Q3 2020 Aesthetic Medical International Holdings Group Ltd Earnings Call
[music].
Good morning, ladies and gentlemen, thank you for standing by welcome to aesthetic Medical International's third quarter Twentytwenty Unaudited financial results Conference call.
During todays presentation, all parties will be in a listen only mode. This conference has been recorded today Monday November 30.
Each 20, if you require operator assistance. Please press Star then zero.
Joining us today from a static medical international part of the company's chairman and CEO Dr., Paul on news show and the Companys IR D. Mr. zone, you Ocwen and the company's financial Officer, Mr. <unk> Wu.
Before we get started I would like to remind you that some of the information discussed.
Will include forward looking statements regarding future events and our future financial performance.
These include statements about our future expectations financial projections, and our plans and prospects actual results may differ materially from those set forth in such statements.
For discussion of the risks and uncertainties you should review the Companys filings with the S. E C, which includes todays press release.
You should not rely on our forward looking statements as predictions of future events on.
All forward looking statements that we make on this call are based on assumptions and beliefs as of today and we.
Undertake no obligation to update them, except as required by applicable law.
Our discussion today will include non I F. R S financial measures, including EBITDA adjusted profit and adjusted EBITDA, you should not consider EBITDA adjusted EBITDA and adjusted profit as a substitute.
For for superior to net income prepared in accordance with I. FRS. Furthermore.
Furthermore, because non I F. R. S measures are not determined in accordance with I. FRS. They are susceptible to varying calculations and may not be comparable to other similarly titled measures presented by other companies.
You are encouraged to review the Companys financial information in its entirety and not rely on a single financial measure.
At this time I would like to turn the call over to Mr. Pong Rouge on Jeremy.
Chairman and CEO.
Of the static of medical International.
His opening remarks from be delivered in English by IR D. Mr. song get Wan Mystery show. Please go ahead.
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The quarter at 2020 and on the earning conference call today I will begin my remarks by providing an overview of the company is falling for the full of at 19 outbreak. During the first quarter 2020, followed by a summary of the company for the quarter 2020, performing then duck for Chinese law are on.
The will reveal our for natural the south and operation performance in more detail and she will elaborate of fuel of the items related to the outlooks and the approach for US we are taking to implement our initiative in the physical year.
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Despite the fact that the COVID-19 is under a factor of thrown in China at the current stage. We are implementing a true COVID-19 prevention of scheme on measures, including but not limited to regularly sterilizing and banks are they tend to come from these facilities picking strength.
Protective measures to protect our front line employees and customers.
Doug or anything employee of Lunchtimes monitoring the body temperature all of our employees and customers and keeping track of the travel history, and how all of our employees and the immediate family members.
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I'm very pleased to announce that for the third quarter of 2020, we record a total total numbers of.
Active customers of.
83222, achieving an increase of 16 point for from Stephan T 1500, and true in the third quarter of 2019. This reflects our management of the Ti and business recently in the despite the free.
For our Intel and the I'm proud that the Ti thought by the COVID-19 pandemic at the same type of core business initiative.
Well executed and our market share in the aesthetic medical industry, where strength, we're seeing things primarily through our completion of the acquisition of growth.
On the on pending I had the same hospital management co limit and our integration of the industry chain.
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The yen on September 2020, all of our aesthetic treatment fans and the China has some operations.
In the third quarter of 20 to 20 the.
The company's business operation has pursuant to the same or events. The past the same share at last year the <unk>.
Okay kind of thing signaling the recovery in our business.
And the aesthetic medical industry as China gradually recovered from the aftermath of COVID-19 outbreak.
Customers are of that change for the new normal and gradually restoring the constraint and true she had some in the consuming aesthetic medical surface in.
In addition, true locating our resource for is to focus on enhancing our customer stickiness and day in improving our brand awareness long term growth and turn.
In terms of wood and.
Interest on the sustainability remains our priority.
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For names I quickly into our third quarter of 20 to 20 on Otis itself you can see from our earnings for the D. Our total number of active customers and financial performance in third quarter 2020 has recovered. Despite the fact that the aftermath of.
COVID-19 outbreak has not been completely emit in limited there for our revenue increased by 18.2% to RMB 281.3 million approximately equals to 41.4 million U.S. dollar.
In the third quarter of 2020 from RMB.
237.9 million in third quarter.
29 team and all our across the province increased by 9.4% to RMB, one set the 9.7 million which is approximately.
Equals to 26.5 million U.S. dollar industry quarter of 2020 from RMB 164.3 million in the same period of 29 pm.
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Thank you again for all your support 10 pension Nick I would turn the call over to Mr. Atlantic Wong, Our IR D, who will review our operation results and financial result for the for the quarter of 2020 and the nine month end September 30.
Twentytwenty as well as our business outlook on behalf of the management team. It's the time. Please go ahead.
Thank you Dr. Joel and good morning, everyone next on the half of the management team I will summarize some of the key on all the national the salt.
On a operation the south for a third quarter on the 29 months on September Thirtyth 2020.
So first of all third quarter of 21 came on.
All of the financial the Salt in this quarter, our total revenue increased by 18.2% to RMB 21.3 million, which is about 41.4 million U.S. dollar.
The increasing the total revenue was primarily due to the acquisition of warmed on Penn I have a hospital management of corporate lending limit.
And the increased total number of active customers develop through the company and Hans marketing and advertising efforts.
The gross profit was RMB 1.7, 9.7 million, which is a 26.5 million U.S. dollar.
An increase of 9.4%.
For Sen from RMB, one shake 4.3 million in the third quarter of 2019, primarily as a result of the increase in revenue due to the eye partition all of the Guangdong Tonight on faith, and the expense or customer base.
The growth of corporate margin was 63.98 the increase of EUR.
5.2 percentage points from 69.1 in the first quarter of 2019, mainly due to the more competitive pricing strategy adopted by the company and its subsidize and.
Its subsidize the in response to the outbreak of COVID-19.
The gross profit of non surgical aesthetic medical service was RMB 87.7 million, which is about 12 for 9 million U.S. dollar a decrease of.
19 point for from RMB, one of the 8.8 million in the.
Third quarter of 2019, the cost for her margin was 63.4%.
The increase from 75.2% in the first quarter of 2019, the cost progress of the minimal invasive aesthetic treatment was RMB 46.5 million.
Which is about 6.8 million U.S. dollar.
On any increase of 30.
36 per se from RMB.
So of 34.2 million in the third quarter of 29 key words profit was a gross profit margin was 6K for 5.7% increase from 64.8 per se indeed, the quarter of 2019.
The course of coverage of.
Of energy based treatment was RMB 41.1 million, which is about 6.1 million U.S. dollar a decrease of four to four point.
9% from RMP.
74.6 million in the for a quarter of 2019, the gross profit margin was.
60.8% a decrease from.
81.2% in the for quarter of.
29 team the gross profit margin of a surgical aesthetic medical service was RMB 61 point 60 sort of 86.1 million, which is about 12.7 million U.S. dollar.
The increase of 65.9 from RMB 51.9 million in the for a quarter or.
2019, the gross profit margin was 60.
66.8%.
An increase from 64 point true.
In the first quarter of 2019, the growth Carver of channel Health care service and other aesthetic.
The core service was RMB 5.9 million, which is about 2.9 million U.S. dollar increase of.
59.5 per cent of RMB of free.
3.7 million in the first quarter of 2019, the gross profit margin was.
41.8% and even increased from 29.8% in the third quarter of 2019.
On the selling expenses was RMB one.
140 million, which is about a 20.6 million U.S. dollar representing a 49.8% all of the company's total revenue off the same period, comparing true selling expenses of RMB one.
1.31 of 3.5 million in the third.
The portal of of 29 team.
Which represents 43.5 of the company's total revenue on the same period selling expenses increased on a year over year basis primary because of the companys enhancing its.
Its marketing expert and ever tightening and the marketing expenses to expand the brand's rich.
Sales and attracting new customers.
I'm the general and administrative expenses were RMB 61 on 1 million, which is a true about.
About a 9 million.
U.S. dollar an increase of 14.4%.
From RMB 53.4 million in the third quarter of 2019.
Primarily due to the increase of share based compensation expenses.
Which was first recognize.
In.
June 2019, and the acquisition of wont on Tonight I'd say.
Actually show of the for going the company's record a loss of <unk> for the third quarter.
Of the Twentytwenty of RMB 17.7 million, which is about 2.6 million U.S. dollar compared with net profit of RMB.
118.8 million on.
R&D in the first quarter of <unk>.
On 2019.
Basic loss per share was on B.
0.26, which is about 40% a year.
So from a cash.
On paired with the basic earnings per share of RMB 2.77 in the first quarter of <unk>.
29 team diluted loss per share was of.
RMB 2.2 sake.
Which is about for Ken U.S. dollar compared with the diluted loss per share of RMB.
Go 0.12 in the so called pair of.
29 from the EBITDA for the third quarter of 2020 way.
RMB 6.9 million, which is about a 1 million U.S. or a decrease of 19 five point of four cents from RMB 151.3 million in the first quarter of 2019.
The adjusted profit for the news the quota of 2020 away RMB 6.9 million, which is about a 1 million U.S. dollar a decrease of six point, 65.8%.
The sense from RMB 20.2 million in the third quarter of 2019.
The adjusted EPS.
EBITDA for the third quarter of 2020 ways R&D for the 1.5 million, which is about for.
4.6, the rest.
Total of 4.6 million U.S. dollar increase of.
39.1 per.
The fans from the R&D for.
51.7 million in the third quarter of twin Teen 19.
The line losses and September Thirtyth of 2020 on all the financial result for the nine months and September Thirtyth, our total revenue decreased five.
14.6, true RMB 539.0 million or U.S. dollars 79.4 million the increase in total revenue was primarily due to the.
The temporary shutdown of the Companys treatment center in February and March.
Of Twentytwenty and all those control measures implemented by the companies to limit the customer flow in the current on San Jose due to the outbreak of corporate line team during the first quarter and the second quarter of 2020, and the more competitive pricing.
On Saturday adopted by the company and its subs the dice in response to the outbreak of corporate line team.
The gross profit was RMB free or 9.8 million, which is about a 45.6 U.S. a million U.S. dollar increase of 28.1% from RMB for three 0.9 million in the same period of 2019 primary at the risk.
All of the decrease in the revenue in the first quarter and the second quarter of 20 to 22 for the COVID-19, Albert on the gross profit margin was 57.5% and decrease of.
On.
The 10.8% point from the 68.3% in the same period of 2019 primary as a result of the increase in revenue in the first quarter and the second quarter of 2020 due to the corporate line.
King of outbreak.
And on the gross profit margin.
For the on.
Non surgical aesthetic of medical service was RMB, one five old point 9 million of.
And the cost of cover margin of minimally invasive.
The treatment was RMB eight point of 83.7 million on.
On the gross profit of.
Of energy based Pittman was RMB 67.2 million on the gross profit of.
Of the surgical aesthetic of.
Medical surface was RMB, one for 5.4 million.
The gross profit of eight.
Of the General Health care service and other acerbic med.
Medical service was RMB 13.5 million.
The selling expenses was RMB three.
So the one 0.5 million representing 57.6% of the companies for the revenue of the same carrier I'm comparing to the selling expenses of.
The.
To 67.8 million in the same period of.
29 teams.
On the general and administrative expenses was RMB one sake.
I wouldn't say 8.8 million.
The which is an increase of 41% from RMB 1.1, 9.7 million Hum kilo tons in line came due to the increase of the share base I come.
Compensation expense.
Which was sort of recognized in since June.
29 team.
As the result of the.
For growing the company record a loss for the nine line fan.
In September.
Thirtyth of 20.
On your 20 of RMB 1.6 5.2 million.
Which is about 24.3 million U.S. dollar compare with a profit of RMB $198.9 million in the same period of 29 team.
On the basic loss per share was RMB.
2.43, which is the ball 33 cents felt the U.S. dollar.
And the EBITDA for the nine months and.
For the September 30 of.
20 point he was the loss of RMB 98 million, which is about a 14.4 million U.S. eight degrees of.
The 133.1% from a profit on.
Of RMB.
On to nine 5.7 million in the same period of on T. 19.
Does adjust the problem for the nine months and.
Was RMB six.
The 82.5 million, which is about 12.1 million U.S. dollar on the adjusted EBITDA for the nine months and with a lot of RMB 15.2 million, which is about 2.2 million U.S.
A decrease of one of the 9.9% from a part of it of RMB, One five fleet point for.
The remaining in the same period of time.
On T. 19.
Now I am going to share with you about our upgrade the know a result.
On the repeat customer or the finance active customers, who have previously received at least one for seasons and the company accounts for 56.8%.
Of the company active customer base in the third quarter of 2020.
The company of contacted a total.
One eight cents and.
Eight for seven treatment, including.
Including about a 49551 since the call names and.
The 100 and.
32.
2000, and 393 non surgical treatment in the sort of quarter of plenty plenty of.
Representing an increase of 14.6% of.
And 27.8% and 14.3% respectively.
With respect to the fan the from.
On a 153943 total expense.
And 38760 for surgical treatment and 100 and.
115799, non surgical kits in the third quarter of pointing team on team.
Repeat customers accounted for.
He is the 0.6% of the customers access customer facing the nine month end.
On September Thirtyth is a.
Twentytwenty.
And for the nine months and the company constitute a total.
400 and.
413007, he says on.
Treatments, including 86007.
Hunger and 19 to search the coal shipments and.
297.
2017.
Right.
The.
And yeah 76.
Non surgical kitting and representing an increase of.
14 for 8%, 30% and 13.1% respectively from.
360 of 41 of 360000 and 471 total for them.
And 66 flags on Stephan T. of 748 surgical treatment then.
Are the two.
263000.
And 235 non surgical treatment from the same period of time.
On the T. 19, now for a quick summary of our balance sheet on cash flow.
As of September 30th we had the cash and cash equivalents of RMB 66.2 million, which is the ball 9.8 million U.S. dollar and RMB 154.5 million.
As of December 30 for.
29 team the net cash used in operating.
Activity It was RMB 19.7 million.
Which is about 2.9 million for the nine months and.
Compared to the net cash generated from operating activities of RMB.
Of RMB 99.6 million on.
For the same period.
Oh.
29 King.
The net cash used in investing activity was RMB, one on 6.9 million.
Which is about.
On a 15.7 million U.S. dollar.
On the net cash generated from the financing activities was RMB 33.3 million, which was about 56 point, which is about 5.6 million U.S. dollar.
For the nine months assets.
[noise] and for our or other developments.
On on coal birth, the 13 or the here the companies.
Announced that its board of directors had approved a share.
The repurchase program under which the company's was authorized to repurchase shares in the open market up to.
The smell in U.S. dollar work off its eight yet from tenant to the from time to time until October Htwo.
On the 2021, depending on the general market conditions.
And trading price and other factors as well as subject to the.
A couple of laws and the Companys for currency trading policy.
As of November Thirtyth.
20 point of view.
For the 5008 the act was Oh, we purchased with a total of consideration of approximately of your point Threemillion in U.S. dollar.
And for our business outlook.
As China has gradually recover.
Recovered from the aftermath of the COVID-19 operating the company says I experienced a recovery and its business operations.
While the dilution of the COVID-19 come down like and a negative impact of.
To market demand and the Companys business operations still cannot be conclusively and accurately estimate at the same time since they are still on the certainty for the possible a COVID-19 outbreak in the future the.
The company currently expects to expects that its revenue for the.
Fourth quarter of a if you will be gradually recovered such expectation reflects the current and preliminary view of the company's management team based on the information on.
So at this time and may be subject to change the company will continue to monitor and evaluate the development of the from that Mike and the result of financial impact on the come from me.
The liquidity and capital resources for the company has.
Net current liability of RMB, two free 6.2 million you RMB or at the assets at the September Thirtyth this year.
From the second quarter of fiscal year 2022 the.
Third quarter of fiscal year, 2020, and the Companys countries the three acquisitions a.
Leading to a potential castro amount amount.
The amounting to approximately.
RMB 54 million in the coming 12 months. After the date of this release during the first quarter of 20 to 22 to the outbreak of COVID-19, the company shutdown its aesthetic of [laughter].
The incentives.
On this create.
Medical and as volume impact on cash or revenue and cash flow for the first half of 2020 with a potential risk potential.
Come to his name impacts on the subsequent says.
A period after considering the thing the gradually recovery on the business post the corporate line chain outbreak.
It's expected cash flow from future operations on.
Taking into consideration for cost cutting measures of funds from a bank borrowings and other Oh root source of financing. The company concluded that it has sufficient financial resources to meet its finance.
Total applications as and when day for too in the coming 12 months.
I would like to add some color regarding our company strategy in the yeah tons of trying to.
We plan to stay focused on.
Integrating the aesthetic medical industry change.
During the past few years, the aesthetic medical industry has the moving from niche true mask market consumption with higher consumption, the demand and more standard liking and diversifies on products and services on other high level of.
Brand recognition.
True adopt to this market chain.
We strive to become and aesthetic medical company with a more competitive medical capability.
The ability to pull line of food cycle on service and more importantly, with well recognized brands and a larger different scale.
Good day, and we need to quickly increase our business scale to improve or come had.
The fifth James our market share and accordingly, our of facility our strategy is crystal clear.
It is true made good use of our funding.
Hey capability to consolidate.
The targets with attractive valuation.
Now I would like to turn the discussion over to the operator, Andrew for any questions.
And to the will now begin. Thank you we will now begin the question and answer session.
To ask the question you May Press Star then one on your telephone keypad.
If you are using the speakerphone, please pick up your handset before pressing the keys if.
At any time your question has been addressed.
And you would like to withdraw your question. Please.
Please press Star then two [noise].
At this time, we will pause momentarily to.
The assemble our roster.
The first question comes from Michael Irwin of Universe Securities. Please go ahead.
All right.
Hi, My name is to get the making it when I answered. The question is and China has been recovered quite well from the cone 19 on freight and things are the.
Turning to be mostly back to normal or have you seen the just returning to men or augment the levels Karen.
I'm thinking of Michael we have as you can see we have a pretty good increase the numbers and.
Oh for some numbers, we we even made some.
From new work or for this year. So we are expecting a even better reported car for the next quarter.
Yep.
Okay and my next question. The there are there any concerns about the two Shanghai locations with the increase in cases and Shanghai region.
Yeah. Thank you for the question on Shanghai is a very big city with millions of people the population of Shanghai's.
Almost as large as of the population of Australia. So a one or two single cases will not affect the entire picture and the local government is doing a good job of finding out those are the cases.
On treat them with the right treatment. So we are very optimistic about what's going on in Shanghai.
Okay, and the has been a global trend of more males getting the instead of treatment of you ought to be seeing this trend in your centers with more men of actually coming into your credit for seed treatment as well.
Thank you on that's where the question currently we have about 5%.
Of the meld patients.
The we are expecting more and more of a male customers from the wrong, one because of the consuming behavior of the a young Chinese is changing so yeah, we are expecting more in the future.
All right that's on making Michael Thank you.
The next question comes from Ivy Wang of Univest. Please go ahead.
Hi, This is at least on the Nash I had two questions. The first age of well there the collaboration with mass network range, we age and day to day, that's showing how many customers are attracted by the App took the h. strength.
I think on the as you May know a we are a very traditional and mother as the company in the industry, which means currently we don't have a true much changing well lap, but are we kind of let the professional.
I'll do the apart so that format aligns with the of Matt.
The net worth it.
It's going to help us in a steel or in a few of heart for example.
Blending of for example, a we are getting more attention from the young customers and of course were expecting a increasing sales.
Thank you yeah. Okay. That's good to know and I don't have the exact number so maybe we can wait till the next quarter.
Yeah. Okay. Thank you. So my second question and that's the kind of worry about you on future business on the planes like yeah, and you find the cooperation of claims to be on our plan of anyways. Thank you.
Oh yeah.
After the IPO last year, we are were expanding very quickly in the country and we are setting of a feel satellite clinics, which is.
Like a small clinics a surrounding big cities. So we are getting a pretty good the south from those assets.
And also we are implementing our online to offline strategy. We are claims to cooperate with Tencent, maybe we are going to develop our own line.
Like App in the future.
So that we can re activate oh patients our old customers and of course, we can do a lot more on those assets for.
For example, like selling a customized as part of for other or other like.
Come from Mary come from some good on that.
So yeah.
Hey, all too old strategy.
Yeah. Okay. Thank you that's all my questions.
Thank you Keith.
The next question comes from sees how per of Cantor Fitzgerald. Please go on.
Hi, Good morning, I was just wondering on how.
How much cash did you use for the acquisitions that you completed in the third quarter.
Oh, Thank you Oh, we already pay about a true.
200.
Oh, sorry of true.
20 million or on me.
Oh, yes, that's that's the cash that we already pay and ER, we are going to.
Hey, I read this morning the filter.
Of those structured as earn outs and can you quantify what the earn out provisions are.
I don't have the exact number with me right now, but maybe.
Maybe you can share losses, Amy email and we can send you the exact numbers that too.
Thank you for the okay. Thank you for that.
Again, if you have the question. Please press Star then one on the Touchtone phone.
This concludes our question and answer session on.
I'd like to turn the conference back over to Mr. song Wang for any closing remarks.
Thank you Andrew on behalf of all of our entire management team I would like to thank everyone again for joining us today for our conference call. If you have any questions. Please contact us for email us at IR at <unk> Dot com dot C.N. or reach.
Hi, our costs, so a consultant at from Investor Relations at King of Shell at Sn has an IR dot com.
Management will respond to your question that soon that's possible. We appreciate your interest and support in aesthetic medical International and look forward to speaking with you again next time.
Andrew Please go ahead.
Thanks, everyone again for attending a set of medical International's third quarter Twentytwenty on obviously the earnings conference call. This concludes our call today and we thank you all for listening in good bye.
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