MEDIROM Healthcare Technologies Inc. Announces Preliminary 2021 Financial Results
13 Mai 2022 - 1:53PM
MEDIROM Healthcare Technologies Inc. (NasdaqCM: MRM), a holistic
healthcare company based in Japan (the “Company”), today announced
its preliminary unaudited financial results for the fiscal year
ended December 31, 2021, prepared in accordance with U.S. GAAP.
Due to additional time required to complete its
year-end reporting process, the Company determined that it was
unable to file its Annual Report on Form 20-F for the fiscal year
ended December 31, 2021, within the prescribed time period without
unreasonable effort and expense. The Company filed a Notification
of Late Filing on Form 12b-25 with the U.S. Securities and Exchange
Commission on April 28, 2022. The Company is working diligently and
expeditiously to complete the financial review and will provide any
updates when and if they become available.
Preliminary Full Year 2021
Overview:
- Revenue totaled JPY 5,418 million
in the year ended December 31, 2021, an increase of 62% from JPY
3,342 million in the year ended December 31, 2020. Such increase
was primarily due to the increase in the revenue of our
directly-operated salons, which doubled in 2021 from 2020.
- Total gross profit was JPY 1,432
million in the year ended December 31, 2021, an increase of JPY
1,003 million from JPY 429 million in the year ended December 31,
2020. Such increase was primarily driven by the improvement in the
gross profit of our franchised salons.
- Total gross margin was 26.4% in the
year ended December 31, 2021, an increase of 13.6 percentage points
from 12.8% in the year ended December 31, 2020.
- Operating loss was JPY (448)
million in the year ended December 31, 2021, improved from a loss
of JPY (746) million in the year ended December 31, 2020. The
increase in revenue helped to offset increases in selling, general
and administrative expenses in the year ended December 31,
2021.
- Net loss attributable to
shareholders of the Company of JPY (942) million in the year ended
December 31, 2021, increased from a net loss of JPY (539) million
in the year ended December 31, 2020.
- Adjusted EBITDA was JPY (52)
million in the year ended December 31, 2021, improved by JPY491
from JPY (543) million in the year ended December 31, 2020. We
define Adjusted EBITDA as net income (loss), adjusted to exclude:
(i) dividend and interest income, (ii) interest expense, (iii) gain
from bargain purchases, (iv) other, net, (v) income tax expense,
(vi) net income attributable to noncontrolling interests, (vii)
depreciation and amortization, (viii) losses on sales of
directly-operated salons, (ix) losses on disposal of property and
equipment, and other intangible assets, (x) impairment loss on
long-lived assets and (xi) stock-based compensation expense.
Management considers Adjusted EBITDA to be a measurement of
performance which provides useful information to both management
and investors. Adjusted EBITDA should not be considered an
alternative to net income or other measurements under U.S. GAAP.
Adjusted EBITDA is not calculated identically by all companies and,
therefore, our measurements of Adjusted EBITDA may not be
comparable to similarly titled measures reported by other
companies. See reconciliation below.
Reconsiliation of non-GAAP measures: |
|
Year ended December 31, |
|
(in
million, except Adjusted EBITDA margin) |
|
2021(¥) |
|
|
2020(¥) |
|
Net loss attributable to shareholders of the
Company |
|
¥ |
(942 |
) |
|
|
¥ |
(539 |
) |
|
|
|
|
|
|
|
|
|
|
Dividend
income and interest income |
|
|
(1 |
) |
|
|
|
(1 |
) |
|
Interest
expense |
|
|
12 |
|
|
|
|
13 |
|
|
Gain from
bargain purchases |
|
|
(1 |
) |
|
|
|
— |
|
|
Other,
net |
|
|
(84 |
) |
|
|
|
(131 |
) |
|
Income tax
expense |
|
|
557 |
|
|
|
|
(88 |
) |
|
Net income
attributable to noncontrolling interests |
|
|
11 |
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
Operating
loss |
|
¥ |
(448 |
) |
|
|
¥ |
(746 |
) |
|
|
|
|
|
|
|
|
|
|
Depreciation
and amortization |
|
|
107 |
|
|
|
|
62 |
|
|
Losses on
sales of directly-operated salons |
|
|
23 |
|
|
|
|
— |
|
|
Losses on
disposal of property and equipment, net and other intangible
assets, net |
|
|
6 |
|
|
|
|
34 |
|
|
Impairment
loss on long-lived assets |
|
|
63 |
|
|
|
|
107 |
|
|
Stock-based
compensation expense |
|
|
197 |
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
¥ |
(52 |
) |
|
|
¥ |
(543 |
) |
|
Adjusted EBITDA margin |
|
|
(1.0 |
) |
% |
|
(16.3 |
) |
% |
Key Performance Indicators, or KPIs, for the Year Ended
December 31, 2021:The Company reported major Key
Performance Indicators, or KPIs, for the year ended December 31,
2021. Data is provided for all salons for which comparative
financial and customer data is available and excludes certain
salons where such information is not available.
- The total number of salons was 312
in December 2021, up from 290 in December 2020.
- Total customers served was 781,438
in the year ended December 31, 2021, compared to 650,050 in the
year ended December 31, 2020.
- Average sales per customer was JPY
6,445 in the year ended December 31, 2021, increased from JPY 6,286
in the year ended December 31, 2020.
- Average repeat ratio, a measure of
repeat customers, was 81.9% in the year ended December 31, 2021,
consistent with 81.8% in the year ended December 31, 2020.
- Average operation ratio was 47.6%
in the year ended December 31, 2021, up from 43.5% in the year
ended December 31, 2020.
- The total number of salons with
data was 221 in December 2021, no change from December 2020.
Management DiscussionKouji
Eguchi, CEO of the MEDIROM Healthcare Technologies, said, “We are
pleased with the revenue growth, improved gross margins and
Adjusted EBITDA, and increased operating profitability achieved
during the year ended December 31, 2021. Our directly operated
salons and our franchised salons contributed in very complementary
ways to the strong operational results of the year. Although
COVID-19 continued to have an impact in 2021, the entire MEDIROM
team coalesced around our goals and were able to mitigate the worst
of it and finish the year on a strong note. We are working
diligently with our independent auditor to complete the audit of
our 2021 financial results. We hope to continue our growth momentum
in 2022.”
Preliminary Financial
ResultsThe financial results included in this press
release are preliminary, have not been audited and are subject to
change upon completion of the Company’s audited financial
statements for the year ended December 31, 2021. The preliminary
financial results for the year ended December 31, 2021 presented in
this press release are based on the Company's initial review of the
information presented and its current expectations and are subject
to adjustment. As such, any financial information contained in this
press release may differ materially from the information reflected
in the Company's financial statements for the year-ended December
31, 2021. Additional information and disclosures would be required
for a more complete understanding of the Company's financial
position and results of operations for the year ended December 31,
2021. Accordingly, undue reliance should not be placed on this
preliminary information.
About MEDIROM Healthcare Technologies
Inc.MEDIROM, a holistic healthcare company, operates 310
(as of March 31, 2022) relaxation salons across Japan, Re.Ra.Ku®,
being its leading brand, and provides healthcare services. In 2015,
MEDIROM entered the health tech business, and launched new
healthcare programs using on-demand training app called “Lav®”,
which is developed by the company. MEDIROM also entered the device
business in 2020 and is developing a smart tracker “MOTHER
Bracelet” (formerly known as “MOTHER Tracker®”). MEDIROM hopes that
its diverse health related services and products offering will help
it collect and manage healthcare data from users and customers and
enable it to become a leader in big data in the healthcare
industry. For more information, visit https://medirom.co.jp/en
Forward-Looking
StatementsCertain statements in this press release are
forward-looking statements for purposes of the safe harbor
provisions under the U.S. Private Securities Litigation Reform Act
of 1995. Forward-looking statements may include estimates or
expectations about the Company’s possible or assumed operational
results, financial condition, business strategies and plans, market
opportunities, competitive position, industry environment, and
potential growth opportunities. In some cases, forward-looking
statements can be identified by terms such as “may,” “will,”
“should,” “design,” “target,” “aim,” “hope,” “expect,” “could,”
“intend,” “plan,” “anticipate,” “estimate,” “believe,” “continue,”
“predict,” “project,” “potential,” “goal,” or other words that
convey the uncertainty of future events or outcomes. These
statements relate to future events or to the Company’s future
financial performance, and involve known and unknown risks,
uncertainties and other factors that may cause the Company’s actual
results, levels of activity, performance, or achievements to be
materially different from any future results, levels of activity,
performance or achievements expressed or implied by these
forward-looking statements. You should not place undue reliance on
forward-looking statements since they involve known and unknown
risks, uncertainties and other factors which are, in some cases,
beyond the Company’s control and which could, and likely will,
materially affect actual results, levels of activity, performance
or achievements. Any forward-looking statement reflects the
Company’s current views with respect to future events and is
subject to these and other risks, uncertainties and assumptions
relating to the Company’s operations, results of operations, growth
strategy and liquidity. The Company assumes no obligation to
publicly update or revise these forward-looking statements for any
reason, or to update the reasons actual results could differ
materially from those anticipated in these forward-looking
statements, even if new information becomes available in the
future.
ContactsInvestor Relations
Teamir@medirom.co.jpOrU.S. Investor ContactRobert Blum, Joe Diaz,
Joe DorameLytham Partners,
LLC602-889-9700MRM@lythampartners.com
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