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:

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“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.”

The CEO continued to say:

“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.” 

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.