Bimi International up 60% after announcing third-quarter results

BIMI International Medical (NASDAQ: BIMI) is a leading healthcare services and products provider that recently announced its third-quarter financial for 2021 and went up by 60%. 

How does top brass feel about this?

BIMI International’s President and Chief Executive Officer, Mr. Tiewei Song, said:

The CEO continued to say:

Mr. Song claims the partnerships they make will also allow them to offer healthcare management and services for both rural and urban residents in a much more coherent and way. 

Third-quarter financial highlights 

Since the third quarter of the previous financial year, the company’s revenue increased by around $10,686,423 this year. As a result, the wholesale pharmaceutical segment reported a revenue of around $8,483,024 in the third quarter of this financial year, way more than the $2,368,785 recorded in the same quarter of the previous quarter fiscal year. 

The company recorded gross margins of around 14.7% in the third quarter of this year. Operating expenses for the same quarter were $3,574,443, a 111.5% increase from the $1,686,962 it recorded in the same quarter of the previous fiscal year. 

The condensed unaudited financial statements for the third quarter of 2021 featured the company’s Form 10-Q, which is included in the report. The report was prepared assuming that BIMI International will continue its business operations as a going concern. 

The company reported other income (expenses) of around $158,612. Interest expenses came to about $84,310. Fortunately, the company still managed to record a reduced net loss of $1,709,876. So things are still looking up for this company that runs five different hospitals in China.