Baird Medical Investment Holdings Limited reported full‑year 2025 results that saw revenue fall to $22.5 million, a 39.2% decline from $37.0 million in 2024. Gross profit dropped to $18.9 million from $32.7 million, while operating expenses surged to $44.5 million from $17.3 million, driven largely by higher selling, general and administrative costs and increased research and development spending. The company posted a net loss of $27.5 million for the year, compared with a net income of $12.6 million in 2024.
The sharp revenue decline was largely attributable to a policy‑driven slowdown in Mainland China, which reduced sales of the company’s microwave ablation (MWA) devices and needles. The company’s MWA technology, which offers a minimally invasive alternative for tumor treatment, had been a key growth driver in China, and the new regulatory environment has curtailed demand in that market.
Operating expenses rose because Baird Medical intensified its commercial expansion and product innovation. Selling, general and administrative expenses increased to $24.4 million from $11.2 million, while research and development spending also grew, although the exact figure is not disclosed. These investments are aimed at building a stronger presence in the U.S. market and advancing the MWA platform, as the company prepares for a broader portfolio launch in 2026.
Gross margin contracted from 88.2% in 2024 to 83.8% in 2025, reflecting the combined impact of lower revenue and higher cost of goods sold. The net loss, which widened to $27.5 million, underscores the pressure from the China slowdown and the cost of scaling operations. Other sources confirm a net loss before tax of $26.4 million versus a pre‑tax income of $14.1 million, reinforcing the magnitude of the downturn.
"2025 was an important period in Baird's evolution as we began executing on our strategy to become a global, innovation‑driven med tech organization," said Mrs. Haimei Wu, Chairman and CEO. "The commercial environment in Mainland China was particularly challenging in light of recent policy changes, which has made our efforts to broaden the Company's geographic footprint of great importance."
"To that end, we reached an important milestone in the fourth quarter with the appointment of Mark Saxton as the CEO of Baird U.S. to lead our commercial ramp in this key market. Mark has built a sterling reputation over the last 25 years at companies including NeuroPace, Covidien and Smith + Nephew, launching a broad range of innovative technology solutions and growing them into market leaders. We have great confidence in the potential of our technology to thrive in the U.S. under Mark's leadership," added Wu. "Our Microwave Ablation (MWA) technology offers patients a truly minimally invasive alternative that delivers excellent patient outcomes and reduces the uncertainty associated with watchful waiting. My early conversations with U.S. surgeons have been deeply encouraging and have only strengthened my conviction that there is a real, unmet need for novel solutions like MWA to address the needs of these patients," said Mark Saxton, CEO of Baird Medical U.S. "In 2026, we are laying the commercial foundation for sustainable long-term growth in the U.S., building the team, infrastructure, and market awareness that this technology deserves. In parallel, Baird is investing in the further advancement of our MWA platform, with the goal of expanding our portfolio and broadening the addressable market over time."
The company’s strategy now hinges on turning the U.S. expansion into a revenue engine while managing the higher cost base. The 2025 results highlight the immediate impact of China’s regulatory headwinds, but also signal a deliberate shift toward a more diversified geographic footprint and a stronger product pipeline. Investors will be watching how quickly the U.S. market adoption translates into revenue growth and whether the increased operating spend can be offset by higher margins in the coming years.
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