3 years, or have straightened their teeth or their teen's in the past 3 years, or are currently in treatment for themselves or their teen's. 2) Source: Qualitative Research conducted by a third-party, Actionable research, May-June 2022, n = 12. Research with Partner Network dentists with practices that serve mostly higher income households ($125K+).#13CarePlus and Care meet unique customer preferences. Care Plus+ $115/month for 36 months with $500 down." smile DIRECT CLUB 1) 2) Which works best for you? Choice of payment options Choice of Fulltime or Nighttime Aligners Lifetime Smile Guarantee™ Doctor-directed care Regular Smile Check-ins" Personal oversight by a CarePlus dental team In-person check-ins available with a local partner dentist 2-year supply of retainers included Custom contoured aligners with scalloped edges Oral care accessories included Aligner delivery Or a one-time payment of $3900. 1 week Care $89/month for 28 months with $250 down." Or a one-time payment of $2250. 3-4 weeks SmilePay is $115/month for 36 months at 13.269% APR with $500 deposit ($4640 total) for CarePlus. SmilePay is $89/month for 28 months with $250 deposit ($2742 total) for Care. APR varies. See SmileDirectClub.com/pricing/apr-Financing for financing details for your state. Terms and conditions apply. See Smile DirectClub.com/guarantee for details.#14Multiple avenues to achieve outsized growth. Growth Platforms Channel/ Product Growth Drivers smile DIRECT CLUB Organic Volume Growth and Footprint Expansion REB Grow through organic customer penetration with normalizing economic backdrop ✓ Continue to focus marketing efforts to enhance brand awareness and adoption Strategic and disciplined expansion in targeted markets and within dental offices Retail Partnerships and Adjacent Product Expansion smile 7 ✓ Expand LTV through additional oral care and ancillary products ✓ Retainers ✓ Whitening treatments ✓ Oral care products Expand key retail partnership with Walmart and others, that serves as potential on-ramps to expand brand awareness SmileMaker makes it easier to get started MM ✓ Leverage our growing innovation portfolio to launch new products, features and services ✓ Reduces timeline for customers to make purchasing decision from days or weeks to minutes Increase sales conversion and customer access to drive revenue growth Successfully Target Higher Income Consumers ✓ Sell to higher income customers and teens ✓Grow our professional channel the Partner Network using CarePlus ✓ Move upstream by adding premium features, services, and experience through CarePlus Upsell CarePlus through our dual journey offering at SmileShops 14#15A brand customers love & a business positioned for growth. smile DIRECT CLUB Open for a lifetime supply of confidence. smile DIRECT CLUB#16Brand and business model are well positioned to take advantage of large market with unique set of strategic assets. 1 2 3 4 5 Large and growing market Trusted brand among customers & professionals Leading orthodontic telehealth channel Differentiated value proposition via teledentistry platform smile DIRECT CLUB Vertically integrated model I I I Global orthodontics market is large and underserved, and TAM is expanding as aligners are more accessible Secular shift from wires and brackets to clear aligners COVID-19 has accelerated facetime: we've never been more aware of our own smiles Brand that consumers love (more than 2.0M smiles straightened) Second largest aligner brand and largest telehealth orthodontics brand in the world Premier teledentistry platform offering consumers accessibility & convenience Largest telehealth orthodontic channel in the world provides attractive unit economics and substantial growth despite temporary macroeconomic factors Strong omnichannel presence maximizes consumer addressability Closed loop system offers optimal conversion from sophisticated CRM strategy and opportunities to enhance clinical outcomes from robust data library Complementary to telehealth offering, meeting patients where and when they are: in-chair or at home Professional channel strategy enhances options for consumers to seek treatment, broadening addressability Addresses key consumer demands offering convenience, access and lower cost of care Substantial investment in treatment planning, manufacturing, contact center and teledentistry platform >$400M of capex, including streamlined state-of-the-art manufacturing facility in Tennessee Vertically integrated model allows business to gain profitable leverage on scale and effectively focus on the end-to-end customer experience 16#171 Large and growing market We've brought >2.0MM smiles to customers worldwide through our professional network of licensed orthodontists & dentists. smile DIRECT CLUB $ 2.0M+ smiles straightened 232K initial aligner orders shipped¹ 10M+ annual aligners trays produced² An affiliated network of state-licensed doctors in our telehealth platform $6B+ saved by consumers who chose SmileDirectClub aligners over braces since 2014³ CHEV C 1) Shipped in 2022. 2) Produced in 2022. 3) Calculated using the Single Pay price for SmileDirectClub aligners as of 4/20/2022 vs. average fees (including diagnostics and in- person exams) for treatment of mild-to-moderate malocclusion with braces as reported in a survey of orthodontists. Price comparison does not include additional costs, such as retainers. As treatment is highly individualized, results may not be the same. 17#182 Trusted brand among customers & professionals We have built a brand that our customers love. We have made considerable progress on brand perception, and our satisfaction scores consistently track higher than telehealth peers. smile DIRECT CLUB Avg Rating (¹) 4.7/5.0 with over 114K member reviews. Approx. 20% of customers come from referrals. 60 50 40 30 20 10 Total # of Reviews 0 54 120,000 100,000 80,000 60,000 40,000 20,000 O 49 Invisalign Total Google/Trustpilot Reviews 114,000 56 SDC 9,293 55 Telehealth players Third-party NPS² 37 SmileDirectClub 41 Q3 2021 Q1 2022 Q3 2022: 22,927 DSO 22.5 20.5 22.5 Telehealth players Source: Internal company surveys, public information. Data as of May 2023 ¹ Average of Google and Trustpilot Review Ratings. 2Source: Third-party NPS scores were independently sourced and calculated surveying 748 customers who completed clear aligner therapy with SDC, Invisalign, or teledentistry competitors in the last 12 months. 18#192 Trusted brand among customers & professionals ...and we continue to make progress in building credibility with the dental community. We have a huge growth opportunity with GPs and the Partner Network, especially with the CarePlus offering. Doctors have high awareness of SmileDirectClub, are open to our offering, and are compelled by our value proposition. 200K General Practices (GPs) in North America looking to grow their patient base and revenue 2% Total GP revenue that is orthodontics ܘܘܘ AMERICAN ACADEMY CLEAR ALIGNERS 75% People worldwide eligible for treatment - a missed opportunity for GPS 61% Doctors who have some degree of interest in being part of our Partner Network and offering SmileDirectClub to patients¹ Our industry memberships, affiliations and partnerships are growing, most recently with the American Academy of Clear Aligners (AACA), which has turned from actively campaigning against SDC to asking us to become a member as demonstrated by their recent retraction in the AACA Journal Fall 2021 Issue.² NATIONAL DENTAL ASSOCIATION N₂ AAdb American Association of Dental Boards ΑΤ American TeleDentistry Association DA ata MEMBER 85% SDC's awareness with GPs is second only to Invisalign (95%)¹ Grow revenue The reason GPs are most interested in joining the Partner Network¹ W WOMEN ADSO DSO smile ¹Source: Brand tracking survey with Aegis trade media publishers 2 Academy of Clear Aligners Fall 2021 Issue: AACA Digs Deeper. Published November 1. (Pages 10, 12.) Go to: https://bit.ly/3CITzsd for a copy of the report DIRECT CLUB Association of Dental Support Organizations E 19#203 Leading orthodontic telehealth franchise Customers continue to choose SDC - now with even more options. ● Orthodontists have traditionally purchased invisible aligners from a wholesaler or manufacturer, marked up the cost and then sold them to consumers for $5,000-$8,000. SDC's proprietary telehealth platform offers consumers the ability to get the same clinically safe and effective treatment, but without the markup. Ś Credibility 2.0M customers treated, with a brand at scale they love Treatment plan is tailored using proprietary telehealth platform All doctors have 4+ years of aligner experience 100% of aligners are made in FDA registered and ISO certified 3D printing facility in Tennessee smile DIRECT CLUB Certainty Customers enjoy a new smile in as little as 4 - 6 months ● Efficacy of teleorthodontic treatment with clear aligners validated by clinical research Customers can start seeing results in as little as 60 days, and they can be certain in their outcome All smiles come with a lifetime smile guarantee Better oral hygiene - customers can brush and floss without brackets in the way Deliver all aligners and retainers directly to the customer, upfront Laser-cut aligners look and feel better than ever • ● Comfort ● ComfortSense is a unique soft, medium, firm plastic, which provides for more gradual movements and a more comfortable fit Smooth edges and a custom-shaped aligner means less overlap and irritation of the gumline Scalloped edge aligners for CarePlus customers Matte finish gives aligners a natural look No buttons, attachments, or IPR Two ways to wear aligners: 22 hours a day, or 10 continuous hours only at night Co • Convenience Customers choose the treatment option that works for them SDC Care original features pioneering remote treatment via SDC's teledentistry platform. SDC CarePlus offers a hybrid option with in-office and remote treatment plus enhanced service With both options, aligners arrive up front - customers never wait on their next set Experienced dental team is available 24/7 via text, video chat, email or phone Customers use the app to track and manage their entire treatment SDC aligners cost as little as $3 / day ● ● ● ● Cost ● Two ways for customers to pay: one single payment or monthly over 28 months 100% approval on financing, no credit check, no paperwork In network with most major health insurers Customers can use HSA, FSA, and CareCredit funds All aligner touch-ups are included Whitening is included 20#214 Differentiated value proposition via teledentistry platform Utilizing teledentistry to offer clear aligners affordably and conveniently. Traditional orthodontic model Cost $5,000 $8,000 Convenience 10 15 orthodontist visits 12- 24 months - Access Limited access to treatment (Only approximately 40% of U.S. counties have orthodontists) Financing Barred by poor credit smile DIRECT CLUB A 2 G 1 1 1 MONTH -$ (1) Increased to $2,250 from $2,050 in July 2023 for U.S. smile DIRECT CLUB $2,250(¹) Doctor-directed remote teledentistry In-office visit optional 5- 10 months Kits, SmileShops, dentist office Access across U.S., Canada, U.K., Australia and Ireland Captive financing for accessible credit 100% approval rating 21#225 Vertically integrated model Substantial strategic value in vertically integrated business model. ● $42 2018 Historical Capex Over Time ($M) $107 $97 lll. smile DIRECT CLUB $106 2019 Antioch & Columbia, TN Facilities Overview 307K sq. ft combined 2020 2021 $50 45K sq. ft. 2022 Alajuela, Costa Rica ● Commentary Vertically integrated business model allows the company to gain profitable leverage on scale and provide customers the best experience possible Nashville, TN state-of-the-art facility represents America's largest 3D printing and clear aligner production facility >$400M capex over last 5 years resulted in streamlined manufacturing, positive trends and better customer experience Faster turnaround times Greater productivity and reduced labor Reduction in scrap Higher quality aligner trays Investment in proprietary treatment planning software and virtual tools drive greater automation, improved outcomes and better customer experience 2nd gen machines producing ~95% of aligners Full redundancy back up facility in Columbia, TN smile Produced 10M+ individual aligner trays in 2022, averaging over 28K per day 22#23Q2 financial results. smile DIRECT CLUB#24● Q2 2023 results. Revenue for the quarter was $101.8 million, which is down (19.1%) year-over-year due to macroeconomic conditions and down (15.0%) from Q1 2023, following typical seasonal trends of sequential decline. Gross margin for the quarter was 71.6%, which represents a (129 bps) decrease year-over-year, driven by the deleveraging of fixed expenses on lower aligner volumes. Q2 Adjusted EBITDA) improvement of $12.9 million over the first quarter of 2023, and an improvement of $9.6 million over the prior year period at ($13.6) million, driven primarily by cost control actions and increased marketing efficiencies despite a ($24.0mm) decrease in year-over-year revenue. Net loss for the quarter was ($53.8mm), an $11.7mm year-over-year improvement over Q2 2022. Q2 Free Cash Flow improved $7.5 million year- over-year compared to Q2 2022 and improved $12.5 million sequentially compared to Q1 2022. On a YTD basis, Free Cash Flow improved by over $43.0 million compared to the prior year. smile DIRECT CLUB Net Revenue Gross Profit Gross Margin % Adjusted EBITDA (1) EPS, Diluted Free Cash Flow(1) $126 $92 ($23) Q2 2022 Q2 2023 Revenue $ 101.8mm $ 72.9mm $ $ (15.0%) (16.1%) (91 bps) (13.6mm) $12.9mm $ (0.13) $ 0.03 $ (28.1mm) $12.5mm $ 71.6% ($36) QoQ Year-Over-Year Financial Results ($ in millions) Gross Profit $102 YOY $73 (19.1%) (20.5%) (129 bps) 9.6mm 0.04 7.5mm Q2 2023 ■Adjusted EBITDA Q2 2023 revenue decreased $24 million compared to Q2 2022 while Adjusted EBITDA increased $10 million and Free Cash Flow improved $8 million ($14) ($28) FCF (1) Adjusted EBITDA and Free Cash Flow are non-GAAP financial measure. See appendix for definition of Adjusted EBITDA and Free Cash Flow. 24 Prior period reconciliations are available in historical SEC filings at https://investors.smiledirectclub.com/financial-filings/sec-filings.#25Gross margin. Gross margin for the quarter was 71.6%, which represents a (91 bps) decrease from prior year and a (129 bps) decrease compared to Q1 2023. Lower gross margin rate was driven by the deleveraging of fixed expenses on lower aligner volumes. We continue to leverage our manufacturing automation enhancements with our 2nd Gen machines producing over 95% of our aligners in the quarter. The Q2 2023 decline in gross margin dollars compared to prior year was driven by lower aligner shipments as a result of the challenging macroeconomic environment. Sequential first quarter to second quarter gross profit dollar decline follows historical seasonal trends smile DIRECT CLUB I 76% 74% $152 71% $128 $98 4% MILI 72% 73% 70% 61% Q1 2021 Q2 2021 Q3 2021 Q4 2021 Gross margin %(¹) 65% Gross Profit $82 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 $109 $92 $75 73% 72% $53 $87 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 $73 Q2 2023 (1) In Q4 2021, one-time costs related to the implementation of our internal treatment planning software, SmileOS and lower retail margin, primarily 25 due to higher expansion costs and excess inventory costs had an approximate 400 bps impact on margin.#26Marketing & selling. ● Marketing and selling expenses were $50 million, or 48.8% of net revenue in the quarter compared to 56.6% of net revenue in Q2 2022. Total spend was down $22mm as we continue to focus on marketing efficiency and rationalized store costs. Regarding locations, we had 128 permanent SmileShop locations as of quarter end, compared to 108 locations at the end of Q1 2023. We also held 58 pop-up events over the course of the quarter, for a total of 186 location sites at the end of the quarter. Current Partner Network global locations are now 1,156 active or pending training Partner Network growth driven by new CarePlus rollout in 2023 smile DIRECT CLUB I Q1 Q2 Q3 Q4 Q1 2021 2021 2021 2021 2022 21% 49% $97 21% Q1 2021 Referrals as a % of Aligner Orders 55% 20% 20% 20% Marketing & selling expenses ($ in millions) 70% 79% 64% $96 $96 $99 $97 Q2 Q3 Q4 Q1 2022 2022 2022 2023 Actual $ 21% 21% 20% 19% 20% 57% 55% $71 $58 74% $64 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 % of Net Revenue Q2 2023 60% $72 49% $50 Q1 2023 Q2 2023 26#27General & administrative. ● ● General and administrative expenses were $60mm in Q2, compared to $72 million in Q2 2022 and $65mm in Q1 2023. Declines due to cost reduction initiatives since Q1 2022 ● Cost actions taken in January 2023 achieved full run rate savings in Q2 2023 We plan to stay vigilant with cost control throughout 2023 and beyond, as we focus on continuing to leverage this line item. smile DIRECT CLUB $15 $66 Q1 2021 $1 $12 $72 Q2 2021 G&A expenses ($ in millions) ■ G&A A $10 $75 Q3 2021 $4 $7 $63 $5 $8 $66 $64 ■Stock Comp $8 $68 $5 $55 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 $7 $59 Q1 2023 ■One-time Costs 27 $5 $55 Q2 2023#28Other expenses, Adj. EBITDA, and Net income. ● Interest Expense: ● Other: smile DIRECT CLUB ● ● Totaled $8.5 million in Q2 2023, of which $7.1 million is associated with the debt facility secured in April 2022 and $1.4 million was deferred loan costs from our convertible bonds and capital lease expense Q2 Adjusted EBITDA(¹) was ($13.6) million for the quarter, an improvement of $13mm from Q1 2023 and $10mm from Q2 2022. US/Canada Adjusted EBITDA was ($5.8) million Rest of World Adjusted EBITDA was ($7.8) million ● ● Other store closure and restructuring costs were ~$8.5 million primarily related to severance costs, lease and international exit costs. Unrealized currency loss impact of $0.3 million. ($96) ($55) $5 Net income (Loss) ($ in millions) ($23) ($89) ($95) Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 ($54) ($74) ($65) ($70) ($69) ($66) + Adj. EBITDA(¹) ($ in millions) ($54) ($62) ($34) ($23) ($30) ($47) ($27) ($14) Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 (1) Adjusted EBITDA is a non-GAAP financial measure. See appendix for definition of Adjusted EBITDA. Prior period reconciliations are available in historical SEC filings at https://investors.smiledirectclub.com/financial-filings/sec-filings. 28#29Balance sheet highlights. ● ● ● We ended Q2 with $58.0 million in cash and cash equivalents. Cash from operations for the second quarter was ($17.8) million which is consistent with Q2 2022. Cash spent on investing for the second quarter was ($10.2) million, down $7.6mm from Q2 2022. Free Cash Flow was ($28.1) million in the quarter, an improvement of $7.5mm compared to ($35.6) million in Q2 2022. In Q2 2023, SmilePay financing usage, as a percentage of total aligners purchased was 66.4%, which increased about 500 bps compared to Q1 2023. Overall, SmilePay delinquency rates continue to be in line with past performance. In August, our founders provided a $10.0 million revolving line of credit to fund working capital and the new initiatives. smile DIRECT CLUB ($ in millions) Cash Debt Accounts Receivable, Net Cash Flow from Operations Cash Flow from Investing Free Cash Flow(¹) Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 Q1 2023 | Q2 2023 $144.7 $158.3 $120.2 $118.4 $86.3 $58.0 $739.6 $792.2 $792.4 $849.4 $860.2 $240.5 $221.6 $201.8 $187.0 $183.5 $178.8 ($61.3) ($17.8) ($24.1) ($51.5) ($32.6) ($17.8) ($15.1) $863.4 ($17.8) ($10.8) ($11.8) ($8.0) ($10.2) ($76.4) ($35.6) ($34.9) ($63.3) ($40.6) ($28.1) Fifth consecutive quarter of YOY Free Cash Flow improvement (1) Free Cash Flow is a non-GAAP financial measure. See appendix for definition of Free Cash Flow. Prior period reconciliations are available in historical SEC filings at https://investors.smiledirectclub.com/financial-filings/sec-filings. 29#302023 guidance & macro customer impacts. smile DIRECT CLUB#312023 Guidance includes Strategic Actions to Reduce Costs and Focus on Critical Business Needs. SDC engaged a third-party advisor to evaluate cost saving opportunities while protecting key investment initiatives. Q1 2023 implementation with transition over a 6-month period. COST SAVINGS PLAN smile DIRECT CLUB $120MM to $140MM annual run rate cash savings by end of 2023 G&A Savings: $50MM to 55MM Protects near-term profitability initiatives that launch during 2023 Marketing and Selling Savings: $60MM to $65MM Continuing efforts to drive marketing efficiency and leverage new initiatives Store rationalization and leverage new initiatives ● CapEx Savings: $10MM to $15MM • Reduction in overall investment by focusing on key initiatives Completion of initiative investments to launch in 2023 ● 31#322023 Updated Annual Guidance. Guidance now includes contributions from the 2023 delayed rollout of the SmileMaker Platform and launch of the CarePlus solution which continues to scale with expectations to contribute revenue and Adjusted EBITDA in the back half of the year REVENUE COSTS & CAPITAL smile DIRECT CLUB Between $425MM to $475MM Includes contributions from SmileMaker and CarePlus in the back half of 2023 • Macro factors including challenges to consumer spending and sustained high inflation are key drivers for range of aligner orders driving second half revenue Gross Margin: 73.0% to 76.0% • Efficiencies gained with increased aligner volumes leveraging fixed costs Adjusted EBITDA(¹): ($40MM) to ($10MM) Range largely driven by top line revenue results • Includes investments in additional SmileShops as a key component in returning to growth and driving our SmileMaker and CarePlus initiatives Positive Adjusted EBITDA by Q3 2023 Capex: $30MM to $35MM ● One-Time Costs: $12MM to $15MM Reorganization costs which may include lease buyouts, asset impairments related to the closure of regional operating centers and SmileShops, and employee-related costs, including severance and retention payments, associated with the organizational changes (1) Adjusted EBITDA is a non-GAAP financial measure. See appendix for definition of Adjusted EBITDA. Prior period reconciliations are available in historical SEC filings at https://investors.smiledirectclub.com/financial-filings/sec-filings. 32#33Appendix. smile DIRECT CLUB#34Summary of debt facility. SDC U.S. SmilePay SPV ("SPV") is a wholly- owned special purpose subsidiary of the Company ● ● The Company entered into a Loan Agreement (the "Loan Agreement") by and among SPV, as borrower, SmileDirectClub, LLC as the seller and servicer, the lenders from time to time party thereto, and HPS Investment Partners, LLC, as administrative agent and collateral agent Subject to certain exceptions, the Loan Agreement is secured by first-priority security interests in SPV's assets, which consist of certain receivables, cash, intellectual property and related assets. SPV's obligations under the Loan Agreement are guaranteed on a limited basis by SmileDirectClub, LLC and SDC Financial LLC (collectively, the "Guarantors"). This facility enables us to access additional liquidity on favorable terms by leveraging our receivables and providing us with greater flexibility to fuel ongoing operations and execute on growth initiatives. smile DIRECT CLUB Secured Debt Facility Amount Security Interest Maturity Delayed Draw Availability Interest Undrawn Commitment Fee $255 million Certain Receivables, Cash & IP 42 months 18 months L+700bps Cash & 375bps PIK 275bps 34#35Other SEC related disclosures. smile DIRECT CLUB#36US/Canada vs. ROW. Q2 2023 Comparison Total Unique Aligner Orders Shipped Average Aligner Gross Sales Price Total Revenue Gross Profit Gross Margin % S&M As % of Total Revenue G&A As % of Total Revenue Adj EBITDA(1) smile DIRECT CLUB Q2 2023 36,909 $1,979 $84.0mm $61.0mm 72.6% $38.4mm 45.7% $47.7mm 56.8% ($5.8mm) US & Canada % of Total 78.9% N/A 82.5% 83.7% 77.3% 80.1% QoQ (23.3%) 0.6% (15.4%) (16.4%) Q2 2023 9,865 $1,962 $17.8mm $11.9mm 66.8% $11.3mm 63.3% $11.8mm 66.5% ($7.8mm) ROW % of Total 21.1% N/A 17.5% 16.3% 22.7% 19.9% QoQ (14.4%) 4.4% (13.1%) (14.2%) (1) Adjusted EBITDA is a non-GAAP financial measure. See appendix for definition of Adjusted EBITDA. Prior period reconciliations are available in 36 historical SEC filings at https://investors.smiledirectclub.com/financial-filings/sec-filings.#37Net Income to Adjusted EBITDA. (In thousands) Net loss Depreciation and amortization Total interest expense Income tax (benefit) expense Lease abandonment and impairment of long-lived assets Restructuring and other related costs Equity-based compensation Other non-operating general and administrative costs Adjusted EBITDA smile DIRECT CLUB Three Months Ended June 30, 2023 ($53,796) 15,518 8,527 492 4,811 3,709 5,345 1,813 ($13,581) 2022 ($65,486) 19,580 4,454 256 3,168 8,560 6,306 ($23,162) Note: Adjusted EBITDA is a non-GAAP financial measure. Prior period reconciliations are available in historical SEC filings at https://investors.smiledirectclub.com/financial-filings/sec-filings. 37#38SmileShop Bridge. Currently 7% of SmileShops are located within Dental Practices Market United States Canada United Kingdom Australia France Ireland Total smile DIRECT CLUB Mar 31, 2021 Jun 30, 2021 Sept 30, 2022 Dec 31, 2022 85 8 7 7 2 1 110 88 00 8 9 7 LO 5 1 118 89 7 6 LO 5 1 117 93 7 12 6 LO 5 1 124 Mar 31, 2023 81 7 13 LO 5 O 2 108 Jun 30, 2023 99 7 15 LO 5 O 2 128 38#39Cash Flow from Operations to Free Cash Flow. (In thousands) Cash Flow From Operations Cash Flow From Investing Free Cash Flow smile DIRECT CLUB Three Months Ended June 30, 2023 ($17,838) (10,244) ($28,082) 2022 ($17,840) (17,754) ($35,594) Note: Free Cash Flow is a non-GAAP financial measure. Prior period reconciliations are available in historical SEC filings at https://investors.smiledirectclub.com/financial-filings/sec-filings. 39#40Gross to Net Revenue Bridge. ($ in millions; except for Aligners Shipped and ASP) Total Unique Aligner Orders Shipped (¹) Average Aligner Gross Sales Price ("ASP") Aligner Gross Revenue (2) Implicit Price Concession Reserves and other adjustments (³) (4) Aligner Revenue Financing Revenue Other Revenue and adjustments (6) Total Net Revenue (5) smile DIRECT CLUB $ $ $ Q3 2021 69,906 $1,900 132.8 $ (10.7) (13.9) 108.3 $ 10.9 18.5 137.7 $ Q4 2021 66,133 $1,899 125.6 $ (13.6) (13.0) 99.0 $ 9.8 17.5 126.3 $ Q1 2022 76,254 $1,890 144.2 $ (13.9) (11.3) 118.9 $ 9.1 23.5 151.6 $ Q2 2022 62,705 $1,917 120.2 $ T (11.0) (10.3) 98.9 $ 9.0 17.8 125.7 $ Q3 2022 52,367 $1,902 99.6 $ (8.9) (10.6) 80.1 $ 8.2 18.4 106.8 $ Q4 2022 41,462 $1,960 81.3 (10.4) (8.1) 62.8 7.4 16.4 86.5 Note: All information in this file is publicly available from our SEC filings. (1) Each unique aligner order shipped represents a single contracted member. (2) Estimated based on historical write-off percentages and expected net collections. Excludes implicit price concessions on financing revenue. (3) Includes impression kit revenue, refunds and sales tax. (4) As defined in quarterly and annual filings (Aligner Gross Revenue less IPC and Reserves and other adjustments). (5) Represents interest income earned on our SmilePay financing program, net of IPC starting in 2019, as noted in footnote 2 above. (6) Includes net revenue related to retainers, whitening, and other ancillary products. Q1 2023 59,645 $1,949 116.3 $ (11.4) (10.5) 94.4 $ 6.9 18.4 119.8 $ Q2 2023 46,774 $1,976 92.4 (8.1) (8.3) 76.0 7.1 18.7 101.8 40#41Summary of convertible debt terms. This convertible debt financing strengthens our balance sheet, with minimal equity dilution, and fortifies us against a protracted COVID environment, while also enabling to us to comfortably execute our growth strategy over the coming years, while also investing in R&D, innovation, and other business development opportunities. ● smile DIRECT CLUB Convertible Debt Key Terms Base Deal Size Green Shoe (exercised) Coupon Conversion Premium/Price Settlement Date Maturity Net Premium Capped Call Key Terms Capped Call Lower Strike Capped Call Upper Strike Effective all-in Rate/Terms $650 million $97.5 million 0.00% 40.0% / $18.06 February 9, 2021 February 1, 2026 40.0% / $18.06 100.0% / $25.80 9.3% of proceeds ~2.0% Cost of Capital up 100% 41#42smile DIRECT CLUB