MILPITAS, Calif. - Zepp Health Corporation (NYSE: ZEPP) announced today the release of Zepp App 9, a smart wearable application designed to enhance health, wellness, and fitness tracking for Amazfit device users. The updated app introduces a suite of new features aimed at providing a more personalized user experience.
Key updates include a streamlined user interface that offers color-coded statistics for easy navigation and a comprehensive Heart Health Dashboard that presents vital cardiovascular metrics. The app also introduces an Exertion Score, which provides daily workout recommendations based on the user's fitness readiness.
In addition to the free core experience, Zepp App 9 offers add-on services such as Zepp Aura Premium Service, which functions as a virtual sleep specialist. This service provides advanced sleep reports and AI-powered recommendations, along with a library of sleep and meditation music. Users can also personalize their devices with new mini-apps and watch faces available through the Zepp Store.
Zepp Health emphasizes data protection and privacy in its app, ensuring that personal health information is securely stored and processed. The app is GDPR-compliant and utilizes Amazon (NASDAQ:AMZN) Web Services for data storage in various regions.
The integration with third-party fitness platforms, such as Strava and adidas Running, allows users to have a more holistic view of their health and wellness journey. Zepp Health also offers exclusive discounts on future device purchases to users through the app.
The Zepp App 9 is now available for download on iOS and Android platforms, with users encouraged to update through their respective app stores.
Zepp Health, known for its Amazfit brand, has shipped over 200 million units globally and is recognized for its smartwatches' design, winning awards such as the iF Design Award and the Red Dot Design Award. The information for this article is based on a press release statement from Zepp Health.
In other recent news, Zepp Health Corporation has made significant strides in its financial performance and strategic initiatives. Despite a decline in sales, the company has reported a narrowed net loss for the first half of 2024. Zepp Health's strategic shift has led to investments in new technologies, such as artificial intelligence, and the launch of several products later in the year. The company achieved a record high gross margin of 40.3% for the quarter, with upcoming product launches including the T-Rex 3 smartwatch and Open Wearable Stereo earbuds.
Furthermore, Zepp Health has successfully regained compliance with the New York Stock Exchange's minimum share price requirement for continued listing. The company is also set to adjust the ratio of its American depositary shares to Class A ordinary shares, effectively a one-for-four reverse ADS split, anticipated to take place in September 2024. Zepp Health has also announced the appointment of three new directors to its board, bringing expertise from finance and technology sectors.
Despite a decrease in sales, the company maintains a strong cash position of $129 million and has retired $55.2 million of debt. Operating costs have decreased, with research and development expenses down by 13.8% year over year. Zepp Health projects Q3 2024 revenue to be between $45 million and $60 million, with new product gross margins expected to be over 45% to 50%. These recent developments reflect Zepp Health's ongoing strategic transformation.
InvestingPro Insights
As Zepp Health Corporation (NYSE: ZEPP) rolls out its new Zepp App 9, investors may want to consider some key financial metrics and insights from InvestingPro. The company's market capitalization stands at a modest $49.92 million, reflecting its position as a smaller player in the wearable technology space.
Despite the innovative features of the new app, Zepp Health faces some financial challenges. According to InvestingPro Tips, analysts anticipate a sales decline in the current year, and the company is not expected to be profitable this year. This aligns with the reported revenue of $237.24 million for the last twelve months as of Q2 2024, showing a significant revenue growth decline of -93.36%.
On a more positive note, Zepp Health is trading at a low Price / Book multiple of 0.16, which could indicate potential value for investors if the company can turn its financials around. Additionally, the stock has shown a strong return over the last three months, with a price total return of 48.81%.
For those interested in a deeper dive into Zepp Health's financials and prospects, InvestingPro offers 12 additional tips, providing a more comprehensive analysis of the company's position in the market.
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