BDMD on Nasdaq
Baird Medical Investment Holdings Ltd
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Last updated Oct 16, 2026.
Overview
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Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
83.8%Gross margin2
-113.7%Operating margin2
-121.0%Net margin2
-39.2%Revenue growth, 20252
-87.0%Return on equity2
0.19×Debt to equity2
-$1.4MFree cash flow2
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Microwave Ablation Needles brought in 76% of the revenue Baird Medical Investment Holdings Ltd broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Microwave Ablation Needles | $26.3M | $33.8M | $17.2M |
| Microwave Ablation Therapeutic Apparatus | $4.7M | $3.2M | $5.3M |
Regions
China brought in 60% of the revenue Baird Medical Investment Holdings Ltd broke down this way in fiscal 2025.
Regions by year
| Regions | 2023 | 2024 | 2025 |
|---|---|---|---|
| China | $31.5M | $36.2M | $13.5M |
| Hong Kong | $8.0M | ||
| United States | $852.2K | $938.7K | |
| MY | $106.0K | ||
| NP | $8.5K |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue15¢$3.7M
- Research and development81¢$20.1M
- Income tax5¢$1.2M
Out of $22.5M in revenue.2 The company lost money this year.
Financial statements
No quarterly figures reported.
Every line of the income statement in the latest annual report, as filed.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Revenues | $22.5M | $37.0M | $31.5M |
| Cost of revenues | -$3.7M | -$4.4M | -$4.2M |
| Gross profit | $18.9M | $32.7M | $27.2M |
| Selling and marketing expenses | -$10.3M | -$4.1M | -$2.5M |
| General and administrative expenses | -$14.1M | -$7.1M | -$8.5M |
| Research and development expenses | -$20.1M | -$6.2M | -$4.3M |
| Total operating expenses | -$44.5M | -$17.3M | -$15.4M |
| Income/(loss) from operations | -$25.6M | $15.3M | $11.9M |
| Interest expense, net | -$737.4K | -$576.4K | -$284.3K |
| Subsidy income | $93.4K | $266 | $792.0K |
| Other expenses, net | -$100.2K | -$651.7K | -$10.2K |
| Income/(loss) before income tax | -$26.4M | $14.1M | $12.4M |
| Income tax provision | -$1.2M | -$1.5M | -$1.7M |
| Net income/(loss) | -$27.5M | $12.6M | $10.7M |
| Less: Net Loss/(income) attributable to non-controlling interests | $263.1K | -$144.7K | -$112.2K |
| Net income/(loss) attributable to Baird Medical Investment Holdings Limited's shareholders | -$27.3M | $12.5M | $10.5M |
| Foreign currency translation adjustment | $1.8M | -$1.1M | -$728.7K |
| Total comprehensive income/(loss) | -$25.8M | $11.5M | $9.9M |
| Less: Non-controlling interests | $245.4K | -$144.7K | -$112.2K |
| Comprehensive income/(loss) attributable to Baird Medical Investment Holdings Limited's shareholders | -$25.5M | $11.3M | $9.8M |
| Net income/(loss) per share, basic (in dollars per share) | -$0.98 | $0.57 | $0.51 |
| Net income/(loss) per share, diluted (in dollars per share) | -$0.98 | $0.57 | $0.51 |
| Weighted average number of shares - basic (in shares) | 27.8M shares | 21.8M shares | 20.6M shares |
| Weighted average number of shares - diluted (in shares) | 27.8M shares | 21.8M shares | 20.6M shares |
| Stock-based compensation expenses | $17.5M | $0 | $0 |
No quarterly figures reported.
Every line of the balance sheet in the latest annual report, as filed.2
| Period ending | 2025-12-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|
| Cash | $178.3K | $3.0M | |
| Restricted cash | $387.5K | ||
| Accounts receivable, net | $42.5M | $46.6M | |
| Inventories | $1.1M | $1.3M | |
| Prepayments, net | $10.5M | $10.3M | |
| Deposits and other assets, net | $240.5K | $295.8K | |
| Due from related parties | $3.0K | $2.9K | |
| Total Current Assets | $55.0M | $61.4M | |
| Property and equipment, net | $6.4M | $7.1M | |
| Intangible assets, net | $8.6K | $16.5K | |
| Deferred tax assets | $762.3K | $714.5K | |
| Right-of-use assets | $175.2K | $475.1K | |
| Goodwill | $60.3K | $57.8K | |
| Prepayments - non current | $7.1M | $8.0M | |
| Deposits and other assets - non current | $241.2K | $121.5K | |
| Total Non-Current Assets | $14.7M | $16.5M | |
| Total Assets | $69.7M | $78.0M | |
| Short-term bank loans | 73.0M CNY | 118.0M CNY | |
| Tax payables | $3.1M | $2.9M | |
| Salaries and benefits payable | $678.2K | $797.9K | |
| Contract liability | $793.4K | $792.1K | |
| Short-term lease liabilities | $115.0K | $264.3K | |
| Accounts payable | $1.8M | $1.3M | |
| Amounts due to a related party | $4.9M | $3.7M | |
| Accrued listing expenses payable | $5.2M | $5.3M | |
| Accrued expenses and other payables | $2.7M | $2.5M | |
| Deferred tax liabilities | $8.8K | $45.2K | |
| Long-term loan - current portion | $2.6M | $867.8K | |
| Total Current Liabilities | $32.4M | $34.6M | |
| Long-term lease liabilities | $27.6K | $136.7K | |
| Long-term loan - non current | $6.1M | $3.4M | |
| Total Non-Current Liabilities | $6.1M | $3.6M | |
| Total Liabilities | $38.5M | $38.2M | |
| Preferred shares, $0.0001 par value; 5,000,000 shares authorized; 290,000 shares issued and outstanding as of December 31, 2025 and 2024 | $29 | $29 | |
| Ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 40,979,382 shares issued, 30,752,370 shares outstanding as of December 31, 2025; 35,728,625 shares issued,25,555,096 shares outstanding as of December 31, 2024 | $3.1K | $2.6K | |
| Additional paid-in capital | $28.7M | $11.4M | |
| Statutory reserve | $4.6M | $4.6M | |
| Retained earnings | -$515.4K | $26.8M | |
| Accumulated other comprehensive loss | -$1.4M | -$3.1M | |
| Total Baird Medical Investment Holdings Limited's Shareholders' Equity | $31.4M | $39.7M | |
| Non-controlling interests | -$144.1K | $101.3K | |
| Total Liabilities and Equity | $69.7M | $78.0M | |
| Preferred stock, par value (in dollars per share) | $0.00 | $0.00 | |
| Preferred stock, shares authorized (in shares) | 5.0M shares | 5.0M shares | |
| Preferred stock, shares issued (in shares) | 290.0K shares | 290.0K shares | |
| Preferred stock, shares outstanding (in shares) | 290.0K shares | 290.0K shares | |
| Ordinary shares, par value (in dollars per share) | $0.00 | $0.00 | |
| Ordinary shares, shares authorized (in shares) | 500.0M shares | 500.0M shares | |
| Ordinary shares, shares issued (in shares) | 41.0M shares | 35.7M shares | |
| Ordinary shares, shares outstanding (in shares) | 30.8M shares | 25.6M shares | 29.4M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income/(loss) | -$27.5M | $12.6M | $10.7M |
| Depreciation and amortization | $1.1M | $1.1M | $1.0M |
| Deferred tax expense (benefit) | -$53.5K | $32.8K | -$542.0K |
| Allowance for credit losses | $672.9K | $2.3M | $2.2M |
| Recovery of allowance for expected credit losses | -$100.3K | -$1.1M | $0 |
| Share-based compensation | $17.5M | ||
| Prepaid and other current assets provision | $117.7K | ||
| Amortization of right-of-use assets | $312.0K | $368.3K | $357.3K |
| Accounts receivable | $5.3M | -$17.8M | -$9.7M |
| Inventories | $260.3K | -$187.5K | $113.7K |
| Prepayments | $1.4M | -$4.7M | -$5.3M |
| Deposits and other assets | -$45.0K | -$153.9K | -$149.8K |
| Accounts payable | $483.9K | $727.8K | $341.5K |
| Contract liabilities | -$32.5K | $310.2K | -$173.1K |
| Lease liabilities | -$268.4K | -$497.4K | -$253.6K |
| Accrued expenses and other payables | -$450.9K | -$1.6M | $1.2M |
| Taxes payable | $96.4K | $2.2M | -$972.5K |
| Net cash used in operating activities | -$1.3M | -$6.3M | -$1.0M |
| Purchase of property and equipment | -$42.3K | -$2.9M | -$2.6M |
| Interest-free advances made to a related party | -$14.1K | ||
| Received repayment of Interest-free advance to a related party | $386.6K | ||
| Net cash used in investing activities | -$42.3K | -$2.5M | -$2.7M |
| Proceeds from short-term bank loans | $11.5M | $19.3M | $9.6M |
| Repayments of short-term bank loans | -$17.8M | -$11.0M | -$7.5M |
| Proceeds from long-term loan | $6.4M | $2.8M | $2.5M |
| Payment of long-term loan | -$2.3M | -$806.8K | -$194.0K |
| Proceeds from PIPE investment | $2.9M | ||
| Proceeds of Interest-free advances for operation from related parties | $882.5K | $20.9K | |
| Repayment of Interest-free advances for operation to a related party | -$118.9K | -$119.8K | |
| Payment of listing cost | -$2.9M | -$877.7K | |
| Net cash (used in)/provided by financing activities | -$1.4M | $10.3M | $3.5M |
| Effect of exchange rate changes | $375.8K | -$94.3K | -$3.1K |
| Net change in Cash and restricted cash | -$2.4M | $1.5M | -$200.4K |
| Cash paid for income taxes | $836.6K | $1.8M | $2.6M |
| Cash paid for interest | $737.7K | $576.8K | $285.8K |
| Right-of-use assets obtained in exchange for operating lease liabilities | $19.7K | ||
| Listing expense paid by a related party | $235.0K |
Compare Baird Medical Investment Holdings Ltd with another company
Recent filings
- Oct 1, 2026SCHEDULE 13G
- Sep 30, 20266-K
- Sep 30, 20266-K
- Sep 24, 2026424B5
- Sep 3, 20266-K
- Aug 18, 2026424B3
- Aug 17, 2026EFFECT
- Aug 17, 2026EFFECT
- Aug 6, 2026F-3/A
- Aug 6, 2026POS AM
- Jul 31, 2026SCHEDULE 13D
- Jul 31, 20263
- Jul 27, 202620-F/A
- May 22, 2026F-3
- May 22, 2026POS AM
Every filing from the last three years, summarized. The full record is on SEC EDGAR.1
Sources
The numbers on this page point here. Each one links to the record it came from.
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