BOQI International Medical (BIMI) Stock Heads Up On Order

BOQI International Medicine BIMI Stock News

BOQI International Medical Inc (NASDAQ: BIMI) is trading in the green this morning, up about 3% early on. The gains come after the company announced that it has entered into a $10 million medical device purchase agreement. Here’s what’s going on:

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BIMI Stock Trades In The Green On Purchase Agreement

In the press release, BOQI International Medical said that its wholly-owned subsidiary, Chingqing Guanzan Technology, entered into a $10 million medical device purchase agreement. The agreement was signed with Chongping Kegemo Biotechnology.

According to the agreement, Chongqing Kegemo will purchase 100,000 medical isolation gowns, 60,000 disposable protective coveralls, 10 Philips CT machines, 300 noninvasive ventilators, 10 digital radiography systems and 50 digital laryngoscopes from BIMI.

Combined, the purchase price comes to RMB 75,254,000. When converted to USD, that figure comes to about $10,637,960. Medical devices will only be delivered after payment is made.

In a statement, Mr. Tiewei Song, CEO and President at BIMI, had the following to offer:

We’ve been working around the clock to increase the availability of supplies and prioritize the allocation of resources to ensure the quality and delivery of these medical devices. The COVID-19 outbreak has led to increased demand for our products. We are also in discussions with other partners, that as we increase the availability of supplies, we aim to make them accessible to both domestic and foreign customers.

This News Is Huge

In the COVID-19 space, we’ve talked a lot about face masks, vaccines, and treatments. However, the truth of the matter is that the pandemic is leading to incredible strain on the entire medical system. This is where BOQI International Medical comes in.

With the virus, we’re seeing an influx of need for a wide range of medical clothing and equipment. Equipment in hospitals is running thin, and experts are saying that something needs to be done before doctors have to start deciding who to save in life-threatening conditions.

Due to the products that BIMI sells, this is likely one of the first of many announcements like this to come. As the pandemic continues to spread, we will continue to see increasing demand for medical equipment and protective personal gear. At the end of the day, BIMI is in the right space at the right time and can see a significant rise in revenue as a result.

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