Baird Medical Investment Holdings Ltd
BDMD Nasdaq Surgical & Medical Instruments & Apparatus Financials FY2022–FY2025
What Baird Medical Investment Holdings Ltd does
No business description yet.
- Legal name
- Baird Medical Investment Holdings Ltd
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 20-F · Apr 24, 2026
- Accession · CIK
- 0001104659-26-048641
0001982444
Revenue and margins
Baird Medical Investment Holdings Ltd had $22.5M of revenue in fiscal 2025, down 39.2% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was −$1.4M in fiscal 2025, −6.2% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Baird Medical Investment Holdings Ltd returned — to shareholders in fiscal 2025. The diluted share count rose 27.3%.
Balance sheet
Cash, debt and the ratios that show how comfortably Baird Medical Investment Holdings Ltd can carry it.
| Fiscal year end | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Cash and short-term investments | $1.7M | $1.5M | $3.0M | $0.2M |
| Debt incl. finance leases | — | $2.4M | $4.5M | $8.7M |
| Net debt / EBITDA | — | 0.1x | 0.1x | — |
| Debt / equity | — | 0.1x | 0.1x | 0.3x |
| Interest coverage | 45.5x | 41.7x | 26.6x | −34.8x |
| Current ratio | — | 2.1x | 1.8x | 1.7x |
| Quick ratio | — | 2.1x | 1.7x | 1.7x |
| Total assets | — | $56.7M | $78.0M | $69.7M |
| Total liabilities | — | $21.0M | $38.2M | $38.5M |
| Shareholders' equity | $25.8M | $35.8M | $39.7M | $31.4M |
| Net debt (− = net cash) | — | $0.9M | $1.5M | $8.5M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✕ |
| Cash from operations is positive | ✓ | ✕ | ✕ | ✕ |
| Return on assets rose | — | — | ✕ | ✕ |
| Cash from operations exceeds net income | ✕ | ✕ | ✕ | ✓ |
| Debt fell relative to assets | — | — | ✕ | ✕ |
| Current ratio rose | — | — | ✕ | ✕ |
| Share count didn't rise | — | ✓ | ✕ | ✕ |
| Gross margin rose | — | ✓ | ✓ | ✕ |
| Revenue rose relative to assets | — | — | ✕ | ✕ |
| F-score | — / 3 | — / 5 | 2 / 9 | 1 / 9 |
| Accruals ratio | — | 20.4% | 27.9% | −35.1% |
| Altman Z'' | — | 6.46 | 5.78 | 0.49 |
4 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Income statement | ||||
| Revenue | $35.1M | $31.5M | $37.0M | $22.5M |
| Gross profit | $28.0M | $27.2M | $32.7M | $18.9M |
| Research and development | $3.9M | $4.3M | $6.2M | $20.1M |
| Operating income | $13.6M | $11.9M | $15.3M | −$25.6M |
| Interest expense | $0.3M | $0.3M | $0.6M | $0.7M |
| Pretax income | $14.5M | $12.4M | $14.1M | −$26.4M |
| Income tax | $1.7M | $1.7M | $1.5M | $1.2M |
| Net income | $12.8M | $10.5M | $12.5M | −$27.3M |
| Net income to common | $12.6M | $10.5M | $12.5M | −$27.3M |
| Diluted EPS | $0.49 | $0.51 | $0.57 | −$0.98 |
| Diluted shares | 0.03B | 0.02B | 0.02B | 0.03B |
| Cash flow | ||||
| Cash from operations | $0.5M | −$1.0M | −$6.3M | −$1.3M |
| Capital expenditure | $5.9M | $2.6M | $2.9M | $0.0M |
| Free cash flow | −$5.4M | −$3.7M | −$9.2M | −$1.4M |
| Depreciation and amortization | $0.9M | $1.0M | $1.1M | $1.1M |
| Stock-based compensation | — | $0.0M | $0.0M | $17.5M |
| Balance sheet | ||||
| Cash and short-term investments | $1.7M | $1.5M | $3.0M | $0.2M |
| Total debt | — | $2.4M | $4.5M | $8.7M |
| Current assets | — | $40.1M | $61.4M | $55.0M |
| Current liabilities | — | $19.0M | $34.6M | $32.4M |
| Inventory | — | $1.1M | $1.3M | $1.1M |
| Property and equipment, net | — | $6.1M | $7.1M | $6.4M |
| Goodwill | — | $0.1M | $0.1M | $0.1M |
| Intangible assets | — | $0.0M | $0.0M | $0.0M |
| Total assets | — | $56.7M | $78.0M | $69.7M |
| Total liabilities | — | $21.0M | $38.2M | $38.5M |
| Preferred stock | — | — | $0.0M | $0.0M |
| Shareholders' equity | $25.8M | $35.8M | $39.7M | $31.4M |
| Margins | ||||
| Gross margin | 79.9% | 86.6% | 88.2% | 83.8% |
| Operating margin | 38.8% | 37.7% | 41.4% | −113.7% |
| EBITDA margin | 41.5% | 40.9% | 44.4% | −108.8% |
| Net margin | 36.4% | 33.5% | 33.6% | −121.0% |
| FCF margin | −15.5% | −11.6% | −24.8% | −6.2% |
| Returns | ||||
| Return on capital | — | 27.9% | 33.3% | −50.7% |
| Return on capital employed | — | 31.4% | 35.3% | −68.6% |
| Return on equity | 49.6% | 34.3% | 33.0% | −76.8% |
| Return on assets | — | 18.6% | 18.5% | −36.9% |
| Return on tangible equity | 48.8% | 29.6% | 31.5% | −87.2% |
| Growth | ||||
| Revenue growth | — | −10.4% | 17.7% | −39.2% |
| Net income growth | — | −17.4% | 18.1% | −319.0% |
| EPS growth | — | 4.1% | 11.8% | −271.9% |
| Share count change | — | −19.4% | 6.0% | 27.3% |
| Financial health | ||||
| Net debt / EBITDA | — | 0.1x | 0.1x | — |
| Debt / equity | — | 0.1x | 0.1x | 0.3x |
| Interest coverage | 45.5x | 41.7x | 26.6x | −34.8x |
| Current ratio | — | 2.1x | 1.8x | 1.7x |
| Quick ratio | — | 2.1x | 1.7x | 1.7x |
| Capital allocation | ||||
| Capex / revenue | 16.8% | 8.4% | 7.7% | 0.2% |
| Stock comp / revenue | — | 0.0% | 0.0% | 77.5% |
| Quality scores | ||||
| Piotroski F-score | — | — | 2.0 | 1.0 |
| Altman Z'' | — | 6.5 | 5.8 | 0.5 |
| Accruals ratio | — | 20.4% | 27.9% | −35.1% |
Source: SEC EDGAR XBRL filings (CIK 0001982444). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.