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BDMD

Baird Medical Investment Holdings Limited

BDMD

Baird Medical Investment Holdings Limited • NASDAQ
$1.47 ▲ 2.08% (+0.03)
Market Cap $54.41 M
52w High $12.50
52w Low $1.02
Dividend Yield 0%
P/E 3
Volume 65.98K
Outstanding Shares 37.02M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2024 $23.901M ▲ $10.937M ▲ $8.123M ▲ 33.987% ▲ $0.38 ▲ $10.772M ▲
Q2-2024 $13.137M ▼ $6.402M ▼ $4.33M ▼ 32.963% ▼ $-0.318 ▼ $5.682M ▼
Q4-2023 $19.912M ▲ $8.859M ▲ $8.216M ▲ 41.26% ▲ $0.38 ▲ $9.47M ▲
Q2-2023 $11.546M $6.51M $2.33M 20.183% $0.079 $3.406M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2024 $2.97M ▲ $77.963M ▲ $38.202M ▲ $39.659M ▲
Q2-2024 $1.658M ▲ $63.003M ▲ $23.75M ▲ $39.252M ▲
Q2-2023 $180.323K $51.251M $15.328M $35.923M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2024 $8.123M ▲ $-2.353M ▲ $-2.369M ▼ $6.264M ▲ $0 $-4.722M ▼
Q2-2024 $4.33M ▼ $-3.96M ▼ $-484.84K ▲ $4.457M ▲ $0 $-4.445M ▼
Q4-2023 $8.216M ▲ $-1.663M ▼ $-1.374M ▼ $4.02M ▲ $0 ▼ $-3.037M ▼
Q2-2023 $2.33M $642.946K $-1.264M $-558.861K $544.361K $-621.466K

Five-Year Company Overview

Income Statement

Income Statement Revenue has been steadily inching higher over the last few years, and the company has generally remained profitable throughout this period. Gross margins appear solid, suggesting the core products are sold at healthy markups after production costs. Operating profit and net income have both moved in the right direction, showing improving efficiency as the business scales. That said, reported earnings per share have been somewhat volatile, hinting at one‑off factors or changes in share count that make the trend less smooth than the basic profit picture suggests.

Balance Sheet

Balance Sheet The balance sheet has been gradually building up, with total assets and shareholders’ equity both rising over time, which is typical of a young but growing medical device company. Debt has increased but still looks moderate relative to the size of the business, indicating a measured use of borrowing rather than aggressive leverage. The cash line in this data appears minimal or not fully detailed, so it’s hard to judge true liquidity from this snapshot alone. Overall, the company looks asset‑light but on a positive trajectory in terms of scale and capital base, with some reliance on borrowing that should continue to be monitored.

Cash Flow

Cash Flow Despite positive accounting profits, recent cash flow from operations has slipped slightly into negative territory, which means cash is not yet keeping pace with reported earnings. Free cash flow is also mildly negative, reflecting both working capital needs and ongoing investment to support growth. This pattern is common for smaller, expanding med‑tech companies but does highlight execution risk if spending runs ahead of cash generation for too long. Watching whether operating cash flow turns consistently positive over time will be important for assessing the durability of the current business model.

Competitive Edge

Competitive Edge Baird Medical holds a strong niche position in microwave ablation for thyroid and other tumors, especially in China, where it secured a high‑level regulatory approval ahead of rivals. That early regulatory win, plus established hospital relationships and recurring consumable usage, gives it a defensible base business and creates barriers for new entrants. The recent U.S. clearance and early adoption at leading hospitals significantly enhance its global credibility, though penetration is still at an early stage. The main competitive risks come from larger, diversified device companies with deeper sales forces and broader product suites, as well as the need to adapt to differing reimbursement and regulatory environments in each new market.

Innovation and R&D

Innovation and R&D The company is heavily innovation‑driven, with a focused portfolio around minimally invasive microwave ablation, continually refining devices and expanding indications across multiple tumor types. Its push into AI‑enabled guidance and a future surgical robotic platform shows an ambition to move up the technology curve and shape the next generation of image‑guided oncology procedures. If successful, this could deepen its moat by embedding its systems more tightly into hospital workflows and clinical decision‑making. However, such projects are costly, technically complex, and subject to strict regulatory review, so timelines and commercial outcomes are uncertain and could weigh on margins in the meantime.

Summary

Overall, Baird Medical looks like a small but steadily growing med‑tech company that is already profitable on paper, with expanding assets and a clear technological edge in a specialized area of tumor treatment. Its strongest advantages lie in its regulatory head start in China, its first‑mover status in thyroid microwave ablation, and the early validation from top‑tier U.S. centers. The key financial watchpoints are the recent softening of cash flow relative to earnings and the gradual build‑up of debt, which are not alarming yet but matter if growth investments accelerate. Strategically, the big opportunity is global expansion and successful execution on AI‑driven and robotic solutions; the main risks are regulatory delays, slower‑than‑expected adoption outside China, and the need for ongoing capital to fund an ambitious R&D agenda.

NEWS

November 3, 2025 · 8:30 AM UTC

Baird Medical Enters Egyptian Market with First Successful Bone Tumor Ablation

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October 27, 2025 · 8:30 AM UTC

Baird Medical's MWA System Achieves Successful Medicare Reimbursement at Prominent New York Practice

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October 23, 2025 · 8:30 AM UTC

Baird Medical Announces First Successful Liver Tumor Ablation in Bangladesh

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October 21, 2025 · 8:30 AM UTC

Baird Medical Fosters Advanced Physician Training at International Thyroid Microwave Ablation Workshop in Malaysia

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October 20, 2025 · 8:30 AM UTC

Baird Medical Champions Global Collaboration in Microwave Ablation at International Thyroid Workshop

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