111, Inc. (YI), a technology-driven healthcare platform, reported on Wednesday a reduction in its net loss for the third quarter, despite experiencing a slight decrease in revenue.
During this period, the net loss attributable to shareholders decreased to RMB17.10 million (approximately $2.44 million), compared to a loss of RMB93.3 million in the same quarter last year. The loss per American Depositary Share (ADS) improved to RMB0.20, or $0.02, down from RMB1.10 the previous year.
When adjusted for other considerations, the net loss attributable to ordinary shareholders shrank to RMB12.35 million, or $1.76 million, from RMB66.89 million last year. The adjusted loss per ADS was RMB0.14, or $0.02, as opposed to RMB0.78 a year ago.
Operating income registered at RMB2.37 million, or $0.34 million, showing a turnaround from an operating loss of RMB80.42 million in the same period last year.
Net revenue fell slightly to RMB3.60 billion, or $513.1 million, from RMB3.67 billion in the previous year.
Commenting on these results, Co-founder, Chairman, and CEO Junling Liu expressed optimism about the future, stating, "Despite the challenges, we remain confident in the long-term opportunities that lie ahead. Our strategic investments in AI and digital technologies are not only enhancing efficiency and reshaping the healthcare value chain, but they also position us to capitalize on significant changes in the pharmaceutical industry."
As of Tuesday, YI stock closed up 0.84% at $0.61 on the Nasdaq, and further increased by 1.65% in after-hours trading, reaching $0.62.
