Baird Medical Investment Holdings Limited

BDMD

Medical - Devices · Healthcare

Price

$1.06

+0.01 (+0.95%)

Market Cap

$43.4M

Exchange

NASDAQ

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Based on the IPO prospectus (annual filing). This score will refine automatically once the company reports its first quarters.

Share count rising — dilution

+286.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 7.2M (2021) → 27.8M (2025)

Baird Medical Investment Holdings Limited is a medical device company based in China that focuses on microwave ablation technology. Microwave ablation is a minimally invasive procedure that uses heat to destroy abnormal tissue, such as tumors in the thyroid, liver, and lungs. The company sells its ablation systems and related disposable accessories primarily to hospitals and clinics across China.

The company earns revenue by selling its medical devices and single-use consumables, with consumables providing a recurring stream of income each time a procedure is performed. Its very high gross margin of roughly 84% reflects the pricing power typical of specialized medical devices, but the deeply negative operating margin shows the company is spending far more than it earns right now. Baird Medical is a small company with a market cap around $100 million, and its main growth driver is the expanding adoption of microwave ablation as an alternative to open surgery in China — though its biggest risk is reaching profitability before it runs out of cash.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-39.0% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-244.7% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$20M/ year

↑ Rising (+226% vs prior year)

89.3% of revenue

5.0x the sector average (18%)

Investing heavily in future products and technology

Insider Activity

63.1%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$178,321 cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Heavy R&D investment

Baird Medical Investment Holdings Limited is putting 89% of revenue into R&D and that number is rising. That's 5.0x the sector average. And they're generating enough cash to self-fund it.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

83.8%

Premium pricing power — 83.8% gross margin

Operating Margin

-113.3%

Losing money on operations — -113.3%

ROCE

-50.5%

Weak — -50.5% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales YoY

-39.2%

Shrinking sales (-39.2% YoY)

EPS YoY

-300.0%

Earnings shrinking (-300.0% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

N/A

Data not available

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

-6.2%

Burning cash (-6.2%)

Free cash flow is negative. They are burning cash, not generating it.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

Debt / Equity

0.61

Moderate — manageable debt (0.61)

Interest Cover

N/A

Data not available

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Not applicable for this business.

🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.

Start free trial