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Zepp Health reported Q1 2024 revenues of $39.8 million, a 55.5% decline year-over-year, mainly due to reduced sales of Xiaomi and self-branded products. The company posted a net loss per share of $0.06 and a net loss per ADS of $0.23. Despite the revenue drop, gross margins hit a record high of 36.8% due to a favorable product mix. Zepp's CEO highlighted the success of the Zepp app with over 10 million MAUs and the popularity of the Balance and Active product lines. The new Amazfit Bip 5 Unity and Helio Ring products aim to boost market presence. CFO Leon Deng mentioned that the company maintained positive operating cash flow and reduced debt to $46.7 million since Q1 2023. Operating expenses were controlled, with R&D and marketing investments continuing to support competitive edge. The company expects Q2 2024 revenues between $40 million and $55 million. Zepp is also continuing its share repurchase program, having repurchased $13.4 million worth of ADSs as of March 31, 2024.
Zepp Health's Amazfit has signed a multi-year partnership as the Official Sponsor of the Escape from Alcatraz Triathlon, providing selected triathletes with Amazfit T-Rex Ultra outdoor smartwatches to track their performance. The smartwatch is designed for adventurers and outdoor athletes, offering premium features such as GPS tracking, offline maps, and a Triathlon workout mode. The partnership aims to support the endurance and determination of triathletes, enhancing the overall EFAT experience.
Zepp Health received a letter from the NYSE stating that it is below compliance standards due to the trading price of its American depositary shares (ADSs). The company has six months to regain compliance by maintaining a closing share price of at least US$1.00 per ADS over a consecutive 30 trading-day period. If not attained, the NYSE may commence suspension and delisting procedures. Zepp Health intends to cure the deficiency and is exploring options, including a reverse share split if needed.
Zepp Health , a leading smart wearable technology provider, will release its unaudited financial results for the first quarter of 2024 on May 20, 2024. The earnings call is scheduled for 7:00 p.m. ET on the same day. Interested participants can access the call via phone or webcast.
Zepp Health unveils the Amazfit Bip 5 Unity, a cutting-edge smartwatch that combines style and functionality for active users. With a sleek design, vital health metrics display, and Zepp OS 3.0 integration, the Bip 5 Unity is set to redefine the smartwatch market. Priced at $69.99 USD / €69.90, the Bip 5 Unity is now available for purchase.
Zepp Health announced the US launch date for the Amazfit Helio Ring, a smart ring offering insights into athletic performance and recovery. Priced at $299.99, the ring will be available for purchase on May 15th, 2024. It was honored with the title of 'Best Fitness Wearable' by Tom's Guide and recognized as one of the 'Best of CES' picks by T3.com. The ring, when paired with an Amazfit smartwatch, provides athletes with 24/7 health and fitness monitoring, offering recovery insights and performance data in one place.
