Baird Medical Investment Holdings Ltd 6-K, filed Sep 3, 2026
Baird Medical Investment Holdings Ltd (BDMD)
About this 6-K
Baird Medical Investment Holdings Ltd filed this 6-K on September 3, 2026.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of September 2026
Commission File Number 001-42300
Baird Medical Investment Holdings Limited
Room 202, 2/F, Baide Building, Building 11,
No.15
Rongtong Street, Yuexiu District, Guangzhou,
Peoples Republic of China
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
| Form 20-F | x | Form 40-F | ¨ |
EXPLANATORY NOTE
The document attached as Exhibit 99.1 to this Form 6-K is hereby incorporated by reference into the registrant’s registration statements on (1) Form F-3, as amended, initially filed with the U.S. Securities and Exchange Commission (the “Commission”) on May 22, 2026 (Registration No. 333-296153), and (2) Form F-1, as amended, initially filed with the Commission on November 15, 2024, including Post-Effective Amendment No. 2 to Form F-1 on Form F-3 filed with the Commission on August 6, 2026 (Registration No. 333-283249), and shall be a part thereof from the date on which this Form 6-K is furnished, to the extent not superseded by documents or reports subsequently filed or furnished.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Dated: September 3, 2026 | ||
| By: | /s/ Haimei Wu | |
| Name: Haimei Wu | ||
| Title: Chairwoman and Chief Executive Officer | ||
EXHIBIT INDEX
| Exhibit Number |
Description | |
| 99.1 | Press Release |
Exhibit 99.1
Baird Medical Reports 25% Revenue Growth and Positive Net Income for Six Months Ended June 30, 2026
Revenue increase driven by significant growth in the United States and other strategic markets
NEW YORK, September 3, 2026 (GLOBE NEWSWIRE) -- Baird Medical Investment Holdings Ltd. (NASDAQ: BDMD) (“Baird Medical” or the “Company”), today announced preliminary unaudited financial results for the six months ended June 30, 2026.
Revenue for the first half of 2026 was approximately $9.9 million, an increase of 24.6% over $8.0 million reported for the six months ended June 30, 2025. The increase in revenue was primarily attributable to growth outside of the People’s Republic of China, including in the United States, as well as licensing revenue. Approximately two thirds of revenue for the period was generated from markets outside of the PRC, with Hong Kong and the U.S. being the main contributing regions.
Gross profit for the period was $8.6 million, an increase of 32.0% compared to $6.5 million in the first half of 2025. Gross margin was 87.0% for the six months ended June 30, 2026, compared to 82.1% for the prior-year period. The increase in gross margin was primarily attributable to shifts in both the geographic breakdown of sales and revenue mix.
Total operating expenses for the period were $7.8 million, compared with $17.0 million in the first half of 2025, primarily attributable to significant reductions in both Research and Development and General and Administrative expenses, partially offset by an increase in Selling and Marketing expenses associated with the ongoing commercial ramp in the United States and globally.
Net income for the period was approximately $14,000, compared to a net loss of $(11.4) million in the first half of 2025.
The Company achieved approximately $1.6 million in EBITDA, with adjusted EBITDA of approximately $4.0 million for the first half of 2026. This compares with EBITDA and adjusted EBITDA of $(9.7) million and $(3.3) million in same period last year. The growth in EBITDA and adjusted EBITDA was mainly attributable to increased gross profit and reduced operating expenses.
“The top-line growth we achieved in the first half of 2026 reflects the continued, successful execution of our international growth strategy as well as ongoing progress toward the diversification of our revenue base beyond our core MWA technology. Moreover, the positive net income, EBITDA and adjusted EBITDA for the period are a clear indication of improvement in operating performance,” said Haimei Wu, Chairwoman and CEO of Baird Medical. “With approximately 27% of our first half revenue coming from the U.S. compared to less than 2% in the first half of 2025, we believe that our expanded commercial efforts are beginning to generate tangible results as we continue to increase our presence and deepen engagement with physicians and healthcare institutions, driving awareness of the benefits of our minimally invasive approach to tumor ablation. As we build on our established global footprint, demonstrated by recent expansions in Argentina, Vietnam, and Pakistan, we believe this growth positions us well for continued expansion.”
“Our U.S. commercial expansion is progressing ahead of plan, as we have expanded our sales team and now have coverage in multiple key territories,” added Mark Saxton, Chief Executive Officer of Baird Medical’s U.S. subsidiary. “We remain confident in the potential of the U.S. market and are deeply committed to expanding not only our business but the overall MWA market as we continue to move ahead. While the opportunity in MWA is significant, we are working to further expand our product offering to generate further value for our physician partners. These R&D initiatives are progressing, and we anticipate submitting multiple additional products for regulatory clearances in the future.”
The interim financial information presented in this release is preliminary and unaudited, and remains subject to year-end closing adjustment, if any.
Non-GAAP Financial Measures: The Company prepares and analyzes operating and financial data and non-GAAP measures to assess the performance of its business, make strategic and offering decisions and build its financial projections. The key non-GAAP measures it uses are EBITDA and Adjusted EBITDA. EBITDA is defined as net income (loss) before interest expense, interest income, income tax expense, depreciation and amortization expenses. EBITDA is a non-GAAP financial measure. EBITDA is included in this filing because we believe that EBITDA provides meaningful supplemental information for investors regarding the performance of our business and facilitates a meaningful evaluation of actual results on a comparable basis with historical results. Adjusted EBITDA is also a non-GAAP financial measure. We believe Adjusted EBITDA, which is defined as EBITDA and further excluding stock-based compensation expense, provides meaningful supplemental information for investors when evaluating our results and comparing us to peer companies as stock-based compensation expense represents a significant non-cash charge. We use these non-GAAP financial measures in order to have comparable financial results to analyze changes in our underlying business from quarter to quarter. However, there are a number of limitations related to the use of non-GAAP measures and their nearest GAAP equivalents. For example, other companies may calculate non-GAAP measures differently, or may use other measures to calculate their financial performance and, therefore, any non-GAAP measures we use may not be directly comparable to similarly titled measures of other companies. Investors should not consider our non-GAAP financial measures in isolation or as a substitute for an analysis of our results as reported under GAAP.
Reconciliations of EBITDA and Adjusted EBITDA to their most comparable GAAP financial measure are set forth below.
| For the six months ended | ||||||||
| June 30, | ||||||||
| 2026 | 2025 | |||||||
| Net Income/ (Net Loss) | $ | 13,499 | $ | (11,359,127 | ) | |||
| (+) Depreciation and Amortization | 682,559 | 789,932 | ||||||
| (+) Income Tax | 560,747 | 559,131 | ||||||
| (+) Interest Expenses, net | 311,272 | 357,453 | ||||||
| EBITDA | 1,568,077 | (9,652,611 | ) | |||||
| (+) Share-based compensation | 2,385,000 | 6,328,781 | ||||||
| Adjusted EBITDA | $ | 3,953,077 | $ | (3,323,830 | ) | |||
About Baird Medical
Baird Medical is a global, pioneering medical device company specializing in minimally invasive ablation technologies for a range of solid tumors. The Company’s lead product, a microwave ablation (MWA) system, is FDA-cleared for soft tissue ablation and is being launched in the U.S. primarily for the treatment of benign thyroid nodules. In addition, the Company is expanding its minimally invasive technology portfolio, including IRE-based products and an AI-powered robotic ablation system.
Baird Medical's MWA solutions have been adopted by a growing number of leading U.S. institutions and private practice groups, including the Mayo Clinic, Columbia University Medical Center, and The George Washington University Hospital. The company is rapidly expanding its global commercial footprint, with sales now reaching markets across multiple continents.
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 China or the United States; (2) changes in general economic conditions; (3) regulatory conditions and developments; (4) changes in applicable laws or regulations; (5) the nature, cost and outcome of pending and future litigation and other legal proceedings instituted against Baird Medical or others; and (6) other risks and uncertainties from time to time described in the Registration Statement relating to the Business Combination and the transition report, including those listed under the sections titled "Risk Factors" therein, and in ExcelFin's other filings with the SEC.
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 its 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 U.S. dollars, or otherwise noted)
| As of | ||||||||
| June 30,2026 | December 31, 2025 | |||||||
| USD | USD | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and Restricted cash | 289,083 | 565,817 | ||||||
| Accounts receivable, net-current | 30,681,684 | 42,528,919 | ||||||
| Inventories | 1,033,394 | 1,085,783 | ||||||
| Prepayments, deposits and other assets - current | 13,079,738 | 10,786,012 | ||||||
| Amounts due from related parties | 2,942 | 2,987 | ||||||
| Total current assets | 45,086,841 | 54,969,518 | ||||||
| Total non-current assets | 28,763,062 | 14,731,497 | ||||||
| Total assets | 73,849,903 | 69,701,015 | ||||||
| LIABILITIES AND EQUITY | ||||||||
| Current liabilities: | ||||||||
| Short-term loan | 10,760,200 | 10,431,850 | ||||||
| Accounts payable due to third parties | 1,341,382 | 1,805,042 | ||||||
| Long-term loans, current portion | 3,320,980 | 2,637,036 | ||||||
| Contract liability | 2,443,962 | 793,412 | ||||||
| Accrued expenses and payable | 9,852,098 | 8,585,754 | ||||||
| Tax payables | 3,494,455 | 3,098,410 | ||||||
| Amounts due to related party | 3,540,857 | 4,888,289 | ||||||
| Lease liability due within one year | 141,893 | 115,031 | ||||||
| Deferred tax liabilities | 6,500 | 8,758 | ||||||
| Total current liabilities | 34,902,327 | 32,363,582 | ||||||
| Total non-current liabilities | 4,321,856 | 6,113,891 | ||||||
| Total liabilities | 39,224,183 | 38,477,473 | ||||||
| EQUITY: | ||||||||
| Ordinary shares | 3,200 | 3,075 | ||||||
| Preferred shares | 29 | 29 | ||||||
| Additional paid-in capital | 31,043,399 | 28,658,524 | ||||||
| Statutory reserve | 4,593,955 | 4,593,312 | ||||||
| Accumulated deficits | (480,653 | ) | (515,415 | ) | ||||
| Accumulated other comprehensive loss | (385,905 | ) | (1,371,894 | ) | ||||
| Total controlling shareholder's equity | 34,774,025 | 31,367,631 | ||||||
| Non-controlling interests | (148,305 | ) | (144,089 | ) | ||||
| Total equity | 34,625,720 | 31,223,542 | ||||||
| Total liabilities and equity | 73,849,903 | 69,701,015 | ||||||
BAIRD MEDICAL INVESTMENT HOLDINGS LIMITED
CONSOLIDATED STATEMENTS OF OPERATIONS
(All amounts in U.S. dollars, or otherwise noted)
| For the Six Months Ended June 30, | ||||||||
| 2026 | 2025 | |||||||
| USD | USD | |||||||
| Revenues | 9,915,407 | 7,959,494 | ||||||
| Less: Cost of revenues | (1,291,612 | ) | (1,424,240 | ) | ||||
| Gross profit | 8,623,795 | 6,535,254 | ||||||
| 87.0 | % | 82.1 | % | |||||
| Operating costs and expenses: | ||||||||
| Selling and marketing expenses | (2,984,101 | ) | (1,127,725 | ) | ||||
| Research and development expenses | (1,391,913 | ) | (7,180,293 | ) | ||||
| General and administrative expenses | (3,400,975 | ) | (8,677,640 | ) | ||||
| Total operating costs and expenses | (7,776,989 | ) | (16,985,658 | ) | ||||
| Income (loss) from operations | 846,806 | (10,450,404 | ) | |||||
| Other expenses, net: | ||||||||
| Interest income | 23,417 | 762 | ||||||
| Interest expense | (334,689 | ) | (358,215 | ) | ||||
| Other income, net | 38,712 | 7,861 | ||||||
| Total other expense, net | (272,560 | ) | (349,592 | ) | ||||
| Income (loss) before income taxes | 574,246 | (10,799,996 | ) | |||||
| Income taxes | (560,747 | ) | (559,131 | ) | ||||
| Net income (loss) | 13,499 | (11,359,127 | ) | |||||