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Dec 31, 2024
So-Young Q4 2024 Earnings Report
So-Young reported a quarterly revenue decline and a significant net loss driven by a one-time impairment charge in Q4 2024.
Key Takeaways
In Q4 2024, So-Young posted $50.6 million in revenue, down 5.5% year-over-year. The company incurred a net loss of $83.2 million, mainly due to a $74.0 million goodwill impairment. Non-GAAP net loss stood at $7.3 million. Aesthetic treatment service revenue surged over 700%, reflecting successful branded center expansion.
Total revenue for Q4 2024 was $50.6 million, down 5.5% YoY.
Net loss reached $83.2 million due to a $74.0 million goodwill impairment.
Non-GAAP net loss was $7.3 million, compared to a $5.0 million profit last year.
Aesthetic treatment services revenue increased by over 700% year-over-year.
So-Young
So-Young
So-Young Revenue by Segment
So-Young Revenue by Geographic Location
Revenue by Segment
Aesthetic Services Revenue
CapyFin.comInfo & Other Services Revenue
CapyFin.comMedical Products Revenue
CapyFin.comRevenue by Geographic Location
China Revenue
CapyFin.com Forward Guidance
For Q1 2025, So-Young expects revenues between $38.4M and $41.1M, representing a year-over-year decline of 12.0% to 5.7%.
Positive Outlook
- Continued expansion of branded aesthetic centers
- Improved customer experience and retention
- Focus on vertical integration and business diversification
- Operational efficiencies improving cost control
- Network expansion positioning for long-term growth
Challenges Ahead
- Revenue guidance indicates a year-over-year decline
- Macroeconomic headwinds continue to impact performance
- So-Young Prime revenue decreased significantly
- High operating expenses, including goodwill impairment
- Non-GAAP profitability not yet achieved
Revenue & Expenses
Visualization of income flow from segment revenue to net income