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>IDEXX Laboratories, a global leader in veterinary diagnostics, software, and water quality products, closed out 2024 with a solid performance, surpassing expectations and setting a strong foundation for 2025.</li><li>The company reported a 6% organic revenue increase in Q4 2024, driven by a 7% rise in its core Companion Animal Group (CAG) Diagnostic recurring revenues.</li><li>Operating profits grew 7% as reported, and 8% on a comparable basis, supported by favorable gross margin gains.</li></ul>

IDEXX Laboratories, a global leader in veterinary diagnostics, software, and water quality products, closed out 2024 with a solid performance, surpassing expectations and setting a strong foundation for 2025.The company reported a 6% organic revenue increase in Q4 2024, driven by a 7% rise in its core Companion Animal Group (CAG) Diagnostic recurring revenues.Operating profits grew 7% as reported, and 8% on a comparable basis, supported by favorable gross margin gains.

IDEXX Laboratories: Executing International Expansion To Capitalize On Its Competitive Edge Across Global Veterinary Markets!

Mostly Borrowed Ideas Deep Dives, MBI Deep Dives

MBI Deep Dives

Mostly Borrowed Ideas Deep Dives

MBI is the abbreviation for “Mostly Borrowed Ideas”. Why “Mostly Borrowed Ideas?” As a generalist, I do not have a background in any particular sector. I enjoy navigating across industries, businesses, and countries to learn, understand, and connect the dots. In any case, most ideas and innovations are incremental in nature. Very few of us are smart enough to come up with truly original or groundbreaking ideas. I am Abdullah Al-Rezwan. I was born and brought up in Bangladesh. I went to University of Dhaka for my undergrad and majored in Finance. After working three and half years in Equity Research (Sell-side) covering Financial Sector in Bangladesh, I left Bangladesh to pursue my MBA in the US. I graduated within top 10% of the class from Cornell University's two-year MBA program and worked on the buy-side following my graduation. During my time at Cornell, I won two stock pitch competitions and also became finalists in four other competitions. I thoroughly enjoyed my stint as a generalist in the US large cap team at Madison Investments and covered a wide range of companies from UnitedHealth to Amazon and Boeing before US immigration reality paused my career in investment management. As my work authorization expired, I moved to Canada in January, 2021. Then in early 2022, I was able to return to the US.

<ul><li>Like most good comedy bit, it is funny probably because there is an element of truth to it. As a society, we are increasingly humanizing our pets.</li><li>When we look at our pets, we increasingly don’t just consider them our mere properties, rather we sense a much deeper bond to a sentient beings.</li><li>Former Petco CEO Ron Coughlin provided some numbers to contextualize society’s growing sense of devotion to our pets:“Pet parents don’t want to be called pet owners. Seventy-seven percent say they want to be called pet parents, and 60 percent say they love spoiling their pets.”</li></ul>

Like most good comedy bit, it is funny probably because there is an element of truth to it. As a society, we are increasingly humanizing our pets.When we look at our pets, we increasingly don’t just consider them our mere properties, rather we sense a much deeper bond to a sentient beings.Former Petco CEO Ron Coughlin provided some numbers to contextualize society’s growing sense of devotion to our pets:“Pet parents don’t want to be called pet owners. Seventy-seven percent say they want to be called pet parents, and 60 percent say they love spoiling their pets.”

IDEXX: Leading the Humanization of Pet Care Through Diagnostics

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

<ul>
<li>We downgraded our near-term outlook on SPX and QQQ to neutral last week (11/19/25), after being bullish since 4/22/25, while we maintained our intermediate-term bullish outlook (as of 5/14/25).</li>
<li>Crucial support levels of 6480-6520 on SPX and $580-$583 on QQQ held last week, and we are back to being near-term bullish as long as these supports continue to hold</li>
<li>The latest pullback offers an attractive entry point into all the speculative growth areas that we were pounding the table on since May, WITH A STOP AT LAST WEEKS LOWS</li>
</ul>


We downgraded our near-term outlook on SPX and QQQ to neutral last week (11/19/25), after being bullish since 4/22/25, while we maintained our intermediate-term bullish outlook (as of 5/14/25).
Crucial support levels of 6480-6520 on SPX and $580-$583 on QQQ held last week, and we are back to being near-term bullish as long as these supports continue to hold
The latest pullback offers an attractive entry point into all the speculative growth areas that we were pounding the table on since May, WITH A STOP AT LAST WEEKS LOWS


Back to Near-Term Bullish on SPX and Nasdaq 100; Supports Held at SPX 6480-6520 and QQQ $580-583

<ul><li>IDEXX Laboratories, a prominent player in the diagnostics and veterinary healthcare sector, demonstrated a mixed performance in its latest earnings report for the third quarter of 2024.</li><li>The financial outcomes and the company's strategic movements indicate both strengths and challenges that prospective investors should consider.</li><li>Starting with the positives, IDEXX reported a 6% organic revenue growth, driven significantly by a 7% increase in Companion Animal Group (CAG) Diagnostic recurring revenues and a robust 13% growth in the water business.</li></ul>

IDEXX Laboratories, a prominent player in the diagnostics and veterinary healthcare sector, demonstrated a mixed performance in its latest earnings report for the third quarter of 2024.The financial outcomes and the company's strategic movements indicate both strengths and challenges that prospective investors should consider.Starting with the positives, IDEXX reported a 6% organic revenue growth, driven significantly by a 7% increase in Companion Animal Group (CAG) Diagnostic recurring revenues and a robust 13% growth in the water business.

IDEXX Labs: Will Its Enhanced Diagnostic Capabilities & Innovation Bring A Shift In The Competitive Dynamics? - Major Drivers

<ul><li>IDEXX Laboratories recently reported its financial results for the second quarter of 2024.</li><li>The company saw organic revenue growth of 7%, driven by a 7% increase in Companion Animal Group (CAG) Diagnostic recurring revenues and a 10% growth in its water business.</li><li>Despite facing macroeconomic and sector-specific challenges, including a 2% decline in U.S. same-store clinical visit growth, IDEXX demonstrated resilience by leveraging solid execution strategies such as high premium instrument placements and gains in veterinary software and diagnostic imaging revenues.</li></ul>

IDEXX Laboratories recently reported its financial results for the second quarter of 2024.The company saw organic revenue growth of 7%, driven by a 7% increase in Companion Animal Group (CAG) Diagnostic recurring revenues and a 10% growth in its water business.Despite facing macroeconomic and sector-specific challenges, including a 2% decline in U.S. same-store clinical visit growth, IDEXX demonstrated resilience by leveraging solid execution strategies such as high premium instrument placements and gains in veterinary software and diagnostic imaging revenues.

IDEXX Laboratories Inc.: Expanding Diagnostic Offerings & Executing Global Expansion & Strategic Acquisitions! - Major Drivers

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.

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IDEXX Laboratories (IDXX US)

IDEXX Laboratories: Executing International Expansion To Capitalize On Its Competitive Edge Across Global Veterinary Markets!

IDEXX Laboratories, a global leader in veterinary diagnostics, software, and water quality products, closed out 2024 with a solid performance,...

Baptista Research

IDEXX: Leading the Humanization of Pet Care Through Diagnostics

Like most good comedy bit, it is funny probably because there is an element of truth to it. As a society, we are increasingly humanizing our pets.

MBI Deep Dives

Back to Near-Term Bullish on SPX and Nasdaq 100; Supports Held at SPX 6480-6520 and QQQ $580-583

Back to Near-Term Bullish on $SPX and Nasdaq 100 $NDX; Crucial Supports Held at 6480-6520 on SPX and $580-$583 on $QQQ, we are near-term bullish as...

Vermilion Research

IDEXX Labs: Will Its Enhanced Diagnostic Capabilities & Innovation Bring A Shift In The Competitive Dynamics? - Major Drivers

IDEXX Laboratories, a prominent player in the diagnostics and veterinary healthcare sector, demonstrated a mixed performance in its latest...

Baptista Research

IDEXX Laboratories Inc.: Expanding Diagnostic Offerings & Executing Global Expansion & Strategic Acquisitions! - Major Drivers

IDEXX Laboratories recently reported its financial results for the second quarter of 2024. The company saw organic revenue growth of 7%, driven by...

Baptista Research

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