Baird Medical is a China-based medical device company focused on microwave ablation (MWA) systems used to treat thyroid nodules, breast lumps, and liver cancer. MWA is a minimally invasive procedure that uses microwave energy to destroy tumor tissue without open surgery. Baird Medical's two core products are MWA therapeutic apparatus — the machine that generates and delivers microwave energy — and single-use disposable MWA needles used in each procedure. The business follows a razor-and-blade model: hospitals buy the apparatus as a one-time capital purchase, and each procedure consumes a new needle, generating recurring revenue that grows with the installed base. Virtually all revenue comes from selling these two products. Baird Medical sells primarily through third-party distributors, with some direct sales and logistics-focused "deliverer" partners. Customers are Grade II and Grade III hospitals across China, with roughly 614 hospital customers across 24 provinces as of 2025. Baird Medical holds four Class III medical device registration certificates in China — the highest regulatory classification — and claims the number one position in MWA for thyroid nodules and breast lumps specifically, which it attributes to being the first company to obtain Class III approval for thyroid nodule treatment in China. The company is investing heavily in AI-integrated robotic systems for thyroid procedures, with R&D spending rising sharply in FY25. Baird Medical also holds FDA clearance for soft-tissue ablation and has nascent U.S. operations, though international revenue remains minimal.