Zepp Health Corporation Reports Second Quarter 2024 Unaudited Financial Results
Zepp Health (NYSE: ZEPP) reported its Q2 2024 unaudited financial results.
Revenue was US$40.6 million, a 56% decrease YoY. The net loss was US$10.8 million, with a basic and diluted net loss of US$0.04 per share and US$0.17 per ADS. Gross margin reached a record-high of 40.3%, compared to 22.0% in Q2 2023, driven by self-branded products.
R&D expenses decreased by 15.3% YoY to US$10.8 million, while S&M expenses rose by 3.3% to US$10.6 million. G&A expenses dropped by 37.2% to US$4.9 million. Total units shipped fell by 65.8% YoY to 1.3 million.
Outlook for Q3 2024 expects revenue between US$45 million and US$60 million, indicating 18% to 59% growth in self-branded product revenue compared to Q2 2024.
Zepp Health (NYSE: ZEPP) ha riportato i risultati finanziari non auditati per il secondo trimestre del 2024.
Il fatturato è stato di 40,6 milioni di dollari USA, con una diminuzione del 56% rispetto all'anno precedente. La perdita netta è stata di 10,8 milioni di dollari USA, con una perdita netta di 0,04 dollari USA per azione e 0,17 dollari USA per ADS. Il margine lordo ha raggiunto un massimo record del 40,3%, rispetto al 22,0% nel secondo trimestre del 2023, grazie ai prodotti a marchio proprio.
Le spese per R&S sono diminuite del 15,3% rispetto all'anno precedente, toccando 10,8 milioni di dollari USA, mentre le spese per S&M sono aumentate del 3,3% portandosi a 10,6 milioni di dollari USA. Le spese generali e amministrative sono scese del 37,2% a 4,9 milioni di dollari USA. Il totale delle unità spedite è calato del 65,8% rispetto all'anno precedente, scendendo a 1,3 milioni.
Le previsioni per il terzo trimestre del 2024 prevedono un fatturato compreso tra 45 milioni di dollari USA e 60 milioni di dollari USA, indicando una crescita del 18% al 59% nel fatturato dei prodotti a marchio proprio rispetto al secondo trimestre del 2024.
Zepp Health (NYSE: ZEPP) reportó sus resultados financieros no auditados para el segundo trimestre de 2024.
Los ingresos fueron de 40,6 millones de dólares EE. UU., lo que representa una disminución del 56% en comparación con el año anterior. La pérdida neta fue de 10,8 millones de dólares EE. UU., con una pérdida neta básica y diluida de 0,04 dólares EE. UU. por acción y 0,17 dólares EE. UU. por ADS. El margen bruto alcanzó un récord del 40,3%, en comparación con el 22,0% en el segundo trimestre de 2023, impulsado por los productos de marca propia.
Los gastos de I+D disminuyeron en un 15,3% interanual a 10,8 millones de dólares EE. UU., mientras que los gastos de S&M aumentaron un 3,3% a 10,6 millones de dólares EE. UU.. Los gastos generales y administrativos se redujeron en un 37,2% a 4,9 millones de dólares EE. UU.. El total de unidades enviadas cayó un 65,8% interanual a 1,3 millones.
Las proyecciones para el tercer trimestre de 2024 esperan ingresos entre 45 millones de dólares EE. UU. y 60 millones de dólares EE. UU., lo que indica un crecimiento del 18% al 59% en los ingresos de los productos de marca propia en comparación con el segundo trimestre de 2024.
Zepp Health (NYSE: ZEPP)는 2024년 2분기 비공식 재무 결과를 발표했습니다.
매출은 4060만 달러로, 전년 대비 56% 감소했습니다. 순손실은 1080만 달러였으며, 기본 및 희석 순손실은 주당 0.04달러 및 ADS당 0.17달러입니다. 총 마진은 40.3%로, 2023년 2분기의 22.0%에서 증가하며 자사 브랜드 제품에 의해 주도되었습니다.
연구 및 개발(R&D) 비용은 전년 대비 15.3% 감소하여 1080만 달러에 도달했으며, 판매 및 마케팅(S&M) 비용은 3.3% 증가한 1060만 달러로 확인되었습니다. 일반 관리(G&A) 비용은 37.2% 감소하여 490만 달러입니다. 총 선적 수치는 전년 대비 65.8% 감소하여 130만 개로 줄어들었습니다.
2024년 3분기 전망은 매출이 4500만 달러에서 6000만 달러 사이일 것으로 예상하며, 2024년 2분기 대비 자사 브랜드 제품 매출의 18%에서 59% 성장할 것을 나타냅니다.
Zepp Health (NYSE: ZEPP) a annoncé ses résultats financiers non vérifiés pour le deuxième trimestre 2024.
Le chiffre d'affaires s'est élevé à 40,6 millions de dollars, soit une baisse de 56% par rapport à l'année précédente. La perte nette a atteint 10,8 millions de dollars, avec une perte nette de base et diluée de 0,04 dollar par action et 0,17 dollar par ADS. La marge brute a atteint un niveau record de 40,3%, contre 22,0% au deuxième trimestre 2023, portée par les produits de marque propre.
Les dépenses en R&D ont diminué de 15,3% par rapport à l'année précédente, atteignant 10,8 millions de dollars, tandis que les dépenses en S&M ont augmenté de 3,3% pour atteindre 10,6 millions de dollars. Les dépenses générales et administratives ont chuté de 37,2% à 4,9 millions de dollars. Le total des unités expédiées a baissé de 65,8% par rapport à l'année précédente, à 1,3 million.
Les prévisions pour le troisième trimestre 2024 tablent sur un chiffre d'affaires compris entre 45 millions de dollars et 60 millions de dollars, ce qui indique une croissance de 18 % à 59 % des revenus des produits de marque propre par rapport au deuxième trimestre 2024.
Zepp Health (NYSE: ZEPP) hat seine nicht prüferischen finanziellen Ergebnisse für das zweite Quartal 2024 veröffentlicht.
Der Umsatz betrug 40,6 Millionen US-Dollar, was einem Rückgang von 56% im Jahresvergleich entspricht. Der Nettoverlust beträgt 10,8 Millionen US-Dollar, mit einem Basis- und verwässertem Nettoverlust von 0,04 US-Dollar pro Aktie und 0,17 US-Dollar pro ADS. Die Bruttomarge erreichte mit 40,3% einen Höchststand, verglichen mit 22,0% im zweiten Quartal 2023, angetrieben von Eigenmarkenprodukten.
Die F&E-Ausgaben sanken im Jahresvergleich um 15,3% auf 10,8 Millionen US-Dollar, während die S&M-Ausgaben um 3,3% auf 10,6 Millionen US-Dollar stiegen. Die G&A-Ausgaben fielen um 37,2% auf 4,9 Millionen US-Dollar. Die insgesamt versendeten Einheiten verringerten sich im Jahresvergleich um 65,8% auf 1,3 Millionen.
Die Aussichten für das dritte Quartal 2024 erwarten einen Umsatz zwischen 45 Millionen US-Dollar und 60 Millionen US-Dollar, was auf ein Wachstum von 18% bis 59% der Eigenmarkenproduktumsätze im Vergleich zum zweiten Quartal 2024 hinweist.
- Gross margin reached a record-high of 40.3%, up from 22.0% YoY.
- R&D expenses decreased by 15.3% to US$10.8 million.
- G&A expenses reduced by 37.2% to US$4.9 million.
- Cash balance remained steady at US$128.7 million.
- Inventory levels reached their lowest point since Q1 2023.
- Revenue decreased by 56% YoY to US$40.6 million.
- Total units shipped fell by 65.8% YoY to 1.3 million.
- Net loss increased to US$10.8 million from US$10.0 million YoY.
Zepp Health's Q2 2024 results paint a mixed picture. While revenues declined 56% year-over-year to
However, the company still reported a net loss of
Looking ahead, management expects Q3 2024 revenues between
Zepp's technological advancements are noteworthy. The launch of Zepp OS 4 integrating OpenAI's GPT-4 is a significant leap in wearable tech, potentially enhancing the user experience of Amazfit smartwatches. The upcoming release of the T-Rex 3 outdoor smartwatch with custom-designed chips and new Open Wearable Stereo (OWS) earbuds demonstrates Zepp's commitment to innovation.
Moreover, the company's R&D team has made AI breakthroughs, with plans to release new AI hardware within six months. This could be a game-changer in the wearable technology market. Despite a
These technological advancements, coupled with the integration of smartwatches, rings and OWS headphones, could give Zepp a competitive edge in the rapidly evolving wearable tech market.
Starting from the second quarter of 2024, the Company changed its reporting currency from Renminbi ("RMB") to U.S.dollar ("US$"), to reduce the impact of increased volatility of the RMB to US$ exchange rate on the Company's reported operating results. Since self-branded products sales of the Company is more heavily exposed to
Mr. Wang 'Wayne' Huang, Chairman and CEO of Zepp, commented, "Our second quarter performance aligned with our guidance, highlighted by a sequential increase in self-branded product sales and the achievement of a historically high gross margin. Despite a year-over-year decline in revenue, we are confident that the most challenging phase of our transformation has now been successfully navigated."
Wang added, "We recently launched Zepp OS 4, a major leap in wearable tech by integrating OpenAI's GPT-4, making Amazfit smartwatches more effective wellness companions. As we gear up for IFA in
Mr. Leon Deng, Zepp's Chief Financial Officer, added, "In the second quarter, our self-branded product sales increased by
Second Quarter of 2024 Financial Summary
For the Three Months Ended | For the Six Months Ended | |||||
Number in millions, except for percentages and | June 30, | June 30, 2023 | June 30, | June 30, 2023 | ||
Revenue US$ | 40.6 | 92.4 | 80.6 | 186.7 | ||
Gross margin | 40.3 % | 22.0 % | 38.5 % | 18.9 % | ||
Net loss US$ | (10.8) | (10.1) | (25.6) | (30.1) | ||
Adjusted EBIT US$[3] | (9.5) | (9.2) | (21.5) | (28.0) | ||
Net loss attributable to Zepp Health Corporation US$ | (10.8) | (10.0) | (25.6) | (30.0) | ||
Adjusted net loss attributable to Zepp Health | (9.9) | (8.5) | (22.4) | (24.9) | ||
Basic/diluted net loss per ADS US$ | (0.17) | (0.16) | (0.39) | (0.49) | ||
Adjusted basic/diluted net loss per ADS US$[2] | (0.15) | (0.14) | (0.34) | (0.41) | ||
Units shipped in millions | 1.3 | 3.8 | 2.5 | 7.3 |
[1] Adjusted net income/(loss) attributable to Zepp Health Corporation is a non-GAAP measure, which excludes share-based compensation expenses. The tax effect from the adjustment of the Share-based compensation expenses is nil. See "Reconciliation of GAAP and Non-GAAP Results" at the end of this press release. |
[2] Adjusted diluted net income/(loss) is the abbreviation of adjusted net income/(loss) attributable to Zepp Health Corporation, which is a non-GAAP measure and excludes share-based compensation expenses attributable to Zepp Health Corporation, and is used as the numerator in computation of adjusted basic and diluted net loss per ADS attributable to Zepp Health Corporation. |
[3] Adjusted EBIT is a non-GAAP financial measure, which is defined as net loss, excluding (i) share-based compensation expenses, (ii) income tax (benefit)/ expense, (iii) interest income, (iv) interest expense. |
Second Quarter 2024 Financial Results
Revenues
Revenues for the second quarter of 2024 reached
Total units shipped in the second quarter of 2024 decreased by
Gross Margin
Gross margin in the second quarter of 2024 was
Research and Development Expenses
Research and development expenses in the second quarter of 2024 were
Selling and Marketing Expenses
Selling and marketing expenses in the second quarter of 2024 were
The increase was primarily as a result of the investment in marketing campaigns during the summer sports season to boost our brand awareness. At the same time, we consistently pushed on retail profitability and channel mix improvement, which included meticulous refinement of our retail channels and strategic staffing arrangements across sales regions. We are committed to investing efficiently in marketing and branding to ensure our sustained growth.
General and Administrative Expenses
General and administrative expenses were
Operating Expenses
Total operating expenses for the second quarter of 2024 were
Operating Income/(Loss)
Operating loss for the second quarter of 2024 was
Net Income/(Loss)
Net loss attributable to Zepp Health Corporation for the second quarter of 2024 was
Liquidity and Capital Resources
As of June 30, 2024, the Company had cash and cash equivalents and restricted cash of
The Company continued to manage its working capital and inventory efficiently and recorded inventory levels of
Shares Outstanding
As of June 30, 2024, the Company had a total of 236.5 million common shares outstanding, representing the equivalent of 59.1 million ADSs assuming the conversion of all common shares into ADSs.
Share Repurchase Program Update
The Company announced in its third quarter 2021 earnings release that the board had authorized a share repurchase program of up to
Outlook
For the third quarter of 2024, the Company's management currently expects net revenues to be between
This outlook is based on current market conditions and reflects the Company's current and preliminary estimates of market, operating conditions and customer demand, which are all subject to change.
Conference Call
The Company's management team will hold a conference call at 9:30 p.m. Eastern Time on Wednesday, August 21, 2024 (9:30 a.m. Beijing Time on August 22, 2024) to discuss financial results and answer questions from investors and analysts. Listeners may access the call by dialing:
US (Toll Free): | +1-888-346-8982 |
International: | +1-412-902-4272 |
Mainland | 400-120-1203 |
800-905-945 | |
+852-3018-4992 |
Participants should dial in at least 10 minutes before the scheduled start time and ask to be connected to the call for "Zepp Health Corporation".
Additionally, a live and archived webcast of the conference call will be available at http://ir.zepp.com.
A telephone replay will be available one hour after the call until August 28, 2024 by dialing:
US Toll Free: | +1-877-344-7529 |
International: | +1-412-317-0088 |
Replay Passcode: | 2544714 |
About Zepp Health Corporation
Zepp Health Corporation (NYSE: ZEPP) is a global smart wearable and health technology leader, empowering users to live their healthiest lives by optimizing their health, fitness, and wellness journeys through its leading consumer brands, Amazfit, Zepp Clarity and Zepp Aura. Powered by its proprietary Zepp Digital Management Platform, which includes the Zepp OS, AI chips, biometric sensors and data algorithms, Zepp delivers cloud-based 24/7 actionable insights and guidance to help users attain their wellness goals. To date, Zepp has shipped over 200 million units, and its products are available in more than 90 countries and regions. Founded in 2013 as Huami Corp., the Company changed its name to Zepp Health Corporation in February 2021 to emphasize its health focus with a name that resonates across languages and cultures globally. Zepp has team members and offices across globe, especially in
Use of Non-GAAP Measures
We use adjusted net income/(loss), a non-GAAP financial measure, in evaluating our operating results and for financial and operational decision-making purposes. Adjusted operating expenses represent operating expenses excluding share-based compensation expenses. Adjusted operating income/(loss) represents operating income/(loss) excluding share-based compensation expenses. Adjusted EBIT represents net income/(loss) excluding share-based compensation expenses, income tax (benefit)/expense, interest income and interest expense. Adjusted net income/(loss) represents net income/(loss) excluding share-based compensation expenses, and such adjustment has no impact on income tax. Adjusted net income/(loss) attributable to Zepp Health Corporation is a non-GAAP measure, which excludes share-based compensation expenses attributable to Zepp Health Corporation, and is used as the numerator in computation of adjusted net income/(loss) per share and per ADS attributable to Zepp Health Corporation.
We believe that adjusted net income/(loss), adjusted EBIT and adjusted net income/(loss) attributable to Zepp Health Corporation help identify underlying trends in our business that could otherwise be distorted by the effect of certain expenses that we include in net income/(loss) and net income/(loss) attributable to Zepp Health Corporation. We believe that adjusted net income/(loss), adjusted EBIT and adjusted net income/(loss) attributable to Zepp Health Corporation provides useful information about our operating results, enhances the overall understanding of our past performance and future prospects and allows for greater visibility with respect to key metrics used by our management in its financial and operational decision-making.
Adjusted net income/(loss), adjusted EBIT and adjusted net income/(loss) attributable to Zepp Health Corporation, should not be considered in isolation or construed as an alternative to net income/(loss), basic and diluted net income/(loss) per share and per ADS attributable to Zepp Health Corporation or any other measure of performance or as an indicator of our operating performance. Investors are encouraged to review the historical non-GAAP financial measures to the most directly comparable GAAP measures. Adjusted net income/(loss), adjusted EBIT and adjusted net income/(loss) attributable to ordinary shareholders, presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to our data. We encourage investors and others to review our financial information in its entirety and not rely on a single financial measure.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the
For investor and media inquiries, please contact:
In
Zepp Health Corporation
Grace Yujia Zhang
Email: ir@zepp.com
Piacente Financial Communications
Tel: +86-10-6508-0677
Email: zepp@tpg-ir.com
Zepp Health Corporation | ||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | ||||
(Amounts in thousands of | ||||
except for number of shares and per share data, or otherwise noted) | ||||
As of December 31, | As of June 30, | |||
2023 | 2024 | |||
US$ | US$ | |||
Assets | ||||
Current assets: | ||||
Cash and cash equivalents | 133,669 | 118,601 | ||
Restricted cash | 6,800 | 10,070 | ||
Accounts receivable, net | 60,727 | 42,183 | ||
Amounts due from related parties | 8,605 | 5,531 | ||
Inventories, net | 84,887 | 71,908 | ||
Short-term investments | 5,153 | 4,770 | ||
Prepaid expenses and other current assets | 16,891 | 16,722 | ||
Total current assets | 316,732 | 269,785 | ||
Property, plant and equipment, net | 8,929 | 7,881 | ||
Intangible asset, net | 9,868 | 8,561 | ||
Goodwill | 9,581 | 9,581 | ||
Long-term investments | 238,540 | 234,543 | ||
Deferred tax assets | 32,401 | 31,480 | ||
Amount due from related parties, non-current | 2,951 | 3,255 | ||
Other non-current assets | 9,698 | 7,647 | ||
Operating lease right-of-use assets | 6,819 | 4,446 | ||
Total assets | 635,519 | 577,179 |
Zepp Health Corporation | ||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - CONTINUED | ||||
(Amounts in thousands of | ||||
except for number of shares and per share data, or otherwise noted) | ||||
As of December 31, | As of June 30, | |||
2023 | 2024 | |||
US$ | US$ | |||
Liabilities | ||||
Current liabilities: | ||||
Accounts payable | 37,286 | 26,344 | ||
Advance from customers | 233 | 227 | ||
Amount due to related parties | 3,475 | 2,709 | ||
Accrued expenses and other current liabilities | 44,450 | 34,856 | ||
Income tax payables | 986 | 1,008 | ||
Notes payable | 66,991 | 64,124 | ||
Short-term bank borrowings | 1,690 | 65,362 | ||
Total current liabilities | 155,111 | 194,630 | ||
Deferred tax liabilities | 4,169 | 4,013 | ||
Long-term borrowings | 120,020 | 52,902 | ||
Other non-current liabilities | 270 | 67 | ||
Non-current operating lease liabilities | 3,197 | 2,659 | ||
Total liabilities | 282,767 | 254,271 |
Zepp Health Corporation | ||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - CONTINUED | ||||
(Amounts in thousands of | ||||
except for number of shares and per share data, or otherwise noted) | ||||
As of December 31, | As of June 30, | |||
2023 | 2024 | |||
US$ | US$ | |||
Equity | ||||
Ordinary shares | 26 | 26 | ||
Additional paid-in capital | 273,386 | 276,317 | ||
Treasury stock | (12,874) | (14,061) | ||
Accumulated retained earnings | 104,351 | 78,745 | ||
Accumulated other comprehensive loss | (14,008) | (19,500) | ||
Total Zepp Health Corporation shareholders' equity | 350,881 | 321,527 | ||
Noncontrolling interest | 1,871 | 1,381 | ||
Total equity | 352,752 | 322,908 | ||
Total liabilities and equity | 635,519 | 577,179 |
Zepp Health Corporation | |||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||
(Amounts in thousands of | |||||
except for number of shares and per share data, or otherwise noted) | |||||
For the Three Months Ended June 30, | |||||
2023 | 2024 | ||||
US$ | US$ | ||||
Revenues | 92,449 | 40,642 | |||
Cost of revenues | (72,124) | (24,281) | |||
Gross profit | 20,325 | 16,361 | |||
Operating expenses: | |||||
Selling and marketing | (10,214) | (10,555) | |||
General and administrative | (7,727) | (4,853) | |||
Research and development | (12,771) | (10,818) | |||
Total operating expenses | (30,712) | (26,226) | |||
Operating loss | (10,387) | (9,865) | |||
Other income and expenses: | |||||
Interest income | 848 | 948 | |||
Interest expense | (1,756) | (1,373) | |||
Other (expense)/income, net | (112) | 127 | |||
Gain/(loss) from fair value change of long-term investments | 541 | (300) | |||
Loss before income tax and loss from equity method investments | (10,866) | (10,463) | |||
Income tax benefits/(expenses) | 1,656 | (47) | |||
Loss before income from equity method investments | (9,210) | (10,510) | |||
Net loss from equity method investments | (856) | (337) | |||
Net loss | (10,066) | (10,847) | |||
Less: Net loss attributable to noncontrolling interest | (26) | (10) | |||
Net loss attributable to Zepp Health Corporation | (10,040) | (10,837) | |||
Net loss per share attributable to Zepp Health Corporation | |||||
Basic loss per ordinary share | (0.04) | (0.04) | |||
Diluted loss per ordinary share | (0.04) | (0.04) | |||
Net loss per ADS (4 ordinary shares equal to 1 ADS) | |||||
ADS – basic | (0.16) | (0.17) | |||
ADS – diluted | (0.16) | (0.17) | |||
Weighted average number of shares used in computing net loss per Ordinary share – basic |
243,550,673 | 260,399,926 | |||
Ordinary share – diluted | 243,550,673 | 260,399,926 | |||
Zepp Health Corporation | ||||
Reconciliation of GAAP and Non-GAAP Results | ||||
(Amounts in thousands of | ||||
except for number of shares and per share data, or otherwise noted) | ||||
For the Three Months Ended June 30, | ||||
2023 | 2024 | |||
US$ | US$ | |||
Total operating expenses | (30,712) | (26,226) | ||
Share-based compensation expenses[1] | 1,590 | 906 | ||
Total adjusted operating expenses | (29,122) | (25,320) | ||
Operating loss | (10,387) | (9,865) | ||
Share-based compensation expenses | 1,590 | 906 | ||
Adjusted operating loss | (8,797) | (8,959) | ||
Net loss | (10,066) | (10,847) | ||
Share-based compensation expenses | 1,590 | 906 | ||
Income tax (benefits)/expenses | (1,656) | 47 | ||
Interest income | (848) | (948) | ||
Interest expense | 1,756 | 1,373 | ||
Adjusted EBIT | (9,224) | (9,469) | ||
Net loss attributable to Zepp Health Corporation | (10,040) | (10,837) | ||
Share-based compensation expenses | 1,590 | 906 | ||
Adjusted net loss attributable to Zepp Health | (8,450) | (9,931) | ||
Adjusted net loss per share attributable to | ||||
Adjusted basic loss per ordinary share | (0.03) | (0.04) | ||
Adjusted diluted loss per ordinary share | (0.03) | (0.04) | ||
Adjusted net loss per ADS (4 ordinary shares equal to 1 | ||||
ADS – basic | (0.14) | (0.15) | ||
ADS – diluted | (0.14) | (0.15) | ||
Weighted average number of shares used in computing | ||||
Ordinary share – basic | 243,550,673 | 260,399,926 | ||
Ordinary share – diluted | 243,550,673 | 260,399,926 | ||
Share-based compensation expenses included | ||||
Selling and marketing | 138 | 87 | ||
General and administrative | 752 | 412 | ||
Research and development | 700 | 407 | ||
Total | 1,590 | 906 |
Zepp Health Corporation | |||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||
(Amounts in thousands of | |||||
except for number of shares and per share data, or otherwise noted) | |||||
For the Six Months Ended June 30, | |||||
2023 | 2024 | ||||
US$ | US$ | ||||
Revenues | 186,742 | 80,599 | |||
Cost of revenues | (151,387) | (49,538) | |||
Gross profit | 35,355 | 31,061 | |||
Operating expenses:
| |||||
Selling and marketing | (22,787) | (21,324) | |||
General and administrative | (15,009) | (11,273) | |||
Research and development | (30,014) | (24,239) | |||
Total operating expenses | (67,810) | (56,836) | |||
Operating loss | (32,455) | (25,775) | |||
Other income and expenses: | |||||
Interest income | 1,452 | 1,960 | |||
Interest expense | (3,702) | (2,816) | |||
Other (expense)/income, net | (402) | 195 | |||
Gain from fair value change of long-term investments | 998 | 1,803 | |||
Investment income | 34 | - | |||
Loss before income tax and loss from equity method investments | (34,075) | (24,633) | |||
Income tax benefits/(expenses) | 5,271 | (119) | |||
Loss before income from equity method investments | (28,804) | (24,752) | |||
Net loss from equity method investments | (1,284) | (896) | |||
Net loss | (30,088) | (25,648) | |||
Less: Net loss attributable to noncontrolling interest | (54) | (42) | |||
Net loss attributable to Zepp Health Corporation | (30,034) | (25,606) | |||
Net loss per share attributable to Zepp Health Corporation | |||||
Basic loss per ordinary share | (0.12) | (0.10) | |||
Diluted loss per ordinary share | (0.12) | (0.10) | |||
Net loss per ADS (4 ordinary shares equal to 1 ADS) | |||||
ADS – basic | (0.49) | (0.39) | |||
ADS – diluted | (0.49) | (0.39) | |||
Weighted average number of shares used in computing net loss per Ordinary share – basic | 243,947,113 | 259,962,803 | |||
Ordinary share – diluted | 243,947,113 | 259,962,803 | |||
Zepp Health Corporation | ||||
Reconciliation of GAAP and Non-GAAP Results | ||||
(Amounts in thousands of | ||||
except for number of shares and per share data, or otherwise noted) | ||||
For the Six Months Ended June 30, | ||||
2023 | 2024 | |||
US$ | US$ | |||
Total operating expenses | (67,810) | (56,836) | ||
Share-based compensation expenses[1] | 5,107 | 3,189 | ||
Total adjusted operating expenses | (62,703) | (53,647) | ||
Operating loss | (32,455) | (25,775) | ||
Share-based compensation expenses | 5,107 | 3,189 | ||
Adjusted operating loss | (27,348) | (22,586) | ||
Net loss | (30,088) | (25,648) | ||
Share-based compensation expenses | 5,107 | 3,189 | ||
Income tax (benefits)/expenses | (5,271) | 119 | ||
Interest income | (1,452) | (1,960) | ||
Interest expense | 3,702 | 2,816 | ||
Adjusted EBIT | (28,002) | (21,484) | ||
Net loss attributable to Zepp Health Corporation | (30,034) | (25,606) | ||
Share-based compensation expenses | 5,107 | 3,189 | ||
Adjusted net loss attributable to Zepp Health | (24,927) | (22,417) | ||
Adjusted net loss per share attributable to | ||||
Adjusted basic loss per ordinary share | (0.10) | (0.09) | ||
Adjusted diluted loss per ordinary share | (0.10) | (0.09) | ||
Adjusted net loss per ADS (4 ordinary shares equal to 1 | ||||
ADS – basic | (0.41) | (0.34) | ||
ADS – diluted | (0.41) | (0.34) | ||
Weighted average number of shares used in computing | ||||
Ordinary share – basic | 243,947,113 | 259,962,803 | ||
Ordinary share – diluted | 243,947,113 | 259,962,803 | ||
Share-based compensation expenses included | ||||
Selling and marketing | 314 | 337 | ||
General and administrative | 2,316 | 1,472 | ||
Research and development | 2,477 | 1,380 | ||
Total | 5,107 | 3,189 |
View original content:https://www.prnewswire.com/news-releases/zepp-health-corporation-reports-second-quarter-2024-unaudited-financial-results-302227430.html
SOURCE Zepp Health Corp.
FAQ
What were Zepp Health's Q2 2024 revenues?
What was Zepp Health's net loss per share in Q2 2024?
How did Zepp Health's gross margin evolve in Q2 2024?
What is Zepp Health's Q3 2024 revenue outlook?