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>bioMérieux's first half of 2025 financial results present a mixed bag of performance indicators that provide a complex picture for potential investors.</li>
<li>On the positive side, the company reported a robust 9.4% organic sales growth, largely driven by double-digit expansions in key growth areas, including respiratory panels and nonrespiratory panels under the BIOFIRE brand.</li>
<li>This expansion was complemented by significant strides in profitability, with a 24% increase in like-for-like operating profit, culminating in an 18.2% profit margin compared to 16.4% at the end of 2023.</li>
</ul>


bioMérieux's first half of 2025 financial results present a mixed bag of performance indicators that provide a complex picture for potential investors.
On the positive side, the company reported a robust 9.4% organic sales growth, largely driven by double-digit expansions in key growth areas, including respiratory panels and nonrespiratory panels under the BIOFIRE brand.
This expansion was complemented by significant strides in profitability, with a 24% increase in like-for-like operating profit, culminating in an 18.2% profit margin compared to 16.4% at the end of 2023.


BioMérieux’s Margin Masterplan — How Is the GO.28 Initiative Powering Profit Growth?

<ul>
<li>During the recent financial year, bioMérieux reported strong financial results with several highlights and areas of concern.</li>
<li>The company achieved significant progress in its GO•28 strategic plan, demonstrating robust sales growth, profitability improvement, and advancements in sustainability efforts.</li>
<li>However, challenges remain in certain segments, such as declining sales in specific divisions and the potential impact of recent acquisitions.</li>
</ul>


During the recent financial year, bioMérieux reported strong financial results with several highlights and areas of concern.
The company achieved significant progress in its GO•28 strategic plan, demonstrating robust sales growth, profitability improvement, and advancements in sustainability efforts.
However, challenges remain in certain segments, such as declining sales in specific divisions and the potential impact of recent acquisitions.


BioMérieux: Expansion of BIOFIRE Instrument Placements to Maintain A Stable Revenue Stream...

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>In FY25, <a href="https://www.smartkarma.com/entities/sysmex-corp" target="_blank" data-smartkarma-citation="entities:19333:1" rel="noopener">Sysmex Corp (6869 JP)</a> revenue rose 10% YoY to ¥509B. Operating profit margin expanded 20bps to 17.2%. Amid rising costs, favorable Fx impact of ¥8.6B drove the margin.</li>
<li>Sales grew across regions as instrument installed increased and use of reagents multiplied. America’s volatile margin is a concern, amid the fact that Japan remains the major margin contributor.</li>
<li>For FY26, Sysmex has guided for revenue of ¥535B (+5% YoY). The company has factored in the impact of tariff estimating annual cost of sales impact of approximately ¥3B-4B.</li>
</ul>


In FY25, Sysmex Corp (6869 JP) revenue rose 10% YoY to ¥509B. Operating profit margin expanded 20bps to 17.2%. Amid rising costs, favorable Fx impact of ¥8.6B drove the margin.
Sales grew across regions as instrument installed increased and use of reagents multiplied. America’s volatile margin is a concern, amid the fact that Japan remains the major margin contributor.
For FY26, Sysmex has guided for revenue of ¥535B (+5% YoY). The company has factored in the impact of tariff estimating annual cost of sales impact of approximately ¥3B-4B.


Sysmex Corp (6869 JP): Forex to Take Some Sheen Away off Growth in FY26; Japan Still Remains Key

<ul>
<li>Sysmex America, Inc., a subsidiary of Sysmex Corp, recently announced plans to build a new reagent manufacturing, distribution, and service center in Brazil.</li>
<li>In FY24, sales in the Americas region for Sysmex increased 12% YoY to ¥118.7B. Reagents drove the revenue growing 16%.</li>
<li>Operating margins in the Americas have largely trodden on a volatile trajectory over the last few years hovering in the range of 4-6%, lowest among all the geographies.</li>
</ul>


Sysmex America, Inc., a subsidiary of Sysmex Corp, recently announced plans to build a new reagent manufacturing, distribution, and service center in Brazil.
In FY24, sales in the Americas region for Sysmex increased 12% YoY to ¥118.7B. Reagents drove the revenue growing 16%.
Operating margins in the Americas have largely trodden on a volatile trajectory over the last few years hovering in the range of 4-6%, lowest among all the geographies.


Sysmex Corp (6869 JP): Expansion Plans In Brazil Looks Prospective, Yet Gets Tricky With Margins

<ul>
<li>2023 will be a transitional year for <a href="https://www.smartkarma.com/entities/sd-biosensor-inc" target="_blank" data-smartkarma-citation="entities:33333:1" rel="noopener">SD Biosensor (137310 KS)</a>, with revenue and earnings taking a massive hit due to the declining revenue contribution of the COVID-19 tests.</li>
<li>The company is reaping the benefits of its continuous effort in adding new growth engines through M&amp;A and global expansion of its all-in-one molecular diagnostic system called the Standard M10.</li>
<li>SD Biosensor is set to enter the US market through the acquisition of Meridian. With ~40% share of the global IVD market, the US has big potential.</li>
</ul>


2023 will be a transitional year for SD Biosensor (137310 KS), with revenue and earnings taking a massive hit due to the declining revenue contribution of the COVID-19 tests.
The company is reaping the benefits of its continuous effort in adding new growth engines through M&amp;A and global expansion of its all-in-one molecular diagnostic system called the Standard M10.
SD Biosensor is set to enter the US market through the acquisition of Meridian. With ~40% share of the global IVD market, the US has big potential.


SD Biosensor (137310 KS): COVID Test Revenue Tapering Off; Global Expansion to Drive Future Growth

France

BioMerieux designs, develops, manufactures, and markets systems in the field of in vitro diagnostics for medical and industrial applications. The Company is specialized in the diagnosis of infectious diseases and pathologies. BioMerieux is also active in the analysis of food, pharmaceuticals and environmental samples to determine their microbiological quality.

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BioMerieux (BIM FP)

BioMérieux’s Margin Masterplan — How Is the GO.28 Initiative Powering Profit Growth?

bioMérieux's first half of 2025 financial results present a mixed bag of performance indicators that provide a complex picture for potential...

Baptista Research

BioMérieux: Expansion of BIOFIRE Instrument Placements to Maintain A Stable Revenue Stream...

The company achieved significant progress in its GO•28 strategic plan, demonstrating robust sales growth, profitability improvement, and...

Baptista Research

Sysmex Corp (6869 JP): Forex to Take Some Sheen Away off Growth in FY26; Japan Still Remains Key

Sysmex's FY25 revenue increased 10% to ¥509B with expanding profit margin. However, concern remains over America's volatile margin. The company...

Tina Banerjee

Sysmex Corp (6869 JP): Expansion Plans In Brazil Looks Prospective, Yet Gets Tricky With Margins

Sysmex plans to build a new reagent manufacturing center in Brazil. Increasing revenue contribution from low-margin region will not augur well for...

Tina Banerjee

SD Biosensor (137310 KS): COVID Test Revenue Tapering Off; Global Expansion to Drive Future Growth

SD Biosensor is expected to take massive hit in revenue in 2023 due to declining COVID tests. However, new product launches and global expansion...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

BioMérieux’s Margin Masterplan — How Is the GO.28 Initiative Powering Profit Growth?

bioMérieux's first half of 2025 financial results present a mixed bag of performance indicators that provide a complex picture for potential...

Baptista Research

BioMérieux: Expansion of BIOFIRE Instrument Placements to Maintain A Stable Revenue Stream...

The company achieved significant progress in its GO•28 strategic plan, demonstrating robust sales growth, profitability improvement, and...

Baptista Research

Sysmex Corp (6869 JP): Forex to Take Some Sheen Away off Growth in FY26; Japan Still Remains Key

​Sysmex's FY25 revenue increased 10% to ¥509B with expanding profit margin. However, concern remains over America's volatile margin. The company...

Tina Banerjee

Sysmex Corp (6869 JP): Expansion Plans In Brazil Looks Prospective, Yet Gets Tricky With Margins

​Sysmex plans to build a new reagent manufacturing center in Brazil. Increasing revenue contribution from low-margin region will not augur well for...

Tina Banerjee

SD Biosensor (137310 KS): COVID Test Revenue Tapering Off; Global Expansion to Drive Future Growth

SD Biosensor is expected to take massive hit in revenue in 2023 due to declining COVID tests. However, new product launches and global expansion...

Tina Banerjee

Sysmex's FY25 revenue increased 10% to ¥509B with expanding profit margin. However, concern remains over America's volatile margin. The company...

Sysmex plans to build a new reagent manufacturing center in Brazil. Increasing revenue contribution from low-margin region will not augur well for...