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111 Inc (NASDAQ:YI) reported a Q2 FY23 net revenue increase of 14.5% Y/Y to RMB3.5 billion ($479.6 million).
B2B revenues grew 15.5% Y/Y to RMB3.4 billion, while B2C revenue declined 13.4% Y/Y to RMB88.8 million.
The company's gross segment profit rose 8.3% Y/Y in the quarter on 11.6% Y/Y growth in the B2B segment profit.
Adjusted operating loss stood at RMB(17.2) million ($2.4 million), vs. adjusted loss from operations of RMB(52.8) million a year ago.
The company reported an adjusted loss per ADS of RMB(0.38), equivalent to $(0.06), better than the adjusted loss per share of RMB(0.82) the prior year.
As of June 30, 2023, cash and cash equivalents, restricted cash, and short-term investments stood at RMB735.8 million ($101.5 million).
As of Q2, YI had relationships with over 500 pharmaceutical partners and optimized operations for around 435,000 retail pharmacies.
"Our recent achievements are a direct result of our unwavering strategic focus, particularly on digitization. In June, we forged a strategic alliance with Tencent to amplify the reach of online pharmaceutical services. By July, 111 secured a spot on the Shanghai Data Exchange, propelling the digital transformation of the pharmaceutical landscape. That same month, we unveiled a pivotal digital supply chain product, bolstering the momentum of supply-side digitization. This quarter, in acknowledgment of 111's digital prowess, the Ministry of Commerce distinguished us as an E-commerce Demonstration Enterprise, placing us among the top 132 nationwide," said Mr. Junling Liu, Co-Founder, Chairman, and Chief Executive Officer.
Price Action: YI shares closed at $2.95 on Wednesday.
Posted In: YI
