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>Doximity, a professional network for physicians, recently reported its fiscal 2026 first-quarter results.</li><li>The company posted a revenue of $146 million, marking a 15% year-over-year increase, exceeding its guidance by 4%.</li><li>The adjusted EBITDA was $80 million, translating to a 55% margin, which was above the guidance range, reflecting a 21% year-on-year growth.</li></ul>

Doximity, a professional network for physicians, recently reported its fiscal 2026 first-quarter results.The company posted a revenue of $146 million, marking a 15% year-over-year increase, exceeding its guidance by 4%.The adjusted EBITDA was $80 million, translating to a 55% margin, which was above the guidance range, reflecting a 21% year-on-year growth.

Doximity Inc.: Does The Increased Subscription Revenue Visibility Make This A ‘Buy’?

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>Freshworks, a cloud-based customer services software unicorn, held its first Investor Day on September 7, 2023. Management highlighted the long-term target to deliver the Rule of 40 by 2025. </li>
<li>The 2023 Investor Day agenda included company vision and strategy, solutions in action, strategy for durable growth, customer spotlight, and financial overview, among others. </li>
<li>Management plans to deliver a long-term balance of growth and profitability, with the 2026 model leading to an FCF margin of 20%+ and $1B+ revenue. </li>
</ul>


Freshworks, a cloud-based customer services software unicorn, held its first Investor Day on September 7, 2023. Management highlighted the long-term target to deliver the Rule of 40 by 2025. 
The 2023 Investor Day agenda included company vision and strategy, solutions in action, strategy for durable growth, customer spotlight, and financial overview, among others. 
Management plans to deliver a long-term balance of growth and profitability, with the 2026 model leading to an FCF margin of 20%+ and $1B+ revenue. 


Freshworks: 2023 Investor Day and Valuation Update

TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

<ul>
<li>Founded in 2010 and named for a combination of “docs” and “proximity”, Doximity is a healthcare-focused professional network with 1.8M physicians in the US (~80%) on the platform. </li>
<li>Doximity’s platform is free for physisicans, it business model is like LinkedIn: advertising and recruiting, and also telehealth.</li>
<li>Highly profitable model with accelerating net revenue retention. 173% in most recent quarter.</li>
</ul>


Founded in 2010 and named for a combination of “docs” and “proximity”, Doximity is a healthcare-focused professional network with 1.8M physicians in the US (~80%) on the platform. 
Doximity’s platform is free for physisicans, it business model is like LinkedIn: advertising and recruiting, and also telehealth.
Highly profitable model with accelerating net revenue retention. 173% in most recent quarter.


United States

Doximity, Inc. develops an online healthcare resource and interactive platform. The Company cloud-based platform which enables its members to collaborate with their colleagues, securely coordinate patient care, and conducts virtual patient visits. Doximity serves customers in the United States.

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Doximity (DOCS US)

Doximity Inc.: Does The Increased Subscription Revenue Visibility Make This A ‘Buy’?

Doximity, a professional network for physicians, recently reported its fiscal 2026 first-quarter results. The company posted a revenue of $146...

Baptista Research

Freshworks: 2023 Investor Day and Valuation Update

2023 Investor Day highlights massive TAM, ongoing business momentum, adoption of multi-product strategy, and AI monetization opportunities: PT...

Andrei Zakharov

Recent IPO Insights: Doximity

Very interesting midcap advertising asset. LinkedIn for Doctors. Good secular tailwinds for pharma marketing shifting from sales reps to digital....

Aaron Gabin

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