Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/medtronic-plc" target="_blank" data-smartkarma-citation="entities:14982:1" rel="noopener">Medtronic Plc (MDT US)</a> reported Q2FY24 revenue of $8B, representing 5% organic growth, topping guidance of 4.0–4.5%. Cardiovascular, neuroscience, and medical surgical grew mid-single-digit with diabetes accelerating to high-single-digit.</li>
<li>The company now expects FY24 organic revenue growth of 4.75% versus the prior 4.5%. Medtronic raised FY24 adjusted EPS guidance to $5.13–5.19 from $5.08–5.16 earlier.</li>
<li>In November, the company has received FDA approval for innovative renal denervation device for the treatment of hypertension, which should open a multi-billion-dollar market opportunity.</li>
</ul>



Medtronic Plc (MDT US) reported Q2FY24 revenue of $8B, representing 5% organic growth, topping guidance of 4.0–4.5%. Cardiovascular, neuroscience, and medical surgical grew mid-single-digit with diabetes accelerating to high-single-digit.
The company now expects FY24 organic revenue growth of 4.75% versus the prior 4.5%. Medtronic raised FY24 adjusted EPS guidance to $5.13–5.19 from $5.08–5.16 earlier.
In November, the company has received FDA approval for innovative renal denervation device for the treatment of hypertension, which should open a multi-billion-dollar market opportunity.


Medtronic (MDT US): Beat-And-Raise Q2; Weight Loss Drugs Not to Impact Growth; New Device Approval

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<li>
<a href="https://www.smartkarma.com/entities/asahi-intecc-co-ltd" target="_blank" data-smartkarma-citation="entities:15915:1" rel="noopener">Asahi Intecc (7747 JP)</a> is poised for multi-year growth through strong market demand for its technically superior guidewires, market leadership positioning, new product launches, and direct marketing initiatives.</li>
<li>In FY24, Asahi Intecc aims to achieve revenue of ¥100B (+11% YoY), a significant milestone. The company targets revenue of ¥110B and an operating profit margin of 23–25% in FY26.</li>
<li>Asahi Intecc is expected to be a continued beneficiary of global procedure volume recovery. The company is likely to achieve its medium-term business plan ahead of schedule.</li>
</ul>



Asahi Intecc (7747 JP) is poised for multi-year growth through strong market demand for its technically superior guidewires, market leadership positioning, new product launches, and direct marketing initiatives.
In FY24, Asahi Intecc aims to achieve revenue of ¥100B (+11% YoY), a significant milestone. The company targets revenue of ¥110B and an operating profit margin of 23–25% in FY26.
Asahi Intecc is expected to be a continued beneficiary of global procedure volume recovery. The company is likely to achieve its medium-term business plan ahead of schedule.


2024 High Conviction: Asahi Intecc (7747 JP)- Procedure Volume Recovery to Accelerate Growth

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma</a> is looking to raise about US$1bn in its upcoming India IPO.</li>
<li>MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.</li>
<li>In this note, we will undertake a peer comparison with some of the India listed and domestically focussed pharmaceutical firms.</li>
</ul>



Mankind Pharma is looking to raise about US$1bn in its upcoming India IPO.
MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.
In this note, we will undertake a peer comparison with some of the India listed and domestically focussed pharmaceutical firms.


Mankind Pharma Pre-IPO - Peer Comparison - One of the Largest, with Better Growth and Margins

Sahajanand Medical Technologies Ltd / Equity Capital Markets

<ul>
<li>Sahajanand Medical Technologies has re-filed DRHP for its Indian IPO consisting entirely an offer for sale of up to 27.6M equity shares. Key details are yet to be announced.</li>
<li>SMT is a medical device company, with focus on vascular intervention and structural heart products. The company markets its products in 76 countries, with international markets contributing ~70% of revenue.</li>
<li>SMT is well-positioned for sustainable long-term growth, driven by wide portfolio of superior products, market leadership in India and key international markets, strong commercial execution capability amid favorable industry tailwinds.</li>
</ul>


Sahajanand Medical Technologies has re-filed DRHP for its Indian IPO consisting entirely an offer for sale of up to 27.6M equity shares. Key details are yet to be announced.
SMT is a medical device company, with focus on vascular intervention and structural heart products. The company markets its products in 76 countries, with international markets contributing ~70% of revenue.
SMT is well-positioned for sustainable long-term growth, driven by wide portfolio of superior products, market leadership in India and key international markets, strong commercial execution capability amid favorable industry tailwinds.


Sahajanand Medical Pre-IPO: Superior Product Amid Favorable Industry Make the Issue Heartwarming

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<li>
<a href="https://www.smartkarma.com/entities/medtronic-plc" target="_blank" data-smartkarma-citation="entities:14982:1" rel="noopener">Medtronic Plc (MDT US)</a> has submitted the Hugo robotic-assisted surgery system to the FDA for a urologic indication in 1Q25. In clinical trial, Hugo met the safety and effectiveness endpoints.</li>
<li>Approval is expected in 2H25. Medtronic expects Hugo would contribute to the company’s surgical business in FY26 and will be ‘a meaningful growth driver’ for the company in the medium-term.</li>
<li>Medtronic is well-positioned for accelerated growth, driven by momentum in some of the most attractive growth markets in MedTech. The U.S. approval of Hugo is an icing on the cake.</li>
</ul>



Medtronic Plc (MDT US) has submitted the Hugo robotic-assisted surgery system to the FDA for a urologic indication in 1Q25. In clinical trial, Hugo met the safety and effectiveness endpoints.
Approval is expected in 2H25. Medtronic expects Hugo would contribute to the company’s surgical business in FY26 and will be ‘a meaningful growth driver’ for the company in the medium-term.
Medtronic is well-positioned for accelerated growth, driven by momentum in some of the most attractive growth markets in MedTech. The U.S. approval of Hugo is an icing on the cake.


Medtronic Plc (MDT US): New Approvals to Accelerate Growth Ahead; A Good Time to Buy

United States

Abbott Laboratories discovers, develops, manufactures, and sells a broad and diversified line of health care products and services. The Company's products include pharmaceuticals, nutritional, diagnostics, and vascular products. Abbott markets its products worldwide through affiliates and distributors.

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Abbott Laboratories (ABT US)

Medtronic (MDT US): Beat-And-Raise Q2; Weight Loss Drugs Not to Impact Growth; New Device Approval

Medtronic reported Q2FY24 organic revenue growth of 5%. The company raised FY24 organic revenue growth and EPS guidance. FDA approval for a new...

Tina Banerjee

2024 High Conviction: Asahi Intecc (7747 JP)- Procedure Volume Recovery to Accelerate Growth

Asahi Intecc is poised for double-digit sales growth through FY26, driven by strong market demand for guidewires, market leadership positioning,...

Tina Banerjee

Mankind Pharma Pre-IPO - Peer Comparison - One of the Largest, with Better Growth and Margins

Mankind Pharma is looking to raise about US$1bn in its upcoming India IPO. In this note, we will undertake a peer comparison.

Sumeet Singh

Sahajanand Medical Pre-IPO: Superior Product Amid Favorable Industry Make the Issue Heartwarming

Sahajanand Medical has re-filed DRHP for its Indian IPO consisting entirely an offer for sale of up to 27.6M equity shares. Key details like IPO...

Tina Banerjee

Medtronic Plc (MDT US): New Approvals to Accelerate Growth Ahead; A Good Time to Buy

Medtronic submits Hugo robotic-assisted surgery system to FDA for urologic indication, with expected approval in 2H25. Hugo is poised to be a...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Medtronic (MDT US): Beat-And-Raise Q2; Weight Loss Drugs Not to Impact Growth; New Device Approval

​Medtronic reported Q2FY24 organic revenue growth of 5%. The company raised FY24 organic revenue growth and EPS guidance. FDA approval for a new...

Tina Banerjee

2024 High Conviction: Asahi Intecc (7747 JP)- Procedure Volume Recovery to Accelerate Growth

Asahi Intecc is poised for double-digit sales growth through FY26, driven by strong market demand for guidewires, market leadership positioning,...

Tina Banerjee

Mankind Pharma Pre-IPO - Peer Comparison - One of the Largest, with Better Growth and Margins

Mankind Pharma is looking to raise about US$1bn in its upcoming India IPO. In this note, we will undertake a peer comparison.

Sumeet Singh

Sahajanand Medical Pre-IPO: Superior Product Amid Favorable Industry Make the Issue Heartwarming

Sahajanand Medical has re-filed DRHP for its Indian IPO consisting entirely an offer for sale of up to 27.6M equity shares. Key details like IPO...

Tina Banerjee

Medtronic Plc (MDT US): New Approvals to Accelerate Growth Ahead; A Good Time to Buy

​Medtronic submits Hugo robotic-assisted surgery system to FDA for urologic indication, with expected approval in 2H25. Hugo is poised to be a...

Tina Banerjee

Medtronic reported Q2FY24 organic revenue growth of 5%. The company raised FY24 organic revenue growth and EPS guidance. FDA approval for a new...

Medtronic submits Hugo robotic-assisted surgery system to FDA for urologic indication, with expected approval in 2H25. Hugo is poised to be a...