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>Hinge Health is preparing for its next phase of expansion, with CEO Daniel Perez reportedly exploring additional acquisitions, particularly in medical hardware, to strengthen the company's growing digital healthcare platform.</li><li>Once primarily focused on treating back pain and other musculoskeletal conditions, Hinge Health has expanded into migraine management, pelvic health, surgical care, and now digestive health through its recently completed $105 million acquisition of Cylinder Health.</li><li>The timing follows a strong second quarter, during which revenue surged 53% year-over-year to $213 million, free cash flow reached approximately $100 million, and management raised its 2026 revenue guidance to $856 million–$860 million.</li></ul>

Hinge Health is preparing for its next phase of expansion, with CEO Daniel Perez reportedly exploring additional acquisitions, particularly in medical hardware, to strengthen the company's growing digital healthcare platform.Once primarily focused on treating back pain and other musculoskeletal conditions, Hinge Health has expanded into migraine management, pelvic health, surgical care, and now digestive health through its recently completed $105 million acquisition of Cylinder Health.The timing follows a strong second quarter, during which revenue surged 53% year-over-year to $213 million, free cash flow reached approximately $100 million, and management raised its 2026 revenue guidance to $856 million–$860 million.

Hinge Health Is Expanding Beyond Back Pain: A Billion-Dollar Gamble?

Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>Sacra estimates Hinge Health hit $390M in revenue in 2024, growing 33% year-over-year from $293M in 2023.</li><li>With 2,256 clients as of December 31, 2024 (up 36% YoY), Hinge Health serves 49% of Fortune 100 companies and 42% of Fortune 500 companies.</li><li>Hinge Health&#39;s financial profile has strengthened significantly, with gross margins improving from 66% in 2023 to 77% in 2024.</li></ul>

Sacra estimates Hinge Health hit $390M in revenue in 2024, growing 33% year-over-year from $293M in 2023.With 2,256 clients as of December 31, 2024 (up 36% YoY), Hinge Health serves 49% of Fortune 100 companies and 42% of Fortune 500 companies.Hinge Health&#39;s financial profile has strengthened significantly, with gross margins improving from 66% in 2023 to 77% in 2024.

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

<ul>
<li>San Francisco-based Omada Health reported stronger than expected 2Q’FY25 revenues of $61.4M as a public company. Management provided FY25 revenue and adj. EBITDA guidance.</li>
<li>In May, Omada Health announced a new AI-agent, OmadaSpark. A member-facing AI agent directly works with Omada members. It was trained on ~3M foods and dishes.  </li>
<li>The company expects adj. EBITDA loss in the range of $9M to $5M in FY25. I forecast FCF losses to steadily dissipate until Omada Health becomes FCF positive in FY26.</li>
</ul>


San Francisco-based Omada Health reported stronger than expected 2Q’FY25 revenues of $61.4M as a public company. Management provided FY25 revenue and adj. EBITDA guidance.
In May, Omada Health announced a new AI-agent, OmadaSpark. A member-facing AI agent directly works with Omada members. It was trained on ~3M foods and dishes.  
The company expects adj. EBITDA loss in the range of $9M to $5M in FY25. I forecast FCF losses to steadily dissipate until Omada Health becomes FCF positive in FY26.


Omada Health: 2Q’FY25 Net Loss Narrowed, Strong Progress Towards Adj. EBITDA Profitability

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

<ul>
<li>`Omada Health, Inc. (OMDA) priced a full-size deal of 7.9mm shares at $19.00 (midpoint of the range) and opened at $19.00 for a gain of 21% at first trade.</li>
<li>Omada finished north of 15-times oversubscribed with allocations highly concentrated and skewed to long-only investors.</li>
<li>Our sources stated that the top ten accounts took greater than 50% of the deal and the top 25 took 80% of the transaction.</li>
</ul>


`Omada Health, Inc. (OMDA) priced a full-size deal of 7.9mm shares at $19.00 (midpoint of the range) and opened at $19.00 for a gain of 21% at first trade.
Omada finished north of 15-times oversubscribed with allocations highly concentrated and skewed to long-only investors.
Our sources stated that the top ten accounts took greater than 50% of the deal and the top 25 took 80% of the transaction.


Omada Health (OMDA): Virtual Healthcare Provider Pops 20% After Midpoint Pricing

United States

Hinge Health, Inc. develops health care software. The Company offers remote monitoring and digital care solutions to improve patient education, monitor physical and behavioral therapy, and address a broad spectrum of MSK care. Hinge Health serves customers in the United States.

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Hinge Health (HNGE US)

Hinge Health Is Expanding Beyond Back Pain: A Billion-Dollar Gamble?

Hinge Health is preparing for its next phase of expansion, with CEO Daniel Perez reportedly exploring additional acquisitions, particularly in...

Baptista Research

Primer: Hinge Health - 18 May 2026

Digital clinic for musculoskeletal pain with app-based therapy and wearable-guided exercises

Sacra

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: 2Q’FY25 Net Loss Narrowed, Strong Progress Towards Adj. EBITDA Profitability

Omada Health, a next-gen digital health provider, announced strong 2Q'FY25 results. Revenue grew 49% y/y, total members increased to ~752,000...

Andrei Zakharov

Omada Health (OMDA): Virtual Healthcare Provider Pops 20% After Midpoint Pricing

Omada Health's IPO priced at $19 per share, opening at the same price with a 21% gain. Allocation was highly concentrated, with top ten accounts...

IPO Boutique

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Hinge Health Is Expanding Beyond Back Pain: A Billion-Dollar Gamble?

Hinge Health is preparing for its next phase of expansion, with CEO Daniel Perez reportedly exploring additional acquisitions, particularly in...

Baptista Research

Primer: Hinge Health - 18 May 2026

Digital clinic for musculoskeletal pain with app-based therapy and wearable-guided exercises

Sacra

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: 2Q’FY25 Net Loss Narrowed, Strong Progress Towards Adj. EBITDA Profitability

Omada Health, a next-gen digital health provider, announced strong 2Q'FY25 results. Revenue grew 49% y/y, total members increased to ~752,000...

Andrei Zakharov

Omada Health (OMDA): Virtual Healthcare Provider Pops 20% After Midpoint Pricing

​Omada Health's IPO priced at $19 per share, opening at the same price with a 21% gain. Allocation was highly concentrated, with top ten accounts...

IPO Boutique

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

Omada Health's IPO priced at $19 per share, opening at the same price with a 21% gain. Allocation was highly concentrated, with top ten accounts...