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


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.

Market News and Data brought to you by Benzinga APIs
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsEquitiesNewsPenny StocksGuidanceHealth CareTop StoriesMarketsGeneralBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!