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Home Bio/Med/Pharma

BIMI International Medical, Inc. (NASDAQ: BIMI) Reports Third Quarter 2021 Revenue Growth of 345%, Shares Surge over 50%

by admin

November 16, 2021

in Bio/Med/Pharma, Earnings

BIMI International Medical NASDAQ BIMI Q3 2021 Financial Results Spotlight Growth

BIMI International Medical, Inc. (NASDAQ: BIMI) is engaged as a healthcare products and services provider, which operates four key segments: wholesale pharmaceuticals, wholesale medical devices, medical services and retail pharmacy. Shares of the Chinese medical supply and services company shot up 53% through afternoon trading on Tuesday, November 16, 2021. Over the past three months, BIMI International Medical has seen average daily volume of 5.46 million shares. However, volume of 117.89 million shares or dollar volume of around $115.53 million, exchanged hands through afternoon trading Tuesday.

Shares of BIMI International Medical jumped after the company reported unaudited financial results for the third quarter of 2021. For the period ended September 30, 2021, the healthcare company reported revenues of $13,777,494. This represents growth of 345.7% compared to the company’s third quarter 2020 results.

Gross profits surged 688.7% year-over-year to $2,029,109. Gross margins increased to 14.7% during Q3 2021 from 8.3% from the same period last year. BIMI International did report a net loss of $1,709,876 for Q3, which was only a slight improvement from its Q3 2020 net loss of just over $1.86 million.

Management says the significant growth during Q3 2021 was primarily driven by strong sales from its wholesale pharmaceuticals business. President and CEO Tiewei Song says the company will turn to increasing partnerships with other regional hospitals in China to increase access to medical care.

“Looking ahead, we plan to form partnerships with hospitals with regional reputations, with the goal of making quality medical care more accessible to the wider public, especially in less- developed areas, and to provide health management and healthcare services for both urban and rural residents in a more inclusive and coherent manner,” said Mr. Song.

BIMI International Medical reported nine-month 2021 financial results, which stated revenues of $25,202,485, compared to $7,417,449 through the first nine months of 2020. Growth from the wholesale pharmaceuticals business is again cited as the primary driver for the revenue increase. A net loss of $5,276,241 was reported for the nine month period through the end of September 2021, compared to net income of $611,090 for the same period last year.

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