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>DexCom, Inc. is no longer being judged only as a high-growth medical device winner.</li><li>It is now being judged as a fallen market favorite trying to rebuild credibility.</li><li>The company’s market value once peaked above $63 billion in 2021, but it had fallen to roughly $23 billion before activist investor Elliott Investment Management disclosed a stake and reached a board settlement.</li></ul>

DexCom, Inc. is no longer being judged only as a high-growth medical device winner.It is now being judged as a fallen market favorite trying to rebuild credibility.The company’s market value once peaked above $63 billion in 2021, but it had fallen to roughly $23 billion before activist investor Elliott Investment Management disclosed a stake and reached a board settlement.

From Wall Street Darling To Turnaround Story: Dexcom Lost Billions—Now Elliott Wants A Reset!

<ul><li>Dexcom, Inc. reported first quarter 2026 revenue of $1.19 billion, marking a 15% increase year-over-year and 12% organic growth.</li><li>This performance was driven primarily by strong global demand for continuous glucose monitoring (CGM) products, supported by broader access, new product launches—particularly the G7 15 Day system—and sustained growth in the active user base.</li><li>U.S. revenues grew 11% to $832 million, with notable gains in the type 2 diabetes market, especially among non-insulin users benefiting from expanding commercial coverage, including a new reimbursement win with Prime Therapeutics expected to cover over 7 million type 2 non-insulin lives by year-end.</li></ul>

Dexcom, Inc. reported first quarter 2026 revenue of $1.19 billion, marking a 15% increase year-over-year and 12% organic growth.This performance was driven primarily by strong global demand for continuous glucose monitoring (CGM) products, supported by broader access, new product launches—particularly the G7 15 Day system—and sustained growth in the active user base.U.S. revenues grew 11% to $832 million, with notable gains in the type 2 diabetes market, especially among non-insulin users benefiting from expanding commercial coverage, including a new reimbursement win with Prime Therapeutics expected to cover over 7 million type 2 non-insulin lives by year-end.

Why Dexcom’s CMS Decision Matters More Than First Quarter Strength!

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/walmart-inc" target="_blank" data-smartkarma-citation="entities:11134:1" rel="noopener">Walmart (WMT US)</a> is now eligible for Nasdaq100 following its listing change from NYSE to Nasdaq on 9 December 2025, marking the largest exchange transfer in history.</li>
<li>The listing transfer was completed after the December 2025 annual review cut-off, so Nasdaq100 inclusion is anticipated by December 2026.</li>
<li>Forecasted passive fund demand upon inclusion is ~600m shares, $70bn and 25 ADV.</li>
</ul>



Walmart (WMT US) is now eligible for Nasdaq100 following its listing change from NYSE to Nasdaq on 9 December 2025, marking the largest exchange transfer in history.
The listing transfer was completed after the December 2025 annual review cut-off, so Nasdaq100 inclusion is anticipated by December 2026.
Forecasted passive fund demand upon inclusion is ~600m shares, $70bn and 25 ADV.


Walmart (WMT US): Unwrapping Nasdaq100 Inclusion Following Listing Transfer

<ul><li>Dexcom reported its financial results for the fourth quarter and full fiscal year 2025, showing robust growth and strategic advancements.</li><li>The company's revenue for the fourth quarter reached $1.26 billion, reflecting a 13% increase compared to the same period in 2024.</li><li>This growth was driven by strong global demand for their continuous glucose monitoring (CGM) systems, particularly the newly launched DexCom G7 15-Day system, which has been well-received for its extended wear time and improved accuracy.</li></ul>

Dexcom reported its financial results for the fourth quarter and full fiscal year 2025, showing robust growth and strategic advancements.The company's revenue for the fourth quarter reached $1.26 billion, reflecting a 13% increase compared to the same period in 2024.This growth was driven by strong global demand for their continuous glucose monitoring (CGM) systems, particularly the newly launched DexCom G7 15-Day system, which has been well-received for its extended wear time and improved accuracy.

DexCom: How Product Innovation and Feature Adoption Are Expanding Its Diabetes Opportunity!

<ul><li>DexCom Inc.'s latest financial performance for the third quarter of 2025 revealed a mixture of strengths and challenges, reflected in both strategic updates and financial metrics.</li><li>The company reported a 22% increase in worldwide revenue, reaching $1.21 billion compared to $994 million in the same quarter last year.</li><li>This growth was driven by strong performance in both the U.S. and international markets, particularly due to expanded continuous glucose monitoring (CGM) access and the broadening of their customer base across the type 2 diabetes population.</li></ul>

DexCom Inc.'s latest financial performance for the third quarter of 2025 revealed a mixture of strengths and challenges, reflected in both strategic updates and financial metrics.The company reported a 22% increase in worldwide revenue, reaching $1.21 billion compared to $994 million in the same quarter last year.This growth was driven by strong performance in both the U.S. and international markets, particularly due to expanded continuous glucose monitoring (CGM) access and the broadening of their customer base across the type 2 diabetes population.

Dexcom’s Game-Changing Strategy: Is the Type 2 Diabetes Market Its Next Goldmine?

United States

DexCom Inc. is a medical device company focused on the design and development of continuous glucose monitoring systems for people with diabetes.  The Company has developed a small implantable device that continuously measures glucose levels in subcutaneous tissue just under the skin, and a small external receiver to which the sensor transmits glucose levels at specified intervals.

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Dexcom Inc (DXCM US)

From Wall Street Darling To Turnaround Story: Dexcom Lost Billions—Now Elliott Wants A Reset!

DexCom, Inc. is no longer being judged only as a high-growth medical device winner. It is now being judged as a fallen market favorite trying to...

Baptista Research

Why Dexcom’s CMS Decision Matters More Than First Quarter Strength!

Dexcom, Inc. reported first quarter 2026 revenue of $1.19 billion, marking a 15% increase year-over-year and 12% organic growth. This performance...

Baptista Research

Walmart (WMT US): Unwrapping Nasdaq100 Inclusion Following Listing Transfer

AstraZeneca (AZN) will delist its ADRs from Nasdaq and transition to a direct listing of its ordinary shares on the NYSE on 2 February. As a...

Dimitris Ioannidis

DexCom: How Product Innovation and Feature Adoption Are Expanding Its Diabetes Opportunity!

Dexcom reported its financial results for the fourth quarter and full fiscal year 2025, showing robust growth and strategic advancements. The...

Baptista Research

Dexcom’s Game-Changing Strategy: Is the Type 2 Diabetes Market Its Next Goldmine?

DexCom Inc.'s latest financial performance for the third quarter of 2025 revealed a mixture of strengths and challenges, reflected in both...

Baptista Research

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