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Bimi International Stock Price Soared 89.2% After Q3 Revenues Surged 4.45X vs 2020

Simon Mugo trader
Updated 16 Nov 2021

Bimi International Medical Inc (NASDAQ: BIMI) soared 89.2% after releasing its financial results for the third quarter of 2021 ended September 30, 2021, during aftermarket hours on Monday.

The Chinese healthcare company reported that its Q3 revenues were $13.78 million compared to the $3.09 million recorded in a similar period last year, a 445.95% surge.

Bimi’s gross profits rose to $2.03 million compared to the $257,278 profit recorded in Q3 2021, representing a 688.7% increase.

At the same time, Bimi released its financial results for the nine months to the end of September, as impressive as the three-month revenues for Q3 2021.

However, despite its impressive gross profits, BIMI recorded a net loss of $1.70 million, slightly improving the $1.90 million loss incurred in Q3 2020.

The healthcare company registered improved revenues in most of its operating divisions, including its wholesale pharmaceuticals division, wholesale medical devices unit, and ts medical services division.

However, the retail pharmacy division’s performance was worse in Q3 2021 than Q3 2020 following the expiry of a large portion of the company’s products due to local lockdowns.

Mr Tiewei Song, BIMI International Medical Inc.’s CEO, said: “We are glad to achieve significant revenue growth in the third quarter. The growth was mainly driven by the increase in sales of wholesale pharmaceuticals. Contributing to the increase in revenues for the three months ended September 30, 2021, was the operations of our recently-acquired five hospitals.”

He added:

“Looking ahead, we plan to form partnerships with hospitals with regional reputations, to make 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.”

Investors reacted positively to the upbeat earnings results generated by the Chinese healthcare company, as evidenced by its premarket stock rally.

*This is not investment advice.

BIMI International stock price.

Tradingview chart of BIMI International stock price 16-11-2021
Source: Tradingview

BIMI international stock price soared 89.23% premarket to trade at $1.23, rising from Monday’s closing price of $0.65.

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Simon has over six years of professional trading experience across FX, commodities and equities. He has a strong passion for financial markets and is particularly focused on price action trading