Baird Medical Financials
This page shows Baird Medical (BDMD) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
FY2025 exposed an expense-heavy pivot inside a still high-gross-margin business, with liquidity leaning on receivable collection.
In FY2024, reported profit and cash flow diverged sharply: net income was$12.5M while operating cash flow was-$6.3M . A year later, net loss reached-$27.3M while operating cash outflow was only-$1.3M , showing working-capital timing and non-cash effects are dominating what earnings appear to say and making headline profit a weak guide to actual cash strain.
The core product economics still look unusual for a company reporting a loss: gross margin held at
The balance sheet is liquid on paper but cash-thin in practice: the current ratio was 1.7x, yet cash was only
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Baird Medical's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Baird Medical has an operating margin of -113.7%, meaning the company retains $-114 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from 41.3% the prior year.
Baird Medical's revenue declined 39.2% year-over-year, from $37.0M to $22.5M. This contraction results in a growth score of 8/100.
Baird Medical carries a low D/E ratio of 0.19, meaning only $0.19 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 98/100, indicating a strong balance sheet with room for future borrowing.
Baird Medical's current ratio of 1.70 indicates adequate short-term liquidity, earning a score of 30/100. The company can meet its near-term obligations, though with limited headroom.
While Baird Medical generated -$1.3M in operating cash flow, capex of $42K consumed most of it, leaving -$1.4M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Baird Medical generates a -87.0% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from 31.4% the prior year.
Baird Medical passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
For every $1 of reported earnings, Baird Medical generates $0.05 in operating cash flow (-$1.3M OCF vs -$27.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Baird Medical earns $-72.3 in operating income for every $1 of interest expense (-$25.6M vs $354K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Baird Medical generated $22.5M in revenue in fiscal year 2025. This represents a decrease of 39.2% from the prior year.
Baird Medical's EBITDA was -$24.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 249.1% from the prior year.
Baird Medical reported -$27.3M in net income in fiscal year 2025. This represents a decrease of 319.0% from the prior year.
Baird Medical earned $-0.98 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 271.9% from the prior year.
Cash & Balance Sheet
Baird Medical generated -$1.4M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 84.9% from the prior year.
Baird Medical held $178K in cash against $6.1M in long-term debt as of fiscal year 2025.
Baird Medical had 41M shares outstanding in fiscal year 2025. This represents an increase of 14.7% from the prior year.
Margins & Returns
Baird Medical's gross margin was 83.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 4.4 percentage points from the prior year.
Baird Medical's operating margin was -113.7% in fiscal year 2025, reflecting core business profitability. This is down 155.1 percentage points from the prior year.
Baird Medical's net profit margin was -121.0% in fiscal year 2025, showing the share of revenue converted to profit. This is down 154.7 percentage points from the prior year.
Baird Medical's ROE was -87.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 118.4 percentage points from the prior year.
Capital Allocation
Baird Medical invested $20.1M in research and development in fiscal year 2025. This represents an increase of 226.0% from the prior year.
Baird Medical invested $42K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 98.5% from the prior year.
BDMD Income Statement
| Metric | Q4'25 | Q2'25 | Q4'24 | Q4'23 |
|---|---|---|---|---|
| Revenue | N/A | N/A | N/A | N/A |
| Cost of Revenue | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | N/A | N/A | N/A |
| Operating Income | N/A | N/A | N/A | N/A |
| Interest Expense | N/A | N/A | N/A | N/A |
| Income Tax | N/A | N/A | N/A | N/A |
| Net Income | N/A | N/A | N/A | N/A |
| EPS (Diluted) | N/A | N/A | N/A | N/A |
BDMD Balance Sheet
| Metric | Q4'25 | Q2'25 | Q4'24 | Q4'23 |
|---|---|---|---|---|
| Total Assets | $69.7M-9.5% | $77.0M-1.2% | $78.0M+37.5% | $56.7M |
| Current Assets | $55.0M-9.5% | $60.7M-1.1% | $61.4M+53.2% | $40.1M |
| Cash & Equivalents | $178K-91.8% | $2.2M-26.9% | $3.0M+96.6% | $1.5M |
| Inventory | $1.1M-24.1% | $1.4M+10.3% | $1.3M+13.5% | $1.1M |
| Accounts Receivable | $42.5M+4.2% | $40.8M-12.3% | $46.6M+49.8% | $31.1M |
| Goodwill | $60K+2.4% | $59K+1.9% | $58K-2.7% | $59K |
| Total Liabilities | $38.5M-7.0% | $41.4M+8.3% | $38.2M+81.9% | $21.0M |
| Current Liabilities | $32.4M-8.8% | $35.5M+2.4% | $34.6M+82.5% | $19.0M |
| Long-Term Debt | $6.1M+4.7% | $5.8M+68.9% | $3.4M+113.3% | $1.6M |
| Total Equity | $31.4M-11.9% | $35.6M-10.3% | $39.7M+10.9% | $35.8M |
| Retained Earnings | -$515K-103.3% | $15.5M-42.3% | $26.8M+85.9% | $14.4M |
BDMD Cash Flow Statement
| Metric | Q4'25 | Q2'25 | Q4'24 | Q4'23 |
|---|---|---|---|---|
| Operating Cash Flow | N/A | N/A | N/A | N/A |
| Capital Expenditures | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A |
| Investing Cash Flow | N/A | N/A | N/A | N/A |
| Financing Cash Flow | N/A | N/A | N/A | N/A |
| Dividends Paid | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A |
BDMD Financial Ratios
| Metric | Q4'25 | Q2'25 | Q4'24 | Q4'23 |
|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A |
| Net Margin | N/A | N/A | N/A | N/A |
| Return on Equity | N/A | N/A | N/A | N/A |
| Return on Assets | N/A | N/A | N/A | N/A |
| Current Ratio | 1.70-0.0 | 1.71-0.1 | 1.77-0.3 | 2.11 |
| Debt-to-Equity | 0.19+0.0 | 0.16+0.1 | 0.09+0.0 | 0.05 |
| FCF Margin | N/A | N/A | N/A | N/A |
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Frequently Asked Questions
What is Baird Medical's annual revenue?
Baird Medical (BDMD) reported $22.5M in total revenue for fiscal year 2025. This represents a -39.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Baird Medical's revenue growing?
Baird Medical (BDMD) revenue declined by 39.2% year-over-year, from $37.0M to $22.5M in fiscal year 2025.
Is Baird Medical profitable?
No, Baird Medical (BDMD) reported a net income of -$27.3M in fiscal year 2025, with a net profit margin of -121.0%.
What is Baird Medical's EBITDA?
Baird Medical (BDMD) had EBITDA of -$24.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Baird Medical have?
As of fiscal year 2025, Baird Medical (BDMD) had $178K in cash and equivalents against $6.1M in long-term debt.
What is Baird Medical's gross margin?
Baird Medical (BDMD) had a gross margin of 83.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Baird Medical's operating margin?
Baird Medical (BDMD) had an operating margin of -113.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Baird Medical's net profit margin?
Baird Medical (BDMD) had a net profit margin of -121.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Baird Medical's return on equity (ROE)?
Baird Medical (BDMD) has a return on equity of -87.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Baird Medical's free cash flow?
Baird Medical (BDMD) generated -$1.4M in free cash flow during fiscal year 2025. This represents a 84.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Baird Medical's operating cash flow?
Baird Medical (BDMD) generated -$1.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Baird Medical's total assets?
Baird Medical (BDMD) had $69.7M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Baird Medical's capital expenditures?
Baird Medical (BDMD) invested $42K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Baird Medical spend on research and development?
Baird Medical (BDMD) invested $20.1M in research and development during fiscal year 2025.
What is Baird Medical's current ratio?
Baird Medical (BDMD) had a current ratio of 1.70 as of fiscal year 2025, which is generally considered healthy.
What is Baird Medical's debt-to-equity ratio?
Baird Medical (BDMD) had a debt-to-equity ratio of 0.19 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Baird Medical's return on assets (ROA)?
Baird Medical (BDMD) had a return on assets of -39.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Baird Medical's cash runway?
Based on fiscal year 2025 data, Baird Medical (BDMD) had $178K in cash against an annual operating cash burn of $1.3M. This gives an estimated cash runway of approximately 2 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Baird Medical's Piotroski F-Score?
Baird Medical (BDMD) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Baird Medical's earnings high quality?
Baird Medical (BDMD) has an earnings quality ratio of 0.05x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Baird Medical cover its interest payments?
Baird Medical (BDMD) has an interest coverage ratio of -72.3x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Baird Medical?
Baird Medical (BDMD) scores 23 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.