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>Exact Sciences' first quarter 2025 financial results reflect a blend of robust revenue growth, strategic commercial execution, and significant advancements in their product pipeline.</li><li>The company's financial performance this quarter includes an 11% increase in total revenue, reaching $707 million, outpacing the midpoint of their guidance.</li><li>This growth is largely driven by their Screening segment, which saw revenue rise by 14% to $540 million, fueled by successful rescreen initiatives, improved commercial strategies, and the rollout of Cologuard Plus.</li></ul>

Exact Sciences' first quarter 2025 financial results reflect a blend of robust revenue growth, strategic commercial execution, and significant advancements in their product pipeline.The company's financial performance this quarter includes an 11% increase in total revenue, reaching $707 million, outpacing the midpoint of their guidance.This growth is largely driven by their Screening segment, which saw revenue rise by 14% to $540 million, fueled by successful rescreen initiatives, improved commercial strategies, and the rollout of Cologuard Plus.

Exact Sciences: Launch of Cologuard Plus to Redefine Colorectal Cancer Screening Paradigm!

<ul><li>Exact Sciences recently reported its fourth-quarter 2024 financial results, showcasing a mix of both positive momentum and certain challenges.</li><li>For the full year, Exact Sciences achieved a core revenue growth of 11%, reaching $2.75 billion, and notably expanded its adjusted EBITDA by nearly 48%.</li><li>The company also doubled its free cash flow and ended the year with a robust $1.04 billion in cash and securities.</li></ul>

Exact Sciences recently reported its fourth-quarter 2024 financial results, showcasing a mix of both positive momentum and certain challenges.For the full year, Exact Sciences achieved a core revenue growth of 11%, reaching $2.75 billion, and notably expanded its adjusted EBITDA by nearly 48%.The company also doubled its free cash flow and ended the year with a robust $1.04 billion in cash and securities.

Exact Sciences Corporation: Is The Oncology Product Pipeline Development to Capture A Lion’s Share of the Market?

<ul><li>Exact Sciences Corporation's third-quarter 2024 earnings highlighted both achievements and challenges faced by the company.</li><li>The overall financial performance showed a positive trend with total revenue increasing by 13% year-over-year to $709 million, driven primarily by growth in Cologuard adoption and international expansion of Oncotype DX.</li><li>The company reported a 75% increase in adjusted EBITDA to $99 million and a record free cash flow of $113 million, signifying a substantial improvement in operational efficiency.</li></ul>

Exact Sciences Corporation's third-quarter 2024 earnings highlighted both achievements and challenges faced by the company.The overall financial performance showed a positive trend with total revenue increasing by 13% year-over-year to $709 million, driven primarily by growth in Cologuard adoption and international expansion of Oncotype DX.The company reported a 75% increase in adjusted EBITDA to $99 million and a record free cash flow of $113 million, signifying a substantial improvement in operational efficiency.

Exact Sciences: Expansion of the Customer Base & Provider Engagement As A Vital Tool For Growth! - Major Drivers

<ul><li>Exact Sciences Corp. recently reported its second quarter 2024 earnings demonstrating strong performance and strategic advancements in its diagnostic offerings.</li><li>The company marked a significant milestone by screening over 1 million people with Cologuard for colon cancer within the quarter, the highest number ever recorded.</li><li>Additionally, global testing for Oncotype DX also reached unprecedented levels.</li></ul>

Exact Sciences Corp. recently reported its second quarter 2024 earnings demonstrating strong performance and strategic advancements in its diagnostic offerings.The company marked a significant milestone by screening over 1 million people with Cologuard for colon cancer within the quarter, the highest number ever recorded.Additionally, global testing for Oncotype DX also reached unprecedented levels.

Exact Sciences Corporation: Expansion into Care Gap Programs & Other Major Drivers

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>After an IPO attempt two years ago, Mirxes filed an updated prospectus in an attempt to raise at least US$100m via a Hong Kong listing.</li>
<li>In our previous note, we analyzed its product pipelines and highlighted signs of commercialization challenges.</li>
<li>In this note, we note that the company expanded its clinical trial plans. Yet, more data shows that blockbuster-level uptakes are unlikely given the profile of its clinical data.</li>
</ul>


After an IPO attempt two years ago, Mirxes filed an updated prospectus in an attempt to raise at least US$100m via a Hong Kong listing.
In our previous note, we analyzed its product pipelines and highlighted signs of commercialization challenges.
In this note, we note that the company expanded its clinical trial plans. Yet, more data shows that blockbuster-level uptakes are unlikely given the profile of its clinical data.


Mirxes Pre-IPO: Challenges for Mass Adoption Become Clearer

United States

Exact Sciences Corp., is focused on developing and commercializing a non-invasive molecular screening test for the early detection and prevention of colorectal cancer. The Company's test is a stool-based DNA test that identifies both pre-cancer and cancer by detecting genetic mutations in colorectal cancer cells.

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Exact Sciences (EXAS US)

Exact Sciences: Launch of Cologuard Plus to Redefine Colorectal Cancer Screening Paradigm!

Exact Sciences' first quarter 2025 financial results reflect a blend of robust revenue growth, strategic commercial execution, and significant...

Baptista Research

Exact Sciences: Expansion of the Customer Base & Provider Engagement As A Vital Tool For Growth! - Major Drivers

Exact Sciences Corporation's third-quarter 2024 earnings highlighted both achievements and challenges faced by the company. The overall financial...

Baptista Research

Exact Sciences Corporation: Expansion into Care Gap Programs & Other Major Drivers

Exact Sciences Corp. recently reported its second quarter 2024 earnings demonstrating strong performance and strategic advancements in its...

Baptista Research

Mirxes Pre-IPO: Challenges for Mass Adoption Become Clearer

Mirxes files updated prospectus for Hong Kong listing, expanding clinical trial plans but facing challenges in achieving blockbuster-level success.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Exact Sciences: Launch of Cologuard Plus to Redefine Colorectal Cancer Screening Paradigm!

Exact Sciences' first quarter 2025 financial results reflect a blend of robust revenue growth, strategic commercial execution, and significant...

Baptista Research

Exact Sciences Corporation: Is The Oncology Product Pipeline Development to Capture A Lion’s Share of the Market?

Exact Sciences recently reported its fourth-quarter 2024 financial results, showcasing a mix of both positive momentum and certain challenges. For...

Baptista Research

Exact Sciences: Expansion of the Customer Base & Provider Engagement As A Vital Tool For Growth! - Major Drivers

Exact Sciences Corporation's third-quarter 2024 earnings highlighted both achievements and challenges faced by the company. The overall financial...

Baptista Research

Exact Sciences Corporation: Expansion into Care Gap Programs & Other Major Drivers

Exact Sciences Corp. recently reported its second quarter 2024 earnings demonstrating strong performance and strategic advancements in its...

Baptista Research

Mirxes Pre-IPO: Challenges for Mass Adoption Become Clearer

​Mirxes files updated prospectus for Hong Kong listing, expanding clinical trial plans but facing challenges in achieving blockbuster-level success.

Ke Yan, CFA, FRM

Mirxes files updated prospectus for Hong Kong listing, expanding clinical trial plans but facing challenges in achieving blockbuster-level success.