Zepp Health Trails Q4 Consensus Due To Lower Mi Band Shipments; Declares Special Cash Dividend

Zepp Health Corp ZEPP reported a fourth-quarter FY21 revenue decline of 15.8% year-on-year to $260.8 million, missing the consensus of $294.2 million.
The decrease in Mi band shipments mostly drove the reduction. COVID-19 and the semiconductor crisis during the holiday season affected the self-brand product sales.
Margin: The gross margin expanded 30 bps to 19.3%.
Adjusted income per ADS of $0.12 missed the consensus of $0.37.
Zepp held $230.4 million in cash and equivalents.
Drivers: Total units shipped fell 37.6% Y/Y to 8.3 million. The unit shipments of Amazfit and Zepp-branded products increased 14.3% Y/Y.
Unit shipment for Xiaomi wearable products fell 47.3% Y/Y.
Dividend: The board approved a special cash dividend of $0.1 per ADS.
Price Action: ZEPP shares traded higher by 0.32% at $3.13 in the premarket on the last check Thursday.