Total revenues increased to US$13.1 million, representing 13.8%
year-over-year growth
Net income reached US$4.4 million,
representing 85.8% year-over-year growth
GUANGZHOU, China, Oct. 11,
2024 /PRNewswire/ -- Baird Medical Investment
Holdings Ltd. (NASDAQ: BDMD) ("Baird Medical" or the "Company"), a
leading microwave ablation ("MWA") medical device developer and
provider in China which has recently expanded into the
U.S. market following its receipt of US FDA 510(k) clearances,
today announced its preliminary financial results for the six
months ended June 30, 2024 (the
"First Half of 2024").
First Half of 2024 Financial Highlights
- Total revenues reached US$13.1
million, representing an increase of 13.8% from US$11.5 million in the same period of 2023.
- Gross profit increased by 20.9% to US$11.5 million from US$9.5 million in the first half of 2023.
- Operating income was US$5.1
million, representing an increase of 70.0% from US$3.0 million in the same period of 2023.
- Net income increased by 85.8% to US$4.4
million from US$2.4 million in
the first half of 2023.
Ms. Haimei Wu, Founder and CEO of Baird Medical, commented, "Our
preliminary results for the first half of 2024 reflect the
continued strength of our core business in China and the initial traction we're gaining
in the U.S. market. With our recent FDA clearances, we are
optimistic about expanding our reach in the United States, where our minimally
invasive microwave ablation technology offers a promising
alternative to traditional thyroidectomy for patients with benign
thyroid tumors. Given that approximately 150,000 thyroidectomies
are performed annually in the U.S., we believe there's a
substantial opportunity to improve patient outcomes and reduce
healthcare costs. As we move forward, we remain committed to
innovation and expanding access to our technology, while
maintaining a disciplined approach to growth and operational
efficiency."
Recent Developments
On October
1, 2024, the Company announced the completion of its
previously announced business combination (the "Business
Combination") with ExcelFin Acquisition Corp. The listed
company resulting from the Business Combination is Baird Medical
Investment Holdings Limited, and its shares and warrants commenced
trading on the Nasdaq under the ticker symbols "BDMD" and "BDMDW",
respectively, on October 2, 2024.
About Baird Medical
Established in 2012 and
headquartered in Guangzhou, China, Baird Medical is a leading microwave
ablation ("MWA") medical device manufacturer and provider
in China and a recent entrant to the United
States market. Baird Medical's proprietary medical devices are
used for the treatment of benign and malignant tumors including
thyroid nodules, liver cancer, lung nodules and breast lumps. Baird
Medical is the first company to obtain a Class III medical devices
registration certificate for MWA medical devices specifically
indicated for thyroid nodules in China. For more information,
please visit http://www.bairdmed.com/.
Forward-Looking Statements
This communication contains
"forward-looking statements." Such statements include statements
concerning anticipated future events and expectations that are not
historical facts. All statements other than statements of
historical fact are statements that could be deemed forward-looking
statements. Forward-looking statements are typically identified by
words such as "believe", "expect", "anticipate", "intend",
"target", "estimate", "continue", "positions", "plan", "predict",
"project", "forecast", "guidance", "goal", "objective",
"prospects", "possible" or "potential" by future conditional verbs
such as "assume", "will", "would", "should", "could" or "may" or by
variations of such words or by similar expressions or the negative
thereof. Actual results may vary materially from those expressed or
implied by forward-looking statements based on a number of factors.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date on
which they are made. Baird Medical does not assume any obligation
to publicly update any forward-looking statement after it is made,
whether as a result of new information, future events or otherwise,
except as required by law.
Contacts
Investor Relations
Robin Yang, Partner
ICR, LLC
Phone: +1 (646) 308-1475
Email: BairdMedical.IR@icrinc.com
Public Relations
Brad Burgess, Senior Vice
President
ICR, LLC
Phone: +1 (646) 588-0383
Email: BairdMedical.PR@icrinc.com
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SOURCE Baird Medical Investment Holdings Ltd.