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WORK Medical Technology Group Ltd (Nasdaq: WOK) is a Hangzhou-based manufacturer and distributor of disposable medical devices. Founded on March 1, 2022, the company offers products such as endotracheal tubes, laryngeal mask airways, heat and moisture exchanging filters, and nebulizer kits. It completed its initial public offering on August 23, 2024, trading 2,000,000 ordinary shares at US $4.00 each under the ticker symbol WOK.
Corporate Structure and Experience
WORK Medical operates through its primary subsidiary in Hangzhou, China, serving 34 provincial-level administrative regions domestically, with exports to at least 15 countries. The company’s workforce size is not publicly disclosed. As of October 17, 2025, there are 103.59 million shares outstanding. Significant ownership includes a 9.99 percent stake held by L1 Capital Global Opportunities Master Fund, Ltd., as reported in a Schedule 13G filing on October 3, 2025. An amendment filed on October 14, 2025, indicated zero shares held by Bigger Capital Fund L.P. and related entities.
Medical Devices by Daniel Frank
Recent Developments and News
- On October 10, 2025, WORK Medical issued a press release via GlobeNewswire detailing operational updates and product enhancements.
- Subsequent releases on October 14 and October 16, 2025, provided information on distribution agreements and manufacturing capacity expansion.
- In the Schedule 13G filing dated September 29, 2025, L1 Capital reported beneficial ownership of 7,897,548 Class A ordinary shares, with shared voting and dispositive power, reflecting a material investment decision as of September 26, 2025.
Financial and Strategic Analysis
| Metric | Value | Date/Period |
|---|---|---|
| Share Price | US $0.0408 (−30.38 %) | October 17, 2025 |
| 52-Week Range | US $0.04 – US $8.4460 | October 17, 2024–October 17, 2025 |
| Market Capitalization | US $7.02 million (intraday) | October 17, 2025 |
| Volume | 2,472,269 shares | October 17, 2025 |
| Revenue (TTM) | US $10.74 million | As of three months ended Q3 2025 |
| Net Income (TTM) | −US $3.71 million | As of three months ended Q3 2025 |
| EPS (TTM) | −US $0.28 | TTM |
| Profit Margin | −34.50 % | TTM |
| Total Cash | US $2 million | Most recent quarter |
| Total Debt / Equity | 83.00 % | Most recent quarter |
| Price / Sales (TTM) | 0.11 | TTM; industry median ~2.7 |
| Price / Book (MRQ) | 0.49 | Most recent quarter |
| Enterprise Value | US $18.07 million | Intraday |
| EV / Revenue | 1.68 | TTM |
Since its IPO, WORK Medical has deployed approximately US $8 million in gross proceeds toward upgrading production equipment, expanding capacity, funding research and development of new consumables and devices, pursuing patent acquisitions, and supporting general corporate purposes. Over the twelve months to October 17, 2025, the stock has declined approximately 98 percent from its 52-week high, trading below its 200-day moving average and near its 52-week low.
Market Position and Industry Context
WORK Medical competes in the global medical consumables segment, a market characterized by high regulatory standards and competitive pricing pressures. With a market capitalization under US $10 million, WOK is classified as a microcap. Its price-to-sales ratio of 0.11 is below the Medical Equipment industry average of approximately 2.7. Revenue growth of 8.9 percent in fiscal 2024 contrasts with a 44 percent decline since 2022 and compares with an anticipated 9.7 percent industry expansion over the next twelve months. Lower valuations reflect investor caution around the sustainability of top-line gains and ongoing negative profit margins.
tl;dr
On October 17, 2025, WORK Medical’s share price fell to US $0.0408—down 30.38 percent in a single session and trading at its 52-week low of US $0.04. Major investor L1 Capital holds a 9.99 percent stake. The company’s TTM revenue stands at US $10.74 million with a −34.50 percent margin. Industry forecasts project near-term revenue growth of 9.7 percent, while WORK Medical continues to address capacity expansions and product development funded by its August 2024 IPO proceeds.
