WORK Medical Technology Group Ltd.
- Open
- 2.27
- Day high
- 2.28
- Day low
- 2.21
- Prev close
- 2.33
- Volume
- 55K
- Mkt cap
- $5M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 0.2
- P/S
- 0.3
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$239K over the last 3 months (8 open-market buys, 3 sales)
- 🏛Institutions reducing (13F)
WORK Medical Technology Group Ltd. (WOK) is a Healthcare company listed on NASDAQ. The stock is down 100% over the past year. Over the trailing 3 months, insiders filed 8 open-market buys and 3 sales (SEC Form 4).
WORK Medical Technology Group Ltd. (WOK) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
WOK insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 23, 2026 | HRT FINANCIAL LP10 percent owner | Sell | 136,665 | $3.87 |
| Jun 23, 2026 | HRT FINANCIAL LP10 percent owner | Buy | 880,456 | $0.05 |
| Jun 17, 2026 | HRT FINANCIAL LP10 percent owner | Sell | 2,904,567 | $0.06 |
| Jun 17, 2026 | HRT FINANCIAL LP10 percent owner | Buy | 268,927 | $0.10 |
| Jun 16, 2026 | HRT FINANCIAL LP10 percent owner | Buy | 48,108 | $0.08 |
| Jun 12, 2026 | HRT FINANCIAL LP10 percent owner | Buy | 1,765,384 | $0.10 |
| Jun 12, 2026 | HRT FINANCIAL LP10 percent owner | Buy | 2,029,327 | $0.09 |
| Jun 10, 2026 | HRT FINANCIAL LP10 percent owner | Sell | 3,463,022 | $0.10 |
| Jun 9, 2026 | HRT FINANCIAL LP10 percent owner | Buy | 2,261,118 | $0.11 |
| Jun 8, 2026 | HRT FINANCIAL LP10 percent owner | Buy | 54,529 | $0.09 |
| Jun 8, 2026 | HRT FINANCIAL LP10 percent owner | Buy | 1,370,008 | $0.10 |
| Jun 1, 2026 | HRT FINANCIAL LP10 percent owner | Sell | 2,619,607 | $0.10 |
| Jun 1, 2026 | HRT FINANCIAL LP10 percent owner | Buy | 1,535,850 | $0.09 |
Source: WOK SEC Form 4 filings, latest Jun 23, 2026. For informational purposes only — not investment advice.
See the full WOK insider & 13F page →WORK Medical Technology Group Ltd. company profile
Overview
WORK Medical Technology Group LTD (NASDAQ:WOK) is a Chinese medical device manufacturer that went public in August 2024. Founded in 2002 and headquartered in Hangzhou City, China, the company specializes in producing disposable medical consumables and devices. WORK Medical has built an international presence, exporting its products to approximately 30 countries across Asia, Africa, Europe, North America, South America, and Oceania. The company represents a significant player in China's medical device manufacturing sector, focusing on essential healthcare products used in hospitals and medical facilities worldwide.
Business
WORK Medical operates in the medical device manufacturing industry, specifically focusing on disposable medical consumables and equipment used in healthcare settings. The medical device industry encompasses companies that design, manufacture, and distribute equipment, instruments, and supplies used in medical diagnosis, treatment, and patient care. The company's core business revolves around manufacturing disposable medical devices that are essential for everyday medical procedures. These include medical face masks, artery compression tourniquets, endotracheal tube holders, intubating stylets, and guedel airways. Endotracheal tubes, for example, are plastic tubes inserted into a patient's windpipe to maintain an open airway during surgery or when a patient cannot breathe independently. Laryngeal mask airways serve a similar function but are positioned above the vocal cords rather than through them. WORK Medical also produces respiratory and anesthesia equipment, including disposable breathing circuits, anesthetic kits, oxygen face masks, heat and moisture exchanging filters, anesthesia masks, laryngoscope blades, suction sets, and nasal oxygen cannulas. These products are crucial for patient care during surgical procedures and respiratory support. Additionally, the company manufactures specialized devices like visualized prostatic dilatation catheters, which are medical instruments used in urological procedures. The company expanded its product portfolio during the COVID-19 pandemic to include personal protective equipment such as KN95 masks and filtering half masks, capitalizing on the surge in demand for protective medical equipment. While specific revenue breakdowns by product segment are not available, the company's diverse product portfolio suggests a balanced approach across different medical device categories.
Revenue model
WORK Medical generates revenue primarily through direct product sales of its manufactured medical devices and consumables. The company operates a traditional manufacturing business model where it produces medical devices in its facilities and sells them to healthcare providers, distributors, and medical supply companies both domestically in China and internationally. The company's customer base consists of hospitals, medical facilities, distributors, and healthcare systems across multiple continents. Given that medical consumables are single-use products that require constant replenishment, WORK Medical benefits from recurring demand patterns. Healthcare facilities must continuously purchase items like face masks, breathing circuits, and other disposable medical supplies, creating a steady revenue stream. Several factors influence the company's profitability and margins. Raw material costs for medical-grade plastics and materials directly impact manufacturing expenses. Regulatory compliance costs are significant, as medical devices must meet strict safety and quality standards in each market where they're sold. The company benefits from economies of scale in manufacturing, as higher production volumes can reduce per-unit costs. Currency fluctuations affect profitability since the company exports to 30 countries while likely incurring most costs in Chinese yuan. Healthcare spending trends and government healthcare policies in target markets influence demand. The company also faces competitive pricing pressure from other medical device manufacturers, particularly in commodity-like products such as basic face masks and tubing. Seasonal demand patterns can affect certain product lines, as seen during the COVID-19 pandemic when demand for protective equipment surged dramatically.
Competitive moat
WORK Medical operates in a highly competitive medical device manufacturing sector with limited sustainable competitive advantages. The company's primary strengths lie in its established manufacturing capabilities and international distribution network spanning 30 countries, which provides some operational scale and market access advantages. However, the company's moat appears relatively narrow. Most of WORK Medical's products are commodity-like medical consumables that can be manufactured by numerous competitors globally. Items like face masks, breathing circuits, and basic medical tubing have low barriers to entry and limited differentiation opportunities. The medical device industry includes many established players with similar manufacturing capabilities and product portfolios. The company does benefit from regulatory approvals and certifications required to sell medical devices in various international markets, which create some barriers for new entrants. Additionally, established relationships with healthcare distributors and facilities provide some customer stickiness, as medical facilities often prefer working with proven suppliers for critical equipment. The primary competitive threats come from larger medical device manufacturers with greater resources for research and development, marketing, and international expansion. Companies like 3M, Medtronic, and other established medical device firms have significantly more resources and brand recognition. Additionally, low-cost manufacturers in China and other emerging markets can compete aggressively on price for commodity medical products. The company's position appears vulnerable to both premium competitors with superior technology and low-cost competitors with similar manufacturing capabilities.
Risks & safety
WORK Medical presents significant financial risks with a narrow margin of safety based on recent financial performance. **Cash and Solvency Concerns:** • Cash position of $6.6 million against current liabilities of $20.2 million creates liquidity pressure • Negative free cash flow of $11.5 million in FY2024 indicates severe cash burn • Current ratio of 1.03 shows minimal working capital cushion • Debt-to-equity ratio of 1.02 indicates high leverage relative to equity base **Profitability and Valuation:** • Net loss of $3.5 million in FY2024 compared to $63k profit in FY2023 shows deteriorating profitability • Negative EBITDA of $2.7 million in FY2024 versus positive $2.1 million in FY2023 • Revenue declined from $19.7 million in FY2022 to $11.5 million in FY2024 • Price-to-book ratio of 5.03 appears elevated given negative earnings and cash flow **Other Considerations:** • Recent IPO in August 2024 may have provided some capital cushion • Small market cap of approximately $21 million limits access to capital markets • Declining revenue trend suggests challenging business conditions
Recent development
Based on the available financial data, WORK Medical has experienced significant operational challenges over the past few years. The company's revenue peaked at $19.7 million in FY2022 but declined substantially to $11.5 million in FY2024, representing a 42% decrease over two years. This decline suggests the company may have benefited from elevated demand during the COVID-19 pandemic, particularly for protective equipment like masks and respiratory devices. The company's profitability deteriorated sharply from FY2023 to FY2024. While the company maintained modest profitability in FY2023 with net income of $63,383 and positive EBITDA of $2.1 million, it swung to significant losses in FY2024 with a net loss of $3.5 million and negative EBITDA of $2.7 million. This dramatic shift indicates either increased competition, higher costs, or reduced demand for the company's products. The company's cash flow profile has been consistently challenging, with negative operating cash flows in multiple periods and substantial negative free cash flows. The FY2024 free cash flow of negative $11.5 million represents a significant cash burn that raises concerns about the company's ability to fund operations without additional financing. WORK Medical completed its initial public offering in August 2024, which likely provided capital to support operations, though the specific proceeds and use of funds are not detailed in the available information. The timing of the IPO coincided with the company's financial challenges, suggesting the need for external capital to support the business.
WOK company profile · for informational purposes only — not investment advice.
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