111 Clocks 24% Revenue Growth In Q1

111 Inc YI reported a Q1 2023 net revenues increase of 23.9% Y/Y to ¥3.7 billion ($538.3 million), representing the 19th consecutive quarterly growth since the IPO.

B2B revenues grew 24.9 % Y/Y to ¥3.6 billion, while B2C revenue remained flat Y/Y at ¥112.9 million. 

The company's gross segment profit rose 22.7% y/y in the quarter on 25.5% Y/Y growth in the B2B segment profit.

Adjusted operating income stood at ¥2.5 million ($0.4 million), vs. adjusted loss from operations of ¥(72.4) million a year ago, partly benefiting from easing COVID-related restrictions.

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The company reported an adjusted loss per ADS of ¥(0.1), equivalent to $(0.02), better than the adjusted loss per share of ¥(0.96) the prior year. 

As of the end of the first quarter, YI served over 435,000 retail pharmacies, with its 1 Health program engaging around 20,000 drugstores.

Operating cash flow was negative at $(17.7) million in the quarter. Cash and equivalents stood at $128 million at the end of the quarter.

"We believe that our efforts to achieve margin expansion, as well as to optimize our cost and improve our organizational alignment, have delivered positive results. We will keep optimizing product assortment based on customer needs, reducing costs with direct sourcing, and improve our competitiveness through intelligent pricing. We will keep improving efficiency through supply chain optimization and we will continually commit to digitization to enhance processes and drive innovation. We are confident that our strong technology capabilities will continue to enable us to build scale, deliver profitability, and maximize values for our shareholders," said Mr. Junling Liu, Co-Founder, Chairman, and CEO.

Price Action: YI shares are trading flat at $2.86 on the last check Thursday.