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>Glaukos Corporation reported record fourth quarter consolidated net sales of $82.4 million, representing a 16% increase on a reported basis and 15% on a constant currency basis from the previous year.</li><li>For the full year of 2023, the consolidated net sales of approximately $315 million showed an increase of 11% on a reported basis and 12% on a constant currency basis compared to 2022.</li><li>The company also reaffirmed its full year 2024 net sales guidance range of $350 million to $360 million.</li></ul>

Glaukos Corporation reported record fourth quarter consolidated net sales of $82.4 million, representing a 16% increase on a reported basis and 15% on a constant currency basis from the previous year.For the full year of 2023, the consolidated net sales of approximately $315 million showed an increase of 11% on a reported basis and 12% on a constant currency basis compared to 2022.The company also reaffirmed its full year 2024 net sales guidance range of $350 million to $360 million.

Glaukos Corporation: Initiation Of Coverage - Strong Market Dynamics & A Robust Business Strategy! - Major Drivers

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/axonics-inc" target="_blank" data-smartkarma-citation="entities:36996:1" rel="noopener">Axonics (AXNX US)</a> believes that the U.S. sacral neuromodulation market is now worth of ~$800M, which is poised to double over the next five years to $1.6B.</li>
<li>The company has been reporting superior revenue growth since 2020. Axonics raised 2023 revenue guidance to $358M, up 32% YoY. The company has become adjusted EBITDA positive in 2022.</li>
<li>With superior product portfolio in terms of patient satisfaction, longer product life, and smaller size, Axonics is the stronger player in the U.S. duopoly sacral neuromodulation market.</li>
</ul>



Axonics (AXNX US) believes that the U.S. sacral neuromodulation market is now worth of ~$800M, which is poised to double over the next five years to $1.6B.
The company has been reporting superior revenue growth since 2020. Axonics raised 2023 revenue guidance to $358M, up 32% YoY. The company has become adjusted EBITDA positive in 2022.
With superior product portfolio in terms of patient satisfaction, longer product life, and smaller size, Axonics is the stronger player in the U.S. duopoly sacral neuromodulation market.


Axonics (AXNX US): Large Underserved Market And Superior Portfolio Ensure Multi-Year Growth

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

The S&amp;P 500’s 5-month uptrend remains intact, and as long as it continues we remain bullish. With that said, we are near the top end of the uptrend channel and could fall 2.75%-3.25% before we get to uptrend support. Overall we believe the positives outweigh the concerns as highlighted in this week's report.  Also highlighted are actionable names in Retailing, Health Care, and small-cap Aero Defense.

The S&amp;P 500’s 5-month uptrend remains intact, and as long as it continues we remain bullish. With that said, we are near the top end of the uptrend channel and could fall 2.75%-3.25% before we get to uptrend support. Overall we believe the positives outweigh the concerns as highlighted in this week's report.  Also highlighted are actionable names in Retailing, Health Care, and small-cap Aero Defense.

S&P 500 Bullish but Extended; Downgrading Financials

United States

Glaukos Corporation operates as an ophthalmic medical technology company. The Company develops, manufactures, and markets medical devices for the treatment of glaucoma. Glaukos offers micro-scale injectable therapies designed to address the complete range of glaucoma disease states and progression.

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Glaukos Corp (GKOS US)

Glaukos Corporation: Initiation Of Coverage - Strong Market Dynamics & A Robust Business Strategy! - Major Drivers

Glaukos Corporation reported record fourth quarter consolidated net sales of $82.4 million, representing a 16% increase on a reported basis and...

Baptista Research

Axonics (AXNX US): Large Underserved Market And Superior Portfolio Ensure Multi-Year Growth

Axonics predicts the U.S. sacral neuromodulation market will double to $1.6B in the next five years. The company is reporting strong revenue...

Tina Banerjee

S&P 500 Bullish but Extended; Downgrading Financials

The S&P 500’s 5-month uptrend remains intact, and as long as it continues we remain bullish. With that said, we are near the top end of the...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Glaukos Corporation: Initiation Of Coverage - Strong Market Dynamics & A Robust Business Strategy! - Major Drivers

Glaukos Corporation reported record fourth quarter consolidated net sales of $82.4 million, representing a 16% increase on a reported basis and...

Baptista Research

Axonics (AXNX US): Large Underserved Market And Superior Portfolio Ensure Multi-Year Growth

​Axonics predicts the U.S. sacral neuromodulation market will double to $1.6B in the next five years. The company is reporting strong revenue...

Tina Banerjee

S&P 500 Bullish but Extended; Downgrading Financials

The S&P 500’s 5-month uptrend remains intact, and as long as it continues we remain bullish. With that said, we are near the top end of the...

Vermilion Research

Axonics predicts the U.S. sacral neuromodulation market will double to $1.6B in the next five years. The company is reporting strong revenue...