BOQI Reports Second Quarter Results; Revenue Soars

BOQI reported better-than-expected revenue in the second quarter.
Benjamin WangOct 20,2020,00:08

Shares in BOQI International Medical Inc. (Nasdaq: BIMI) soared 38% on Monday after the company reported better-than-expected revenue in the second quarter.

The Dalian-headquartered pharmaceutical provider said in a statement that its revenue in the second quarter reached $3.79 million, compared with $336,690 in the same period last year. Net income was $4.67 million in the three months through June, up 629% year-over-year.

BOQI attributed its higher revenue for the three months ended June 30 to the newly acquired Guanzan Group’s wholesale sales of medical devices and generic drugs.

“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,” Tiewei Song, the chief executive officer of BOQI, said in the statement.

Song added, “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.”

BOQI, formerly known as NF Energy Saving Corporation, said Guanzan benefitted from the recovery from COVID-19 during the second quarter.

In August, the company announced it was notified by Nasdaq that it has 60 days to submit a plan to regain compliance. Shares of the company hit the bottom at $1.54 per share in September.

Shares in BOQI closed at $2.68 per share, up 38.74% today in New York.

Topics:BOQI; China; U.S.