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

Fresenius Medical Care  &  / Equity Bottom-Up

<ul><li>Fresenius Medical Care, a global leader in dialysis care, reported its third-quarter 2025 financial results with a mixed performance.</li><li>The company demonstrated strong organic revenue growth of 10% across its operating segments, driven particularly by the Care Delivery and Care Enablement segments.</li><li>Despite the current challenges posed by the U.S. government shutdown and impending health care policy decisions, the company has shown robust execution of its FME Reignite strategy and FME25+ program, aimed at improving operational efficiency and profitability.</li></ul>

Fresenius Medical Care, a global leader in dialysis care, reported its third-quarter 2025 financial results with a mixed performance.The company demonstrated strong organic revenue growth of 10% across its operating segments, driven particularly by the Care Delivery and Care Enablement segments.Despite the current challenges posed by the U.S. government shutdown and impending health care policy decisions, the company has shown robust execution of its FME Reignite strategy and FME25+ program, aimed at improving operational efficiency and profitability.

Fresenius Medical Care: A Tale Of Robust FME25+ Savings — Could EUR 220 Million in Cost Cuts Transform Its Future?

<ul><li>Fresenius Medical Care reported its first quarter 2025 results, showcasing a mixed performance across various segments and geographies.</li><li>The company achieved a strong organic revenue growth of 5%, driven by improvements in both Care Delivery and Care Enablement segments.</li><li>However, challenges such as a severe flu season and one fewer dialysis day in the quarter impacted overall volume growth in the U.S. 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>

Fresenius Medical Care reported its first quarter 2025 results, showcasing a mixed performance across various segments and geographies.The company achieved a strong organic revenue growth of 5%, driven by improvements in both Care Delivery and Care Enablement segments.However, challenges such as a severe flu season and one fewer dialysis day in the quarter impacted overall volume growth in the U.S. 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.

Fresenius Medical Care: Can Its Hydration-Free Dialysis (HDF) Innovation Be The Next Big Game Changer?

<ul><li>Fresenius Medical Care (FMC) reported its fourth-quarter 2024 financial results, showcasing both achievements and areas needing attention as the company continues its strategic transformation.</li><li>The results reflect a period of organizational change and progress, with tangible financial improvements but also challenges that persist.</li><li>Beginning with the positives, FMC reported a notable 7.4% organic revenue growth in the fourth quarter, driven by both its Care Delivery and Care Enablement segments.</li></ul>

Fresenius Medical Care (FMC) reported its fourth-quarter 2024 financial results, showcasing both achievements and areas needing attention as the company continues its strategic transformation.The results reflect a period of organizational change and progress, with tangible financial improvements but also challenges that persist.Beginning with the positives, FMC reported a notable 7.4% organic revenue growth in the fourth quarter, driven by both its Care Delivery and Care Enablement segments.

Fresenius Medical Care’s Game-Changing HDF Treatment Slashes Mortality by 23%—Will the U.S. Catch Up?

<ul><li>Fresenius Medical Care demonstrated steady progress in its operational and financial performance during the third quarter, reflecting a focused transformation strategy and resilience amid external challenges.</li><li>The company reported organic revenue growth of 2%, with positive contributions from both Care Delivery and Care Enablement segments.</li><li>Notably, the U.S. same-market treatment growth turned marginally positive at 0.2%, marking a significant milestone, though still tempered by elevated mortality rates.</li></ul>

Fresenius Medical Care demonstrated steady progress in its operational and financial performance during the third quarter, reflecting a focused transformation strategy and resilience amid external challenges.The company reported organic revenue growth of 2%, with positive contributions from both Care Delivery and Care Enablement segments.Notably, the U.S. same-market treatment growth turned marginally positive at 0.2%, marking a significant milestone, though still tempered by elevated mortality rates.

Fresenius Medical Care’s Bold Turnaround: How Care Delivery & Enablement Are Redefining Profitability! - Major Drivers

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Since late-February (2/25/25 Compass) we expected an 8-10% pullback to provide a buying opportunity. But that all changed in last week's Compass (4/1/25), when we downgraded our outlook to bearish/cautious.</li>
<li>A historic selloff has ensued and significant damage has been done as market dynamics have worsened.</li>
<li>Until we see some base-building process develop alongside improving market dynamics, we remain cautious and we continue to favor defensives as long as the SPX is below its 200-day MA.</li>
</ul>


Since late-February (2/25/25 Compass) we expected an 8-10% pullback to provide a buying opportunity. But that all changed in last week's Compass (4/1/25), when we downgraded our outlook to bearish/cautious.
A historic selloff has ensued and significant damage has been done as market dynamics have worsened.
Until we see some base-building process develop alongside improving market dynamics, we remain cautious and we continue to favor defensives as long as the SPX is below its 200-day MA.


S&P 500 and Nasdaq 100 Testing Prior 2022 Highs; Still Bearish and Cautious

Germany

Fresenius Medical Care AG & Co. KGaA offers kidney dialysis services and manufactures and distributes equipment and products used in the treatment of dialysis patients. The Company also offers clinical laboratory testing and diagnostic testing services and provides home infusion, respiratory therapy, ultrasound, and echo-cardiography. Fresenius operates worldwide.

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Fresenius Medical Care & (FMS US)

Fresenius Medical Care: A Tale Of Robust FME25+ Savings — Could EUR 220 Million in Cost Cuts Transform Its Future?

Fresenius Medical Care, a global leader in dialysis care, reported its third-quarter 2025 financial results with a mixed performance. The company...

Baptista Research

Fresenius Medical Care: Can Its Hydration-Free Dialysis (HDF) Innovation Be The Next Big Game Changer?

Fresenius Medical Care reported its first quarter 2025 results, showcasing a mixed performance across various segments and geographies. The...

Baptista Research

Fresenius Medical Care’s Game-Changing HDF Treatment Slashes Mortality by 23%—Will the U.S. Catch Up?

Fresenius Medical Care (FMC) reported its fourth-quarter 2024 financial results, showcasing both achievements and areas needing attention as the...

Baptista Research

Fresenius Medical Care’s Bold Turnaround: How Care Delivery & Enablement Are Redefining Profitability! - Major Drivers

Fresenius Medical Care demonstrated steady progress in its operational and financial performance during the third quarter, reflecting a focused...

Baptista Research

S&P 500 and Nasdaq 100 Testing Prior 2022 Highs; Still Bearish and Cautious

$SPX and Nasdaq 100 $QQQ Testing Prior 2022 Highs; Upgrading Health Care $XLV; Downgrading Transportation $IYT; Still Bearish and Cautious; Sell...

Vermilion Research

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