BOQI International Medical Inc. or BIMI exclusively offers healthcare products and services. Previously, this company was called as NF Energy Saving Corporation, in short, NASDAQ: BIMI. BIMI announced its 2020 first-quarter financial results in June and the results were surprisingly positive. Despite the current pandemic crisis, BIMI has managed to raise more funds with better working capital expansion.
BOQI revenue gain reports of the first quarter:
The shares value of NASDAQ: BIMI at https://www.webull.com/quote/nasdaq-bimi went up slightly on Tuesday after the company confirmed the reports of its positive revenue gains in the first quarter (Q1) results. The pharmaceutical provider announced an official statement that its revenue growth reached $426,898 in the first quarter. Last year, BOQI failed to generate any revenue in the first quarter. However, its net loss value hit $2.2 million by the end of March, which is almost up by 286% as compared to the previous year.
NASDAQ: BIMI current share value:
Shares of BOQI were trading at a value of $2.05 per share on 17 July 2020. It was up by 0.49% while it opened at $2.03 per share value and closed at $2.09 per share value. The lowest value it went was $2.01. Overall, the NASDAQ: BIMI market capitalization value is $21.29 million. Its 52 weeks’ high value was 12.00 and 52 weeks’ low value was 1.03.
How BOQI managed positive revenue gains this year, while last year it generated nil revenue gains?
BOQI officially stated that the revenue was mainly generated from wholesale medicine and medical device sales. Also, the company recently acquired the Guanzan Group to extend its business. NASDAQ: BIMI generated nil revenue in 2019’a first quarter because it discontinued its business operation. At that time, the company focused primarily on the health industry and transformed its main area of operation from an energy conservation business to a medical care and equipment distribution business. BOQI’s new board chairman, Mr Yongquan Bi ensured that the company covers up its loss (Approx. $374,486 for three months) from 2019’s discontinued operation.
The main reason why BOQI was successful to generate positive revenue gains even during the pandemic is that it supplied medicines and medical equipment. In today’s situation, acquiring the Guanzan Group and signing with a Chongqing pharmacy company for medicine distributorship helped BOQI to generate positive gains. As a result, BOQI spun off the energy business at $10 million. The company now plans to operate exclusively as a healthcare product and equipment provider. Their broad range of healthcare equipment and products will surely bring them better revenue growth in the future! You can check more information before investing online. Disclaimer: The analysis information is for reference only and does not constitute an investment recommendation.
