Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Bottom-Up

<ul>
<li>Beta Bionics Inc. has successfully completed its upsized US IPO in January and sold 13.8M shares at $17.00 per share, above the marketed price range.</li>
<li>Maker of the first FDA-cleared insulin delivery device reported better than expected 3Q’25 results, including revenue of $27.3M and an adjusted EBITDA loss of ~$12M.</li>
<li>While there is long term potential from interesting pipeline, I believe that the valuation is full, and I would wait a share pull-back before becoming more positive on the stock.</li>
</ul>


Beta Bionics Inc. has successfully completed its upsized US IPO in January and sold 13.8M shares at $17.00 per share, above the marketed price range.
Maker of the first FDA-cleared insulin delivery device reported better than expected 3Q’25 results, including revenue of $27.3M and an adjusted EBITDA loss of ~$12M.
While there is long term potential from interesting pipeline, I believe that the valuation is full, and I would wait a share pull-back before becoming more positive on the stock.


Beta Bionics Inc. (BBNX.US): Solid 3Q’25 Results But Valuation Full at Current Levels

Equity Capital Markets

<ul>
<li>Beta Bionics, a high-growth medtech company and developer of an integrated bionics pancreas system called iLet, filed for an IPO in the United States.</li>
<li>Maker of insulin delivery device cleared by the FDA offers 7.5M shares at a price range between $14.00 and $16.00 per share.</li>
<li>With the most recent S-1/A, Beta Bionics plans to raise ~$122M at the high end of range at $16.00 per share, including a concurrent private placement.</li>
</ul>


Beta Bionics, a high-growth medtech company and developer of an integrated bionics pancreas system called iLet, filed for an IPO in the United States.
Maker of insulin delivery device cleared by the FDA offers 7.5M shares at a price range between $14.00 and $16.00 per share.
With the most recent S-1/A, Beta Bionics plans to raise ~$122M at the high end of range at $16.00 per share, including a concurrent private placement.


Beta Bionics IPO: Will The Innovative MedTech Company Repeat The Success of Livongo Health?

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.

<ul><li>Dexcom, a leader in glucose monitoring technology, recently held its third-quarter 2024 earnings call, presenting both noteworthy achievements and challenges.</li><li>As Dexcom navigates through various market dynamics, their strategic and operational updates offer a mixed outlook that investors should carefully consider.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Dexcom, a leader in glucose monitoring technology, recently held its third-quarter 2024 earnings call, presenting both noteworthy achievements and challenges.As Dexcom navigates through various market dynamics, their strategic and operational updates offer a mixed outlook that investors should carefully consider.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

DexCom Inc.: These Are The 7 Biggest Factors Driving Its Performance In 2025 & Beyond! - Major Drivers

<ul><li>DexCom, Inc. recently reported its second quarter earnings for 2024, presenting a mix of achievements and challenges that provide a nuanced view of the company’s current state and future outlook.</li><li>DexCom, known for its continuous glucose monitoring (CGM) systems, has demonstrated continuous growth in the diabetes management market, yet faced several short-term hurdles that have impacted its performance this quarter.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

DexCom, Inc. recently reported its second quarter earnings for 2024, presenting a mix of achievements and challenges that provide a nuanced view of the company’s current state and future outlook.DexCom, known for its continuous glucose monitoring (CGM) systems, has demonstrated continuous growth in the diabetes management market, yet faced several short-term hurdles that have impacted its performance this quarter.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

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<ul><li>Dexcom, Inc., particularly known for its continuous glucose monitoring (CGM) technology, consistently showcased strong performance in the first quarter of 2024 with an organic revenue growth of 25% compared to the first quarter of 2023.</li><li>This noteworthy surge is credited to the substantial demand for Dexcom CGM, seen as customers increasingly value its leading product performance and unique user experience.</li><li>The shift towards Dexcom’s CGM technology has been significant, especially since the launch of G7 in the U.S., which enabled Dexcom to attract a broad range of new prescribers and improve its impact within primary care, resulting in growing demand from people with diabetes.</li></ul>

Dexcom, Inc., particularly known for its continuous glucose monitoring (CGM) technology, consistently showcased strong performance in the first quarter of 2024 with an organic revenue growth of 25% compared to the first quarter of 2023.This noteworthy surge is credited to the substantial demand for Dexcom CGM, seen as customers increasingly value its leading product performance and unique user experience.The shift towards Dexcom’s CGM technology has been significant, especially since the launch of G7 in the U.S., which enabled Dexcom to attract a broad range of new prescribers and improve its impact within primary care, resulting in growing demand from people with diabetes.

DexCom Inc.: Why Are We Bullish On This Med-Tech Player Despite The Highly Evident Challenges Ahead? - Major Drivers

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)

Beta Bionics Inc. (BBNX.US): Solid 3Q’25 Results But Valuation Full at Current Levels

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Baptista Research

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Dexcom, Inc., particularly known for its continuous glucose monitoring (CGM) technology, consistently showcased strong performance in the first...

Baptista Research

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