Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>In 1Q24, <a href="https://www.smartkarma.com/entities/intuitive-surgical-inc" target="_blank" data-smartkarma-citation="entities:15853:1" rel="noopener">Intuitive Surgical (ISRG US)</a> reported 11% YoY revenue growth to $1.89B, driven by growth in da Vinci procedure volume and an increase in the installed base of systems.</li>
<li>Worldwide da Vinci procedures grew 16%, matching the higher end of prior guidance range. The company placed 313 da Vinci surgical systems, including eight newly approved da Vinci 5.</li>
<li>Even after considering blip in bariatric surgery, delayed tender in China, and no benefit of patient backlog, the company has raised 2024 worldwide da Vinci procedure growth guidance to 14–17%.</li>
</ul>


In 1Q24, Intuitive Surgical (ISRG US) reported 11% YoY revenue growth to $1.89B, driven by growth in da Vinci procedure volume and an increase in the installed base of systems.
Worldwide da Vinci procedures grew 16%, matching the higher end of prior guidance range. The company placed 313 da Vinci surgical systems, including eight newly approved da Vinci 5.
Even after considering blip in bariatric surgery, delayed tender in China, and no benefit of patient backlog, the company has raised 2024 worldwide da Vinci procedure growth guidance to 14–17%.


Intuitive Surgical (ISRG US): Beat-And-Raise 1Q24; Rising Demand for Robotic Surgery Propels Growth

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 Inc., a medical device company focused on the design, development and delivery, presented its recorded Fourth quarter and Fiscal year 2023 earnings call.</li><li>According to the call, the organization's robust growth momentum has pivoted it towards notable accomplishments.</li><li>The company reported that total revenue grew by 24% on an organic basis, implying a boon of over $700 million of organic revenue compared to the preceding year.</li></ul>

DexCom Inc., a medical device company focused on the design, development and delivery, presented its recorded Fourth quarter and Fiscal year 2023 earnings call.According to the call, the organization's robust growth momentum has pivoted it towards notable accomplishments.The company reported that total revenue grew by 24% on an organic basis, implying a boon of over $700 million of organic revenue compared to the preceding year.

DexCom Inc: Solid Market Penetration in Basal and Hypo Non-insulin markets & International Expansion Is Catalyzing Future Growth! - Major Drivers

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tandem-diabetes-care-inc" target="_blank" data-smartkarma-citation="entities:20893:1" rel="noopener">Tandem Diabetes Care (TNDM US)</a> reported underwhelming Q2 results, with both revenue and EPS missing consensus. Adjusted EBITDA declined and adjusted operating loss increased on a year-over-year basis.</li>
<li>To reflect lower sales visibility, the company has lowered 2023 guidance. The company has guided for 2023 sales of at least $785M, compared with earlier guidance of $885–900M.</li>
<li>Tandem has also withdrawn correlating year for its long-term target. Achievement of long-term target is highly dependent on the adoption of the company’s recently approved insulin delivery system, Mobi.</li>
</ul>



Tandem Diabetes Care (TNDM US) reported underwhelming Q2 results, with both revenue and EPS missing consensus. Adjusted EBITDA declined and adjusted operating loss increased on a year-over-year basis.
To reflect lower sales visibility, the company has lowered 2023 guidance. The company has guided for 2023 sales of at least $785M, compared with earlier guidance of $885–900M.
Tandem has also withdrawn correlating year for its long-term target. Achievement of long-term target is highly dependent on the adoption of the company’s recently approved insulin delivery system, Mobi.


Tandem Diabetes Care (TNDM US): Q2 Sales Declined, Margin Deteriorated; 2023 Guidance Revised Lower

<ul>
<li>
<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> is reporting significant decline in revenue due to the fading demand of COVID-19 tests. 2Q23 revenue declined 80% YoY and 11% QoQ to KRW162.6B.</li>
<li>SD Biosensor reported operating loss of KRW97.8B and KRW76.4B in 1Q23 and 2Q23, respectively, leading to 1H23 operating loss of KRW174.2B, compared with an operating profit of KRW348B in 1H22.</li>
<li>SD Biosensor is on track to launch next-generation ultra-small continuous blood glucose meter (CGMS) in Korea in 2024. Thus far, Korea has approved four CGMS, including one locally-developed.</li>
</ul>



SD Biosensor (137310 KS) is reporting significant decline in revenue due to the fading demand of COVID-19 tests. 2Q23 revenue declined 80% YoY and 11% QoQ to KRW162.6B.
SD Biosensor reported operating loss of KRW97.8B and KRW76.4B in 1Q23 and 2Q23, respectively, leading to 1H23 operating loss of KRW174.2B, compared with an operating profit of KRW348B in 1H22.
SD Biosensor is on track to launch next-generation ultra-small continuous blood glucose meter (CGMS) in Korea in 2024. Thus far, Korea has approved four CGMS, including one locally-developed.


SD Biosensor (137310 KS): No Change of Fate Is Seen in Near-Term; Visibility to Improve in 2024 Only

<ul><li>DexCom delivered an all-around beat in the previous quarter.</li><li>The company generated another fantastic quarter, with organic revenue growing by 26% in the second quarter compared to the second quarter of 2022.</li><li>As the availability of their products expands more quickly than at any other point in the company's history, demand for DexCom CGM keeps rising.</li></ul>

DexCom delivered an all-around beat in the previous quarter.The company generated another fantastic quarter, with organic revenue growing by 26% in the second quarter compared to the second quarter of 2022.As the availability of their products expands more quickly than at any other point in the company's history, demand for DexCom CGM keeps rising.

DexCom Inc.: New Innovations Driving The Way Forward! – Key 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)

Intuitive Surgical (ISRG US): Beat-And-Raise 1Q24; Rising Demand for Robotic Surgery Propels Growth

Intuitive reports 11% revenue growth in 1Q24, driven by da Vinci procedure volume growth of 16% and increased system installations. The company...

Tina Banerjee

DexCom Inc: Solid Market Penetration in Basal and Hypo Non-insulin markets & International Expansion Is Catalyzing Future Growth! - Major Drivers

DexCom Inc., a medical device company focused on the design, development and delivery, presented its recorded Fourth quarter and Fiscal year 2023...

Baptista Research

Tandem Diabetes Care (TNDM US): Q2 Sales Declined, Margin Deteriorated; 2023 Guidance Revised Lower

Tandem's Q2 sales declined 2% YoY to $195.9M, as global pump shipment plummeted 8% YoY to 29,494. The company has lowered 2023 sales guidance to...

Tina Banerjee

SD Biosensor (137310 KS): No Change of Fate Is Seen in Near-Term; Visibility to Improve in 2024 Only

SD Biosensor's revenue has significantly declined due to the decreasing demand for COVID-19 tests. The company has been reporting operating loss...

Tina Banerjee

DexCom Inc.: New Innovations Driving The Way Forward! – Key Drivers

DexCom delivered an all-around beat in the previous quarter. The company generated another fantastic quarter, with organic revenue growing by 26%...

Baptista Research

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Intuitive Surgical (ISRG US): Beat-And-Raise 1Q24; Rising Demand for Robotic Surgery Propels Growth

​Intuitive reports 11% revenue growth in 1Q24, driven by da Vinci procedure volume growth of 16% and increased system installations. The company...

Tina Banerjee

DexCom Inc: Solid Market Penetration in Basal and Hypo Non-insulin markets & International Expansion Is Catalyzing Future Growth! - Major Drivers

DexCom Inc., a medical device company focused on the design, development and delivery, presented its recorded Fourth quarter and Fiscal year 2023...

Baptista Research

Tandem Diabetes Care (TNDM US): Q2 Sales Declined, Margin Deteriorated; 2023 Guidance Revised Lower

​Tandem's Q2 sales declined 2% YoY to $195.9M, as global pump shipment plummeted 8% YoY to 29,494. The company has lowered 2023 sales guidance to...

Tina Banerjee

SD Biosensor (137310 KS): No Change of Fate Is Seen in Near-Term; Visibility to Improve in 2024 Only

​SD Biosensor's revenue has significantly declined due to the decreasing demand for COVID-19 tests. The company has been reporting operating loss...

Tina Banerjee

DexCom Inc.: New Innovations Driving The Way Forward! – Key Drivers

DexCom delivered an all-around beat in the previous quarter. The company generated another fantastic quarter, with organic revenue growing by 26%...

Baptista Research

Intuitive reports 11% revenue growth in 1Q24, driven by da Vinci procedure volume growth of 16% and increased system installations. The company...

Tandem's Q2 sales declined 2% YoY to $195.9M, as global pump shipment plummeted 8% YoY to 29,494. The company has lowered 2023 sales guidance to...

SD Biosensor's revenue has significantly declined due to the decreasing demand for COVID-19 tests. The company has been reporting operating loss...