Baptista Research

Independent research on the U.S. markets

Credit

<ul><li>Baxter International is a giant within the space of dialysis therapies and other healthcare products.</li><li>The company's recent financial results have been decent despite the fact that sales were impacted by specific supply chain-related issues.</li><li>The overall demand for products across the Baxter and traditional Hillrom portfolios continues to be strong.</li></ul>

Equity Capital Markets

<ul><li>This is our first report on Baxter International, one of the largest players in the domain of dialysis therapies and other healthcare products.</li><li>The overall demand for products across the Baxter and traditional Hillrom portfolios continues to be strong.</li><li>We initiate coverage on the stock of Baxter International with a ‘Buy’ rating.</li></ul>

Tina Banerjee

Global Healthcare Analyst

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/syngene-international-ltd" target="_blank" data-smartkarma-citation="entities:26923:1" rel="noopener">Syngene International Ltd (SYNG IN)</a> provides integrated services from early discovery to commercial supply across all major therapeutic areas and modalities. The company has 400+ active clients.</li>
<li>To capitalize on the secular industry tailwind, the company has been investing to enhance capacity and capability, which has led to extension of existing client relations and engaging new clients.</li>
<li>For FY23, the company expects high-teens revenue growth and EBITDA margin of ~30%. Operating leverage is expected to improve from next year onwards, and that should improve the overall profitability.</li>
</ul>

Andrei Zakharov

Director of Equity Research, IPOs

Algosun Global

<p><a href="https://www.smartkarma.com/entities/miromatrix-medical-inc" target="_blank" data-smartkarma-citation="entities:33530:1" rel="noopener">Miromatrix Medical (MIRO US)</a> , a biotechnology and life sciences company pioneering a novel technology for bioengineering human organs, closed initial public offering of ~5.52 million shares of common stock in June. Sole managing underwriter Craig-Hallum Capital Group exercised its option to purchase 720,000 shares at IPO price of $9.00 per share.  </p><p><a href="https://www.smartkarma.com/entities/miromatrix-medical-inc" target="_blank" data-smartkarma-citation="entities:33530:1" rel="noopener">Miromatrix Medical (MIRO US)</a>  was backed by strategic investors such as <a href="https://www.smartkarma.com/entities/baxter-international-inc" target="_blank" data-smartkarma-citation="entities:19975:1" rel="noopener">Baxter International (BAX US)</a> , <a href="https://www.smartkarma.com/entities/davita-inc-9c208e1e-deb0-4599-9f0b-eaae415f5531" target="_blank" data-smartkarma-citation="entities:14938:1" rel="noopener">Davita Healthcare Partners (DVA US)</a> and CareDx. Biotech startup has raised $20 million from Series C private round and ~$45 million of net proceeds from an IPO to start human clinical studies.  First of all, Miromatrix Medical plans to demonstrate bioengineered human organs outside of the patient’s body and during the next stage shift focus to full organ transplantation.</p>

Arun George

IPOs and Catalysts/Events

Global Equity Research Ltd

<p><a href="https://www.smartkarma.com/entities/sciclone-pharmaceuticals-holdings-limited" target="_blank" data-smartkarma-citation="entities:17351:1" rel="noopener">Sciclone Pharmaceuticals (1863447D HK)</a> is a biopharmaceutical company with an integrated platform for product development and commercialisation of drugs in the oncology and severe infection therapeutic areas. The predecessor company, SciClone US, listed on NASDAQ in March 1992 and was subsequently privatised and delisted in October 2017. SciClone is pre-marketing a Hong Kong IPO to raise $500 million, according to press reports. </p><div class="content-highlight"><p>SciClone is a less than ideal IPO candidate. Despite efforts at diversification, SciClone is highly dependent on a single product, Zadaxin, which was launched in 1996. Commendably, Zadaxin sales have increased despite several challenges, including generic competition, changes in reimbursement policies and the centralised tender processes. However, the risk to Zadaxin’s sales remains undiminished. The large pre-IPO dividends by existing shareholders in face of these challenges also sends the wrong message to potential IPO investors. Overall, on a fundamental basis, we are inclined to give this IPO a pass. </p></div>

United States

No authorization provided.

Baxter International Inc. develops, manufactures, and markets products and technologies related to hemophilia, immune disorders, infectious diseases, kidney disease, trauma and other chronic and acute medical conditions. The Company's products are used by hospitals, kidney dialysis centers, nursing homes, rehabilitation centers, doctors' offices, and research laboratories.

ADTV (USDm)	0.00
52-week Range	0.00 - 0.00
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EV/EBITDA	0.00
EV/Sales	0.00
Dividend (Yield)	0.00

Baxter International - BAX US

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We believe that perfusion technology from Miromatrix differentiates from 3D bioprinting and genetically modified xenografts and has more advantages...

Andrei Zakharov

SciClone Pharmaceuticals IPO Initiation: A Hard Sell

SciClone is pre-marketing a Hong Kong IPO to raise $500 million, according to press reports. Overall, on a fundamental basis, we are inclined to...

Arun George

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