Baird Medical Investment Holdings Ltd (BDMD) received notice that its ordinary shares had a closing bid price below the $1.00-per-share minimum for 30 consecutive business days, starting a 180-calendar-day compliance period ending May 3, 2027. The shares continue trading uninterrupted. To regain compliance, the closing bid price must be at least $1.00 for 10 consecutive business days. If BDMD does not meet the requirement by May 3, 2027, it may be eligible for an additional 180-day period if it meets the other applicable listing standards and submits written notice of its intention to cure with a proposed plan; it may also face delisting.
In a separate statement, the company said it was not currently aware of any material development or otherwise undisclosed reason that would explain the recent decline in its ordinary share price.
Baird Medical Investment Holdings Ltd (BDMD) is the issuer whose securities L1 Capital Global Opportunities Master Fund, Ltd. reported beneficially owning 3,551,868 ordinary shares. That amount comprises 110,070 ordinary shares and 3,441,798 shares issuable upon conversion of a Senior 8% Original Issue Discount Convertible Promissory Note, subject to a 9.99% beneficial ownership limitation. The fund reported 9.99% of the class, based on 33,612,440 ordinary shares outstanding as of September 24, 2026. The fund’s directors, David Feldman and Joel Arber, may also be deemed beneficial owners; both disclaim beneficial ownership for all other purposes.
Baird Medical Investment Holdings Ltd (BDMD) entered into a securities purchase agreement and issued a senior convertible note with $4,347,826 principal amount, an 8% original issue discount and a 12-month term from issuance. No interest accrues during the term unless an event of default occurs; default interest is 15% per annum or, if lower, the highest amount permitted by law.
The company also issued 110,070 ordinary shares as Discount Shares for an additional $86,956 discount, calculated using $0.79 per share. The conversion price is the lower of fixed $0.9842 or 92% of the lowest daily VWAP over the seven trading days immediately before a conversion notice (85% upon an event of default), subject to a floor at 20% of Nasdaq minimum price and a 9.99% limit on the Purchaser’s and attribution parties’ beneficial ownership after conversion.
The Purchaser’s additional $3,680,000 lending obligation is exercisable within 180 days of closing, subject to conditions; it may lend another $6 million in two closings within 360 days of the first closing, subject to mutual consent. The company pledged equity interests in Baird Med LLC and qualifying subsidiaries with U.S. connections; the company and Baird Medical LLC granted security interests in substantially all U.S.-located assets, subject to exclusions.
Baird Medical Investment Holdings Ltd (BDMD) reported first-half 2026 revenue of $9,915,407, compared with $7,959,494 in 2025. The company launched technology licensing in the first half of 2026 alongside medical-device sales. Operating expenses totaled $7,776,989, versus $16,985,658; operating income was $846,806, compared with an operating loss of $10,450,404. Net income was $13,499, versus a net loss of $11,359,127.
Operating cash flow was $2,455,000 generated, versus $3,034,877 used. At June 30, cash was $138,551 and restricted cash was $150,532; working capital was $10.2 million. Management concluded there was no substantial doubt about its ability to continue as a going concern, citing Chairwoman and CEO Haimei Wu’s letter stating she could provide $2.0 million, backed by her properties, as necessary for at least 12 months from the financial statements’ issuance, and Betters Medical Investment Holdings Limited’s confirmation that payables due to it would not be required to be repaid during that period. In September, the company described an offering of a $4,347,826 senior convertible promissory note carrying an 8% original issue discount and a 12-month term; it reported receiving approximately $4 million in proceeds on September 8. The note accrues no interest unless an event of default occurs, when interest is 15% annually or the highest amount permitted by law, if lower.
Baird Medical Investment Holdings Ltd. (BDMD) is offering a US$4,347,826 senior 8% original issue discount convertible promissory note, ordinary shares issuable upon conversion, and up to 110,070 commitment shares. It estimates net proceeds of approximately US$3.7 million after offering expenses for general corporate purposes. The note has a 12-month term and accrues no interest unless an event of default occurs.
The conversion price is the lower of a $0.9842 fixed price and, subject to specified events, an alternative price based on 92% of the lowest daily VWAP over the prior seven trading days, or 85% upon an event of default; the floor is $0.158. Up to 27,517,886 ordinary shares may be issued upon conversion at the floor, subject to a 9.99% limit on the holder's and attribution parties' collective beneficial ownership. BDMD reported approximately $22.5 million in fiscal 2025 revenue, down 39.2% from approximately $37.0 million in fiscal 2024, and a net loss of approximately $27.5 million. It also identified material weaknesses in internal controls over financial reporting as of December 31, 2025.
Baird Medical Investment Holdings Ltd (BDMD) reported strong preliminary, unaudited results for the six months ended June 30, 2026, highlighted by a return to profitability and rapid international expansion. Revenue was $9.9 million, up 24.6% from $8.0 million a year earlier, driven mainly by growth outside the PRC, including the United States and licensing revenue. About two thirds of revenue came from markets outside the PRC, with Hong Kong and the U.S. as key contributors.
Gross profit rose to $8.6 million, with gross margin improving to 87.0% from 82.1%, reflecting a favorable geographic and product mix. Total operating expenses fell sharply to $7.8 million from $17.0 million, mainly due to lower R&D and G&A, partially offset by higher selling and marketing spending to support the U.S. and global commercial ramp. Net income was $13,499, compared with an $11.4 million net loss in the prior-year period. EBITDA improved to $1.6 million and Adjusted EBITDA to $4.0 million, versus EBITDA of $(9.7) million and Adjusted EBITDA of $(3.3) million a year ago.
At June 30, 2026, Baird Medical reported total assets of $73.8 million, total liabilities of $39.2 million and total equity of $34.6 million. Cash and restricted cash were $0.29 million, and accounts receivable were $30.7 million. The company emphasized that U.S. revenue grew to approximately 27% of first-half revenue from less than 2% a year earlier, as it expanded its sales team and geographic coverage.
ExcelFin SPAC LLC, a ten percent owner of Baird Medical Investment Holdings Ltd, reported its initial holdings of ordinary shares. The disclosure explains that Fin Venture Capital Management, LLC holds 12.5% and Grand Fortune Capital, LLC holds 87.5% of ExcelFin’s membership interests, with related entities GFCHK and GFC also holding ordinary shares. ExcelFin, FVC and GFC disclaim beneficial ownership of the reported shares except to the extent of any pecuniary interest, and actions regarding ExcelFin’s shares require a majority vote of GFCHK’s three-member board of managers.
Baird Medical Investment Holdings Ltd’s ordinary shares are the subject of a Schedule 13D filed by ExcelFin SPAC LLC, Grand Fortune Capital (HK) Company Limited, and Grand Fortune Capital LLC following a business combination involving the issuer.
Based on 36,725,899 ordinary shares outstanding as of January 15, 2026, ExcelFin beneficially owns 4,249,031 shares (11.6%). Grand Fortune Capital LLC beneficially owns 290,000 shares on an as-converted basis from Series A Preferred Shares (0.8%). Grand Fortune Capital (HK) Company Limited is deemed to beneficially own 7,004,016 shares (19.1%), including ExcelFin’s holdings and the convertible preferred position of Grand Fortune Capital LLC. The securities were obtained through the business combination, conversion of working capital loans at $10.20 per share, and a $2.9 million preferred share subscription. The reporting persons state they hold the position for investment purposes and may acquire or dispose of BDMD securities or discuss strategy, governance, and potential transactions with the company.
Baird Medical Investment Holdings Limited, a thyroid-focused microwave ablation device company, reports a sharp reversal in 2025 results. Revenue fell 39.2% to US$22.5 million from US$37.0 million in 2024, and net income of US$12.6 million in 2024 turned into a net loss of US$27.5 million in 2025. Sales remain concentrated in the PRC, though 2025 included contributions from Hong Kong, the United States, Malaysia and Nepal.
The revenue decline stemmed mainly from slower purchasing and more conservative approval procedures at China hospitals amid an anti-corruption campaign, especially affecting direct sales, while distributor revenue rose modestly. Despite lower volume, gross margin stayed high at 83.8%. The loss was driven by a surge in operating expenses to US$44.5 million, including US$17.5 million of share-based compensation and research and development expenses of US$20.1 million tied to FDA and CE work and AI ablation systems.
Liquidity is tight: cash and restricted cash declined to US$0.6 million at December 31, 2025, though working capital was US$22.6 million. Net accounts receivable were US$42.5 million, equal to 188.9% of 2025 revenue, with 777 days of receivable turnover and most balances overdue. About US$5.8 million was collected through May 29, 2026, and management expects substantial additional collections during 2026–2027. The company renewed and added bank facilities at interest rates around 2.70%–2.71% and obtained a US$2.0 million support commitment and non-demand related-party payables. It also secured device registrations in multiple countries and, based on these factors, management concluded there was no substantial doubt about its ability to continue as a going concern for one year from the financial statement issuance date.
Baird Medical Investment Holdings Ltd filing reports that Alta Partners LLC beneficially owns 1,995,604 shares of common stock, representing common stock issuable upon exercise of outstanding warrants. The position represents 5.1% of the class. The filing states the holdings were not acquired to change or influence control.