So-Young International Inc. (NASDAQ:SY) Q3 2022 Results Conference Call November 18, 2022 7:00 AM ET
Company Participants
Vivian Xu - IR
Xing Jin - Co-Founder, Chairman & CEO
Conference Call Participants
Chloe Wei - CICC
Nelson Cheung - Citi
Ingrid Zhang - UBS
Leo Chiang - Deutsche Bank
Thomas Chong - Jefferies
Operator
Good morning, ladies and gentlemen, and thank you for standing by for So-Young's Third Quarter 2022 Earnings Conference Call. [Operator Instructions] As a reminder, today's conference is being recorded.
I will now like to turn the meeting over to your host for today's call, Ms. Vivian Xu. Please proceed.
Vivian Xu
Thank you, operator, and thank you for joining So-Young's third quarter 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.
Joining us today on the call is Mr. Xing Jin, our Co-Founder, Chairman and CEO.
At this time, I would like to turn the call over to Mr. Xing Jin. Yes, please?
Xing Jin
Hello, everyone. Thank you for joining So-Young's third quarter 2022 Earnings Call.
China's overall domestic consumer market remained under pressure in the third quarter, with repeated COVID-19 outbreaks in certain parts of the country. Despite this market uncertainty, we delivered solid financial performance during the quarter, and we have now achieved gradual sequential improvements in each of the first 3 quarters of 2022.
Total revenues were RMB 320 million, representing a sequential increase of about 5% and in line with our previous guidance. Our progress were well recognized among medical service providers, and we established new cooperation agreements with more institutions, thanks to our device product offering. The number of paying medical service providers on So-Young's platform reached 6,199, up 28% from the prior year.
On the user side, we continue to refine our operations to serve different cohort of medical aesthetics consumers, leverage our deep understanding of users and our edge in big data analysts. We made some progress on our user segmentation efforts, which enable us to cater to the demand of different consumer groups based on location and user characteristics.