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WORK Medical Technology Group Ltd (Nasdaq: WOK) is a manufacturer and distributor of Class I and II disposable medical devices based in Hangzhou, China. Established in 2022, the company develops products including medical face masks, airway management devices, breathing circuits, and anesthesia consumables. Its products serve hospitals and clinics across 34 provincial-level administrative regions in China and in more than 15 international markets.
Corporate Structure
WORK Medical operates through its headquarters in Hangzhou and various subsidiaries that focus on production, research, and distribution. The company completed its initial public offering on August 26, 2024, raising approximately US$8.0 million by selling 2 million ordinary shares at US$4.00 each. Proceeds from the offering have been allocated for upgrading equipment, expanding production capacity, developing new products, acquiring patents, and general working capital. As of mid-2025, the company has not publicly disclosed its total employee count.
Medical devices by Daniel Frank
Developments and News
On August 26, 2024, WORK Medical debuted on the Nasdaq Capital Market under the ticker symbol “WOK.” The company received U.S. Food and Drug Administration (FDA) clearance for 17 product registrations, allowing for entry into the U.S. market. Press releases dated May 21 and May 22, 2025, announced product launches and strategic partnerships via its subsidiary Wor (Hangzhou). A GlobeNewswire statement on September 22, 2025, provided operational updates from Hangzhou, though detailed content was not included in the notice excerpt.
Financial and Strategic Analysis
As of September 24, 2025, WOK shares were trading at US$0.1842, reflecting a 79.80% decline from the prior close, and a 52-week range of US$0.3610 to US$8.4460. Average daily volume on Nasdaq reached approximately 10.5 million shares, with intraday volume recorded at 3.48 million shares according to Yahoo Finance data. Key financial metrics for the trailing twelve months are as follows:
| Metric | Value |
|---|---|
| Market Capitalization (intraday) | US$61.36 M |
| Revenue (ttm) | US$10.74 M |
| Net Income Available to Common (ttm) | –US$3.71 M |
| Profit Margin | –34.50% |
| Diluted EPS (ttm) | –US$0.28 |
| Total Cash (mrq) | US$2.00 M |
| Total Debt/Equity (mrq) | 83.00% |
| Levered Free Cash Flow (ttm) | –US$14.11 M |
| Price/Sales (ttm) | 1.15 |
| Price/Book (mrq) | 4.24 |
| Enterprise Value/Revenue | 6.14 |
The company has not reported positive earnings per share or provided forward dividend guidance. Its balance sheet indicates limited liquidity relative to its indebtedness, and free cash flow remains negative. The company's strategic focus has been on improving production efficiencies and expanding its product portfolio.
Market Position and Industry Context
WORK Medical operates within the global medical consumables market, competing alongside established device manufacturers. Its single-use products cater to airway management, anesthesia, and respiratory care—segments that require compliance with stringent regulatory standards and face pricing competition. Trading near the lower end of its 52-week range indicates pressure on market valuation. The company's presence in China's healthcare sector and its developing international distribution channels contribute to its market reach; however, achieving profitability and positive cash flow will be essential for maintaining and increasing market share.
tl;dr
As of September 24, 2025, WORK Medical’s stock price has declined to US$0.1842, with average daily trading volume exceeding 10 million shares. The company continues to utilize IPO proceeds from August 26, 2024, for production capacity enhancements and product development. Financial results for the trailing twelve months report US$10.74 million in revenue against a net loss of US$3.71 million and negative free cash flow of US$14.11 million. No earnings guidance or dividends have been announced. Market valuation remains under pressure as the firm aims to reach operating breakeven and expand its international presence.
