Anbio Biotechnology, a Cayman Islands-incorporated medical device company specializing in in vitro diagnostics (IVD), demonstrated strong financial growth during 2023–2025, capitalizing initially on COVID-19 respiratory tests. Revenue increased modestly by 5.6% from 2024 to 2025 to about $8.65 million, driven primarily by growing demand for customized and non-COVID IVD products. The company achieved a significant gross margin expansion to over 87% in 2025 through cost optimization and shifting product mix. Despite net income soaring nearly 170%, operating cash flow turned negative in 2025 due to working capital investments. The business plans to expand into veterinary diagnostics and advanced therapeutic areas to diversify revenue, while prudently managing capital allocation with no dividend payments foreseen. Key risks include regulatory hurdles and supply chain dependencies in a competitive and fast-evolving diagnostic market.