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Viomi Technology Co., Ltd Reports Fourth Quarter and Full Year 2021 Unaudited Financial Results

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Viomi Technology Co., Ltd (“Viomi” or the “Company”) (NASDAQ: VIOT), a leading IoT @ Home technology company in China, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2021.

Fourth Quarter 2021 Financial and Operating Highlights

  • Net revenues reached RMB1,332.8 million (US$209.1 million), compared to RMB1,889.0 million for the fourth quarter of 2020.
  • Gross margin increased to 25.6% from 23.5% for the fourth quarter of 2020.
  • Net income attributable to ordinary shareholders of the Company was RMB22.7 million (US$3.6 million).
  • Non-GAAP net income attributable to ordinary shareholders of the Company[1] was RMB33.5 million (US$5.3 million).
  • Number of cumulative household users reached approximately 6.6 million, compared to approximately 6.3 million as of the end of the third quarter of 2021 and approximately 5.1 million as of the end of the fourth quarter of 2020.
  • Percentage of household users with at least two connected products reached 21.5%, compared to 21.1% as of the end of the third quarter of 2021 and 20.0% as of the end of the fourth quarter of 2020.

[1] “Non-GAAP net income attributable to ordinary shareholders of the Company” is defined as net income attributable to ordinary shareholders of the Company excluding share-based compensation expenses. See “Use of Non-GAAP Measures” and “Reconciliation of GAAP and Non-GAAP Results” included in this press release.

Full Year 2021 Financial and Operating Highlights

  • Net revenues reached RMB5,303.8 million (US$832.3 million), compared to RMB5,825.6 million for 2020.
  • Gross margin increased to 22.6% from 18.6% for 2020.
  • Net income attributable to ordinary shareholders of the Company was RMB88.6 million (US$13.9 million).
  • Non-GAAP net income attributable to ordinary shareholders of the Company was RMB136.0 million (US$21.3 million).

“In the past few months, we continued to enhance our one-stop IoT home solutions, with an increasing sales contribution from our high-end products. Thanks to our ongoing product portfolio adjustments, we achieved a gross margin of 25.6% for the fourth quarter, maintaining a consecutive year-over-year growth since the fourth quarter of 2020 and once again demonstrating the strengths of our product lineup and growing brand recognition,” said Mr. Xiaoping Chen, Founder and Chief Executive Officer of Viomi.

“At our strategic new product launch event in March 2022, we introduced our upgraded one-stop IoT home solution, ‘1=N44,’ which includes (i) the comprehensive product portfolio of smart home appliances and home devices across home scenarios; (ii) four major smart home capabilities supported by HomeMap, our whole-home visualization technology, including automatic networking, active intelligence, spatial awareness and natural interactions; and (iii) additional four services for our users, such as smart home solution design, OTA upgrades, a membership system and value-added services. Furthermore, we enriched our bundled smart home solution offerings with packages designed for various types of households, including our RMB60,000 – RMB80,000 Super packages for large apartments worth over one million RMB, our RMB200,000 Space packages for penthouses, and our RMB300,000 Royal series for houses valued at over one hundred million RMB, which we believe can collectively deliver a premium customized AI experience for the high-end market.”

“As a pioneer in one-stop IoT home solutions, we view our products as the carrier that can bring an upgraded whole-home IoT experience and we optimize product functionalities through software and AI application. At the March event we also introduced a series of high-end products with our currently most advanced AI technology, underscoring our ‘trending technology’ branding positioning. These new products include our all-space AI air conditioner Space Pro, which utilizes active manganese to help remove formaldehyde; Boss, our AI business refrigerator equipped with 3D somatosensory sensors; Super 2, our 2000G large-flux water purifier, which uses ultra-micro bubbles to remove agricultural residues; and a new series of smart home devices such as HomePad Plus, our AI screen-based control interface and Cyber 2T, our smart lock with 3D facial recognition and video functions. We also launched several new products under our premium brand coKiing, including the Royal Pro series of double-screen refrigerators and AI twin-tub washing machines, as well as the Royal series of AI dishwashers featuring ionic sterilization and AI laser interactive smart screens.”

“Beyond these new products, we also continued to execute our ‘larger store, better merchant’ channel strategy. We are opening additional immersive offline stores encompassing over 200 or 300 square meters in tier-one, new tier-one and tier-two cities to enhance our ‘trending technology’ branding positioning as well as provide our customers with a more comprehensive, premium smart home experience,” Mr. Chen added.

“Moreover, we optimized our product portfolio on new content channels and continued to improve our brand marketing during the quarter. Following the establishment of a dedicated content marketing and sales team for new channels such as Pinduoduo and Douyin last year, we have continually refined our product categories on these channels by adding products with mid- and high-end positioning or high gross margins. We also continued to strengthen our ‘trending technology’ brand awareness and increase our exposure on these new channels through key opinion leaders (“KOL”) live streaming and recommendations, as well as other marketing activities.”

“In addition, we also had some progresses on our overseas market business. In the fourth quarter, we entered into markets in SingaporeGermanyItaly and other countries. Further, our cooperation with international sales agents has been fruitful, leading to new partnerships with large-scale agents in northern Europe and Germany, among others. We also extended our self-operated model to new overseas markets. Besides the U.S. Amazon store we launched last August, we just opened a self-operated Amazon store in Italy in March 2022, with additional self-operated European Amazon stores to come into service in the coming months.”

Mr. Chen concluded, “By strategically shifting from ‘selling products’ to ‘selling solutions,’ we believe we have pioneered a new business model in the smart home industry while improving our smart products, IoT capabilities and services for our one-stop IoT home solutions. We have also strengthened our ‘trending technology’ branding as we enter the high-end market. Looking into this year, we will increase our investments in marketing and channels to promote our strategic products and brand recognition. Meanwhile, we will also continue to optimize our product lines and upgrade our technology, achieving healthy, long-term growth.”

Artificial Intelligence

PractiTest Pushes Boundaries of Test Management with Milestones Release

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REHOVOT, Israel, May 6, 2024 /PRNewswire/ — PractiTest, a leader in innovative test management solutions, continues to push the boundaries with the release of Milestones, a powerful project management module enabling QA teams to align and stay connected to business goals. PractiTest’s New Milestones Module empowers QA teams to define high-level testing objectives within set timeframes. This results in well-defined roadmaps for sprint planning, major releases, or other pivotal project Milestones. By setting these objectives, QA teams gain a focused understanding of their contribution to broader business objectives and deadlines.

“Milestones have given us increased granularity in our ability to organize our testing,” says Tony, a system engineer at Battelle. “Having traceability was good, but Milestones allow us to plan much more clearly and easily.”
Milestones establish a seamless link between QA initiatives and overarching business strategies, ensuring testing efforts directly contribute to achieving company objectives. By defining clear testing objectives and schedules for each project phase, QA teams can stay on track and ensure efficient use of resources. The Milestones module also improves visibility, providing a high-level overview of the entire testing process and promoting seamless communication and collaboration among cross-functional teams.
PractiTest’s Commitment to Innovation
The release of Milestones reaffirms PractiTest’s dedication to providing cutting-edge solutions that empower QA teams to thrive.
“In today’s competitive environment, ensuring QA aligns with business objectives is imperative,” says Yaniv Iny, CEO of PractiTest. “The Milestones module is a testament to our commitment to empowering QA teams to evolve into strategic partners, fostering quality and delivering tangible outcomes while staying in sync with overarching business objectives.”
About PractiTest
PractiTest is an end-to-end test management platform designed to simplify and untangle complexity for complex and robust environments. PractiTest centralizes all your QA work, processes, teams, and tools into one platform to bridge silos, unify communication, and enable one source of truth across your organization. With PractiTest you can make informed data-driven decisions based on end-to-end visibility provided by customizable reports, real-time dashboards, and dynamic filter views.
For more information about PractiTest visit: https://www.practitest.com/
Media Contact:May [email protected]
Logo: https://mma.prnewswire.com/media/1997506/PractiTest_Logo.jpg

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EZVIZ unveils its groundbreaking H9c Dual-lens Smart Pan-and-tilt Camera series: a new paradigm for automated, all-round outdoor protection

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By combining a pan-and-tilt panoramic lens and a fixed 180-degree wide-angle lens, one H9c Dual smartly secures large areas with performance better than that of two ordinary ones.
HOOFDDORP, Netherlands, May 6, 2024 /PRNewswire/ — EZVIZ, a leading global player in innovative smart home security, proudly introduces the H9c Dual series, its latest dual-lens outdoor pan-and-tilt cameras that redefine smart protection for homes and small businesses. With options in 2K and 3K resolutions, their groundbreaking design combines a sharp bullet camera and a flexible PT camera, addressing complex security needs effectively. The interlinked dual lenses work collaboratively to safeguard wide property areas, detect and track activities, and offer auto-patrol options for hands-free security.

“The H9c Dual challenges traditional outdoor cameras with unrivaled vision, unmatched automation, and high versatility for basically any scenario,” said Candice Tu, the lead product manager, “EZVIZ leads the way in the development and application of advanced dual-lens technology. This underlines our dedication to bringing cutting-edge technology within reach for practical, everyday situations.”
At the core of the H9c Dual is its groundbreaking dual-lens technology, highlighted by EZVIZ’s distinctive co-action function. The two lenses can work independently at two static viewing angles or act together as a team. When the fixed lens detects motions, the pan-and-tilt lens automatically rotates to track the same activity. This co-action function can also be manually controlled through the EZVIZ App.
The series addresses unnoticed blind spots by offering a 180-degree comprehensive view in a single frame, supplemented by the bottom PT lens for intricate close-ups. Both lenses, with high resolutions of 2K/3K, use built-in AI chips to detect people and vehicles in customizable zones, ensuring users are informed of crucial activities. Users can set up to four patrol spots for the PT lens to complete automatic rotations on a schedule.
Equipped with powerful LEDs, the H9c Dual provides color night vision up to 40 meters and warns potential trespassers with a loud siren and dazzling flashlight upon detection. Offering superior protection compared to a traditional two-camera system, the H9c is a breeze to set up thanks to its adaptable mounting design. Users can manage and control their H9c through the user-friendly EZVIZ App, and enjoy seamless integration with prevailing voice assistants and the larger EZVIZ ecosystem.
Learn more at www.ezviz.com.
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Red light therapy for repairing spinal cord injury passes milestone

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BIRMINGHAM, England, May 6, 2024 /PRNewswire/ — Patients with spinal cord injury (SCI) could benefit from future treatment to repair nerve connections using red and near-infrared light.

The method, invented by University of Birmingham scientists and patented by University of Birmingham Enterprise, delivers light directly to the site of the injury. 
Their latest research, published in Bioengineering and Translational Medicine, determined an optimal ‘dose’ for this novel approach, and showed it can deliver therapeutic improvements including significant restoration of sensation and movement, and regeneration of damaged nerve cells. 
Researchers led by Professor Zubair Ahmed used cell models of SCI to determine the frequency and duration of light required to achieve maximum restoration of function and stimulate nerve cell regrowth. 
They found delivery at a wavelength of 660nm for one minute a day increased cell viability (the number of live cells) by 45% over five days’ treatment. 
Professor Ahmed said: “The effect of 660nm light was both neuroprotective, meaning it improved survival of nerve cells, and neuroregenerative, meaning it stimulated nerve cell growth.” 
The researchers also investigated the effect of light therapy in preclinical models of SCI, using an implantable device and transcutaneous delivery with the light source placed against the skin. They showed comparable results for both methods, with a one-minute dose of 660nm light, delivered daily for seven days resulting in reduced tissue scarring, increased levels of proteins associated with nerve cell regeneration, improvements in the connections between cells and significant functional recovery. 
This is the first time transcutaneous and direct light delivery have been compared in SCI. Professor Ahmed said: “To make light therapy viable for treating SCI in humans an implantable device will be required, to provide line of sight to damaged tissue and the opportunity for greater accuracy and standardise dosing without impedance due to the thickness of the skin and other tissues surrounding the spinal cord.”
The researchers are planning to develop an implantable device for use in humans with traumatic SCI. They have already received further funding and are seeking commercial partners or investors to develop a prototype device to take into first-in-man clinical trials.
Full release here. 
University of Birmingham Enterprise helps researchers turn ideas into products and services that meet real-world needs. Follow us on LinkedIn and X.
Photo: https://mma.prnewswire.com/media/2404909/University_of_Birmingham_Enterprise.jpg
Media enquiries: Ruth Ashton
Commercial enquiries: Veemal Bhowruth

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