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

GE HealthCare Technologies  / Equity Bottom-Up

<ul><li>GE HealthCare Technologies is moving deeper into the software space with its planned $2.3 billion acquisition of Intelerad, a Montreal-based provider of enterprise imaging software.</li><li>As the healthcare landscape shifts toward outpatient and ambulatory settings, this acquisition signals GE HealthCare’s strategic push to diversify beyond its traditional inpatient stronghold.</li><li>Intelerad’s platform includes radiology PACS, cloud-based image sharing, and workflow solutions, which could dovetail with GE’s diagnostic imaging portfolio.</li></ul>

GE HealthCare Technologies is moving deeper into the software space with its planned $2.3 billion acquisition of Intelerad, a Montreal-based provider of enterprise imaging software.As the healthcare landscape shifts toward outpatient and ambulatory settings, this acquisition signals GE HealthCare’s strategic push to diversify beyond its traditional inpatient stronghold.Intelerad’s platform includes radiology PACS, cloud-based image sharing, and workflow solutions, which could dovetail with GE’s diagnostic imaging portfolio.

GE HealthCare’s $2.3 Billion Acquisition Of Intelerad: Game-Changer Or Growing Pains?

<ul><li>GE HealthCare has deepened its push into precision medicine with a strategic agreement to acquire icometrix, a Belgium-based firm specializing in AI-powered brain imaging analysis.</li><li>The deal, announced in September 2025, highlights GE HealthCare's increasing commitment to neurological diagnostics and advanced clinical decision support tools.</li><li>Although the financial details remain undisclosed and the transaction is still subject to regulatory clearance, GEHC intends to fund the acquisition entirely with cash on hand.</li></ul>

GE HealthCare has deepened its push into precision medicine with a strategic agreement to acquire icometrix, a Belgium-based firm specializing in AI-powered brain imaging analysis.The deal, announced in September 2025, highlights GE HealthCare's increasing commitment to neurological diagnostics and advanced clinical decision support tools.Although the financial details remain undisclosed and the transaction is still subject to regulatory clearance, GEHC intends to fund the acquisition entirely with cash on hand.

GE Healthcare's Neurology Bet: Can The Icometrix Acquisition Unlock The Alzheimer’s Diagnosis Market?

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Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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Read Business Not Stock Prices

Blue Jet Healthcare Ltd / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/blue-jet-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:36373:1" rel="noopener">Blue Jet Healthcare Ltd (BJHC IN)</a> is a science-led pharmaceutical company that has evolved into a strategic partner for the CDMO of advanced Pharmaceutical Intermediates and APIs.</li>
<li>Company gave a record breaking Q3FY25 primarily driven by capacity expansion in Contrast media and PI Segment. Strong demand for the cardiovascular product was also witnessed.</li>
<li>Company commissioned an additional manufacturing block during Q3 FY25 at Ambernath for manufacturing Advance Contrast Media with investment around Rs. 100Mn.</li>
</ul>



Blue Jet Healthcare Ltd (BJHC IN) is a science-led pharmaceutical company that has evolved into a strategic partner for the CDMO of advanced Pharmaceutical Intermediates and APIs.
Company gave a record breaking Q3FY25 primarily driven by capacity expansion in Contrast media and PI Segment. Strong demand for the cardiovascular product was also witnessed.
Company commissioned an additional manufacturing block during Q3 FY25 at Ambernath for manufacturing Advance Contrast Media with investment around Rs. 100Mn.


The Beat Ideas: Blue Jet Healthcare- Rising CDMO Player

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/varex-imaging-corp" target="_blank" data-smartkarma-citation="entities:28738:1" rel="noopener">Varex Imaging Corp (VREX US)</a> reported 10% YoY drop in revenue and a squeeze in profits as well in Q3FY24, driven by weakness in Medical segment business.</li>
<li>China market softness continues to drag the operating performance of the company. The woes faced in China does not appear to subside quickly in the near foreseeable future.</li>
<li>The company has guided for Q4FY24 sales and EPS in the range of $190-210M and $0.00-0.15, respectively, representing significant drop from year-ago quarter.</li>
</ul>



Varex Imaging Corp (VREX US) reported 10% YoY drop in revenue and a squeeze in profits as well in Q3FY24, driven by weakness in Medical segment business.
China market softness continues to drag the operating performance of the company. The woes faced in China does not appear to subside quickly in the near foreseeable future.
The company has guided for Q4FY24 sales and EPS in the range of $190-210M and $0.00-0.15, respectively, representing significant drop from year-ago quarter.


Varex Imaging Corp (VREX US): No Near-Term Respite Visible From China Headwinds

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nanosonics-ltd" target="_blank" data-smartkarma-citation="entities:3831:1" rel="noopener">Nanosonics Ltd (NAN AU)</a> reported significant turnaround, with recording H2FY24 revenue of A$90M, up 14% over the first half, driven by 20% increase in capital revenue in H2 over H1.</li>
<li>For FY25, Nanosonics guided for accelerated revenue growth of 8–12%, driven by growing capital revenue with greater unit volumes and increasing recurring revenue aligned with growth in installed base.</li>
<li>The company expects FY25 gross profit margin of 77–79% versus 77.9% in FY24, on higher production volumes in FY25 after reducing inventory in FY24.</li>
</ul>



Nanosonics Ltd (NAN AU) reported significant turnaround, with recording H2FY24 revenue of A$90M, up 14% over the first half, driven by 20% increase in capital revenue in H2 over H1.
For FY25, Nanosonics guided for accelerated revenue growth of 8–12%, driven by growing capital revenue with greater unit volumes and increasing recurring revenue aligned with growth in installed base.
The company expects FY25 gross profit margin of 77–79% versus 77.9% in FY24, on higher production volumes in FY25 after reducing inventory in FY24.


Nanosonics Ltd (NAN AU): Steering Back to Growth Trajectory; Outlook Is Improving

United States

GE HealthCare Technologies Inc. provides medical technology, pharmaceutical diagnostics, and digital solutions. The Company offers imaging, ultrasound, maternal, ventilator, and patient monitoring equipment, as well as performance management, cybersecurity, technical training, site planning, integrated asset optimization, and clinical network solutions.

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GE HealthCare Technologies (GEHC US)

GE HealthCare’s $2.3 Billion Acquisition Of Intelerad: Game-Changer Or Growing Pains?

GE HealthCare Technologies is moving deeper into the software space with its planned $2.3 billion acquisition of Intelerad, a Montreal-based...

Baptista Research

GE Healthcare's Neurology Bet: Can The Icometrix Acquisition Unlock The Alzheimer’s Diagnosis Market?

GE HealthCare has deepened its push into precision medicine with a strategic agreement to acquire icometrix, a Belgium-based firm specializing in...

Baptista Research

The Beat Ideas: Blue Jet Healthcare- Rising CDMO Player

Blue Jet Healthcare Ltd saw record-breaking Q3FY25 results due to capacity expansion in Contrast media and PI Segment, with strong demand for...

Sudarshan Bhandari

Varex Imaging Corp (VREX US): No Near-Term Respite Visible From China Headwinds

Varex Imaging reports 10% YoY revenue drop in Q3FY24 due to China market softness, which is expected to continue in near-term. Q4FY24 guidance...

Tina Banerjee

Nanosonics Ltd (NAN AU): Steering Back to Growth Trajectory; Outlook Is Improving

Nanosonics recorded 14% revenue growth in H2FY24 over H1FY24, driven by product revenue. The company anticipates accelerated revenue growth of...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

GE HealthCare’s $2.3 Billion Acquisition Of Intelerad: Game-Changer Or Growing Pains?

GE HealthCare Technologies is moving deeper into the software space with its planned $2.3 billion acquisition of Intelerad, a Montreal-based...

Baptista Research

GE Healthcare's Neurology Bet: Can The Icometrix Acquisition Unlock The Alzheimer’s Diagnosis Market?

GE HealthCare has deepened its push into precision medicine with a strategic agreement to acquire icometrix, a Belgium-based firm specializing in...

Baptista Research

The Beat Ideas: Blue Jet Healthcare- Rising CDMO Player

​Blue Jet Healthcare Ltd saw record-breaking Q3FY25 results due to capacity expansion in Contrast media and PI Segment, with strong demand for...

Sudarshan Bhandari

Varex Imaging Corp (VREX US): No Near-Term Respite Visible From China Headwinds

​Varex Imaging reports 10% YoY revenue drop in Q3FY24 due to China market softness, which is expected to continue in near-term. Q4FY24 guidance...

Tina Banerjee

Nanosonics Ltd (NAN AU): Steering Back to Growth Trajectory; Outlook Is Improving

​Nanosonics recorded 14% revenue growth in H2FY24 over H1FY24, driven by product revenue. The company anticipates accelerated revenue growth of...

Tina Banerjee

Blue Jet Healthcare Ltd saw record-breaking Q3FY25 results due to capacity expansion in Contrast media and PI Segment, with strong demand for...

Varex Imaging reports 10% YoY revenue drop in Q3FY24 due to China market softness, which is expected to continue in near-term. Q4FY24 guidance...

Nanosonics recorded 14% revenue growth in H2FY24 over H1FY24, driven by product revenue. The company anticipates accelerated revenue growth of...