Baird Medical Financials
Baird Medical (BDMD) reported $22.5M in revenue for fiscal year 2025, down 39.2% from the prior fiscal year. This page shows its 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
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. 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's reported operating margin for fiscal year 2025 is below the lowest share of revenue this page publishes, so the figure is not shown here. This dimension scores 9/100.
Baird Medical's revenue declined 39.2% year-over-year, from $37.0M to $22.5M. This contraction results in a growth score of 7/100.
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 75/100, 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 48/100. The company can meet its near-term obligations, though with limited headroom.
Baird Medical's operations used $1.3M of cash, and capex of $42K added to the outflow, for a free cash flow shortfall of $1.4M. This results in a cash flow score of 14/100.
Baird Medical posts a -87.0% return on equity (ROE), meaning it loses $87 for every $100 of shareholders' equity. This results in a returns score of 12/100. This is down from 31.4% the prior year.
Baird Medical scores 0.08, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($37.7M) relative to total liabilities ($38.5M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
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.
Baird Medical reported a net loss of $27.3M while operations used $1.3M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Baird Medical reported an operating loss of $25.6M against $354K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
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 recorded an outflow of $1.4M in free cash flow in fiscal year 2025, representing a cash shortfall 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.
Not reported for fiscal year 2025.
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 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.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
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.
Not reported for fiscal year 2025.
BDMD Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|
| Revenue | $22.5M-39.2% | $37.0M+17.7% | $31.5M-10.4% | $35.1M |
| Cost of Revenue | $3.7M-16.7% | $4.4M+3.7% | $4.2M-40.1% | $7.1M |
| Gross Profit | $18.9M-42.2% | $32.7M+19.9% | $27.2M-2.9% | $28.0M |
| R&D Expenses | $20.1M+226.0% | $6.2M+44.4% | $4.3M+10.8% | $3.9M |
| SG&A Expenses | $14.1M+98.8% | $7.1M-16.9% | $8.5M+22.8% | $7.0M |
| Operating Income | -$25.6M-267.4% | $15.3M+29.1% | $11.9M-13.0% | $13.6M |
| Interest Expense | $354K-8.8% | $389K+70.5% | $228K-6.5% | $244K |
| Income Tax | $1.2M-21.7% | $1.5M-12.5% | $1.7M-2.6% | $1.7M |
| Net Income | -$27.3M-319.0% | $12.5M+18.1% | $10.5M-17.4% | $12.8M |
| EPS (Diluted) | -$0.98-271.9% | $0.57+11.8% | $0.51+4.1% | $0.49 |
BDMD Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|
| Total Assets | $69.7M-10.6% | $78.0M+37.5% | $56.7M | N/A |
| Current Assets | $55.0M-10.5% | $61.4M+53.2% | $40.1M | N/A |
| Cash & Equivalents | $178K-94.0% | $3.0M+96.6% | $1.5M-11.7% | $1.7M |
| Inventory | $1.1M-16.3% | $1.3M+13.5% | $1.1M | N/A |
| Accounts Receivable | $42.5M-8.7% | $46.6M+49.8% | $31.1M | N/A |
| Goodwill | $60K+4.4% | $58K-2.7% | $59K | N/A |
| Total Liabilities | $38.5M+0.7% | $38.2M+81.9% | $21.0M | N/A |
| Current Liabilities | $32.4M-6.5% | $34.6M+82.5% | $19.0M | N/A |
| Long-Term Debt | $6.1M+76.8% | $3.4M+113.3% | $1.6M | N/A |
| Total Equity | $31.4M-20.9% | $39.7M+10.9% | $35.8M+38.7% | $25.8M |
| Retained Earnings | -$515K-101.9% | $26.8M+85.9% | $14.4M | N/A |
BDMD Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|
| Operating Cash Flow | -$1.3M+78.7% | -$6.3M-519.0% | -$1.0M-309.9% | $486K |
| Capital Expenditures | $42K-98.5% | $2.9M+8.2% | $2.6M-55.4% | $5.9M |
| Free Cash Flow | -$1.4M+84.9% | -$9.2M-150.6% | -$3.7M+32.5% | -$5.4M |
| Investing Cash Flow | -$42K+98.3% | -$2.5M+7.0% | -$2.7M+55.2% | -$5.9M |
| Financing Cash Flow | -$1.4M-113.5% | $10.3M+197.4% | $3.5M-21.2% | $4.4M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
BDMD Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|
| Gross Margin | 83.8%-4.4pp | 88.2%+1.6pp | 86.6%+6.7pp | 79.9% |
| Operating Margin | -113.7% | 41.3%+3.6pp | 37.7%-1.1pp | 38.9% |
| Net Margin | -121.0% | 33.6%+0.1pp | 33.5%-2.9pp | 36.4% |
| Return on Equity | -87.0%-118.4pp | 31.4%+1.9pp | 29.5%-20.1pp | 49.6% |
| Return on Assets | -39.1%-55.1pp | 16.0%-2.6pp | 18.6% | N/A |
| Current Ratio | 1.70-0.1x | 1.77-0.3x | 2.11 | N/A |
| Debt-to-Equity | 0.19+0.1x | 0.090.0x | 0.05 | N/A |
| FCF Margin | -6.2%+18.6pp | -24.8%-13.1pp | -11.6%+3.8pp | -15.4% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin.
Similar Companies
Where Baird Medical Ranks
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.
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 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) recorded an outflow of $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) recorded an outflow of $1.3M in operating cash flow during fiscal year 2025, representing cash used by 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.
How does Baird Medical's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Baird Medical (BDMD) held $178K in cash, cash equivalents and investments, and reported an operating cash outflow of $1.3M over that year. Dividing the one by the other, the reported balance equals about 2 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Baird Medical's Altman Z-Score?
Baird Medical (BDMD) has an Altman Z-Score of 0.08, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
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) reported a net loss of $27.3M while operations used $1.3M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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) reported an operating loss of $25.6M against $354K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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 28 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.