VIOT - Viomi Technology Q1 sees growth on back of overseas market expansion

Viomi Technology ([[VIOT]] -2.0%) Q1 net revenues reached $191.6M, an increase of 64% from last year.The increase was primarily due to continued successful rollout and significant increase in sales of new products, overseas market expansion, as well as the low-base effect of last year Q1.Revenues from IoT increased by 111.5% Y/Y to $140.3M. The growth was primarily driven by sustained sales increases for certain new product series, in particular Viomi-branded sweeper robots and smart kitchen products.Percentage of household users with at least two connected products reached 20.4%, compared to 18.4% last year.Gross margin was 21.1% vs. last year's 18.8%.Income from operations increased by 276.1% to $7.2M.Cash and cash equivalents of $138.3M.Outlook: Net revenues to be between RMB1.72B-1.85B, representing a Y/Y growth of ~2.1-9.8%.“Looking ahead at the rest of 2021, we will continue to optimize our IoT product portfolio with a focus on AI application and technology innovation, strengthen our brand recognition

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Viomi Technology Q1 sees growth on back of overseas market expansion