BIMI International Medical Inc. (NASDAQ: BIMI noticed its shares down slightly Monday, as the healthcare products and services provider announced its financial results for the fiscal year 2021.
Revenues for the years ended December 31, 2021 and 2020 were $27,079,795 and $12,844,902, respectively. The increase of $14,234,893 is mainly due to the full year of revenues of the Guanzan Group, which was acquired in March 2020 and acquisitions of the Guoyitang, Qiangsheng, Eurasia and Minkang hospitals in 2021.
For 2021, the revenues of the retail pharmacies were $316,647, wholesale medical devices brought in $3,445,107, wholesale pharmaceuticals revenues were $16,905,498 and medical services $6,398,379.
For the year ended December 31, 2021 the Company had a gross profit margin of 17% compared with gross profit margin of 19% for the year ended December 31, 2020.
The decrease in the gross profit margin in 2021 was mainly due to the decrease in the wholesale pharmaceuticals segment from 19.1% in 2020 to 2.7% in 2021 caused by a change in the product mix to products with a lower gross profit margin.
The gross profit margin of the retail pharmacies was 36.8%, wholesale medical devices were 12%, wholesale pharmaceuticals were 2.7% and medical services segments for the year ended December 31, 2021 were 57.3%.
Operating expenses were $12,703,345 for the year ended December 31, 2021, compared to $6,255,098 for the year ended December 31, 2020, an increase of $6,207,182, or 99%.
BIMI shares forfeited a penny to $1.07.
