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ECMOHO Limited Announces First Quarter 2021 Unaudited Financial Results

ECMOHO Limited
June 3, 2021

SHANGHAI, China, June 04, 2021 (GLOBE NEWSWIRE) -- ECMOHO Limited (Nasdaq: MOHO) (“ECMOHO” or the “Company”), a leading integrated solutions provider in the health and wellness market in China, today announced its unaudited financial results for the first quarter ended March 31, 2021.

First Quarter 2021 Operational Highlights

The cumulative number of partnered healthcare experts and KOLs grew from more than 1,000 as of March 31, 2020 to more than 1,400 as of March 31, 2021.

The number of cumulative paying consumers1 was 11.2 million as of March 31, 2021 as compared to 8.6 million as of March 31, 2020.

Repeat purchase rate2 reached 39.9% in the first quarter ended March 31, 2021 as compared to 38.0% in the first quarter ended March 31, 2020.

We launched five cross-board brand stores and one healthcare flagship store to operate in Douyin platform in the first quarter ended March 31, 2021.

During the first quarter ended March 31, 2021, we hosted hundreds of live streaming events, and one of these events has generated GMV3 of more than RMB 3 million.

1 “Cumulative paying consumers” refers to the customers who have placed one or more orders purchasing products through our self-operated flagship stores on third-party e-commerce platforms, and the Company's channels on Douyin.

2 “Repeat purchase rate” refers to the percentage of paying consumers in the period indicated who had made more than one purchase with us in such period or in prior periods.

3 “GMV ” refers to the gross merchandise volume that includes value added tax and excludes (i) shipping charges, (ii) surcharges and other taxes, (iii) value of the goods that are returned and (iv) deposits for purchases that have not been settled.

First Quarter 2021 Financial Highlights

Total net revenues were US$27.1 million. Product sales revenue was US$26.4 million, as compared to US$60.7 million in the first quarter of 2020. Services revenue was US$679,648, as compared to US$440,147 in the first quarter ended March 31, 2020.

Total gross margin was 19%, as compared to 18% in the first quarter of 2020. Gross margin of product sales was 18%, as compared to 17% in the first quarter of 2020. Gross margin of services was 61%, as compared to 29% in the first quarter of 2020.

“Large traditional medical health enterprises are choosing ECMOHO to launch new products and grow their business, and for good reason,” said Ms. Zoe Wang, co-founder and Chief Executive Officer of ECMOHO Limited. “Our efforts to launch our cross-board brand and flagship stores on Douyin platform have enabled us to become Douyin’s first-tier retail partner in its cross-border healthcare e-commerce business, while creating new growing channels for our business enterprise to succeed.