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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 International Medical Inc. announced a 1-for-5 reverse stock split, effective February 2, 2022, at 5:00 PM EST. This measure aims to raise the trading price per share to meet NASDAQ's $1.00 minimum bid price requirement, allowing the company to maintain its listing. After the split, approximately 8,502,221 shares will be outstanding, excluding options and warrants. Shareholders need not take action regarding their holdings. The new CUSIP number for the stock is 05552Q202. For further details, visit www.usbimi.com.
BIMI International Medical Inc. (NASDAQ: BIMI) announced a stock purchase agreement to acquire Bengbu Mali OB-GYN Hospital for a total of US$16,750,000. This amount includes US$2,800,000 in cash and 3,000,000 newly-issued shares valued at US$9,000,000. An additional 1,650,000 shares worth US$4,950,000 are contingent upon the hospital's financial performance in 2022 and 2023, with a target net profit of US$770,000. CEO Tiewei Song anticipates new departments could contribute 45% of the hospital’s revenue within two years.
BIMI International Medical Inc. (NASDAQ: BIMI) has announced a private placement of senior secured convertible notes totaling $7.8 million, with an original principal of $6.5 million, at a 20% discount. The notes, which bear no interest, will also come with 1.8 million warrants for common stock at an exercise price of $0.71. A stockholder meeting is required by February 15, 2022, for approval of these issuances. Proceeds will be used for general corporate purposes, with the offering expected to close around November 25, 2021.
BIMI International Medical Inc. (NASDAQ: BIMI) reported its Q3 2021 financial results, revealing revenues of $13.78 million, up 345.7% from $3.09 million in Q3 2020. Gross profit surged 688.7% to $2.03 million. Revenue growth stemmed from increased sales in wholesale pharmaceuticals and operations of five newly acquired hospitals. However, the net loss widened to $1.71 million from $1.86 million a year earlier. Cash reserves decreased to $209,803, raising concerns regarding the company's financial stability without further support or financing.
BIMI International Medical Inc. (NASDAQ: BIMI) announced shareholder approval for two proposals at its special meeting on November 5, 2021. The first proposal allows for an increase in authorized common stock shares by 150 million, reaching a total of 200 million. The second grants the board discretionary authority to implement a reverse stock split between 1-2 to 1-5. CEO Mr. Tiewei Song expressed gratitude for the support, indicating this approval will facilitate future transactions.
BIMI International Medical Inc. (NASDAQ: BIMI) has signed a Memorandum of Understanding to acquire 100% interest in Bengbu Mali Maternity Hospital for $3.00 per share. The hospital, founded in 2015, caters to approximately 30,000 patients annually with projected profits rising from $218,708 in 2019 to $937,324 in 2022. This acquisition marks BIMI's strategic expansion into specialized healthcare services and aims to enhance their online-to-offline network, increasing patient access and medical technology integration.
BIMI International Medical Inc. (NASDAQ: BIMI) announced the acquisition of Chongqing Zhuoda Pharmaceutical Co., Ltd. for $11.62 million. The deal includes issuing 2.2 million shares valued at approximately $6.6 million as partial payment. Zhuoda supplies over 1,220 pharmaceutical products and has partnerships with 14 major hospitals in East Chongqing. The CEO emphasized the strategic importance of this acquisition for market expansion and product coverage enhancement. The remaining payment will depend on Zhuoda's performance in 2022 and 2023.
BIMI International Medical Inc. announced on August 2, 2021, a Memorandum of Understanding to acquire Chongqing Zhuoda Pharmaceutical Co, Ltd. The acquisition aims to enhance BIMI's operations in the healthcare sector, leveraging Zhuoda's extensive portfolio of over 1,220 pharmaceutical products and medical equipment. The deal's value will partly be in BIMI common shares at $3.00 each, with performance-based adjustments in the first two years post-closing. CEO Tiewei Song emphasized the potential for accelerated revenue growth and increased market presence.
BIMI International Medical Inc. (NASDAQ: BIMI) announced the appointment of Amy Xue as the new Chief Financial Officer, effective July 15, 2021. Xue, a CPA and ACCA certified accountant, brings extensive experience from her roles at iFresh, Inc., Goldenbridge Acquisition Ltd., and XT Energy Group, Inc. CEO Tiewei Song expressed confidence in Xue's capacity to enhance BIMI's financial growth and solidify its position in the Chinese healthcare market. This strategic leadership change signals BIMI's commitment to driving operational efficiencies and capital market transactions.
BIMI International Medical Inc. (NASDAQ: BIMI) has officially changed its name from BOQI International Medical Inc. following shareholder approval on June 15, 2021. The amendment was filed with Delaware's Secretary of State and became effective on June 21, 2021. The company continues to trade under the same stock symbol, BIMI. Founded in 2006, BIMI specializes in healthcare products and operates two private hospitals in China. For further details, visit www.usbimi.com.
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