Viomi Technology Co (NYSE:VIOT) Q4 2019 Earnings Conference Call - Final Transcript

Mar 26, 2020 • 08:00 am ET

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Viomi Technology Co (NYSE:VIOT) Q4 2019 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Hello, ladies and gentlemen. Thank you for standing by for Viomi Technology Company Limited's Earnings conference Call for the Fourth Quarter and Full Year 2019. [Operator Instructions]

I will now turn the call over to your host, Ms. Cecilia Li for the PSNC Group, the company's Investor Relations partner. Please go ahead, Cecilia.

Executive
Cecilia Li

Thank you, Andrew. Hello everyone, and welcome to may Viomi Technology Co. Limited earnings conference call for the fourth quarter and full year 2019. As a reminder, this conference is being recorded. The company's financial and operating results were issued in a press release earlier today and posted online. You can download the earnings press release and sign up for the company's email distribution list by visiting the IR section of the company's website at ir.viomi.com.

Participating in today's call are Mr. Xiaoping Chen, the Founder, Chairman of the Board of Directors and Chief Executive Officer and Mr. Shun Jiang, the Chief Financial Officer. The company's management will begin with prepared remarks and the call will conclude with a Q&A session.

Before we continue, please note today's discussion will contain forward-looking statements made under the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, the company's actual results may be materially different from the views expressed today. Further information regarding these and other risks and uncertainties is included in the company's registration statements on Form F-1 and other filings as filed with the U.S. Securities and Exchange Commission. The company does not assume any obligation to update any forward-looking statements except as required by law.

Please also note that Viomi's earnings press release and this conference call include discussions of unaudited GAAP financial information, as well as unaudited non-GAAP financial measures. Viomi's press release contains a reconciliation of the unaudited non-GAAP measures to the unaudited most directly comparable GAAP measures.

I will now turn the call over to Viomi's Founder and CEO, Mr. Xiaoping Chen. Mr. Chen will deliver his remarks in Chinese, followed immediately by English translation. Mr. Chen, please go ahead.

Executive
Xiaoping Chen

[Foreign Speech]

Executive
Shun Jiang

Thank you, Xiaoping. This is Shun, Viomi's CFO. I will quickly translate Mr. Chen's remarks before providing an operational update and discuss our financial performance for the fourth quarter of 2019 and our outlook.

Hello, everyone. Thank you for joining our fourth quarter and full year 2019 earnings conference call. 2019 was another extraordinary year for Viomi. Our business went through strength-to-strength with robust growth across all product segments, successful innovation, new product development, increasing brand recognition, larger market share and deeper channel penetration.

Business momentum continue to be strong with fourth quarter and full year 2019 revenues increasing by 82.2% and 81.5% year-over-year respectively, exceeding the high-end of our previous guidance. Non-GAAP net income in the fourth quarter and full year 2019 increased by 54.6% and 85.2% year-over-year respectively. We recorded our best ever Double-Eleven sales performance in 2019 with our online channels more than doubling respected GMV in