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WebsiteIntroduction
WORK Medical Technology Group LTD (NASDAQ: WOK), founded in 2022 and headquartered in Hangzhou, China, develops, manufactures, and sells Class I and Class II disposable medical devices. Its product line includes medical face masks, artery compression tourniquets, endotracheal tube holders, intubating stylets, breathing circuits, laryngeal mask airways, endotracheal tubes, anesthesia kits, and related consumables.
Corporate Structure and Experience
Through its operating subsidiaries, WORK Medical has registered 17 products with the U.S. Food and Drug Administration and distributes products in all 34 provincial-level regions of China, as well as in over 15 countries worldwide. The company’s teams cover research and development, manufacturing, quality assurance, and regulatory affairs, supporting a diverse portfolio of 21 medical consumables.
Medical Devices by Daniel Frank
Recent Developments and News
On August 26, 2024, WORK Medical closed its initial public offering of 2 million ordinary shares at US $4.00 per share, generating approximately US $8.0 million in gross proceeds. Funds were allocated for production equipment upgrades, capacity expansion, development of masks and devices, marketing, patent purchases, and general corporate purposes.
On August 29, 2025, the company filed a Form F-3 registration statement to offer up to US $300 million in securities, which may include Class A ordinary shares, debt securities, warrants, rights, and units.
At an Extraordinary General Meeting on September 12, 2025, shareholders approved resolutions for share consolidation, an increase in authorized share capital, and amendments to the memorandum of association. On September 15, 2025, the U.S. Securities and Exchange Commission declared the registration statement effective, allowing for planned offerings. On September 22, 2025, WORK Medical announced plans to integrate Real-World Asset (RWA) technology and expand its artificial intelligence capabilities.
Financial and Strategic Analysis
As of September 25, 2025, WOK shares closed at US $0.1517, an increase of 34.84% on a trading volume of 38.1 million shares. Its market capitalization stands at approximately US $7.3 million. Trailing twelve-month revenue reached US $10.74 million, with a net loss of US $3.71 million and a profit margin of –34.5%. The company held US $2.0 million in cash and maintained a debt-to-equity ratio of 83%. Key valuation multiples include a price/sales ratio of 0.15 and a price/book ratio of 0.56. The approved share consolidation and capital-raising measures aim to strengthen the balance sheet, with proceeds supporting manufacturing capacity expansion, research and development, and working capital needs.
Market Position and Industry Context
WORK Medical operates in the global medical consumables market, focusing on airway management and disposable devices for anesthesia and respiratory care. Its FDA-registered product range and established distribution networks across China and internationally position it among small-cap medical device suppliers. While facing competition from larger medical technology firms, the company seeks to differentiate itself by adopting new technologies, including RWA platforms and artificial intelligence-driven supply chain enhancements to meet evolving clinical and regulatory requirements.
tl;dr
On September 12, 2025, shareholders approved share consolidation and a capital increase; on September 15, the SEC declared the registration effective for up to US $300 million in securities. Shares increased by 34.84% to US $0.1517 on September 25. WORK Medical plans to implement RWA technology and enhance its AI capabilities, with proceeds allocated for capacity upgrades, research and development, and working capital.
