BIMI International Medical Inc. H1 Revenue $8,755,303 Up From $5,543,745 YoY
Portfolio Pulse from Benzinga Newsdesk
BIMI International Medical Inc. reported H1 2023 revenues of $8,755,303, a significant increase from $5,543,745 in H1 2022. The rise is attributed to the acquisition of Phenix Bio Inc. on March 15, 2023. Gross margins improved to 52% in H1 2023 from 15% in H1 2022, reflecting the high-margin herbal supplements sold by Phenix Bio. BIMI also saw a positive shift in its cash position and working capital, with cash at $1,931,744 and working capital at $6,604,643 as of June 30, 2023.
November 27, 2023 | 1:27 pm
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BIMI International Medical Inc. reported a substantial increase in H1 2023 revenues and gross margins following the acquisition of Phenix Bio Inc. Improved financials and positive working capital indicate operational success.
The reported increase in revenue and gross margins is a strong positive signal for investors, indicating that BIMI's acquisition of Phenix Bio Inc. is already contributing to the company's financial performance. The improved cash position and working capital further reinforce the company's operational effectiveness. These factors are likely to be viewed favorably by investors, potentially leading to a short-term increase in BIMI's stock price.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100