Baird Medical’s 2025 Revenue Falls 39.2% to $22.5M, Names U.S. CEO
Full year 2025 revenue was $22.5 million, down 39.2%, leading to an operating loss of $25.6 million and a gross margin decline to 83.8% from 88.2%. Baird appointed Mark Saxton as U.S. CEO and set up a North American production hub for U.S. expansion.
1. Full Year 2025 Financial Results
Revenue for the year ended December 31, 2025 was $22.5 million, down 39.2% from $37.0 million in 2024. Gross profit totaled $18.9 million at an 83.8% margin, while operating expenses climbed to $44.5 million, resulting in a $25.6 million operating loss.
2. Impact of China Market Dynamics
Sales to direct customers plunged from $19.8 million to $4.1 million as Mainland China faced pricing pressure and reduced procurement. Distributor revenue rose to $18.4 million, led by higher selling prices and new territories in Hong Kong, Egypt, Turkey and the UAE.
3. U.S. Leadership and Expansion
Baird named veteran Mark Saxton as CEO of its U.S. subsidiary to lead sales, marketing and market development. The company also partnered with MPS Medical to establish a North American production hub, laying infrastructure for its U.S. commercial ramp.
4. Higher R&D and SG&A Investments
Operating expenses surged as selling, general and administrative costs rose to $24.4 million, driven by $17.5 million in share-based compensation, and R&D spending grew to $20.1 million to advance hardware, software and regulatory initiatives.