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>Axogen, Inc. reported second quarter 2026 revenue of $69.7 million, reflecting a 23.1% increase compared to the same quarter last year.</li><li>This growth was broad-based across its three primary target markets: Extremities, Oral Maxillofacial (OMF) & Head and Neck, and Breast.</li><li>The Breast segment showed particular strength, with first-half 2026 revenue up 47% year-over-year and contributing roughly two-thirds of the quarter’s incremental growth.</li></ul>

Axogen, Inc. reported second quarter 2026 revenue of $69.7 million, reflecting a 23.1% increase compared to the same quarter last year.This growth was broad-based across its three primary target markets: Extremities, Oral Maxillofacial (OMF) & Head and Neck, and Breast.The Breast segment showed particular strength, with first-half 2026 revenue up 47% year-over-year and contributing roughly two-thirds of the quarter’s incremental growth.

Axogen Raises Its Revenue Outlook to at Least $279 Million But Does It Deserve An Upgrade?

<ul><li>Axogen, Inc. reported financial results for the first quarter of 2026 reflecting a 26.6% year-over-year revenue increase to $61.5 million, supported by broad-based growth across its three principal markets: extremities, oral maxillofacial (OMF) and head and neck, and breast reconstruction.</li><li>The company emphasized strong commercial execution, with sales force productivity exceeding expectations and an expanded active surgeon count, signaling increasing adoption of Axogen’s nerve repair algorithm and contributing to revenue growth.</li><li>Adjusted EBITDA rose to $5.7 million, or 9.3% of revenue, showing improved operational leverage compared to the prior year.</li></ul>

Axogen, Inc. reported financial results for the first quarter of 2026 reflecting a 26.6% year-over-year revenue increase to $61.5 million, supported by broad-based growth across its three principal markets: extremities, oral maxillofacial (OMF) and head and neck, and breast reconstruction.The company emphasized strong commercial execution, with sales force productivity exceeding expectations and an expanded active surgeon count, signaling increasing adoption of Axogen’s nerve repair algorithm and contributing to revenue growth.Adjusted EBITDA rose to $5.7 million, or 9.3% of revenue, showing improved operational leverage compared to the prior year.

Axogen's $270 Million Revenue Target: Can Nerve Repair Adoption Keep Scaling?

<ul><li>AxoGen, Inc.'s recent financial results for the third quarter of 2025 reveal a blend of robust revenue growth and strategic positioning within the nerve repair market.</li><li>The company reported a significant 23.5% increase in quarterly sales year-over-year, amounting to $60.1 million.</li><li>This growth is attributed to the expanded adoption of their nerve repair solutions across various target markets, including extremities, oral maxillofacial (OMF), and breast procedures.</li></ul>

AxoGen, Inc.'s recent financial results for the third quarter of 2025 reveal a blend of robust revenue growth and strategic positioning within the nerve repair market.The company reported a significant 23.5% increase in quarterly sales year-over-year, amounting to $60.1 million.This growth is attributed to the expanded adoption of their nerve repair solutions across various target markets, including extremities, oral maxillofacial (OMF), and breast procedures.

AxoGen Is Expanding Beyond Extremities—How OMF &d Head-and-Neck Training Could Unlock New Demand!

<ul><li>Axogen reported a robust start to 2025 with a revenue increase of 17.4% in the first quarter, reaching $48.6 million.</li><li>This growth was attributed to the continued adoption and execution of customer-focused initiatives centered around nerve repair in its key markets, including extremities, oral maxillofacial, head and neck, and breast surgery.</li><li>The company emphasized its efforts in strategically targeting high-potential accounts, which yielded a 24% increase in average account productivity, surpassing the anticipated 21%.</li></ul>

Axogen reported a robust start to 2025 with a revenue increase of 17.4% in the first quarter, reaching $48.6 million.This growth was attributed to the continued adoption and execution of customer-focused initiatives centered around nerve repair in its key markets, including extremities, oral maxillofacial, head and neck, and breast surgery.The company emphasized its efforts in strategically targeting high-potential accounts, which yielded a 24% increase in average account productivity, surpassing the anticipated 21%.

AXOGEN In Buyout Talks? $18 Per Share Bid Sparks Market Buzz!

Global Healthcare Analyst

Tina Banerjee

Tactile Systems Technology I / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tactile-systems-technology-i" target="_blank" data-smartkarma-citation="entities:26307:1" rel="noopener">Tactile Systems Technology I (TCMD US)</a> offers pneumatic compression pump, which has total current addressable market opportunity of $10B+ in the U.S. The company’s annual run rate is ~$200M.</li>
<li>To penetrate the addressable market deeper, Tactile is aggressively expanding commercial team, which should lay the foundation for long-term sustainable revenue growth and margin expansion.</li>
<li>With the declining COVID-related headwinds, new product launch, and better commercial execution, Tactile should be well-positioned for accelerated growth trajectory.  </li>
</ul>



Tactile Systems Technology I (TCMD US) offers pneumatic compression pump, which has total current addressable market opportunity of $10B+ in the U.S. The company’s annual run rate is ~$200M.
To penetrate the addressable market deeper, Tactile is aggressively expanding commercial team, which should lay the foundation for long-term sustainable revenue growth and margin expansion.
With the declining COVID-related headwinds, new product launch, and better commercial execution, Tactile should be well-positioned for accelerated growth trajectory.  


Tactile Systems Technology (TCMD US): Subsiding COVID to Drive Mid-Teens Sales Growth in 2022

United States

AxoGen, Inc. is a regenerative medicine company focused on the development and commercialization of technologies for peripheral nerve reconstruction and regeneration. The Company offers products to help repair peripheral nerves.

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AxoGen Inc (AXGN US)

Axogen Raises Its Revenue Outlook to at Least $279 Million But Does It Deserve An Upgrade?

Axogen, Inc. reported second quarter 2026 revenue of $69.7 million, reflecting a 23.1% increase compared to the same quarter last year. This...

Baptista Research

Axogen's $270 Million Revenue Target: Can Nerve Repair Adoption Keep Scaling?

Axogen, Inc. reported financial results for the first quarter of 2026 reflecting a 26.6% year-over-year revenue increase to $61.5 million,...

Baptista Research

AxoGen Is Expanding Beyond Extremities—How OMF &d Head-and-Neck Training Could Unlock New Demand!

AxoGen, Inc.'s recent financial results for the third quarter of 2025 reveal a blend of robust revenue growth and strategic positioning within the...

Baptista Research

Tactile Systems Technology (TCMD US): Subsiding COVID to Drive Mid-Teens Sales Growth in 2022

Tactile Systems has a significant runway ahead as the company continues to penetrate the combined multibillion-dollar annual addressable market...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Axogen Raises Its Revenue Outlook to at Least $279 Million But Does It Deserve An Upgrade?

Axogen, Inc. reported second quarter 2026 revenue of $69.7 million, reflecting a 23.1% increase compared to the same quarter last year. This...

Baptista Research

Axogen's $270 Million Revenue Target: Can Nerve Repair Adoption Keep Scaling?

Axogen, Inc. reported financial results for the first quarter of 2026 reflecting a 26.6% year-over-year revenue increase to $61.5 million,...

Baptista Research

AxoGen Is Expanding Beyond Extremities—How OMF &d Head-and-Neck Training Could Unlock New Demand!

AxoGen, Inc.'s recent financial results for the third quarter of 2025 reveal a blend of robust revenue growth and strategic positioning within the...

Baptista Research

AXOGEN In Buyout Talks? $18 Per Share Bid Sparks Market Buzz!

Axogen reported a robust start to 2025 with a revenue increase of 17.4% in the first quarter, reaching $48.6 million. This growth was attributed...

Baptista Research

Tactile Systems Technology (TCMD US): Subsiding COVID to Drive Mid-Teens Sales Growth in 2022

Tactile Systems has a significant runway ahead as the company continues to penetrate the combined multibillion-dollar annual addressable market...

Tina Banerjee