Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Align Technology's second-quarter 2025 performance reflects a complex interplay of positives and challenges, depicting mixed outcomes across its two primary business segments: Systems and Services and clear aligners.</li><li>The company reported total revenues of $1.12 billion, marking an increase over the previous quarter but a slight year-over-year decline.</li><li>This growth was mainly driven by the Systems and Services segment, particularly through iTero Lumina scanner wand upgrades, whereas full iTero Lumina System sales underperformed expectations.</li></ul>

Align Technology's second-quarter 2025 performance reflects a complex interplay of positives and challenges, depicting mixed outcomes across its two primary business segments: Systems and Services and clear aligners.The company reported total revenues of $1.12 billion, marking an increase over the previous quarter but a slight year-over-year decline.This growth was mainly driven by the Systems and Services segment, particularly through iTero Lumina scanner wand upgrades, whereas full iTero Lumina System sales underperformed expectations.

Align Technology: Will Their Focus on Digital Adoption Pay Off Amidst Traditional Preferences In The Orthodontist Communities?

<ul><li>Align Technology, a key player in the dental technology sector, has shown a mixed performance in its first quarter results for 2025.</li><li>The company, which operates in the segments of Clear Aligners and Systems and Services, reported revenues of $979.3 million, which is a slight decline both sequentially and year-over-year.</li><li>Despite these decreases, there are notable positive highlights: Clear Aligner volumes increased across several regions, with particularly strong growth observed in Asia-Pacific (APAC) and Europe, Middle East, and Africa (EMEA).</li></ul>

Align Technology, a key player in the dental technology sector, has shown a mixed performance in its first quarter results for 2025.The company, which operates in the segments of Clear Aligners and Systems and Services, reported revenues of $979.3 million, which is a slight decline both sequentially and year-over-year.Despite these decreases, there are notable positive highlights: Clear Aligner volumes increased across several regions, with particularly strong growth observed in Asia-Pacific (APAC) and Europe, Middle East, and Africa (EMEA).

Align Technology: Innovative Product Offerings

<ul><li>Align Technology presented a mixed outlook in its latest earnings call for the fourth quarter and full year of 2024.</li><li>While the company reported positive revenue growth across some segments, several challenges and uncertainties were also highlighted, presenting a balanced investment prospect.</li><li>On the positive side, Align Technology posted a total revenue increase of 4% year-over-year in the fourth quarter.</li></ul>

Align Technology presented a mixed outlook in its latest earnings call for the fourth quarter and full year of 2024.While the company reported positive revenue growth across some segments, several challenges and uncertainties were also highlighted, presenting a balanced investment prospect.On the positive side, Align Technology posted a total revenue increase of 4% year-over-year in the fourth quarter.

Align Technology: How a $50,000 Device Is Locking in Doctors & Driving Profits!

<ul><li>Align Technology's third quarter of 2024 financial results present a mixed performance, reflective of broader market challenges, particularly in the United States, as well as notable strengths in specific regional markets and product segments.</li><li>The company reported a slight year-over-year increase in revenue to $978 million, up by 1.8%.</li><li>Clear Aligner volumes also saw a growth of 2.5% year-over-year, signifying resilience in high-demand markets despite a subdued U.S. consumer sentiment.</li></ul>

Align Technology's third quarter of 2024 financial results present a mixed performance, reflective of broader market challenges, particularly in the United States, as well as notable strengths in specific regional markets and product segments.The company reported a slight year-over-year increase in revenue to $978 million, up by 1.8%.Clear Aligner volumes also saw a growth of 2.5% year-over-year, signifying resilience in high-demand markets despite a subdued U.S. consumer sentiment.

Align Technology Inc.: Leveraging iTero Devices & New Technologies In Orthodontics for Growth! - Major Drivers

Global Healthcare Analyst

Tina Banerjee

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<li>
<a href="https://www.smartkarma.com/entities/mani-inc" target="_blank" data-smartkarma-citation="entities:6534:1" rel="noopener">Mani Inc (7730 JP)</a> Q1FY25 revenue rose 8% YoY, mainly driven by surgical and eyeless needles segments, and favorable foreign exchange. However, profitability declined year-over-year.</li>
<li>Despite the underperformance of dental segment, management reiterated FY25 guidance. Dental segment contributes more than 30% of total revenue.</li>
<li>Mani shares plunged 20% since it published its Q1 results. Investors should avoid Mani due to its uncertain revenue outlook and deteriorating profitability in short-term.</li>
</ul>



Mani Inc (7730 JP) Q1FY25 revenue rose 8% YoY, mainly driven by surgical and eyeless needles segments, and favorable foreign exchange. However, profitability declined year-over-year.
Despite the underperformance of dental segment, management reiterated FY25 guidance. Dental segment contributes more than 30% of total revenue.
Mani shares plunged 20% since it published its Q1 results. Investors should avoid Mani due to its uncertain revenue outlook and deteriorating profitability in short-term.


Mani Inc (7730 JP): Dental Loosing Shine In China; Margins Eroding; FY25 Guidance Reiterated

United States

Align Technology, Inc. designs, manufactures, and markets the Invisalign System, a method for treating the misalignment of teeth.  The Company's system corrects the misalignment using a series of clear, removable appliances that move teeth to a desired final position.

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Align Technology (ALGN US)

Align Technology: Will Their Focus on Digital Adoption Pay Off Amidst Traditional Preferences In The Orthodontist Communities?

Align Technology's second-quarter 2025 performance reflects a complex interplay of positives and challenges, depicting mixed outcomes across its...

Baptista Research

Align Technology: Innovative Product Offerings

Align Technology, a key player in the dental technology sector, has shown a mixed performance in its first quarter results for 2025. The company,...

Baptista Research

Align Technology: How a $50,000 Device Is Locking in Doctors & Driving Profits!

Align Technology presented a mixed outlook in its latest earnings call for the fourth quarter and full year of 2024. While the company reported...

Baptista Research

Align Technology Inc.: Leveraging iTero Devices & New Technologies In Orthodontics for Growth! - Major Drivers

Align Technology's third quarter of 2024 financial results present a mixed performance, reflective of broader market challenges, particularly in...

Baptista Research

Mani Inc (7730 JP): Dental Loosing Shine In China; Margins Eroding; FY25 Guidance Reiterated

Mani's Q1FY25 revenue was up 8% YoY driven by surgical and eyeless needles, but profitability declined. Dental segment continued to underperform....

Tina Banerjee

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52-week Range

Market Cap (USDm)

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Align Technology: Will Their Focus on Digital Adoption Pay Off Amidst Traditional Preferences In The Orthodontist Communities?

Align Technology's second-quarter 2025 performance reflects a complex interplay of positives and challenges, depicting mixed outcomes across its...

Baptista Research

Align Technology: Innovative Product Offerings

Align Technology, a key player in the dental technology sector, has shown a mixed performance in its first quarter results for 2025. The company,...

Baptista Research

Align Technology: How a $50,000 Device Is Locking in Doctors & Driving Profits!

Align Technology presented a mixed outlook in its latest earnings call for the fourth quarter and full year of 2024. While the company reported...

Baptista Research

Align Technology Inc.: Leveraging iTero Devices & New Technologies In Orthodontics for Growth! - Major Drivers

Align Technology's third quarter of 2024 financial results present a mixed performance, reflective of broader market challenges, particularly in...

Baptista Research

Mani Inc (7730 JP): Dental Loosing Shine In China; Margins Eroding; FY25 Guidance Reiterated

​Mani's Q1FY25 revenue was up 8% YoY driven by surgical and eyeless needles, but profitability declined. Dental segment continued to underperform....

Tina Banerjee

Mani's Q1FY25 revenue was up 8% YoY driven by surgical and eyeless needles, but profitability declined. Dental segment continued to underperform....