BIMI International Medical Inc. (BIMI) climbs a staggering 69.97% at the after hours volume of 16.42 million, making it one of the most active stocks in the after hours. On November 15, the stock closed at $0.6530 with a minimal increase of 2.83%, against the after market hike to $1.1099. The day’s range varied between $0.6452 and $0.6600, whereas the stock saw a high of $2.8100 and a low of $0.5300 in the past 52 weeks. Currently, BIMI stands at market capital of 23.122 million.
On November 15, BIMI announced its third-quarter financial results at 4:00 pm Eastern Time. The Q3 financial results excited the investors, leading to the stock’s steep incline in the aftermarket.
BIMI International Medical Inc. (BIMI)
Together with its subsidiaries, BIMI, deals in the distribution of medical devices, and pharmaceuticals, and other healthcare products in the People’s Republic of China. Along with prescription, over-the-counter drugs, health foods, and nutritional supplements, BIMI also provides traditional Chinese medicine. Moreover, it also provides IT research and development services.
BIMI was previously known as BOQI International Medical Inc.
Q3 Earnings Highlights
The Q3 earnings for the three months ended September 30, 2021, showed a huge increase of 345.7% in revenue from the third quarter of 2020. The revenue increased from $3,091,071 (Q3, 2020) to reach $13,777,494 in the third quarter of 2021.
Also, the gross profit in the third quarter of 2021 showed a humongous leap of 688.7% from the third quarter of 2020. This massive increase put the current gross profit at $2,029,109 against that of $257,278 in the third quarter of 2020.
As a result of the foregoing, BIMI incurred a net loss of $1,709,876 in Q3 2021, while the net loss stood at $1,860,573 for the same period in 2020. The current financial results put the net loss per basic and diluted share at $0.06, compared to that of $0.19 in the same quarter of 2020.
BIMI’s Outlook
Mr. Tiewei Song, CEO, and President of BIMI, attributed the great financial outcome primarily to an increase in sales of the wholesale pharmaceuticals. The operations of the company’s recently acquired five hospitals were also one of the driving factors.
In the near future, BIMI plans to make partnerships with hospitals as well as regional reputations. The company aspires to make medical care more readily and easily accessible, particularly in the less developed areas. With the goal of providing healthcare services to both rural and urban areas in a more inclusive and coherent manner, the company sees a bright future.
