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BIMI International Medical Inc. (NASDAQ: BIMI) is a prominent American multinational company specializing in the provision of healthcare products and services. With a comprehensive portfolio, BIMI operates across four key segments: wholesale pharmaceuticals, wholesale medical devices, medical services, and retail pharmacy.
Wholesale Pharmaceuticals: This segment focuses on the distribution of prescription and over-the-counter (OTC) medications, traditional Chinese medicines (TCM), healthcare supplies, and various sundry items to clinics, third-party pharmacies, hospitals, and other drug wholesalers. By ensuring the availability of essential pharmaceutical products, BIMI supports healthcare providers in delivering quality care to their patients.
Wholesale Medical Devices: BIMI is a significant player in the distribution of medical devices, including consumables, to private clinics, hospitals, third-party pharmacies, and other medical device dealers. This segment helps bridge the gap between healthcare providers and cutting-edge medical technologies.
Medical Services: Operating private comprehensive hospitals in China, BIMI delivers a broad range of medical services, ensuring that patients receive top-notch healthcare. This segment underscores the company's commitment to improving patient outcomes and enhancing the overall healthcare experience.
Retail Pharmacy: Through its directly-owned pharmacies, BIMI sells prescription and OTC medicines, TCM, healthcare supplies, and sundry items directly to retail customers. This direct-to-consumer approach ensures that vital healthcare products are readily accessible to the public.
Recently, BIMI has made significant strides in expanding its market presence. On August 1, 2023, BIMI’s subsidiary, Phenix Bio Inc., entered into a strategic partnership with China Duty Free Group (CDFG), one of China's largest state-owned duty-free retail enterprises. This agreement enables CDFG to distribute Phenix’s high-quality dietary supplements across its extensive network of retail locations, enhancing the availability of these products to the Chinese market.
BIMI is dedicated to advancing healthcare through innovative solutions and strategic collaborations. The company’s diverse range of products and services positions it as a leader in the global healthcare industry.
BIMI Holdings received a delinquency compliance notice from Nasdaq on May 17, 2024, for failing to timely file its Form 10-Q for Q1 2024 and Form 10-K for FY 2023. This non-compliance with Nasdaq Listing Rule 5250(c)(1) could affect its listing status.
Nasdaq has given BIMI 60 days to submit a compliance plan by June 18, 2024. If accepted, BIMI could receive an extension until October 14, 2024, to meet the requirements. If the plan is not accepted, BIMI can appeal to a Hearings Panel.
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