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>In 2023, IDEXX Laboratories posted strong quarterly and annual results.</li><li>The company reported an 8% organic revenue increase in Q4, largely driven by gains in CAG Diagnostic recurring revenues.</li><li>Operating profits also rose 8% as reported, with a 10% increase on a comparable basis, aided by robust gross margin gains and OpEx leverage.</li></ul>

In 2023, IDEXX Laboratories posted strong quarterly and annual results.The company reported an 8% organic revenue increase in Q4, largely driven by gains in CAG Diagnostic recurring revenues.Operating profits also rose 8% as reported, with a 10% increase on a comparable basis, aided by robust gross margin gains and OpEx leverage.

IDEXX Laboratories: Growing Global Direct Commercial Capability & Other Major Drivers

<ul><li>IDEXX Laboratories delivered a mixed result in the recent quarter, with revenues below market expectations, but it managed to surpass the analyst consensus in terms of earnings.</li><li>IDEXX experienced an impressive 8% organic growth in revenues, driven by a 9% surge in CAG Diagnostic recurring revenues.</li><li>Despite the headwinds from a decline in US clinical visits, IDEXX CAG Diagnostic recurring revenue growth remained resilient, surpassing sector growth levels.</li></ul>

IDEXX Laboratories delivered a mixed result in the recent quarter, with revenues below market expectations, but it managed to surpass the analyst consensus in terms of earnings.IDEXX experienced an impressive 8% organic growth in revenues, driven by a 9% surge in CAG Diagnostic recurring revenues.Despite the headwinds from a decline in US clinical visits, IDEXX CAG Diagnostic recurring revenue growth remained resilient, surpassing sector growth levels.

IDEXX Laboratories Inc.: Navigating Clinical Challenges – Key Growth Strategies! - Major Drivers

<ul><li>IDEXX Laboratories surpassed Wall Street's revenue and earnings expectations, showcasing strong growth and financial performance.</li><li>The company achieved a 10% organic increase in overall revenues, driven by remarkable growth in CAG Diagnostics' recurring payments.</li><li>IDEXX's solid performance was particularly evident in the significant placements of premium instruments, sustained new business gains, and strong growth in recurring veterinary software revenues.</li></ul>

IDEXX Laboratories surpassed Wall Street's revenue and earnings expectations, showcasing strong growth and financial performance.The company achieved a 10% organic increase in overall revenues, driven by remarkable growth in CAG Diagnostics' recurring payments.IDEXX's solid performance was particularly evident in the significant placements of premium instruments, sustained new business gains, and strong growth in recurring veterinary software revenues.

IDEXX Laboratories Inc.: Expansion Of The Renal Testing Portfolio & Other Major Drivers

<ul><li>IDEXX Laboratories had a strong Q1 2023 performance and delivered an all-around beat.</li><li>The company's strategic focus on execution, organic growth, and product portfolio expansion resulted in significant new business gains and sustained growth in recurring veterinary software revenues.</li><li>The company's performance was reflected in its key metrics, such as high first-quarter premium instrument placements, steady new business gains, and continual growth in recurring veterinary software revenues.</li></ul>

IDEXX Laboratories had a strong Q1 2023 performance and delivered an all-around beat.The company's strategic focus on execution, organic growth, and product portfolio expansion resulted in significant new business gains and sustained growth in recurring veterinary software revenues.The company's performance was reflected in its key metrics, such as high first-quarter premium instrument placements, steady new business gains, and continual growth in recurring veterinary software revenues.

IDEXX Laboratories Inc.: Recurring Veterinary Software Revenues Continue to Grow – Key Drivers

Global Healthcare Analyst

Tina Banerjee

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dechra-pharmaceuticals-plc" target="_blank" data-smartkarma-citation="entities:21908:1" rel="noopener">Dechra Pharmaceuticals (DPH LN)</a> received an offer from the Swedish private equity firm EQT regarding a possible all-cash deal, where Dechra shareholders would receive £40.70 per ordinary share in cash.</li>
<li>Right after the announcement, Dechra shares surged 33%. The shares are currently trading at £37.66, implying 10% upside potential.</li>
<li>Without EQT offer, based on current financial performance, Dechra has a bleak outlook. Currently, Dechra has average target price of £39.39, implying a spread of just ~5%.</li>
</ul>



Dechra Pharmaceuticals (DPH LN) received an offer from the Swedish private equity firm EQT regarding a possible all-cash deal, where Dechra shareholders would receive £40.70 per ordinary share in cash.
Right after the announcement, Dechra shares surged 33%. The shares are currently trading at £37.66, implying 10% upside potential.
Without EQT offer, based on current financial performance, Dechra has a bleak outlook. Currently, Dechra has average target price of £39.39, implying a spread of just ~5%.


Dechra Pharmaceuticals (DPH LN): Best Case Scenario Offers 10% Upside Potential

United States

IDEXX Laboratories, Inc. provides diagnostic, detection, and information systems for veterinary, food, and water testing applications. The Company also operates an international network of veterinary reference laboratories. IDEXX offers its products to customers worldwide.

IDEXX Laboratories (IDXX US)

IDEXX Laboratories: Growing Global Direct Commercial Capability & Other Major Drivers

In 2023, IDEXX Laboratories posted strong quarterly and annual results. The company reported an 8% organic revenue increase in Q4, largely driven...

Baptista Research

IDEXX Laboratories Inc.: Navigating Clinical Challenges – Key Growth Strategies! - Major Drivers

IDEXX Laboratories delivered a mixed result in the recent quarter, with revenues below market expectations, but it managed to surpass the analyst...

Baptista Research

IDEXX Laboratories Inc.: Expansion Of The Renal Testing Portfolio & Other Major Drivers

IDEXX Laboratories surpassed Wall Street's revenue and earnings expectations, showcasing strong growth and financial performance. The company...

Baptista Research

IDEXX Laboratories Inc.: Recurring Veterinary Software Revenues Continue to Grow – Key Drivers

IDEXX Laboratories had a strong Q1 2023 performance and delivered an all-around beat. The company's strategic focus on execution, organic growth,...

Baptista Research

Dechra Pharmaceuticals (DPH LN): Best Case Scenario Offers 10% Upside Potential

Dechra received takeover offer from private equity firm EQT for £40.70 per share all-cash deal. Current price implies ~10% spread. EQT has until 11...

Tina Banerjee