Baird Medical Investment Holdings Ltd
BDMD, BDMDW · Surgical & Medical Instruments & Apparatus · EDGAR filings ↗
Grade
F38China-based thyroid microwave-ablation device maker with collapsing revenue, negative returns and almost no cash runway.
Strengths
- High gross margin 84% (89th pct) and market-leading niche position in PRC thyroid ablation
- Modest leverage (D/E 0.19)
Risks
- Revenue down 39% (5.7th pct), net income growth -319% (1.5th pct), negative ROE -87% and ROIC -54%
- Only $0.18M cash, ~0.5 quarters runway (8.3rd pct) — near cash-out
- PRC governance/VIE-like cash-transfer and HFCAA delisting risk
Notable findings
- Net lossNet loss (net margin -121.0%)
- Cash burnNegative free cash flow (-1.4M)
- Revenue declineRevenue -39.2% YoY
Key metrics
Gross margin
83.8%
Operating margin
-113.7%
Net margin
-121.0%
Return on equity
-87.0%
Return on assets
-39.1%
ROIC
-54.1%
Revenue growth (QoQ)
-39.2%
Net-income growth
-319.0%
Debt / equity
0.2×
Current ratio
1.7×
Free cash flow
-$1M
EBITDA
-$25M
Tangible book value
$31M
Cash & investments
$178K
Cash runway
0q
Stock comp / revenue
77.5%
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-24 | 2025-12-31 | 0001104659-26-048641 ↗ |
| 20-F | 2025-05-15 | 2024-12-31 | 0001410578-25-001328 ↗ |