BOQI International Medical (BIMI) Stock Rockets On Financial Results

BOQI International Medicine BIMI Stock News

BOQI International Medical Inc (NASDAQ: BIMI) is running for the top in the market this morning after announcing its second quarter financial results. Here’s what’s going on:

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BIMI Stock Is Running For The Top On Financial Results

In the press release, BOQI International Medical provided its financial results for the second quarter and first six months of 2020. During the second quarter, revenue was up 1026% on a year over year basis. Gross profit margin also saw a large increase. During the quarter, gross profit margin came in at 22.77%. In the same period last year, gross profit margin was just 4.35%.

Net income was also impressive. During the second quarter, net income climbed by 629% year over year. Net profits came in at $4,673,854 compared to a net loss of $888,245 in the same quarter last year. In a statement, Tiewei Song, CEO and president at BIMI, had the following to offer:

We are pleased with our results in the second quarter and the concerted efforts of our team across our wholesale business in medical devices and medicine. We acquired Guanzan Group this year, which allows us to better align with the current environment and positions us for future growth. As more healthcare facilities re-opened for business and resumed patient treatment in the second half of the year, we believe our products can meet the expected rising customer demand, meanwhile bring benefit to our shareholders.

This News Is Huge

The report issued by BOQI International medical this morning proved to be overwhelmingly positive. Not only did the company generate massive improvements on both the top and bottom line, much of this was the result of a recent acquisition, showing that there are more positive times ahead.

All in all BIMI stock is one that’s well worth watching.

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