Chinese Internet medical aesthetic services platform So-Young Intl (NASDAQ: SY) reported total revenue of RMB 425 million in the fourth quarter of 2020, up 18.6% year-over-year and the highest single-quarter revenue since the company went public.
The company's unaudited financial results released today showed that its gross margin for the quarter was 85.0%, compared to 83.7% in the same quarter last year. On a non-GAAP basis, net income for the quarter was RMB 62.2 million.
In the fourth quarter, So-Young App had 8.9 million average monthly active users on mobile, an increase of 142.3% year-over-year.
It had 4,746 paying healthcare providers in the quarter, up 40.5% year-over-year.
For the full year 2020, So-Young achieved total revenue of $1.295 billion, up 12.4% year-over-year.
In 2020, So-Young's average monthly active users on mobile grew at 116.8%, 173.7%, 153.7%, and 142.3% year-over-year, respectively.
In 2020, it spent RMB 230 million on R&D and personnel expenses, representing approximately 18% of total revenue, an increase of over 29% year-over-year.
For the full year 2020, the cumulative usage of So-Young AI gadgets exceeded 1.21 billion times.
Brand marketing was one of the major cost components for the year, with RMB730 million invested in brand marketing in 2020, up more than 50% year-over-year and accounting for approximately 57% of total costs.
So-Young was up 6% at one point in pre-market trading and is currently narrowing its gains to about 2%.