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

Hims & Hers Health Inc / Equity Bottom-Up

<ul><li>Hims & Hers Health recently reported its third-quarter results for 2025, showcasing both potential opportunities and challenges as the company expands its footprint in the healthcare sector.</li><li>The company reported substantial revenue growth of nearly 49% year-over-year, reaching close to $600 million, a reflection of its strategic shift towards personalized healthcare solutions.</li><li>However, despite this impressive growth trajectory, several factors warrant a closer look.</li></ul>

Hims & Hers Health recently reported its third-quarter results for 2025, showcasing both potential opportunities and challenges as the company expands its footprint in the healthcare sector.The company reported substantial revenue growth of nearly 49% year-over-year, reaching close to $600 million, a reflection of its strategic shift towards personalized healthcare solutions.However, despite this impressive growth trajectory, several factors warrant a closer look.

Hims & Hers Health: A Notable Shift Toward Core

Smartkarma AI, Smartkarma

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Smartkarma AI

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
  <li>Hims &amp; Hers is a rapidly growing telehealth platform capitalizing on the increasing consumer demand for convenient and discreet access to healthcare, particularly in stigmatized or lifestyle-related categories.</li>
  <li>The company's aggressive direct-to-consumer marketing and subscription-based model have fueled impressive top-line growth and a recent turn to profitability, though it relies heavily on continued marketing spend.</li>
  <li>Strategic initiatives, including international expansion through the acquisition of ZAVA and entry into new high-potential categories like weight management, present significant future growth opportunities but also introduce execution and regulatory risks.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  Hims &amp; Hers is a rapidly growing telehealth platform capitalizing on the increasing consumer demand for convenient and discreet access to healthcare, particularly in stigmatized or lifestyle-related categories.
  The company's aggressive direct-to-consumer marketing and subscription-based model have fueled impressive top-line growth and a recent turn to profitability, though it relies heavily on continued marketing spend.
  Strategic initiatives, including international expansion through the acquisition of ZAVA and entry into new high-potential categories like weight management, present significant future growth opportunities but also introduce execution and regulatory risks.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Hims & Hers Health Inc (HIMS US) - Nov 2025

<ul><li>Hims & Hers Health has delivered a robust performance in the second quarter of 2025, signaling positive momentum in its quest to democratize access to personalized, high-quality healthcare.</li><li>The company reported a 73% increase in revenue to $545 million year-over-year, with a strong adjusted EBITDA margin of over 15%.</li><li>This growth is underpinned by a substantial subscriber base of over 2.4 million, facilitated by offerings in areas like dermatology and weight management.</li></ul>

Hims & Hers Health has delivered a robust performance in the second quarter of 2025, signaling positive momentum in its quest to democratize access to personalized, high-quality healthcare.The company reported a 73% increase in revenue to $545 million year-over-year, with a strong adjusted EBITDA margin of over 15%.This growth is underpinned by a substantial subscriber base of over 2.4 million, facilitated by offerings in areas like dermatology and weight management.

Hims & Hers: Advancing At-home Lab Testing and Preventive Health To Up Their Game!

<ul><li>Hims & Hers Health has found itself at the center of investor turmoil after its high-profile collaboration with Novo Nordisk on FDA-approved weight loss drug Wegovy abruptly ended.</li><li>The Danish pharmaceutical titan terminated the pact, accusing Hims & Hers of misleading marketing practices and non-compliance with regulations governing compounded drugs—actions it deemed a threat to patient safety.</li><li>Hims & Hers CEO Andrew Dudum fired back, insisting the company’s compounding approach is legal under FDA rules and accusing Novo Nordisk of leveraging its market dominance to pressure patients toward branded Wegovy.</li></ul>

Hims & Hers Health has found itself at the center of investor turmoil after its high-profile collaboration with Novo Nordisk on FDA-approved weight loss drug Wegovy abruptly ended.The Danish pharmaceutical titan terminated the pact, accusing Hims & Hers of misleading marketing practices and non-compliance with regulations governing compounded drugs—actions it deemed a threat to patient safety.Hims & Hers CEO Andrew Dudum fired back, insisting the company’s compounding approach is legal under FDA rules and accusing Novo Nordisk of leveraging its market dominance to pressure patients toward branded Wegovy.

Hims & Hers Stock Nosedives: The Real Reason Behind the Novo Nordisk Breakup!

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>Omada Health reported stronger than expected 3Q25 revenue of ~$68M (consensus: $61.2M) and management provided guidance for 2025 revenue of $251.5M-$254.5M, +49% y/y at midpoint.  </li>
<li>The chronic disease management company introduced Meal Map, a new AI-powered nutrition tool integrated within the Omada Health’s cardiometabolic programs.</li>
<li>I’m updating OMDA model estimates in my insight to reflect the company’s 3Q25 results, management guidance, and trends in the digital therapeutics space.</li>
</ul>


Omada Health reported stronger than expected 3Q25 revenue of ~$68M (consensus: $61.2M) and management provided guidance for 2025 revenue of $251.5M-$254.5M, +49% y/y at midpoint.  
The chronic disease management company introduced Meal Map, a new AI-powered nutrition tool integrated within the Omada Health’s cardiometabolic programs.
I’m updating OMDA model estimates in my insight to reflect the company’s 3Q25 results, management guidance, and trends in the digital therapeutics space.


Omada Health (OMDA.US): Robust 3Q Undermined by Sentiment, Long-Term Bullish Thesis Intact

United States

Hims & Hers Health, Inc. provides health care software solutions. The Company offers multi-specialty telehealth platform that connects consumers to licensed healthcare providers, enabling them to access high-quality medical care for numerous conditions related to mental health, sexual health, dermatology, and primary care. Hims & Hers Health serves customers in the United States.

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Hims & Hers Health Inc (HIMS US)

Hims & Hers Health: A Notable Shift Toward Core

Hims & Hers Health recently reported its third-quarter results for 2025, showcasing both potential opportunities and challenges as the company...

Baptista Research

Primer: Hims & Hers Health Inc (HIMS US) - Nov 2025

Hims & Hers is a rapidly growing telehealth platform capitalizing on the increasing consumer demand for convenient and discreet access to...

αSK

Hims & Hers: Advancing At-home Lab Testing and Preventive Health To Up Their Game!

Hims & Hers Health has delivered a robust performance in the second quarter of 2025, signaling positive momentum in its quest to democratize...

Baptista Research

Hims & Hers Stock Nosedives: The Real Reason Behind the Novo Nordisk Breakup!

Hims & Hers Health has found itself at the center of investor turmoil after its high-profile collaboration with Novo Nordisk on FDA-approved...

Baptista Research

Omada Health (OMDA.US): Robust 3Q Undermined by Sentiment, Long-Term Bullish Thesis Intact

Omada Health beat all key estimates in 3Q25, introduced AI-powered nutrition tool Meal Map and GLP-1 prescribing offering. The company also raised...

Andrei Zakharov

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Hims & Hers Health: A Notable Shift Toward Core

Hims & Hers Health recently reported its third-quarter results for 2025, showcasing both potential opportunities and challenges as the company...

Baptista Research

Primer: Hims & Hers Health Inc (HIMS US) - Nov 2025

Hims & Hers is a rapidly growing telehealth platform capitalizing on the increasing consumer demand for convenient and discreet access to...

αSK

Hims & Hers: Advancing At-home Lab Testing and Preventive Health To Up Their Game!

Hims & Hers Health has delivered a robust performance in the second quarter of 2025, signaling positive momentum in its quest to democratize...

Baptista Research

Hims & Hers Stock Nosedives: The Real Reason Behind the Novo Nordisk Breakup!

Hims & Hers Health has found itself at the center of investor turmoil after its high-profile collaboration with Novo Nordisk on FDA-approved...

Baptista Research

Omada Health (OMDA.US): Robust 3Q Undermined by Sentiment, Long-Term Bullish Thesis Intact

​Omada Health beat all key estimates in 3Q25, introduced AI-powered nutrition tool Meal Map and GLP-1 prescribing offering. The company also raised...

Andrei Zakharov

Omada Health beat all key estimates in 3Q25, introduced AI-powered nutrition tool Meal Map and GLP-1 prescribing offering. The company also raised...