Baird Medical Reports Strong Growth in Preliminary Financials
Baird Medical Financial Results Overview
Baird Medical Investment Holdings Ltd. (NASDAQ: BDMD), a recognized leader in microwave ablation medical devices, has revealed promising financial results for the first half of the year. The company reported total revenues of US$13.1 million, marking a notable 13.8% increase when compared to the same period last year. This boost in revenue is a testament to the company’s operational excellence and market demand.
Key Financial Highlights
Revenue and Income Growth
In addition to revenue growth, Baird Medicine also reported a gross profit increase of 20.9%, which rose to US$11.5 million from US$9.5 million during the first half of the previous year. The operating income surged to US$5.1 million, showcasing a remarkable 70.0% increase from US$3.0 million in the same timeframe in 2023. Furthermore, net income showed a significant growth of 85.8%, hitting US$4.4 million compared to US$2.4 million in 2023.
CEO Insights
“Our initial results for this year underline the strength of our core operations and the promising entry into the U.S. market,” stated Ms. Haimei Wu, Founder and CEO of Baird Medical. She expressed optimism regarding the FDA clearances received recently, which empowers the company to expand its innovative microwave ablation technology in the U.S. This minimally invasive procedure is expected to benefit many patients, particularly those with benign thyroid tumors. The potential for improving patient outcomes and cutting down healthcare expenses was highlighted, as approximately 150,000 thyroid procedures occur annually in the U.S.
Recent Business Developments
Business Combination Completion
On October 1, the company finalized a previously disclosed business combination with ExcelFin Acquisition Corp, which ultimately resulted in the formation of Baird Medical Investment Holdings Limited. The company’s shares and warrants started trading on the Nasdaq with the symbols "BDMD" and "BDMDW" on the following day.
About Baird Medical
Founded in 2012 and based in Guangzhou, Baird Medical is significantly positioned within the microwave ablation medical device industry in China and is establishing a presence in the U.S. market. The company's proprietary devices focus on treating benign and malignant tumors, including thyroid nodules, liver cancer, lung nodules, and breast lumps. Baird Medical proudly holds the distinction of being the first to receive a Class III medical devices registration certificate for MWA devices specifically for thyroid nodules in China.
Frequently Asked Questions
What are Baird Medical's recent financial outcomes?
Baird Medical reported total revenues of US$13.1 million, gross profit of US$11.5 million, operating income of US$5.1 million, and net income of US$4.4 million in its latest financial results.
How has Baird Medical expanded its market?
The company has recently entered the U.S. market following FDA 510(k) clearances, opening new opportunities for its microwave ablation technology.
What are the growth percentages reported?
The company experienced a 13.8% growth in revenues and an 85.8% growth in net income year-over-year in the first half of 2024.
Who is the CEO of Baird Medical?
Ms. Haimei Wu is the Founder and CEO of Baird Medical, steering the company's strategic direction and growth.
What medical conditions do Baird Medical’s devices treat?
Baird Medical’s devices are used for the treatment of various conditions including thyroid nodules, as well as benign and malignant tumors in the liver, lungs, and breasts.
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