HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>HeartFlow submitted its prospectus, targeting a valuation of up to US$1.32 billion in US IPO. Heartflow is seeking up to US$212.5 million by offering 12.5 million shares priced between US$15-17/share.</li>
<li>HeartFlow’s moat includes a first-mover advantage, medical insurance network, and ecological cooperation with equipment manufacturers. However, the accuracy of its products is slightly inferior to that of similar Chinese products.</li>
<li>Our forecast is revenue to up 35% YoY/30% YoY/25% YoY in 2025/2026/2027. HeartFlow may achieve breakeven in 2027. Comfortable valuation could be P/S of 7-9x if based on 2025E revenue.</li>
</ul>


HeartFlow submitted its prospectus, targeting a valuation of up to US$1.32 billion in US IPO. Heartflow is seeking up to US$212.5 million by offering 12.5 million shares priced between US$15-17/share.
HeartFlow’s moat includes a first-mover advantage, medical insurance network, and ecological cooperation with equipment manufacturers. However, the accuracy of its products is slightly inferior to that of similar Chinese products.
Our forecast is revenue to up 35% YoY/30% YoY/25% YoY in 2025/2026/2027. HeartFlow may achieve breakeven in 2027. Comfortable valuation could be P/S of 7-9x if based on 2025E revenue.


Pre-IPO Heartflow (HTFL US - Thoughts on the Business and Valuation Outlook

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>Boston Scientific Corporation reported strong first quarter 2025 results, exhibiting significant growth in both revenue and earnings.</li><li>The company's total operational sales increased by 22% while organic sales grew by 18%, surpassing the upper range of guidance of 14% to 16%.</li><li>In terms of earnings, the first quarter adjusted EPS reached $0.75, a 34% growth over the previous year, exceeding the projected range of $0.66 to $0.68.</li></ul>

Boston Scientific Corporation reported strong first quarter 2025 results, exhibiting significant growth in both revenue and earnings.The company's total operational sales increased by 22% while organic sales grew by 18%, surpassing the upper range of guidance of 14% to 16%.In terms of earnings, the first quarter adjusted EPS reached $0.75, a 34% growth over the previous year, exceeding the projected range of $0.66 to $0.68.

Boston Scientific WATCHMAN Surge: Will 20% Growth & New Clinical Data Cement Its Cardiovascular Dominance?

Global Healthcare Analyst

Tina Banerjee

<ul>
<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

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 23 December 2022, <strong><a href="https://www.smartkarma.com/entities/skyworth-group-limited" target="_blank" data-smartkarma-citation="entities:10941:1" rel="noopener">Skyworth Group (751 HK)</a></strong> announced (another) partial buyback, at HK$3.80/share, a 20.25% premium to undisturbed. On the 28 March, terms were bumped to $5.00/share. </li>
<li>At the <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2023/0531/2023053101428.pdf" target="_blank" rel="noopener">close of the Offer</a>, the Wong Concert Group held 50.35%, and were no longer subject to the creeper rule. The Group now holds 56.04%</li>
<li>Yet another Partial Offer has been announced (HK$3.11/share, a 15.19% premium)), which will lift the Group's stake to 66.45%.  Minimum pro-ration is 37.84%. It is likely to go higher.</li>
</ul>


Back on the 23 December 2022, Skyworth Group (751 HK) announced (another) partial buyback, at HK$3.80/share, a 20.25% premium to undisturbed. On the 28 March, terms were bumped to $5.00/share. 
At the close of the Offer, the Wong Concert Group held 50.35%, and were no longer subject to the creeper rule. The Group now holds 56.04%
Yet another Partial Offer has been announced (HK$3.11/share, a 15.19% premium)), which will lift the Group's stake to 66.45%.  Minimum pro-ration is 37.84%. It is likely to go higher.


Skyworth Group (751 HK)'s Latest Partial Buyback. Thoughts On Proration

<ul><li>The financial results for Boston Scientific's fourth quarter and full-year 2024 highlight both strengths and challenges faced by the company.</li><li>Achieving robust growth in several segments, the company reported operational sales growth of 23% for the quarter and 18.5% for the year, with organic growth hitting 20% and 16% respectively.</li><li>These figures surpass their upper guidance limits, indicating strong market performance, driven primarily by the early U.S. adoption of the FARAPULSE system and other key products.</li></ul>

The financial results for Boston Scientific's fourth quarter and full-year 2024 highlight both strengths and challenges faced by the company.Achieving robust growth in several segments, the company reported operational sales growth of 23% for the quarter and 18.5% for the year, with organic growth hitting 20% and 16% respectively.These figures surpass their upper guidance limits, indicating strong market performance, driven primarily by the early U.S. adoption of the FARAPULSE system and other key products.

Boston Scientific: How WATCHMAN and FARAPULSE Expansion Is Shaping This Med-Tech Giant’s Future!

United States

Boston Scientific Corporation develops, manufactures, and markets minimally invasive medical devices. The Company's products are used in interventional cardiology, cardiac rhythm management, peripheral interventions, electrophysiology, neurovascular intervention, endoscopy, urology, gynecology and neuromodulation.

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Boston Scientific (BSX US)

Pre-IPO Heartflow (HTFL US - Thoughts on the Business and Valuation Outlook

Heartflow is seeking $212.5mn by offering 12.5mn shares priced between $15-17.Revenue forecasted to grow steadily, potential breakeven in...

Xinyao (Criss) Wang

Boston Scientific WATCHMAN Surge: Will 20% Growth & New Clinical Data Cement Its Cardiovascular Dominance?

Boston Scientific Corporation reported strong first quarter 2025 results, exhibiting significant growth in both revenue and earnings. The...

Baptista Research

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

Skyworth Group (751 HK)'s Latest Partial Buyback. Thoughts On Proration

If the price gets (even) closer to the tender price, assuming investors want to come out short and expect no surprise shift in proration, it's...

David Blennerhassett

Boston Scientific: How WATCHMAN and FARAPULSE Expansion Is Shaping This Med-Tech Giant’s Future!

The financial results for Boston Scientific's fourth quarter and full-year 2024 highlight both strengths and challenges faced by the...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Heartflow (HTFL US - Thoughts on the Business and Valuation Outlook

Heartflow is seeking $212.5mn by offering 12.5mn shares priced between $15-17.Revenue forecasted to grow steadily, potential breakeven in...

Xinyao (Criss) Wang

Boston Scientific WATCHMAN Surge: Will 20% Growth & New Clinical Data Cement Its Cardiovascular Dominance?

Boston Scientific Corporation reported strong first quarter 2025 results, exhibiting significant growth in both revenue and earnings. The...

Baptista Research

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

Skyworth Group (751 HK)'s Latest Partial Buyback. Thoughts On Proration

If the price gets (even) closer to the tender price, assuming investors want to come out short and expect no surprise shift in proration, it's...

David Blennerhassett

Boston Scientific: How WATCHMAN and FARAPULSE Expansion Is Shaping This Med-Tech Giant’s Future!

The financial results for Boston Scientific's fourth quarter and full-year 2024 highlight both strengths and challenges faced by the...

Baptista Research

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