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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.
BOQI International Medical Inc. (NASDAQ: BIMI) held its Annual General Meeting on June 15, 2021. Key decisions included the election of seven directors, an amendment to change its name to BIMI International Medical Inc., and approvals related to the issuance of common stock for convertible notes and as payment to a seller. The meeting also ratified the appointment of Audit Alliance LLP as the independent auditor for the fiscal year 2021. The Company remains focused on healthcare products and services and operates two private hospitals in China.
BOQI International Medical Inc. (NASDAQ: BIMI) announced a definitive proxy statement for its 2021 annual meeting of stockholders scheduled for June 15, 2021. The agenda includes voting on seven proposals such as electing directors, amending the company name to BIMI International Medical Inc., and approving share issuances related to recent financing activities. Key proposals also involve compensating executive officers and ratifying the appointment of an independent auditor. Stockholders of record are encouraged to vote, and all relevant documents are available through the SEC.
BOQI International Medical Inc. (NASDAQ: BIMI) announced its subsidiary, Chongqing Shude Pharmaceutical, has secured a RMB 20 million (approximately $3.11 million) drug supply contract with Chongqing Huilian Medicine. The contract focuses on supplying calcium carbonate and serrapeptase enteric-coated tablets until December 31, 2021. This collaboration aims to deepen market penetration in Southwest China. Huilian Medicine's Sales Director expressed optimism for mutual growth through this partnership. The company emphasizes quality control and pre-payment requirements for product delivery.
BOQI International Medical Inc. (BIMI) reported robust first-quarter results for 2021, with revenues soaring by 423% to $2.17 million compared to $0.41 million in Q1 2020. Gross profit also surged, increasing 620% to $0.59 million, elevating gross margin to 27.32%. Despite these growth metrics, the company faced a net loss from continuing operations of $3.29 million, up 144% from $1.35 million in Q1 2020, reflecting rising operational expenses. Cash reserves improved to $2.84 million, but working capital turned negative at $0.18 million.
BOQI International Medical Inc. (NASDAQ: BIMI) has successfully completed the acquisition of three private hospitals in China for a total consideration of RMB 162,000,000 (approximately $24.9 million). The acquisition comprises Wuzhou Qiangsheng Hospital, Suzhou Eurasia Hospital, and Yunan Yuxi Minkang Hospital. The payment includes RMB 20,000,000 in cash and 4,000,000 shares of BIMI stock valued at RMB 78,000,000. The remaining RMB 64,000,000 is contingent on the hospitals' performance in 2021 and 2022. CEO Tiewei Song emphasized the acquisition's role in establishing a high-end gynecology hospital chain.
BOQI International Medical Inc. (NASDAQ: BIMI) announced that its Chaohu Zhongshan Minimally Invasive Hospital will be an official COVID-19 vaccination site in Anhui Province, China. This development aligns with the province's action plan to vaccinate over 40% of its population by June 30, 2021. The hospital has established a leaders' working group and created six designated zones to ensure safety and prevent cross-infection. CEO Mr. Tiewei Song expressed enthusiasm about contributing to the vaccination efforts following the hospital's recent acquisition.
BOQI International Medical Inc. (NASDAQ: BIMI) announced on April 9, 2021, a stock purchase agreement to acquire three private hospitals in China for RMB 162 million (approximately $24.9 million). The transaction includes an upfront cash payment of RMB 20 million (approximately $3.08 million) and 4 million shares valued at RMB 78 million (approximately $12 million). An earnout of RMB 64 million (approximately $9.85 million) is contingent on the hospitals meeting specific profit targets in 2021 and 2022. This move aims to strengthen BIMI's online-to-offline strategy in the healthcare sector.
BOQI International Medical Inc. (NASDAQ: BIMI) reported its fiscal year 2020 results, highlighting revenues of $12.84 million, a 19% gross profit margin, and a net loss of $1.88 million. The revenue surge is attributed to the acquisition of Guanzan Group, which significantly contributed to the wholesale distribution of medical devices and pharmaceuticals. Operating expenses rose by 534% to $6.26 million, mainly due to convertible notes amortization. Despite the loss, the company improved liquidity with cash of $135,309 and working capital of $9.62 million as of year-end.
BOQI International Medical Inc. (NASDAQ: BIMI) signed a Memorandum of Understanding on March 24, 2021, to acquire three hospitals: Yunnan Yuxi Minkang Hospital, Wuzhou Qiangsheng Hospital, and Suzhou Eurasia Hospital. The Sellers will receive cash or common shares at $3.00 each, with a deposit of $75,000 due shortly after the agreement. The hospitals have diverse specialties and significant infrastructure, potentially enhancing BIMI's healthcare services. This move reflects BIMI's strategy to expand its footprint in the healthcare sector.
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