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

Davita Healthcare Partners / Equity Bottom-Up

<ul><li>The second quarter 2026 results of DaVita Inc., a provider of dialysis services and related healthcare solutions, largely aligned with company expectations, reflecting continued momentum in patient outcomes and financial performance.</li><li>Treatment volume growth in U.S. dialysis accelerated slightly more than anticipated, primarily driven by improved patient mortality rates, though new patient admissions and missed treatments remained largely in line with prior guidance.</li><li>Revenue per treatment declined sequentially by about $2 due to a decrease in commercial payer mix related to lower Affordable Care Act enrollment and reduced revenue from phosphate binders following their integration into the Medicare dialysis bundle.</li></ul>

The second quarter 2026 results of DaVita Inc., a provider of dialysis services and related healthcare solutions, largely aligned with company expectations, reflecting continued momentum in patient outcomes and financial performance.Treatment volume growth in U.S. dialysis accelerated slightly more than anticipated, primarily driven by improved patient mortality rates, though new patient admissions and missed treatments remained largely in line with prior guidance.Revenue per treatment declined sequentially by about $2 due to a decrease in commercial payer mix related to lower Affordable Care Act enrollment and reduced revenue from phosphate binders following their integration into the Medicare dialysis bundle.

DaVita Is Not Just A Dialysis Story — Integrated Kidney Care Is Gaining Momentum!

Index Rebalance and Special Situations Coverage, Quiddity Advisors

Anjana Amarasuriya

Index Rebalance and Special Situations Coverage

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The SP 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>In this insight, we have presented our expectations for ADDs and DELs for the upcoming quarterly review in March 2026.</li>
<li>We expect one intra-review index change <em>before</em> the regular rebalance and two changes during the March 2026 regular rebalance. There is an SP 400 intra-review change this week.</li>
</ul>


The SP 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
In this insight, we have presented our expectations for ADDs and DELs for the upcoming quarterly review in March 2026.
We expect one intra-review index change before the regular rebalance and two changes during the March 2026 regular rebalance. There is an SP 400 intra-review change this week.


Quiddity Leaderboard SP500/600 Mar26 Rebal: TWO Regular ADDs/DELs + ONE Intra-Review Change Coming

<ul><li>The report on DaVita Inc.’s first quarter of 2026 presents a mixture of advancements and challenges, reflecting a cautious yet optimistic operational outlook.</li><li>The company emphasizes its commitment to clinical excellence and continued investments in digital infrastructure to support evolving healthcare needs.</li><li>Notably, its Integrated Kidney Care (IKC) value-based care business demonstrated measurable progress in the Centers for Medicare & Medicaid Services (CMS) Comprehensive Kidney Care Contracting program, showing improvements in gross savings rates, quality scores, and maintaining high-performing status.</li></ul>

The report on DaVita Inc.’s first quarter of 2026 presents a mixture of advancements and challenges, reflecting a cautious yet optimistic operational outlook.The company emphasizes its commitment to clinical excellence and continued investments in digital infrastructure to support evolving healthcare needs.Notably, its Integrated Kidney Care (IKC) value-based care business demonstrated measurable progress in the Centers for Medicare & Medicaid Services (CMS) Comprehensive Kidney Care Contracting program, showing improvements in gross savings rates, quality scores, and maintaining high-performing status.

DaVita: Building a High-Performance Kidney Care Model Through Clinical Excellence and Cost Discipline!

<ul><li>DaVita Inc. reported its fourth quarter and full-year 2025 financial performance, highlighting key aspects that influenced its results and setting the stage for its expectations in 2026.</li><li>The company continued to focus on its Integrated Kidney Care (IKC) programs and announced a strategic partnership with Elara Caring, aimed at enhancing home healthcare services for patients with end-stage kidney disease (ESKD).</li><li>In the fourth quarter of 2025, DaVita's operating income aligned with prior expectations, achieving $586 million, while the full-year operating income was slightly above projections at $2.094 billion.</li></ul>

DaVita Inc. reported its fourth quarter and full-year 2025 financial performance, highlighting key aspects that influenced its results and setting the stage for its expectations in 2026.The company continued to focus on its Integrated Kidney Care (IKC) programs and announced a strategic partnership with Elara Caring, aimed at enhancing home healthcare services for patients with end-stage kidney disease (ESKD).In the fourth quarter of 2025, DaVita's operating income aligned with prior expectations, achieving $586 million, while the full-year operating income was slightly above projections at $2.094 billion.

DaVita Inc.’s Quiet Advantage—Why Better Patient Outcomes Could Mean Better Economics!

<ul><li>DaVita Inc.'s third-quarter 2025 performance reflected a continuation of its strategic focus on providing high-quality kidney care amidst a challenging healthcare landscape.</li><li>The company reported an adjusted operating income of $517 million, and adjusted earnings per share of $2.51, aligning with internal estimates but falling short of market expectations.</li><li>The U.S. treatment volume showed a year-over-year decline of 1.5%, attributed to mixed operational days and census trends affected by a severe flu season, Hurricane Helene, and a cyber incident.</li></ul>

DaVita Inc.'s third-quarter 2025 performance reflected a continuation of its strategic focus on providing high-quality kidney care amidst a challenging healthcare landscape.The company reported an adjusted operating income of $517 million, and adjusted earnings per share of $2.51, aligning with internal estimates but falling short of market expectations.The U.S. treatment volume showed a year-over-year decline of 1.5%, attributed to mixed operational days and census trends affected by a severe flu season, Hurricane Helene, and a cyber incident.

DaVita Inside: Expansion of At-Home Dialysis & Sustained ESRD Patient Growth To Shape The Future in Kidney Care!

United States

DaVita Inc. provides a variety of health care services. The Company provides kidney dialysis services for patients suffering from chronic kidney failure. DaVita serves patients worldwide.

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Davita Healthcare Partners (DVA US)

DaVita Is Not Just A Dialysis Story — Integrated Kidney Care Is Gaining Momentum!

The second quarter 2026 results of DaVita Inc., a provider of dialysis services and related healthcare solutions, largely aligned with company...

Baptista Research

Quiddity Leaderboard SP500/600 Mar26 Rebal: TWO Regular ADDs/DELs + ONE Intra-Review Change Coming

There are now 19 Intra-review changes (25 flow lines) for SP 400, SP 600, and SP Completion and a couple of index upweights for SP 500. Over US$4...

Anjana Amarasuriya

DaVita: Building a High-Performance Kidney Care Model Through Clinical Excellence and Cost Discipline!

The report on DaVita Inc.’s first quarter of 2026 presents a mixture of advancements and challenges, reflecting a cautious yet optimistic...

Baptista Research

DaVita Inc.’s Quiet Advantage—Why Better Patient Outcomes Could Mean Better Economics!

DaVita Inc. reported its fourth quarter and full-year 2025 financial performance, highlighting key aspects that influenced its results and setting...

Baptista Research

DaVita Inside: Expansion of At-Home Dialysis & Sustained ESRD Patient Growth To Shape The Future in Kidney Care!

DaVita Inc.'s third-quarter 2025 performance reflected a continuation of its strategic focus on providing high-quality kidney care amidst a...

Baptista Research

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