So-Young International Inc. (Nasdaq: SY), China’s biggest and most dynamic social network for the medical aesthetics industry’s customers, practitioners, and service providers, officially released its unaudited financial results for the quarter ended 30 September 2020.
If we have a look at the financial highlights of Q3, 2020. In accordance with the company’s prior guidance, overall sales were US$53.0 million, an improvement of 18.9 percent from US$45.9. million in the same timeframe in 2019.
Net sales were US$0.1 million, relative to US$4.8 million in net revenue for the same duration in 2019.
The net income of non-GAAP2 was US$3.9 million, compared with the net income of non-GAAP of US$6.16 million in the same period of 2019.
While looking at the Q3 2020 operational highlights, there were 8.7 million monthly smartphones MAUs, a rise of 153.7 percent from 3.4 million in the third quarter of 2019.
The overall number of consumers buying reservation services was 251,928 and the net volume of transactions enabled by So-website Young’s for medical aesthetic care was US$ 168.7 million.
On So-Young’s website, the number of paid medical service providers was 4,096, a rise of 26.8 percent from 3,230 in the third quarter of 2019.
Meanwhile, sales expenses were US$8.1 million, a 1.6 percent rise from US$8.19 million in the Q3 of 2019. In the Q3 of 2020, the cost of sales included share-based compensation costs of US$0.8 million, contrasted with US$0.24 million in the same period of 2019.
Looking ahead, So-Young estimates gross sales to range between US$61.9 million and US$66.3 million for the fourth quarter of 2020, marking a 17.3 percent to 25.6 percent rise from the same time of 2019. The prediction referred above is based on current economic conditions and represents the Company’s preliminary market and operating conditions and consumer demand predictions, especially in view of the possible continuing impact of COVID-19, the implications of which are difficult to analyze and estimate and are all subject to change.