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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): November 22, 2023

 

BIMI International Medical Inc.

 

(Exact name of registrant as specified in its charter)

 

Delaware   001-34890   02-0563302
(State or other jurisdiction
of incorporation)
  (Commission File Number)   (IRS Employer
Identification No.)

 

725 5th Avenue, 15th Floor, 15-01

New York NY

  10022
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code: 212 542 0028

 

 

 

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common stock, $0.001 par value   BIMI   The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

 

 

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

 

On November 22, 2023, the Registrant reported its results of operations for the quarterly period ended June 30, 2023. A copy of the press release issued by the Registrant in this connection is furnished herewith as Exhibit 99.1.

 

The information in this Item in this Current Report on Form 8-K and Exhibit 99.1 attached hereto are being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing.

 

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

 

(c) Exhibits

 

Exhibit 99.1   Press release dated November 22, 2023
104   Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

1

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Dated: November 27, 2023 BIMI International Medical Inc.
   
  By: /s/ Tiewei Song
  Name:  Tiewei Song
  Title: Chief Executive Officer

 

 

2

 

 

 

Exhibit 99.1

 

BIMI International Medical Inc. Announces Second Quarter 2023 Financial Results

 

NEW YORK, November 27, 2023 — BIMI International Medical Inc. (the “Company”), a leading medical solutions provider, today announced its financial results for the three months ended June 30, 2023. The Company reported a significant increase in gross margin underlining the ongoing success of its business strategy and operational effectiveness.

 

Revenues for the six months ended June 30, 2023 and 2022 were $8,755,303 and $5,543,745, respectively. Compared with the same period in 2022, revenue increased by $3,211,558, due to the inclusion of the revenues of Phenix Bio Inc., which was acquired on March 15, 2023. The revenues of the Zhongshan, Qiangsheng, Eurasia, and Minkang hospitals, that were held for sale, were accounted for separately.

 

For the six months ended June 30, 2023, and 2022, the Company achieved gross margins of 52% and 15%, respectively, reflecting the high margins for the herbal supplements sold by Phenix Bio Inc..

 

The Company also reported changes in its cash position and working capital. On June 30, 2023, BIMI had cash of $1,931,744 and positive working capital of $6,604,643 as compared to cash of $2,336,636 and negative working capital of $326,672 on December 31, 2022.

 

“We are delighted with the initial success achieved by Phenix Bio Inc.”, said Mr. Tiewei Song, the CEO of BIMI International Medical Inc. 

 

About BIMI International Medical Inc.

 

BIMI International Medical Inc. is a healthcare products and services provider, offering a broad range of healthcare products and related services and operates five private hospitals in China. For more information, 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 COVID-19, the demand for the Company’s products and services in the People’s Republic of China, the continued positive results of the recently acquired Phenix Bio subsidiary, 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.

 

Investor Relations Contact

 

Investor Relations Department of BIMI International Medical Inc.

 

Email: vinson@usbimi.com

Tel: +1 949 981 6274

 

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