Baird Medical Reports Full Year 2025 Financial Results and Provides Corporate Update
Rhea-AI Summary
Baird Medical (NASDAQ: BDMD) reported full year 2025 revenue of $22.5 million, down 39.2% from $37.0 million in 2024, driven mainly by policy-related slowdown in Mainland China. Gross margin was 83.8% and loss from operations was $25.6 million. Total operating expenses rose to $44.5 million, including $17.5 million of one-time share-based compensation. The company named Mark Saxton CEO of Baird U.S. and established a North American production hub with MPS Medical to support U.S. commercial expansion and product advancement.
Positive
- Revenue of $22.5 million in 2025
- Gross margin of 83.8% in 2025
- Appointed Mark Saxton as CEO of Baird U.S.
Negative
- Revenue declined 39.2% year-over-year
- Operating expenses rose to $44.5 million
- Net loss before tax of $26.4 million
News Market Reaction – BDMD
In the Apr 29 session, BDMD gained 1.79%, reflecting a mild positive market reaction. Argus tracked a peak move of +10.6% during that session. Our momentum scanner triggered 2 alerts that day, indicating moderate trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Oct 11 | Earnings update | Positive | -12.9% | Preliminary 1H24 financials with revenue, profit, and income growth plus Nasdaq listing. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Prior earnings news showed strong fundamentals but a negative -12.89% price reaction, suggesting investors have reacted cautiously to earnings disclosures.
Over the past several months, Baird Medical has emphasized global expansion and technology advancement. A prior Oct 11, 2024 earnings update reported year-over-year growth in revenue, gross profit, operating income, and net income, yet the stock fell 12.89%. In early 2026, news focused on clinical education workshops, regulatory clearances in Argentina, AI-driven surgical software registration, and U.S. expansion at NASIT and NASOIE. Today’s full-year 2025 results contrast that earlier growth narrative with a sharper financial slowdown.
Key Terms
microwave ablation medical
watchful waiting medical
AI-generated analysis. How Rhea-AI works. Not financial advice.
Full year 2025 revenue of
Advancing global expansion with appointment of seasoned commercial leader, Mark Saxton, as CEO of Baird Medical
"2025 was an important period in Baird's evolution as we began executing on our strategy to become a global, innovation-driven med tech organization," said Mrs. Haimei Wu, Chairman and Chief Executive Officer of Baird Medical. "The commercial environment in Mainland China was particularly challenging in light of recent policy changes, which has made our efforts to broaden the Company's geographic footprint of great importance. To that end, we reached an important milestone in the fourth quarter with the appointment of Mark Saxton as the CEO of Baird
"Our Microwave Ablation (MWA) technology offers patients a truly minimally invasive alternative that delivers excellent patient outcomes and reduces the uncertainty associated with watchful waiting. My early conversations with
Fourth quarter 2025 and Recent Operational Highlights:
- In December 2025, the Company announced the appointment of med tech industry veteran Mark Saxton as Chief Executive Officer of its
U.S. subsidiary. Mr.Saxton , a seasoned commercial leader with more than 25 years of experience, will oversee allU.S. operations, including sales, marketing and market development as the Company accelerates its commercial activities, in-line with its geographic expansion and diversification strategy. - Through a partnership with
California -based MPS Medical, Baird established a North American production hub designed to optimize manufacturing and further support the planned commercial expansion in theU.S. [and other Western markets]. - The Company maintained an active presence at key medical congresses throughout the fourth quarter of 2025 and into the first quarter of 2026, including the North American Society of Interventional Thyroidology (NASIT) 2026 Annual Meeting and the North American Society of Interventional Endocrinology (NASOIE) Annual Meeting. These meetings, which are attended by leading clinicians and researchers, play an important role in building awareness of Baird's minimally invasive MWA technology, and the ongoing physician education efforts help to reinforce the value of its technology as a safe and effective alternative to traditional surgery.
Full Year 2025 Financial Results
Revenue for the year ended December 31, 2025 was
Revenue from direct customers decreased from
Revenue from distributors increased from
Cost of revenues for 2025 was
Gross profit for 2025 was
Total operating expenses for 2025 were
Selling, General and Administrative expenses increased to
Research and Development Expenses increased to
Loss from operations for 2025 was
Net loss before income tax for 2025 was
About Baird Medical
Baird Medical is a forward-thinking medical device company specializing in minimally invasive diagnostics and treatment. It is dedicated to the research and development of surgical robotic systems and innovative minimally invasive surgical instruments. Our mission is to enhance patient outcomes through precision technology and advanced diagnostic solutions. The company will foster strategic collaborations with leading academic institutions. Our vision extends beyond surgical assistance, aiming to develop intelligent systems that proactively guide diagnostic decisions and preventive healthcare strategies. As an FDA 510(k)-certified medical device company, Baird Medical's solutions have been used in over 30 prestigious hospitals and clinics across
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
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 their 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 | ||||||
As of December 31, | ||||||
2025 | 2024 | |||||
ASSETS | ||||||
CURRENT ASSETS | ||||||
Cash | $ | 178,321 | $ | 2,970,199 | ||
Restricted cash | 387,496 | — | ||||
Accounts receivable, net | 42,528,919 | 46,575,776 | ||||
Inventories | 1,085,783 | 1,296,577 | ||||
Prepayments, net | 10,545,465 | 10,274,207 | ||||
Deposits and other assets, net | 240,547 | 295,754 | ||||
Due from related parties | 2,987 | 2,862 | ||||
Total Current Assets | 54,969,518 | 61,415,375 | ||||
NON-CURRENT ASSETS | ||||||
Property and equipment, net | 6,370,900 | 7,141,064 | ||||
Intangible assets, net | 8,626 | 16,528 | ||||
Deferred tax assets | 762,289 | 714,461 | ||||
Right-of-use assets | 175,160 | 475,119 | ||||
Goodwill | 60,303 | 57,772 | ||||
Prepayments – non current | 7,113,014 | 8,021,046 | ||||
Deposits and other assets – non current | 241,205 | 121,505 | ||||
Total Non-Current Assets | 14,731,497 | 16,547,495 | ||||
Total Assets | $ | 69,701,015 | $ | 77,962,870 | ||
CURRENT LIABILITIES | ||||||
Short-term bank loans | 10,431,850 | 16,166,000 | ||||
Tax payables | 3,098,410 | 2,873,453 | ||||
Salaries and benefits payable | 678,214 | 797,912 | ||||
Contract liability | 793,412 | 792,102 | ||||
Short-term lease liabilities | 115,031 | 264,316 | ||||
Accounts payable | 1,805,042 | 1,252,667 | ||||
Amounts due to a related party | 4,888,289 | 3,703,700 | ||||
Accrued listing expenses payable | 5,163,238 | 5,341,848 | ||||
Accrued expenses and other payables | 2,744,302 | 2,518,175 | ||||
Deferred tax liabilities | 8,758 | 45,238 | ||||
Long-term loan – current portion | 2,637,036 | 867,772 | ||||
Total Current Liabilities | 32,363,582 | 34,623,183 | ||||
NON-CURRENT LIABILITIES | ||||||
Long-term lease liabilities | 27,637 | 136,683 | ||||
Long-term loan – non current | 6,086,254 | 3,442,526 | ||||
Total Non-Current Liabilities | 6,113,891 | 3,579,209 | ||||
Total Liabilities | $ | 38,477,473 | $ | 38,202,392 | ||
Equity | ||||||
Total Baird Medical Investment Holdings Limited's Shareholders' Equity | 31,367,631 | 39,659,138 | ||||
Non-controlling interests | (144,089) | 101,340 | ||||
Total Shareholders' Equity | 31,223,542 | 39,760,478 | ||||
Total Liabilities and Equity | $ | 69,701,015 | $ | 77,962,870 | ||
BAIRD MEDICAL INVESTMENT HOLDINGS LIMITED | ||||||
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE | ||||||
INCOME/(LOSS) | ||||||
(All amounts in | ||||||
For the years ended December 31, | ||||||
2025 | 2024 | |||||
Revenues | $ | 22,537,016 | $ | 37,037,108 | ||
Cost of revenues | (3,653,278) | (4,383,363) | ||||
Gross profit | 18,883,738 | 32,653,745 | ||||
Operating expenses: | ||||||
Selling and marketing expenses | (10,264,507) | (4,061,116) | ||||
General and administrative expenses | (14,119,024) | (7,103,226) | ||||
Research and development expenses | (20,131,012) | (6,174,365) | ||||
Total operating expenses | (44,514,543) | (17,338,707) | ||||
Income/(loss) from operations | (25,630,805) | 15,315,038 | ||||
Interest expense, net | (737,370) | (576,359) | ||||
Subsidy income | 93,394 | 266 | ||||
Other expenses, net | (100,195) | (651,657) | ||||
Income/(loss) before income tax | (26,374,976) | 14,087,288 | ||||
Income tax provision | (1,166,148) | (1,489,190) | ||||
Net income/(loss) | (27,541,124) | 12,598,098 | ||||
Less: Net Loss/(income) attributable to non-controlling interests | 263,119 | (144,729) | ||||
Net income/(loss) attributable to Baird Medical Investment Holdings Limited's shareholders | (27,278,005) | 12,453,369 | ||||
Other comprehensive loss | ||||||
Foreign currency translation adjustment | 1,786,857 | (1,135,939) | ||||
Total comprehensive income/(loss) | (25,754,267) | 11,462,159 | ||||
Less: Non-controlling interests | 245,429 | (144,729) | ||||
Comprehensive income/(loss) attributable to Baird Medical Investment Holdings Limited's shareholders | $ | (25,508,838) | $ | 11,317,430 | ||
Net income/(loss) per share, basic | $ | (0.98) | $ | 0.57 | ||
Net income/(loss) per share, diluted | $ | (0.98) | $ | 0.57 | ||
Weighted average number of shares-basic | 27,792,704 | 21,826,549 | ||||
Weighted average number of shares-diluted | 27,792,704 | 21,826,549 | ||||
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SOURCE BDMD