So-Young Clocks 4.7% Revenue Dip, Plans To Fortify Footprint In Non-Surgical Market

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So-Young International Inc SY shares are trading lower in the premarket session after reporting mixed first-quarter FY23 results.

  • Revenues slumped year over year despite beating estimates.
  • So-Young International reported Q1 revenue of $45.15 million, beating the analyst consensus of $43.8 million. Revenues fell 4.7% year-over-year. 
  • The China-based consumption healthcare services provider registered GAAP EPADS of ($0.02) loss, in line with the analyst consensus
  • Revenues beat estimates on higher sales of equipment and maintenance services and other services. However, the continued impact of COVID-19 on surgical transactions resulted in a Y/Y decline.
  • Information services and other revenues were $31.72 million (+0.8%Y/Y). Reservation services revenues were $4.32 million (-35.3% Y/Y). Sales of equipment and maintenance services revenues were $9.11 million (-1.2%).
  • The number of paying medical service providers on So-Young's platform was 3,133 in Q1.
  • Average mobile MAUs were 3.4 million, down from 4.4 million a year ago.
  • The number of paying medical service providers on So-Young's platform was 1,419, down from 1,891 Y/Y. 
  • So-Young International held $118.8 million in cash and equivalents as of quarter-end.
  • "In the near-term, our goal is to further expand So-Young Prime's service network to solidify its position and strengthen its brand in the non-surgical medical aesthetic market nationwide," said CEO Xing Jin.
  • Outlook: So-Young International expects Q2 revenue of $55.3 million - $58.2 million (consensus $51.30 million).

Price Action: SY shares traded lower by 1.21% at $2.45 premarket on the last check Monday.

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