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BDMD on Nasdaq

Baird Medical Investment Holdings Ltd

Surgical and medical instruments and apparatus company in the Cayman Islands1

In its 2026 annual report (Form 20-F) the company says: “We are an exempted company incorporated in the Cayman Islands with limited liability on June 16, 2023 for the purpose of effecting the Business Combination.”4 Its shares trade on Nasdaq under the symbol BDMD.1

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Last updated Oct 21, 2026.

Overview

$22.5MRevenue, fiscal 20252
-$27.3MNet income, fiscal 20252

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  • TickerBDMD on Nasdaq1
  • IndustrySurgical & Medical Instruments & Apparatus1
  • HeadquartersE91
  • Incorporated inCayman Islands3
  • Business address18/F, Ovest, 77 Wing Lok Street, Sheung Wan3
  • Filer categoryNon-accelerated filer, Emerging growth company3

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Our history traces back to June 2012 when Baide Suzhou Medical Co., Ltd., a limited liability company formed in the PRC (“Baide Suzhou”), was established by Haimei Wu, Wenyuan Wu, and two other independent third parties. Thereafter, we commenced our business, which consisted of the distribution of general medical devices in Guangdong, China. In May 2017, Baide Suzhou acquired a 51% equity interest in Nanjing Changcheng Medical Equipment Co., Ltd., a limited liability company formed in the PRC in January 2016 (“Nanjing Changcheng”) and expanded the Company’s business to include the development and provision of microwave ablation medical devices in China. In March 2019, Baide Suzhou acquired the remaining 49% equity interest in Nanjing Changcheng, and Nanjing Changcheng became a wholly owned subsidiary of Baide Suzhou. Over the years, Baird Medical has developed a strategically managed net…4 From its latest annual report

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.

  1. Microwave Ablation Needles$17.2M276%down 49% from 2024
  2. Microwave Ablation Therapeutic Apparatus$5.3M224%up 66% from 2024
Products and services by year
Products and services202320242025
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.

  1. China$13.5M260%down 63% from 2024
  2. Hong Kong$8.0M235%
  3. United States$938.7K24%up 10% from 2024
  4. MY$106.0K20%
  5. NP$8.5K20%
Regions by year
Regions202320242025
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

Revenue52$22.5M in 2025−36% since 2022
0$10.0M$20.0M$30.0M$40.0M2022: $35.1M$35.1M20222023: $31.5M$31.5M2023−10%2024: $37.0M$37.0M2024+18%2025: $22.5M$22.5M2025−39%
Gross profit52$18.9M in 2025−33% since 2022
0$10.0M$20.0M$30.0M$40.0M2022: $28.0M$28.0M20222023: $27.2M$27.2M2023−3%2024: $32.7M$32.7M2024+20%2025: $18.9M$18.9M2025−42%
Operating income52-$25.6M in 2025
-$40.0M-$20.0M0$20.0M2022: $13.6M$13.6M20222023: $11.9M$11.9M2023−13%2024: $15.3M$15.3M2024+29%2025: -$25.6M-$25.6M2025
Net income52-$27.3M in 2025
-$40.0M-$20.0M0$20.0M2022: $12.8M$12.8M20222023: $10.5M$10.5M2023−17%2024: $12.5M$12.5M2024+18%2025: -$27.3M-$27.3M2025

Every line of the income statement as filed: the last 3 fiscal years, latest first.2

Period ending2025-12-312024-12-312023-12-31
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 shares21.8M shares20.6M shares
Weighted average number of shares - diluted (in shares)27.8M shares21.8M shares20.6M shares
Stock-based compensation expenses$17.5M$0$0

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Corporate structure

Baird Medical Investment Holdings Ltd sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Baird Medical Investment Holdings Ltd

  • Baird Medical Investment Holdings Ltd E9

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Baird Medical Investment Holdings Ltd reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$12.3M2 Dec 31, 2025$11.7M2 Dec 31, 2024+4.8%
Accumulated depreciation$5.9M2 Dec 31, 2025$4.6M2 Dec 31, 2024+28.9%
Property and equipment, net$6.4M2 Dec 31, 2025$7.1M2 Dec 31, 2024−10.8%
Operating-lease assets (leased space)$175.2K2 Dec 31, 2025$475.1K2 Dec 31, 2024−63.1%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$178.3K2 Dec 31, 2025$3.0M2 Dec 31, 2024−94.0%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$60.3K2 Dec 31, 2025$57.8K2 Dec 31, 2024+4.4%
Intangible assets, net (excluding goodwill)$8.6K2 Dec 31, 2025$16.5K2 Dec 31, 2024−47.8%
Accumulated amortization$291.9K2 Dec 31, 2025$271.4K2 Dec 31, 2024+7.6%
Finite-lived intangibles, net$8.6K2 Dec 31, 2025$16.5K2 Dec 31, 2024−47.8%

Inventory

ItemLatestA year beforeChange
Inventory, total$1.1M2 Dec 31, 2025$1.3M2 Dec 31, 2024−16.3%
Raw materials$374.7K2 Dec 31, 2025$348.9K2 Dec 31, 2024+7.4%
Work in process$200.0K2 Dec 31, 2025$230.4K2 Dec 31, 2024−13.2%
Finished goods$511.0K2 Dec 31, 2025$717.3K2 Dec 31, 2024−28.8%

Leadership

Who has led Baird Medical Investment Holdings Ltd, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (6)

Filings

81 filings to the SEC since October 2021: 3 annual reports, 9 insider forms, 3 large holders, 66 other. The latest 20:

  1. Oct 1, 2026SCHEDULE 13G EDGAR
  2. Sep 30, 20266-K EDGAR
  3. Sep 30, 20266-K EDGAR
  4. Sep 24, 2026424B5 EDGAR
  5. Sep 3, 20266-K EDGAR
  6. Aug 18, 2026424B3 EDGAR
  7. Aug 17, 2026EFFECT EDGAR
  8. Aug 17, 2026EFFECT EDGAR
  9. Aug 6, 2026POS AM EDGAR
  10. Aug 6, 2026F-3/A EDGAR
  11. Jul 31, 20263 EDGAR
  12. Jul 31, 2026SCHEDULE 13D EDGAR
  13. Jul 27, 202620-F/A EDGAR
  14. May 22, 2026POS AM EDGAR
  15. May 22, 2026F-3 EDGAR
  16. May 8, 2026SCHEDULE 13G EDGAR
  17. Apr 24, 202620-F EDGAR
  18. Apr 21, 20263 OWNERSHIP DOCUMENT EDGAR
  19. Apr 21, 20263 OWNERSHIP DOCUMENT EDGAR
  20. Apr 21, 20263 OWNERSHIP DOCUMENT EDGAR

The 81 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

SEC filer profile

How Baird Medical Investment Holdings Ltd is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARBaird Medical Investment Holdings Ltd1
  • CIK0001982444
  • Filer statusNon-accelerated filer an emerging growth company; not a shell company4
  • Incorporated inCayman Islands4
  • Fiscal year endsDecember 311
  • Industry code (SIC)3841 Surgical & Medical Instruments & Apparatus1
  • SEC reviewing officeOffice of Industrial Applications and Services, Division of Corporation Finance1
  • Business address18/F, Ovest, 77 Wing Lok Street, Sheung Wan, Hong Kong1
  • Phone86 159 1316 51201
  • Shares outstanding40,979,382 shares as of Dec 31, 20254
  • AuditorGuangdong Prouden CPAs GP, Guangzhou, China PCAOB ID 7254; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceJun 26, 20231
  • Filings81 in all: 425 (11), 3 (9), 6-K (8), CORRESP (8), F-4/A (7), UPLOAD (7), EFFECT (4), 424B3 (3)1
    All 25 form types

    F-1/A (3), 20-F (2), POS AM (2), S-8 (2), SCHEDULE 13G (2), SEC STAFF LETTER (2), 20-F/A (1), 20FR12B (1), 424B5 (1), 8-A12B (1), CERT (1), F-1 (1), F-3 (1), F-3/A (1), F-4 (1), NT 20-F (1), SCHEDULE 13D (1)

  • Latest filingsAnnual report (20-F) Apr 24, 2026

Securities registered for trading

ClassSymbolExchange
Ordinary shares, par value US$0.0001 per shareBDMDNasdaq
Redeemable warrants, each whole warrant exercisable for one ordinary share at an exercise price of US$11.50BDMD WNasdaq

From the cover page of the 20-F filed Apr 24, 2026 (Section 12(b) of the Exchange Act).4

Sources

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