Huami Corporation ("Huami" or the "Company") (NYSE: HMI), a cloud-based healthcare services provider with world-leading smart wearable technology, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2019.
Fourth Quarter 2019 Financial and Operating Highlights
- Revenues reached RMB2,111.4 million (US$303.3 million), representing an increase of 72.4% from the fourth quarter of 2018.
- Gross margin was 23.8%, compared with 25.2% for the fourth quarter of 2018.
- Net income attributable to Huami Corporation was RMB207.2 million (US$29.8 million), compared with RMB126.0 million for the fourth quarter of 2018.
- Basic and diluted net income per American depositary share ("ADS") attributable to ordinary shareholders of Huami Corporation was RMB3.36 (US$0.48) and RMB3.21 (US$0.46), respectively. Each ADS represents four (4) Class A ordinary shares.
- Adjusted net income attributable to Huami Corporation[1] was RMB213.8 million (US$30.7 million).
- Adjusted basic and diluted net income per ADS attributable to ordinary shareholders of Huami Corporation[2] was RMB3.46 (US$0.50) and RMB3.31 (US$0.48), respectively. Each ADS represents four (4) Class A ordinary shares.
- Total units shipped reached 14.7 million, compared with 9.2 million in the fourth quarter of 2018.
Full Year 2019 Financial and Operating Highlights
- Revenues reached RMB5,812.3 million (US$834.9 million), representing an increase of 59.4% from the full year 2018.
- Gross margin was 25.3%, compared with 25.8% for the full year 2018.
- Net income attributable to Huami Corporation was RMB575.2 million (US$82.6 million), compared with RMB340.0 million for the full year 2018.
- Basic and diluted net income per ADS attributable to ordinary shareholders of Huami Corporation was RMB9.40 (US$1.35) and RMB8.95 (US$1.29), respectively. Each ADS represents four (4) Class A ordinary shares.
- Adjusted net income attributable to Huami Corporation was RMB630.3 million (US$90.5 million), up 32.8% from the full year 2018.
- Adjusted basic and diluted net income per ADS attributable to ordinary shareholders of Huami Corporation was RMB10.30 (US$1.48) and RMB9.81 (US$1.41), respectively, compared with RMB8.39 and RMB7.59, respectively, for the full year 2018. Each ADS represents four (4) Class A ordinary shares.
- Total units shipped reached 42.3 million, compared with 27.5 million in the full year 2018.
[1] Adjusted net income is a non-GAAP measure, which excludes share-based compensation expenses. See "Reconciliation of GAAP and Non-GAAP Results" at the end of this press release. |
[2] Adjusted net income attributable to ordinary shareholders of Huami Corporation is a non-GAAP measure, which excludes share-based compensation expenses attributable to ordinary shareholders of Huami Corporation and deemed dividend for preferred shares, and is used as the numerator in computation of adjusted basic and diluted net income per ADS attributable to ordinary shareholders of Huami Corporation. |
"2019 was an outstanding year for Huami marked by accelerated growth, strengthening brand recognition, and robust financial and operational results, as we solidified our leadership position in the global smart wearables industry," said Wang Huang, Chairman and CEO. "In the fourth quarter, we achieved healthy revenue and net income growth, driven by successful new product launches, effective sales and marketing outreach, and our successful efforts to expand internationally through a multi-channel strategy comprised of direct sales and third-party sales channels. In addition, we collaborated closely with Timex on product development, and the product has been launched into the market, while our partnership with Xiaomi continued, leading to the Mi-Band 5...
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