Baird Medical Reports 25% Revenue Growth and Positive Net Income for Six Months Ended June 30, 2026

Baird Medical posted strong revenue and margin growth for first-half 2026, turning EBITDA and adjusted EBITDA positive while sharply reducing operating expenses.

Rhea-AI Summary

Baird Medical (BDMD) reported preliminary unaudited results showing revenue of approximately $9.9 million for the six months ended June 30, 2026, up 24.6% from $8.0 million a year earlier.

Growth was driven mainly by markets outside mainland China, with about two thirds of revenue generated internationally and the United States and Hong Kong as key contributors. Gross profit rose to $8.6 million from $6.5 million, lifting gross margin to 87.0% from 82.1%, helped by geographic and product mix shifts. Total operating expenses dropped to $7.8 million from $17.0 million, as sharply lower research and development and general and administrative costs more than offset higher selling and marketing spend tied to the U.S. commercial ramp.

Net income was $13,499, compared with a net loss of $11.4 million in the prior-year period. EBITDA improved to about $1.6 million from negative $9.7 million, and adjusted EBITDA reached approximately $4.0 million versus negative $3.3 million, reflecting higher gross profit and reduced operating expenses.

Positive

• Revenue +24.6% YoY to $9.9 million for the six months ended June 30, 2026
• Gross profit increased to $8.6 million, with margin rising to 87.0% from 82.1%
• Operating expenses fell to $7.8 million from $17.0 million, driven by lower R&D and G&A
• Net income swung to a $13,499 profit from an $11.4 million loss
• EBITDA improved to $1.57 million and adjusted EBITDA to $3.95 million from negative levels
• U.S. revenue mix reached about 27% of first-half sales versus less than 2% a year ago

Negative

• Net income remains modest at $13,499 despite strong year-over-year improvement
• Cash and restricted cash decreased to $289,083 from $565,817 as of year-end 2025
• Selling and marketing expenses rose to $3.0 million from $1.1 million with the commercial ramp
• Short-term loans stood at $10.8 million, contributing to total liabilities of $39.2 million
• Share-based compensation of $2.39 million remains a sizable non-cash expense in adjusted EBITDA

News Explained

The preliminary balance-sheet snapshot adds $289,083 of cash and restricted cash against $34.9 million of current liabilities as of June 30, 2026, leaving the company’s reported near-term liquidity position materially smaller than its obligations.

Market reaction after 1H26 earnings report: BDMD +7.14%

+7.14% $1.20 2.0x vol

15m delay

+7.14% Vs previous close

$1.20 Last Price

$1.09 $1.20 Day Range

$38.38M Market Cap

2.0x Rel. Volume

Following this news, BDMD has gained 7.14%, reflecting a notable positive market reaction. The stock is currently trading at $1.20. Trading volume is above average at 2.0x the average, suggesting increased trading activity.

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Market Context

A prior BDMD partnership announcement produced a 0% 24-hour move, adding a mixed historical benchmar...

Analysis

A prior BDMD partnership announcement produced a 0% 24-hour move, adding a mixed historical benchmark to this financial update. The figures were preliminary and unaudited; final adjustments and future regulatory clearances remained key watchpoints.

Key Figures

Revenue: $9.9 million Revenue growth: 24.6% Gross profit: $8.6 million +5 more

8 metrics

Revenue $9.9 million First half of 2026; up 24.6% from $8.0 million

Revenue growth 24.6% First half of 2026 versus the six months ended June 30, 2025

Gross profit $8.6 million First half of 2026; up 32.0% from $6.5 million

Gross margin 87.0% First half of 2026 versus 82.1% in the prior-year period

Operating expenses $7.8 million First half of 2026 versus $17.0 million in the first half of 2025

Net income $14,000 First half of 2026 versus a net loss of $(11.4) million

EBITDA $1.6 million First half of 2026

Adjusted EBITDA $4.0 million First half of 2026 versus $(3.3) million in the same period last year

Historical Context

5 past events · Latest: Aug 20 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Aug 20	Product registrations	Positive	-2.5%	Pakistan registrations strengthened the company's regulatory base and commercial expansion.
Aug 10	Strategic partnership	Positive	+0.0%	IRE partnership expanded planned global development and commercialization capabilities.
Jun 29	International procedures	Positive	+7.5%	First MWA procedures in Vietnam and Argentina marked entry into new markets.
Jun 09	Headquarters relocation	Positive	+0.0%	New York headquarters supported U.S. leadership and commercial expansion.
Apr 29	Full-year results	Negative	+1.8%	2025 revenue declined and the company reported a significant annual net loss.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

BDMD's positive international-expansion and partnership announcements produced mixed outcomes, with four of five selected events diverging from the announcement sentiment.

Key Terms

microwave ablation, ebitda, adjusted ebitda, non-gaap financial measure, +1 more

5 terms

microwave ablation medical

"The Company’s lead product, a microwave ablation (MWA) system"

Microwave ablation is a medical procedure that uses focused microwave energy to heat and destroy abnormal tissue, such as tumors, through a needle-like probe inserted into the body; think of it as using a tiny, targeted microwave oven to cook away problem cells without large incisions. It matters to investors because it represents a growing category of minimally invasive treatments that can reduce hospital stays, create demand for specialized devices and disposables, and influence reimbursement and adoption trends in healthcare markets.

ebitda financial

"The Company achieved approximately $1.6 million in EBITDA"

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

View in glossary

adjusted ebitda financial

"with adjusted EBITDA of approximately $4.0 million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

non-gaap financial measure financial

"EBITDA is a non-GAAP financial measure"

A non-GAAP financial measure is a way companies present their financial results that excludes certain expenses or income to show how they believe their core business is performing. It matters because it can give a clearer picture of how the company is really doing, but it can also be used to make results look better than they actually are.

fda-cleared regulatory

"is FDA-cleared for soft tissue ablation"

FDA-cleared means a medical product—typically a device or diagnostic—has passed a U.S. regulator’s review showing it is substantially similar to an existing approved product and is safe and effective for its intended use. For investors, clearance acts like an official safety stamp that lowers regulatory risk and can speed market access, comparable to getting a trusted roadworthy certificate before selling cars, which can make sales and adoption happen faster.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Revenue increase driven by significant growth in the United States and other strategic markets

NEW YORK, Sept. 03, 2026 (GLOBE NEWSWIRE) -- Baird Medical Investment Holdings Ltd. (NASDAQ: BDMD) (“Baird Medical” or the “Company”), today announced preliminary unaudited financial results for the six months ended June 30, 2026.

Revenue for the first half of 2026 was approximately $9.9 million, an increase of 24.6% over $8.0 million reported for the six months ended June 30, 2025. The increase in revenue was primarily attributable to growth outside of the People’s Republic of China, including in the United States, as well as licensing revenue. Approximately two thirds of revenue for the period was generated from markets outside of the PRC, with Hong Kong and the U.S. being the main contributing regions.

Gross profit for the period was $8.6 million, an increase of 32.0% compared to $6.5 million in the first half of 2025. Gross margin was 87.0% for the six months ended June 30, 2026, compared to 82.1% for the prior-year period. The increase in gross margin was primarily attributable to shifts in both the geographic breakdown of sales and revenue mix.

Total operating expenses for the period were $7.8 million, compared with $17.0 million in the first half of 2025, primarily attributable to significant reductions in both Research and Development and General and Administrative expenses, partially offset by an increase in Selling and Marketing expenses associated with the ongoing commercial ramp in the United States and globally.

Net income for the period was approximately $14,000, compared to a net loss of $(11.4) million in the first half of 2025.

The Company achieved approximately $1.6 million in EBITDA, with adjusted EBITDA of approximately $4.0 million for the first half of 2026. This compares with EBITDA and adjusted EBITDA of $(9.7) million and $(3.3) million in same period last year. The growth in EBITDA and adjusted EBITDA was mainly attributable to increased gross profit and reduced operating expenses.

“The top-line growth we achieved in the first half of 2026 reflects the continued, successful execution of our international growth strategy as well as ongoing progress toward the diversification of our revenue base beyond our core MWA technology. Moreover, the positive net income, EBITDA and adjusted EBITDA for the period are a clear indication of improvement in operating performance,” said Haimei Wu, Chairwoman and CEO of Baird Medical. “With approximately 27% of our first half revenue coming from the U.S. compared to less than 2% in the first half of 2025, we believe that our expanded commercial efforts are beginning to generate tangible results as we continue to increase our presence and deepen engagement with physicians and healthcare institutions, driving awareness of the benefits of our minimally invasive approach to tumor ablation. As we build on our established global footprint, demonstrated by recent expansions in Argentina, Vietnam, and Pakistan, we believe this growth positions us well for continued expansion.”

“Our U.S. commercial expansion is progressing ahead of plan, as we have expanded our sales team and now have coverage in multiple key territories,” added Mark Saxton, Chief Executive Officer of Baird Medical’s U.S. subsidiary. “We remain confident in the potential of the U.S. market and are deeply committed to expanding not only our business but the overall MWA market as we continue to move ahead. While the opportunity in MWA is significant, we are working to further expand our product offering to generate further value for our physician partners. These R&D initiatives are progressing, and we anticipate submitting multiple additional products for regulatory clearances in the future.”

The interim financial information presented in this release is preliminary and unaudited, and remains subject to year-end closing adjustment, if any.

Non-GAAP Financial Measures: The Company prepares and analyzes operating and financial data and non-GAAP measures to assess the performance of its business, make strategic and offering decisions and build its financial projections. The key non-GAAP measures it uses are EBITDA and Adjusted EBITDA. EBITDA is defined as net income (loss) before interest expense, interest income, income tax expense, depreciation and amortization expenses. EBITDA is a non-GAAP financial measure. EBITDA is included in this filing because we believe that EBITDA provides meaningful supplemental information for investors regarding the performance of our business and facilitates a meaningful evaluation of actual results on a comparable basis with historical results. Adjusted EBITDA is also a non-GAAP financial measure. We believe Adjusted EBITDA, which is defined as EBITDA and further excluding stock-based compensation expense, provides meaningful supplemental information for investors when evaluating our results and comparing us to peer companies as stock-based compensation expense represents a significant non-cash charge. We use these non-GAAP financial measures in order to have comparable financial results to analyze changes in our underlying business from quarter to quarter. However, there are a number of limitations related to the use of non-GAAP measures and their nearest GAAP equivalents. For example, other companies may calculate non-GAAP measures differently, or may use other measures to calculate their financial performance and, therefore, any non-GAAP measures we use may not be directly comparable to similarly titled measures of other companies. Investors should not consider our non-GAAP financial measures in isolation or as a substitute for an analysis of our results as reported under GAAP.

Reconciliations of EBITDA and Adjusted EBITDA to their most comparable GAAP financial measure are set forth below.

		For the six months ended
		June 30,
		2026			2025
Net Income/ (Net Loss)		$	13,499		$	(11,359,127	)
(+) Depreciation and Amortization			682,559			789,932
(+) Income Tax			560,747			559,131
(+) Interest Expenses, net			311,272			357,453
EBITDA			1,568,077			(9,652,611	)
(+) Share-based compensation			2,385,000			6,328,781
Adjusted EBITDA		$	3,953,077		$	(3,323,830	)

About Baird Medical

Baird Medical is a global, pioneering medical device company specializing in minimally invasive ablation technologies for a range of solid tumors. The Company’s lead product, a microwave ablation (MWA) system, is FDA-cleared for soft tissue ablation and is being launched in the U.S. primarily for the treatment of benign thyroid nodules. In addition, the Company is expanding its minimally invasive technology portfolio, including IRE-based products and an AI-powered robotic ablation system.

Baird Medical's MWA solutions have been adopted by a growing number of leading U.S. institutions and private practice groups, including the Mayo Clinic, Columbia University Medical Center, and The George Washington University Hospital. The company is rapidly expanding its global commercial footprint, with sales now reaching markets across multiple continents.

Forward-Looking Statements

This press release includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Baird Medical's future financial or operating performance. In some cases, you can identify forward-looking statements by terminology such as "may", "could", "should", "expect", "intend", "might", "will", "estimate", "anticipate", "believe", "budget", "forecast", "intend", "plan", "potential", "predict", or "continue", or the negatives of these terms or variations of them or similar terminology. Forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Baird Medical and its management, are inherently uncertain. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. You should not place undue reliance on forward-looking statements in this press release, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. Baird Medical does not undertake any duty to update these forward-looking statements.

Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, including, without limitation: (1) the risk that Baird Medical may not be successful in expanding its business in China or the United States; (2) changes in general economic conditions; (3) regulatory conditions and developments; (4) changes in applicable laws or regulations; (5) the nature, cost and outcome of pending and future litigation and other legal proceedings instituted against Baird Medical or others; and (6) other risks and uncertainties from time to time described in the Registration Statement relating to the Business Combination and the transition report, including those listed under the sections titled "Risk Factors" therein, and in ExcelFin's other filings with the SEC.

The foregoing list of factors is not exclusive. Additional information concerning certain of these, and other risk factors is contained in ExcelFin's most recent filings with the SEC and in the Registration Statement described above filed by Baird Medical in connection with its business combination with ExcelFin. All subsequent written and oral forward-looking statements concerning Baird Medical, the business combination described herein, or other matters attributable to Baird Medical or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Baird Medical expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

Contact:

Lee Roth
Burns McClellan for Baird Medical
Lroth@burnsmc.com

BAIRD MEDICAL INVESTMENT HOLDINGS LIMITED CONSOLIDATED BALANCE SHEETS (All amounts in U.S. dollars, or otherwise noted)
		As of
		June 30,2026			December 31, 2025
		USD			USD
ASSETS
Current assets:
Cash and Restricted cash		289,083			565,817
Accounts receivable, net-current		30,681,684			42,528,919
Inventories		1,033,394			1,085,783
Prepayments, deposits and other assets - current		13,079,738			10,786,012
Amounts due from related parties		2,942			2,987
Total current assets		45,086,841			54,969,518
Total non-current assets		28,763,062			14,731,497
Total assets		73,849,903			69,701,015
LIABILITIES AND EQUITY
Current liabilities:
Short-term loan		10,760,200			10,431,850
Accounts payable due to third parties		1,341,382			1,805,042
Long-term loans, current portion		3,320,980			2,637,036
Contract liability		2,443,962			793,412
Accrued expenses and payable		9,852,098			8,585,754
Tax payables		3,494,455			3,098,410
Amounts due to related party		3,540,857			4,888,289
Lease liability due within one year		141,893			115,031
Deferred tax liabilities		6,500			8,758
Total current liabilities		34,902,327			32,363,582
Total non-current liabilities		4,321,856			6,113,891
Total liabilities		39,224,183			38,477,473
EQUITY:
Ordinary shares		3,200			3,075
Preferred shares		29			29
Additional paid-in capital		31,043,399			28,658,524
Statutory reserve		4,593,955			4,593,312
Accumulated deficits		(480,653	)		(515,415	)
Accumulated other comprehensive loss		(385,905	)		(1,371,894	)
Total controlling shareholder's equity		34,774,025			31,367,631
Non-controlling interests		(148,305	)		(144,089	)
Total equity		34,625,720			31,223,542
Total liabilities and equity		73,849,903			69,701,015

BAIRD MEDICAL INVESTMENT HOLDINGS LIMITED CONSOLIDATED STATEMENTS OF OPERATIONS (All amounts in U.S. dollars, or otherwise noted)
		For the Six Months Ended June 30,
		2026			2025
		USD			USD
Revenues		9,915,407			7,959,494
Less: Cost of revenues		(1,291,612	)		(1,424,240	)
Gross profit		8,623,795			6,535,254
		87.0	%		82.1	%
Operating costs and expenses:
Selling and marketing expenses		(2,984,101	)		(1,127,725	)
Research and development expenses		(1,391,913	)		(7,180,293	)
General and administrative expenses		(3,400,975	)		(8,677,640	)
Total operating costs and expenses		(7,776,989	)		(16,985,658	)
Income (loss) from operations		846,806			(10,450,404	)
Other expenses, net:
Interest income		23,417			762
Interest expense		(334,689	)		(358,215	)
Other income, net		38,712			7,861
Total other expense, net		(272,560	)		(349,592	)
Income (loss) before income taxes		574,246			(10,799,996	)
Income taxes		(560,747	)		(559,131	)
Net income (loss)		13,499			(11,359,127	)

FAQ

What did Baird Medical (BDMD) report for revenue in the first half of 2026?

Baird Medical reported revenue of $9,915,407 for the six months ended June 30, 2026. This represents an increase of 24.6% compared with $7,959,494 in the same period of 2025, driven mainly by growth in the United States and other markets outside mainland China.

How did Baird Medical (BDMD) move from a net loss to net income in the first half of 2026?

The company recorded net income of $13,499 for the first half of 2026, compared with a net loss of $11,359,127 a year earlier. This turnaround reflects higher gross profit from revenue growth and a substantial reduction in total operating expenses versus the prior-year period.

What were Baird Medical's EBITDA and adjusted EBITDA for the six months ended June 30, 2026 (BDMD)?

For the first half of 2026, Baird Medical generated EBITDA of $1,568,077, compared with negative $9,652,611 in 2025. Adjusted EBITDA, which excludes stock-based compensation, was $3,953,077, versus negative $3,323,830 a year earlier, reflecting improved operating performance.

How did Baird Medical's gross margin change in the first half of 2026 (BDMD)?

Gross profit increased to $8,623,795 in the first half of 2026 from $6,535,254 a year earlier. Gross margin rose to 87.0% from 82.1%, mainly due to changes in geographic sales mix and revenue composition, including greater contributions from international and licensing revenue.

What was the geographic revenue mix for Baird Medical (BDMD) in the first half of 2026?

Approximately two thirds of revenue in the first half of 2026 came from markets outside the People’s Republic of China. The United States and Hong Kong were the main contributors, with the U.S. accounting for about 27% of revenue compared with less than 2% in the prior-year period.

How did operating expenses change for Baird Medical (BDMD) in the first half of 2026?

Total operating expenses declined to $7,776,989 from $16,985,658 in the first half of 2025. Research and development and general and administrative costs fell significantly, while selling and marketing expenses increased as the company expanded its U.S. and global commercial efforts.

What does the balance sheet show about Baird Medical's financial position at June 30, 2026 (BDMD)?

As of June 30, 2026, Baird Medical reported total assets of $73,849,903 and total liabilities of $39,224,183, resulting in total equity of $34,625,720. Cash and restricted cash were $289,083, and short-term loans were $10,760,200.