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>Edwards Lifesciences reported stronger-than-expected second quarter 2026 financial results, delivering total sales growth of 12.5% year-over-year to $1.74 billion, underpinned by broad-based performance across its structural heart therapy portfolio and geographical regions.</li><li>The company raised its full-year sales guidance to 10% to 11%, reflecting confidence in sustained demand and the strength of multiple growth drivers, while reaffirming its adjusted earnings per share (EPS) guidance within the prior range of $2.95 to $3.05.</li><li>The transcatheter aortic valve replacement (TAVR) segment generated $1.3 billion in sales, increasing 10.5% year-over-year and benefiting from procedural growth, market expansion through new clinical evidence, and the exit of a major competitor in the prior-year quarter.</li></ul>

Edwards Lifesciences reported stronger-than-expected second quarter 2026 financial results, delivering total sales growth of 12.5% year-over-year to $1.74 billion, underpinned by broad-based performance across its structural heart therapy portfolio and geographical regions.The company raised its full-year sales guidance to 10% to 11%, reflecting confidence in sustained demand and the strength of multiple growth drivers, while reaffirming its adjusted earnings per share (EPS) guidance within the prior range of $2.95 to $3.05.The transcatheter aortic valve replacement (TAVR) segment generated $1.3 billion in sales, increasing 10.5% year-over-year and benefiting from procedural growth, market expansion through new clinical evidence, and the exit of a major competitor in the prior-year quarter.

Edwards Lifesciences’ Hidden Growth Engine — TMTT Revenue Just Surged 44.8%!

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/medtronic-plc" target="_blank" data-smartkarma-citation="entities:14982:1" rel="noopener">Medtronic Plc (MDT US)</a> reported Q2FY24 revenue of $8B, representing 5% organic growth, topping guidance of 4.0–4.5%. Cardiovascular, neuroscience, and medical surgical grew mid-single-digit with diabetes accelerating to high-single-digit.</li>
<li>The company now expects FY24 organic revenue growth of 4.75% versus the prior 4.5%. Medtronic raised FY24 adjusted EPS guidance to $5.13–5.19 from $5.08–5.16 earlier.</li>
<li>In November, the company has received FDA approval for innovative renal denervation device for the treatment of hypertension, which should open a multi-billion-dollar market opportunity.</li>
</ul>



Medtronic Plc (MDT US) reported Q2FY24 revenue of $8B, representing 5% organic growth, topping guidance of 4.0–4.5%. Cardiovascular, neuroscience, and medical surgical grew mid-single-digit with diabetes accelerating to high-single-digit.
The company now expects FY24 organic revenue growth of 4.75% versus the prior 4.5%. Medtronic raised FY24 adjusted EPS guidance to $5.13–5.19 from $5.08–5.16 earlier.
In November, the company has received FDA approval for innovative renal denervation device for the treatment of hypertension, which should open a multi-billion-dollar market opportunity.


Medtronic (MDT US): Beat-And-Raise Q2; Weight Loss Drugs Not to Impact Growth; New Device Approval

<ul>
<li>
<a href="https://www.smartkarma.com/entities/asahi-intecc-co-ltd" target="_blank" data-smartkarma-citation="entities:15915:1" rel="noopener">Asahi Intecc (7747 JP)</a> is poised for multi-year growth through strong market demand for its technically superior guidewires, market leadership positioning, new product launches, and direct marketing initiatives.</li>
<li>In FY24, Asahi Intecc aims to achieve revenue of ¥100B (+11% YoY), a significant milestone. The company targets revenue of ¥110B and an operating profit margin of 23–25% in FY26.</li>
<li>Asahi Intecc is expected to be a continued beneficiary of global procedure volume recovery. The company is likely to achieve its medium-term business plan ahead of schedule.</li>
</ul>



Asahi Intecc (7747 JP) is poised for multi-year growth through strong market demand for its technically superior guidewires, market leadership positioning, new product launches, and direct marketing initiatives.
In FY24, Asahi Intecc aims to achieve revenue of ¥100B (+11% YoY), a significant milestone. The company targets revenue of ¥110B and an operating profit margin of 23–25% in FY26.
Asahi Intecc is expected to be a continued beneficiary of global procedure volume recovery. The company is likely to achieve its medium-term business plan ahead of schedule.


2024 High Conviction: Asahi Intecc (7747 JP)- Procedure Volume Recovery to Accelerate Growth

<ul><li>Edwards Lifesciences delivered a strong first quarter of 2026, with total sales rising 12.7% year over year to $1.65 billion, supported by broad-based growth across TAVR, TMTT and Surgical.</li><li>Adjusted EPS of $0.78 exceeded expectations, aided by stronger revenue performance and the timing of strategic investments.</li><li>The company raised full-year 2026 sales growth guidance to 9% to 11% and adjusted EPS guidance to $2.95 to $3.05, reflecting improved operating leverage.</li></ul>

Edwards Lifesciences delivered a strong first quarter of 2026, with total sales rising 12.7% year over year to $1.65 billion, supported by broad-based growth across TAVR, TMTT and Surgical.Adjusted EPS of $0.78 exceeded expectations, aided by stronger revenue performance and the timing of strategic investments.The company raised full-year 2026 sales growth guidance to 9% to 11% and adjusted EPS guidance to $2.95 to $3.05, reflecting improved operating leverage.

Edwards Lifesciences: Inside the Powerful TAVR Upswing That Could Redefine Lifetime Valve Management!

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Sahajanand Medical Technologies / Equity Bottom-Up

Sahajanand Medical Technologies (2585275D IN)

<ul>
<li>SMT plans to open its IPO on 15 October 2026 through an offer for sale (OFS) of approximately 1.38 crore equity shares, with no fresh capital raised by the issuer.</li>
<li>FY26 revenue from operations reportedly reached Rs. 1,210.5 crore, up 18.1%; PAT reached Rs. 69.1 crore versus Rs. 25.15 crore in FY25. </li>
<li>SMT has meaningful international exposure, a clinically specialised product portfolio and a growing structural-heart business.</li>
</ul>


SMT plans to open its IPO on 15 October 2026 through an offer for sale (OFS) of approximately 1.38 crore equity shares, with no fresh capital raised by the issuer.
FY26 revenue from operations reportedly reached Rs. 1,210.5 crore, up 18.1%; PAT reached Rs. 69.1 crore versus Rs. 25.15 crore in FY25. 
SMT has meaningful international exposure, a clinically specialised product portfolio and a growing structural-heart business.


Sahajanand Medical Technologies IPO: Global Stent Franchise, Emerging Structural Heart Opportunity

United States

Edwards Lifesciences Corporation designs, develops, manufactures, and markets products and services to treat late-stage cardiovascular disease.  The Company's products include tissue replacement heart valves, heart valve repair products, hemodynamic monitoring devices, angioscopy equipment, oxygenators, and pharmaceuticals.  Edwards supplies its products to customers located worldwide.

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Edwards Lifesciences (EW US)

Edwards Lifesciences’ Hidden Growth Engine — TMTT Revenue Just Surged 44.8%!

Edwards Lifesciences reported stronger-than-expected second quarter 2026 financial results, delivering total sales growth of 12.5% year-over-year...

Baptista Research

Medtronic (MDT US): Beat-And-Raise Q2; Weight Loss Drugs Not to Impact Growth; New Device Approval

Medtronic reported Q2FY24 organic revenue growth of 5%. The company raised FY24 organic revenue growth and EPS guidance. FDA approval for a new...

Tina Banerjee

2024 High Conviction: Asahi Intecc (7747 JP)- Procedure Volume Recovery to Accelerate Growth

Asahi Intecc is poised for double-digit sales growth through FY26, driven by strong market demand for guidewires, market leadership positioning,...

Tina Banerjee

Edwards Lifesciences: Inside the Powerful TAVR Upswing That Could Redefine Lifetime Valve Management!

Edwards Lifesciences delivered a strong first quarter of 2026, with total sales rising 12.7% year over year to $1.65 billion, supported by...

Baptista Research

Sahajanand Medical Technologies IPO: Global Stent Franchise, Emerging Structural Heart Opportunity

Sahajanand Medical Technologies’ profits surged 175% in FY26, but rising debt and modest returns raise questions. Can its global medical-device...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Edwards Lifesciences’ Hidden Growth Engine — TMTT Revenue Just Surged 44.8%!

Edwards Lifesciences reported stronger-than-expected second quarter 2026 financial results, delivering total sales growth of 12.5% year-over-year...

Baptista Research

Medtronic (MDT US): Beat-And-Raise Q2; Weight Loss Drugs Not to Impact Growth; New Device Approval

​Medtronic reported Q2FY24 organic revenue growth of 5%. The company raised FY24 organic revenue growth and EPS guidance. FDA approval for a new...

Tina Banerjee

2024 High Conviction: Asahi Intecc (7747 JP)- Procedure Volume Recovery to Accelerate Growth

Asahi Intecc is poised for double-digit sales growth through FY26, driven by strong market demand for guidewires, market leadership positioning,...

Tina Banerjee

Edwards Lifesciences: Inside the Powerful TAVR Upswing That Could Redefine Lifetime Valve Management!

Edwards Lifesciences delivered a strong first quarter of 2026, with total sales rising 12.7% year over year to $1.65 billion, supported by...

Baptista Research

Sahajanand Medical Technologies IPO: Global Stent Franchise, Emerging Structural Heart Opportunity

Sahajanand Medical Technologies’ profits surged 175% in FY26, but rising debt and modest returns raise questions. Can its global medical-device...

Sudarshan Bhandari

Medtronic reported Q2FY24 organic revenue growth of 5%. The company raised FY24 organic revenue growth and EPS guidance. FDA approval for a new...