Zepp Health Corp. announced an update to its guidance for the fourth quarter 2021, as well as an update to the progress of its share repurchase program.
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Due to greater than anticipated effects of Covid, including a more persistent worldwide chip shortage and newly increased Covid restrictions and lockdowns in key European markets as a result of the Delta and the new Omicron variants, the company now expects its net revenues for the fourth quarter of 2021 to be between RMB1.6 billion and RMB1.75 billion, compared to the guidance of between RMB1.75 billion and RMB2.0 billion provided on November 16, 2021. Expectations remain for the company to maintain profitability. This outlook is based on the current market conditions and reflects the company management’s current and preliminary estimates of market and operating conditions and customer demand, which are all subject to change.
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Also, on the company’s November 16 quarterly results call, management announced an authorization of up to US$20 million to repurchase shares, in part to fund the company’s employee stock plan. Since that announcement, the company has bought back approximately US$3.6 million of stock. The company intends to continue the repurchase program.
Zepp Health is a leading global developer of smart health technology, whose mission is to connect health with technology. Since its inception in 2013, Zepp Health has developed a platform of proprietary technology including AI chips, biometric sensors, data algorithms and operating systems, which drive a broadening line of smart health devices for consumers, data analytics services for population health, and industrial medical technology for diagnostics and care delivery.
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