So-Young International Inc. (NASDAQ:SY) Q4 2022 Earnings Conference Call March 21, 2023 7:30 AM ET
Company Participants
Vivian Xu - IR
Xing Jin - Co-Founder, Chairman & CEO
Nick Zhao - Senior Vice President of Finance
Conference Call Participants
Thomas Chong - Jefferies
Nelson Cheung - Citi
Chloe Wei - CICC.
Operator
Ladies and gentlemen, thank you for standing by for So-Young's Fourth Quarter and Full Year 2022 Earnings Conference Call. [Operator Instructions] As a reminder, today's conference call is being recorded.
I would now like to turn the meeting over to your host for today's call, Miss. Vivian Xu. Please proceed Miss Xu.
Vivian Xu
Thank you, operator, and thank you for joining So-Young's fourth quarter and full year 2022 earnings conference call.
Please note that the discussion today will contain forward-looking statements made under the Safe Harbor provisions of the U.S. Private Securities and the Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations.
Potential risks and uncertainties include but are not limited to those outlined in our public filings with the SEC, including our annual report on Form 20F. So-Young does not undertake any obligation to update any forward-looking statements, except as required under applicable law. Please also note that unless otherwise stated all figures mentioned during this conference call are in RMB.
Joining us today on the call is Mr. Xing Jin, our Co-Founder, Chairman and CEO and Mr. Nick Zhao [ph] Senior Vice President of Finance.
At this time, I would like to turn the call over to Mr. Xing Jin. Yes, please?
Xing Jin
[Foreign Language]
Hello everyone. Thank you for joining So-Young’s fourth quarter and full year 2022 earnings call.
[Foreign Language]
2022 was a remarkable year for all of us at So-Young. Despite a macroeconomic [Indiscernible] we had successfully stabilized our co-business and substantially improved our profitability. In the fourth quarter amidst the most severe challenges of the past three years as the COVID-19 began like seriously disrupted it’s operation of manning medical aesthetics institutions while the slowdown of the Chinese economy made consumers more cautious and managed to achieve quarterly revenue of RMB225 million in line with our prior guidance.
In the meantime, we significantly scaled up our profit with non-GAAP net income of RMB38.8 million. We have continued to make strides since reaching breakeven in the third quarter. Thanks to our organized cost structure and improved efficiencies. As of the end of 2022 our cash balance remained at close to RMB1.6 billion which provides us with sufficient financial assurance to explore our new business growth opportunities in the year ahead.