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BOQI International Medical Stock Rallies After Q2 Revenue Jump

Sam Boughedda
Sam Boughedda trader
Updated 19 Oct 2020

Practice Stock Trading
medical imaging

BOQI International (NASDAQ: BIMI) reported its second-quarter 2020 financial results premarket today, initiating an over 70% move higher in the company’s share price. 

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The company reported that its revenue for Q2 jumped by an impressive 1026% to $3.79 million compared to the same period last year. Its profit also rose to $4.64 million compared to a loss of $862 thousand last year. 

BOQI put its success during the quarter down to healthcare facilities re-opening and patient treatment resuming during the three months. 

“We acquired Guanzan Group this year, which allows us to better align with the current environment and positions us for future growth. As more healthcare facilities re-opened for business and resumed patient treatment in the second half of the year, we believe our products can meet the expected rising customer demand, meanwhile bring benefit to our shareholders,” stated Tiewei Song, BOQI’s CEO.

The company’s stock price is currently trading at $3.07, up 58% after Friday’s closing price of $1.94 per share.

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Sam Boughedda
Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.