BIMI stock is running for the top this morning after it reports strong Q2 financial results with revenue up by 1026% compared to the prior year period.
Shares of BOQI International Medical Inc. (BIMI) have surged above 100% during the premarket today and is trading with bullish momentum since the market started today. The stock is rising higher followed by a strong financial outcome reported from the second quarter of 2020.
BOQI International Medical today reported its second quarter and six months results for the period ended June 30, 2020. The total revenues during Q2 jumped by 1026% compared to the same period last year. The gross profit recorded a 22.77% increase versus 4.35% reported during the Q2 last year.
In addition, the net income also saw a massive incline of 629% during the three months ended June 30, 2020. The company recorded a net profit of $4,673,854 in comparison to a net loss of $883,245 for the same quarter of 2019.
The strong second quarter performance came as a surprise as the corporate sector still recovers from COVID-19 impact. BIMI’s second quarter performance was mostly driven by the acquisition of Guanzan Group.
The President and CEO of BOQI International Medical, Tiewei Song stated they are pleased with the financial performance of the company during the second quarter and the joint effort of the team across BOQI’s wholesale business in medical devices and medicine helped the firm grow its revenues significantly. Mr. Song highlighted:
“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.”
The revenues increased from $336,690 to $3,790,847 in Q2 2020 from Q2 2019, respectively. This mammoth increase in Q2 revenues was principally attributable to the newly acquired Guanzan Group’s wholesale sales of medical devices and generic drugs.
The remaining increase was driven by the sales from products manufactured by the NF Group including energy saving technical services and product collaboration processing services, which BOQI International Medical sold in June 2020. The Guanzan Group highly benefitted from the recovery of the COVID-19 pandemic in the PRC during the second quarter of 2020.
Driving Bullish Momentum
The second quarter reported turned out to be overwhelmingly positive for BOQI International Medical Inc. (BIMI) stock. The company was not the only one making strong returns, BIMI also followed up in the morning from this news as the stock surged up to 107% in the premarket today.
As of 12:05 A.M. EDT, BIMI Stock was up by 74% trading at $3.37. The shares of BOQI International Medical Inc. (BIMI) are trading at their highest since the end of February 2020. BIMI remains one of the leading stocks today with an increasing trading volume of 69 million.