Mar 27, 2023 8:43 am | 2 minutes read
- Viomi Technology Co Ltd VIOT reported a 31.7% YoY decline in revenue to US$132.02 million (RMB910.55 million) in the fourth quarter of FY22, That beat analysts’ consensus of $128.42 million.
- Segments: IoT @ Home portfolio revenue declined 48.1% year over year to $52.1 million, driven by SKU adjustments for smart kitchen products.
- Home water solution revenue increased 6.0% year-over-year to $40.5 million, driven by revenue growth from larger river water.
- Consumables revenue decreased 3.5% year over year to $16.8 million.
- Small appliances and other revenue declined 39.3% year over year to $22.6 million, primarily due to continued product portfolio adjustments.
- Driver: The cumulative number of household users increased to 7.7 million from 6.6 million last year.
- The percentage of household users with at least two connected products increased by 100 bps to 22.5%.
- Edge: Gross margin declined 260 basis points to 23% due to rebates on certain cleaning products.
- Non-GAAP EPS loss was $(0.07).
- Viomi held $171.35 million in cash and equivalents.
- Mr. Xiaoping Chen, Founder and CEO of Viomi, commented, “Due to the adverse impact of the COVID-19 pandemic and macroeconomic headwinds, we experienced a year-on-year revenue decline in the fourth quarter of 2022, and our business size in 2022 was heavily influenced by external factors and strategic Adjustments affected… Going forward, we will intensify our efforts to streamline sales channels, enhance our existing technological advantages, and further deepen the market penetration of our products such as air conditioners, washing machines, and refrigerators to accelerate the recovery of our business scale.”
- “Additionally, to improve our operational efficiencies in 2022, we have implemented more disciplined cost control measures. As a result, both sales and marketing expenses as well as research and…
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