WORK Medical Technology Group LTD

What they do

The company is incorporated in the Cayman Islands with principal executive offices at Floor 23, No. 2 Tonghuinan Road, Xiaoshan District, Hangzhou City, Zhejiang Province, People's Republic of China. It is classified under SIC 3931, Surgical & Medical Instruments & Apparatus. Shuang Wu serves as Chief Executive Officer, Director and Chairman of the Board. Its securities consist of Class A Ordinary Shares listed on Nasdaq and Class B Ordinary Shares.

Revenue drivers

• Medical instrument sales — Reported annual revenue declined every year from $19.7M in 2022 to $13.6M in 2023, $11.5M in 2024 and $9.8M in 2025, indicating the core product business has been shrinking rather than growing.
• China-based operations — The company operates from Hangzhou, Zhejiang Province, PRC, so its revenue is generated from that operating base.
• Nasdaq-listed equity — Class A Ordinary Shares trade on the Nasdaq Stock Market under WOK; the filings do not disclose any licensing or service revenue lines.

Recent performance

Revenue fell to $9.8M in fiscal 2025 from $11.5M in 2024, extending a three-year decline from $19.7M in 2022. Net income was negative $1.1M in 2025, an improvement from the negative $3.5M reported in 2024 but still a loss. Diluted EPS was negative $0.04 in 2025 versus negative $0.27 in 2024 and positive $0.01 in 2023. Operating cash flow turned positive at $6.2M in 2025 after negative $2.2M in 2024 and negative $2.3M in 2022. At September 30, 2025, total assets were $33.2M, total liabilities $12.0M, shareholder equity $18.3M and cash and equivalents $4.1M.

Strategy

The only filing excerpt provided is a Form 20-F/A Amendment No. 1 filed March 20, 2026, and it states that its sole purpose is an exhibit-only filing to submit Exhibit 15.2 and Exhibit 15.3. The amendment explicitly says it does not reflect events occurring after the Annual Report and does not modify or update the disclosure in that report. It also states the amendment should be read in conjunction with the Annual Report. Beyond the auditor consents filed as exhibits, no strategy, investment or priority detail is included in the excerpt.

Risks

• Persistent revenue decline — Annual revenue has fallen from $19.7M in 2022 to $9.8M in 2025, a cumulative decline that suggests loss of business volume.
• Recurring losses — The company reported net losses of $3.5M in 2024 and $1.1M in 2025 after small profits in 2022 and 2023.
• Exhibit-only amendment limits current disclosure — The 20-F/A states it does not update the Annual Report for subsequent events, so the document does not reflect post-January 30, 2026 developments.
• China operational concentration — The company's principal executive offices and operations are in Hangzhou, Zhejiang Province, PRC, concentrating its business in that jurisdiction.

Outlook

The filing excerpt does not contain management guidance or forward-looking statements. It is an exhibit-only amendment and explicitly disclaims reflecting events occurring after the original Annual Report. Accordingly, no outlook language from management is available in the provided material.