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BOQI International Medical Inc. (BIMI)

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1.8100+0.0800 (+4.62%)
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Neutralpattern detected
Previous Close1.7300
Open1.7700
Bid1.7400 x 3100
Ask1.7700 x 800
Day's Range1.7100 - 1.8500
52 Week Range1.5000 - 7.4000
Volume646,744
Avg. Volume2,002,526
Market Cap21.144M
Beta (5Y Monthly)N/A
PE Ratio (TTM)N/A
EPS (TTM)-0.2010
Earnings DateNov 16, 2020
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
  • Earnings Working Against BOQI International Medical Inc.'s (NASDAQ:BIMI) Share Price
    Simply Wall St.

    Earnings Working Against BOQI International Medical Inc.'s (NASDAQ:BIMI) Share Price

    With a price-to-earnings (or "P/E") ratio of 9.9x BOQI International Medical Inc. (NASDAQ:BIMI) may be sending bullish...

  • GlobeNewswire

    BOQI International Medical Inc. Announces Third Quarter 2020 Financial Results

    NEW YORK, Nov. 16, 2020 (GLOBE NEWSWIRE) -- BOQI International Medical Inc. (NASDAQ: BIMI) (“BIMI” or the “Company”) today announced its financial results for the third quarter and nine months ended September 30, 2020.“We have made good progress in line with our new business, especially the online-to-offline strategy. We opened our first retail pharmacy store in Chongqing at the end of June 2020, then gradually opened five more stores in the latter part of the third quarter,” said Mr. Tiewei Song, Chief Executive Officer and President of BOQI International Medical Inc. “We are also developing our online healthcare platform. We plan to connect the platform with pharmacies, hospitals and other medical institutions to further strengthen our capabilities in online and offline healthcare services.”RevenuesRevenues for the three months ended September 30, 2020 and 2019 were $3,091,071 and $208,402, respectively. The Company’s revenues for the three months ended September 30, 2020 were principally attributable to wholesale sales of medical devices and generic drugs by our newly acquired Guanzan Group. The Company’s revenues for the three months ended September 30, 2019 were attributable to the sales of products manufactured by the NF Group and from energy saving technical services and product collaboration processing services performed by the NF Group, which we sold in June 2020. Revenues from the wholesale medical devices segment and the wholesale medicine segment for the three months ended September 30, 2020 were $670,296 and $2,391,674, respectively. Revenues from the retail pharmacy segment for the three months ended September 30, 2020 were $29,101.Revenues for the nine months ended September 30, 2020 and 2019 were $7,317,449 and $1,120,804, respectively. The 553% increase in revenues is attributable to the acquisition of the Guanzan Group in late March 2020. Revenues from the wholesale medicine segment for the nine months ended September 30, 2020 were $4,698,985 and revenues from the wholesale medical device segment for the nine months ended September 30, 2020 were $2,567,029. Revenues from the retail pharmacy segment for the nine months ended September 30, 2020 were $42,898.  Cost of RevenuesCost of revenues for the three months ended September 30, 2020 and 2019 were $2,833,793 and $281,014, respectively, reflecting the impact of the acquisition of the Guanzan Group. For the three months ended September 30, 2020, the cost of revenues of the wholesale medical devices segment was $586,939. For the three months ended September 30, 2020, the cost of revenues of our wholesale medicine segment was $2,032,947. For the three months ended September 30, 2020, the cost of revenues for retail pharmacy segment was $227,883, which included an inventory impairment charge of $202,981.    Cost of revenues for the nine months ended September 30, 2020 and 2019 were $6,240,962 and $1,030,862, respectively. For the nine months ended June 30, 2020, the cost of revenues of our wholesale medical devices segment was $2,051,563. For the nine months ended September 30, 2020, the cost of revenues of our wholesale medicine segment was $3,759,707. For the nine months ended September 30, 2020, cost of revenues of our retail pharmacy segment was $426,293, which included an inventory write-off of $390,923.Gross ProfitFor the three months ended September 30, 2020, the Company had a gross profit margin of 8.32% compared with a negative gross profit margin of 34.84 % in the quarter ended September 30, 2019. On a sequential basis, gross profit decreased by 14.07% from the second quarter of 2020, due to the decrease in revenues from high gross profit wholesale medical devices segment. The gross profit margin of the wholesale medical devices and wholesale medicine segments for three months ended September 30, 2020 were 12.44% and 15%, respectively. The retail pharmacy segment’s cost of revenues exceeded its revenues by $198,782 in the quarter.For the nine months ended September 30, 2020, the Company had a gross profit margin of 14.71% compared with a gross profit margin of 8.02% in the first nine months of 2019. The improvement in the gross profit margin in the first nine months ended September 30, 2020 is mainly due to the inclusion of the revenues from the wholesale medical devices and wholesale medicine segments since the acquisition in March 2020. The gross profit margin of the wholesale medical devices and wholesale medicine segments for nine months ended September 30, 2020 were 20.08% and 19.99%, respectively. The retail pharmacy segment’s cost of revenues exceeded its revenues by $383,395 in the nine-month period ended September 30, 2020. Operating ExpensesOperating expenses were $1,689,962 for the three months ended September 30, 2020 compared to $359,307 for the same period in 2019, an increase of $1,330,655. The increase is mainly due to the additional amortization of the discounted convertible notes and intangible assets and impairment loss of intangible asset.Operating expenses were $6,579,201 for the nine months ended September 30, 2020 compared to $1,607,763 for the same period in 2019, an increase of $ 4,975,922 or 309%. Operating expenses for the nine months ended September 30, 2020 consist mainly of amortization of the discounted convertible notes, amortization of intangible assets, meeting and promotional expenses, pharmaceutical and medical device industry compliance management expenses, legal fees, convertible note issuance-related costs in the amount of $211,425 and other professional service fees. The Company also reduced the contingent consideration payable to the former shareholders of Lasting (the parent of Boqi Zhengji) by $5,655,709, following a re-evaluation of such commitment.Operating expenses also included a $903,573 impairment loss with respect to the intangible assets recognized in the acquisition of Boqi Zhengji.Other IncomeFor the three months ended September 30, 2020, the Company reported other income of $5,247 and other interest expense of $339,780, as compared to other income of $58,718 and other interest expense of $ 466,582 for the three months ended September 30, 2019.For the nine months ended September 30, 2020, the Company reported other income of $6,973,409 and other interest expense of $717,226 compared to other income of $11,021 and other interest expense of $717,226 in the nine months ended September 30, 2019. Other income in the nine months ended September 30, 2020 includes the gain generated from the disposal of the NF Group. Net Profit (Loss)For the three months ended September 30, 2020, the Company reported a net loss of $1,860,573 compared to a net loss of $547,689 for the same period of 2019. For the nine months ended September 30, 2020, the Company reported a net profit of $611,090 compared to a net loss of $1,973,382 for the same period in 2019.Liquidity and Capital ResourcesOn September 30, 2020, the Company had cash and cash equivalents of $11, 585,325 compared to cash and cash equivalents of $36,363 on December 31, 2019. As of September 30, 2020, the Company had negative working capital of $5,439,912 as compared to negative working capital of $500,765 on December 31, 2019.These conditions raise substantial doubt about the Company’s ability to continue as a going concern. These unaudited condensed financial statements do not include any adjustments to reflect the possible future effect on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from the outcome of these uncertainties. Management believes that the actions presently being taken to obtain additional funding and implement its strategic plan provides the opportunity for the Company to continue as a going concern.About BOQI International Medical Inc.BOQI International Medical Inc. (formerly known as NF Energy Saving Corporation) (NASDAQ: BIMI) was founded in 2006. In February 2019, the Board of Directors of the company was reorganized with a focus on the health industry. The Company is now exclusively a healthcare products provider, offering a broad range of healthcare products and related services. For more information about BOQI International Medical, please visit www.usbimi.com.Safe Harbor StatementCertain matters discussed in this news release are forward-looking statements that involve a number of risks and uncertainties including, but not limited to, the Company’s ability to achieve profitable operations, its ability to continue to operate as a going concern, its ability to continue to meet NASDAQ continued listing requirements, the effects of the spread of the Coronavirus (COVID-19), the demand for the Company’s products and the Company’s customers’ economic condition, risk of operations in the People’s Republic of China, general economic conditions and other risk factors detailed in the Company’s annual report and other filings with the United States Securities and Exchange Commission. Investors are urged to read the Company’s Quarterly Report on Form 10-Q for the three months ended March 31, 2020 for further information about the Company’s financial results, liquidity and capital resources.IR Contact:Dragon Gate Investment Partners LLC Tel: +1(646)-801-2803 Email: BIMI@dgipl.com  BOQI INTERNATIONAL MEDICAL, INC. AND ITS SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS  September 30,  December 31,    2020  2019    (Unaudited)     ASSETS       CURRENT ASSETS       Cash $11,585,321  $36,363  Restricted cash  1,365   311  Accounts receivable, net  3,935,514   24,840  Advances to suppliers  2,251,811   1,252  Amount due from related parties  -   1,350  Inventories, net  4,195,247   707,526  Prepayments and other receivables  3,495,570   59,333  Assets from discontinued operations  -   21,218,983  Total current assets  25,464,828   22,049,958            NON-CURRENT ASSETS         Deferred tax assets  165,995   -  Property, plant and equipment, net  854,897   38,641  Intangible assets, net  642,741   7,973,179  Goodwill  6,443,170   -  Total non-current assets  8,106,803   8,011,820            TOTAL ASSETS $33,571,631  $30,061,778            LIABILITIES AND EQUITY         CURRENT LIABILITIES         Short-term loans $866,297  $-  Long-term loans due within one year  185,147   -  Convertible promissory notes, net  3,616,330   107,383  Derivative liability  1,173,505   1,272,871  Accounts payable, trade  6,790,000   641,927  Advances from customers  710,515   67,975  Amount due to related parties  586,027   305,760  Taxes payable  308,920   861  Other payables and accrued liabilities  5,788,175   6,044,378  Liabilities from discontinued operations  -   13,108,038  Total current liabilities  20,024,916   21,549,193            Long-term loans - non-current portion  138,632   -            TOTAL LIABILITIES  20,163,548   21,549,193            EQUITY         Common stock, $0.001 par value; 50,000,000 shares authorized; 10,505,821 and 9,073,289 shares issued and outstanding as of September 30 2020 and December 31, 2019, respectively  10,506   9,073  Additional paid-in capital  24,081,799   15,643,825  Statutory reserves  -   2,227,634  Accumulated deficit  (10,834,660)  (10,881,667) Accumulated other comprehensive income  26,633   1,683,770  Total BOQI International Medical Inc.’s equity  13,284,278   8,682,635            NON-CONTROLLING INTERESTS  123,805   (170,050)           Total equity  13,408,083   8,512,585            Total liabilities and equity $33,571,631  $30,061,778   BOQI INTERNATIONAL MEDICAL, INC. AND ITS SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (GAIN)/LOSS (UNAUDITED)  For the Three Months Ended September 30  For the Nine Months Ended September 30    2020  2019  2020  2019                REVENUES  3,091,071   208,402   7,317,449   1,120,804                    COST OF REVENUES  2,833,793   281,014   6,240,962   1,030,862                    GROSS PROFIT/(LOSS)  257,278   (72,612)  1,076,487   89,942                    OPERATING EXPENSES:                 Sales and marketing  377,977   33,096   1,028,746   119,820  General and administrative  1,311,985   326,211   5,554,939   1,487,943  Total operating expenses  1,689,962   359,307   6,583,685   1,607,763                    LOSS FROM OPERATIONS  (1,432,684)  (431,919)  (5,507,198)  (1,517,821)                   OTHER INCOME (EXPENSE)                 Interest expense  (339,780)  (174,488)  (717,226)  (466,582) Other income  5,247   58,718   6,973,409   11,021  Total other income (expense), net  (334,533)  (115,770)  6,256,183   (455,561)                   INCOME (LOSS) BEFORE INCOME TAXES  (1,767,217)  (547,689)  748,985   (1,973,382)                   PROVISION FOR INCOME TAXES  93,356   —   137,895   —                    NET INCOME (LOSS)  (1,860,573)  (547,689)  611,090   (1,973,382) Less: net income (loss) attributable to  non-controlling interest  49,374   (3,220)  75,648   777  NET INCOME (LOSS) ATTRIBUTE TO BOQI INTERATIONAL MEDICAL INC. $(1,909,947) $(544,469) $535,442  $(1,974,159) OTHER COMPREHENSIVE INCOME(LOSS)                 Foreign currency translation adjustment  (108,236)  (271,289)  34,802   (244,964) TOTAL COMPREHENSIVE INCOME(LOSS)  (1,968,809)  (818,978)  645,892   (2,218,346) Less: comprehensive income (loss) attributable to non-controlling interests  1,193   (1,260)  (1,408)  3,286  COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO BOQI INTERNATIONAL MEDICAL INC. $(1,970,002) $(817,718) $647,300  $(2,221,632)                   WEIGHTED AVERAGE NUMBER OF COMMON SHARES                 Basic and diluted  10,505,821   8,073,289   9,987,848   7,871,824                    INCOME (LOSS) PER SHARE                 Basic and diluted $(0.19) $(0.07) $0.06  $(0.25)   BOQI INTERNATIONAL MEDICAL, INC. AND ITS SUBSIDIARIES (CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)  For the Nine Months Ended September 30,    2020  2019  CASH FLOWS FROM OPERATING ACTIVITIES:       Net income (Loss) $611,090  $(1,973,382) Adjustments to reconcile net income/(loss) to cash used in operating activities:         Depreciation and amortization  810,264   716,433  (Profit) on disposal of property  (6,944,469)  (43,712) Allowance for doubtful accounts  (263,260)  (75,203) Amortization of discount of convertible promissory notes  1,950,901   1,239  Change in derivative liabilities  43,224   2,132  Impairment loss from construction in progress  -   24,803  Allowance for inventory provision  390,923   -  Impairment loss of intangible assets  903,573   -            Change in operating assets and liabilities         Accounts receivable  (1,284,400)  970,444  Advances to suppliers  418,847   -  Inventories  (2,928,419)  (634,860) Prepayments and other receivables  (1,245,981)  (67,709) Accounts payable, trade  4,844,674   (284,077) Advances from customers  (707,586)     Taxes payable  (9,368)  55,943  Other payables and accrued liabilities  594,793   371,982  Net cash used in operating activities  (2,815,194)  (935,967)           CASH FLOWS FROM INVESTING ACTIVITIES:         Cash received from acquisition of Guanzan Group  95,220   -  Proceeds from disposal of property, planet, and equipment  -   50,063  Purchase of property, planet, and equipment  (121,176)  -  Cash received from sale of NF Group  10,375,444   -  Repayment from related party loan  -   540,294  Loan to related party  -   (1,161,458) Net cash provided by (used in) investing activities  10,349,488   (571,101)           CASH FLOWS FROM FINANCING ACTIVITIES:         Net proceeds from issuance of convertible promissory notes  3,457,325   -  Proceeds from short-term loans  27,371   5,835,897  Repayment of short-term loans  (65,516)  (5,838,815) Repayment of long-term loans  (48,164)  -  Amount financed by related parties  173,547   1,591,910  Net cash provided by financing activities  3,544,563   1,588,992            EFFECT OF EXCHANGE RATE ON CASH  471,155   (33,401)           INCREASE IN CASH  11,550,012   48,523            CASH AND CASH EQUIVALENTS, beginning of period  36,674   197,356            CASH AND CASH EQUIVALENTS, end of period $11,586,686  $245,879            SUPPLEMENTAL CASH FLOW INFORMATION:         Cash paid for income tax $42,130  $-  Cash paid for interest expense, net of capitalized interest $62,636  $434,198            NON-CASH TRANSACTIONS OF INVESTING AND FINANCING ACTIVITIES         Issuance of common shares for the equity acquisition of Chongqing Guanzan Technology Co., Ltd. $2,717,000  $-  Goodwill recognized from the equity acquisition of the Boqi Group $6,443,170  $2,040,000  Outstanding payment for the equity acquisition of Chongqing Guanzan Technology Co., Ltd. $4,414,119  $-  Common shares to be issued upon conversion of convertible promissory notes $5,160,473  $-

  • GlobeNewswire

    BOQI International Medical Inc. Enters into MOU with Chongqing Cogmer Biology Technology Co., Ltd

    NEW YORK, Nov. 09, 2020 (GLOBE NEWSWIRE) -- BOQI International Medical Inc. (NASDAQ: BIMI) (“BIMI” or the “Company”) today announces the signing of a Memorandum of Understanding (MoU) with Chongqing Cogmer Biology Technology Co., Ltd (“Cogmer Biology”) on October 28, 2020. Pursuant to the MOU, BOQI International Medical Inc. and Chongqing Cogmer Biology Technology Co., Ltd agreed to move forward on four stages of work, including completing all relevant assessment and audit of Cogmer Biology, completing on-site audit and evaluation of Cogmer Biology, signing a Stock Purchase Agreement based on the audit and evaluation result, and completing the relevant business procedures for the transaction. Chongqing Cogmer Biology Technology Co. Ltd is a modern technology company that provides comprehensive solutions for medical laboratories in hospitals and clinics. Cogmer Biology is mainly engaged in the sales of medical equipment and in vitro diagnostic (IVD) reagents, including immunofluorescence analyzer, chemiluminescence immunoassay analyzer, automatic hematology analyzer, and fully automatic biochemistry analyzer. At present, Cogmer Biology has 100+ cooperative manufacturers, 200+ distribution partners, and 500+ direct customers.  “Cogmer Biology is one of our existing customers who has purchased over $10 million of our medical devices. It has professional laboratory technicians and consultants, and provided hospitals with advanced medical devices to improve the quality of medical care. Both Cogmer Biology and BIMI have the good will to enhance the positive relations and to deepen cooperation on the wholesale medical devices business,” said Tiewei Song, Chief Executive Officer and President of BOQI International Medical Inc. About BOQI International Medical Inc. BOQI International Medical Inc. (formerly known as NF Energy Saving Corporation) (NASDAQ: BIMI) was founded in 2006. In February 2019, the Board of Directors of the company was reorganized with a focus on the health industry. The Company is now exclusively a healthcare products provider, offering a broad range of healthcare products and related services. For more information about BOQI International Medical, please visit www.usbimi.com. Safe Harbor Statement Certain matters discussed in this news release are forward-looking statements that involve a number of risks and uncertainties including, but not limited to, the Company’s ability to achieve profitable operations, its ability to continue to operate as a going concern, its ability to continue to meet NASDAQ continued listing requirements, the effects of the spread of the Coronavirus (COVID-19), the demand for the Company’s products and the Company’s customers’ economic condition,  risk of operations in the People’s Republic of China, general economic conditions and other risk factors detailed in the Company’s annual report and other filings with the United States Securities and Exchange Commission. Investors are urged to read the Company’s Quarterly Report on Form 10-Q for the three months ended March 31, 2020 for further information about the Company’s financial results, liquidity and capital resources. IR Contact: Dragon Gate Investment Partners LLC Tel: +1(646)-801-2803 Email: BIMI@dgipl.com