Baird Medical swings to net income on 25% revenue rise in H1 2026
Baird Medical Investment Holdings (NASDAQ: BDMD) has reported preliminary unaudited results for the six months ended 30 June 2026, recording revenue of approximately $9.9 million, up 24.6% from $8.0 million in the same period of 2025. The company swung to a net income of approximately $14,000, compared with a net loss of $11.4 million in the first half of last year.
The headline revenue gain was driven primarily by growth outside the People's Republic of China, with roughly two-thirds of first-half 2026 revenue generated from international markets. Hong Kong and the United States were cited as the main contributing regions. Licensing revenue also played a role in the mix shift.
Financial performance
Gross profit rose 32% year-on-year to $8.6 million, with gross margin widening to 87.0% from 82.1%. The improvement reflects both a more favourable geographic split and a richer product mix. Total operating expenses fell sharply to $7.8 million from $17.0 million a year earlier, principally because research and development costs and general and administrative expenses dropped substantially, though selling and marketing expenditure increased as the US commercial rollout gathered pace.
Adjusted EBITDA came in at approximately $4.0 million, against an adjusted EBITDA loss of $3.3 million in H1 2025. Reported EBITDA was $1.6 million.
Chairwoman and chief executive Haimei Wu said the results reflect "the continued, successful execution of our international growth strategy" and cited the rise in the US revenue share, from under 2% in H1 2025 to approximately 27% in H1 2026, as evidence that commercial efforts are generating tangible results. Mark Saxton, chief executive of the US subsidiary, said the sales team has been expanded to cover multiple key territories and described the US programme as progressing ahead of plan.
Market context
Baird Medical's core product is a microwave ablation (MWA) system that is FDA-cleared for soft tissue ablation and is being commercialised primarily for the treatment of benign thyroid nodules in the US. The company has also disclosed that it is developing irreversible electroporation (IRE)-based products and an AI-powered robotic ablation system, though neither has yet reached commercialisation.
The minimally invasive ablation market for thyroid nodules sits within a broader movement away from open surgery and radioactive iodine therapy, a shift supported by clinical society guidance updates in recent years. A number of device companies and academic spinouts are active in thermal and non-thermal ablation, meaning competitive intensity is rising as the US market opens. Baird Medical's early institutional adoptions at sites including the Mayo Clinic and Columbia University Medical Center provide some clinical credibility, but sustained growth will depend on reimbursement clarity and the pace at which ablation enters mainstream endocrinology practice.
The company noted recent commercial expansions into Argentina, Vietnam, and Pakistan, widening a global footprint that extends across multiple continents. Near-term milestones include submissions for regulatory clearance on additional products, though no timelines were given. Investors will watch whether the US revenue share continues to grow and whether the cost structure remains disciplined as selling and marketing investment scales further.