Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/medtronic-plc" target="_blank" data-smartkarma-citation="entities:14982:1" rel="noopener">Medtronic Plc (MDT US)</a> reported 6% YoY revenue growth to $8.5B, ahead of expectations, driven by procedure volume recovery, supply improvements, and innovative product introductions.</li>
<li>Medtronic intends to acquire Korea-based <a href="https://www.smartkarma.com/entities/eoflow-co-ltd" target="_blank" data-smartkarma-citation="entities:36100:1" rel="noopener">Eoflow (294090 KS)</a>, manufacturer of a tubeless, wearable, full-disposable insulin delivery device, for $738M. The transaction is expected to close in 2H23.  </li>
<li>Medtronic guided for FY24 adjusted EPS of $5.00–5.10, including ~6% unfavorable impact from Fx. The company forecasts 4.0–4.5% organic revenue growth in FY24, accelerating from 2.1% in FY23.</li>
</ul>



Medtronic Plc (MDT US) reported 6% YoY revenue growth to $8.5B, ahead of expectations, driven by procedure volume recovery, supply improvements, and innovative product introductions.
Medtronic intends to acquire Korea-based Eoflow (294090 KS), manufacturer of a tubeless, wearable, full-disposable insulin delivery device, for $738M. The transaction is expected to close in 2H23.  
Medtronic guided for FY24 adjusted EPS of $5.00–5.10, including ~6% unfavorable impact from Fx. The company forecasts 4.0–4.5% organic revenue growth in FY24, accelerating from 2.1% in FY23.


Medtronic Plc (MDT US): Strong Q4 Result; New Acquisition Announced; Fx Headwind to Impact FY24

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.

Credit

<ul><li>Insulet Corporation is a med-tech company and one of the largest insulin delivery systems providers in the world.</li><li>Their Omnipod 5 Automated Insulin Delivery System's complete commercial introduction in 2022 was a major accomplishment.</li><li>Baptista Research looks to evaluate the different credit strengths and credit risks of the company as well as a line-by-line analysis of the financial statements of the company for the past four years.</li></ul>

Insulet Corporation is a med-tech company and one of the largest insulin delivery systems providers in the world.Their Omnipod 5 Automated Insulin Delivery System's complete commercial introduction in 2022 was a major accomplishment.Baptista Research looks to evaluate the different credit strengths and credit risks of the company as well as a line-by-line analysis of the financial statements of the company for the past four years.

Insulet Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report

<ul><li>This is our first report on a Insulet Corporation, one of the largest insulin delivery systems providers in the world.</li><li>Their Omnipod 5 Automated Insulin Delivery System's complete commercial introduction in 2022 was a major accomplishment.</li><li>We initiate coverage on the stock of Insulet Corporation with a 'Hold' rating.</li></ul>

This is our first report on a Insulet Corporation, one of the largest insulin delivery systems providers in the world.Their Omnipod 5 Automated Insulin Delivery System's complete commercial introduction in 2022 was a major accomplishment.We initiate coverage on the stock of Insulet Corporation with a 'Hold' rating.

Insulet Corporation: Initiation of Coverage – Business Strategy & Key Drivers

Equity Capital Markets

Fundamental Short Selling Research

Eric Fernandez, CFA

TwoRiversAnalytics

<ul>
<li>This model looks for slowing growth, margin declines, sales and/or earnings disappointments, troubling working capital trends, poor estimate trends or lowered guidance, among other characteristics.</li>
<li>The key judgement is whether a slowdown is temporary or the beginning of a trend.  These shorts tend to have high valuations and betas.  Multiple compression accelerates the stock’s decline.</li>
<li>Today we are flagging Quanterix, Insulet, Inari Med,  and MercadoLibre</li>
</ul>


This model looks for slowing growth, margin declines, sales and/or earnings disappointments, troubling working capital trends, poor estimate trends or lowered guidance, among other characteristics.
The key judgement is whether a slowdown is temporary or the beginning of a trend.  These shorts tend to have high valuations and betas.  Multiple compression accelerates the stock’s decline.
Today we are flagging Quanterix, Insulet, Inari Med,  and MercadoLibre


Breaking Growth Short Candidates: Quanterix, Insulet, Inari Med, MercadoLibre

United States

Insulet Corporation is a medical device company that develops, manufactures and markets an insulin infusion system for people with insulin-dependent diabetes.

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Insulet Corp (PODD US)

Medtronic Plc (MDT US): Strong Q4 Result; New Acquisition Announced; Fx Headwind to Impact FY24

Medtronic reported strong Q4 result, with revenue and EPS beating expectations. The company is acquiring EOFlow for $738M. FY24 EPS is guided at...

Tina Banerjee

Insulet Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report

Insulet Corporation is a med-tech company and one of the largest insulin delivery systems providers in the world. Their Omnipod 5 Automated...

Baptista Research

Insulet Corporation: Initiation of Coverage – Business Strategy & Key Drivers

This is our first report on a Insulet Corporation, one of the largest insulin delivery systems providers in the world. Their Omnipod 5 Automated...

Baptista Research

Insulet Corporation: Initiation of Coverage – Business Strategy & Key Drivers

This is our first report on a Insulet Corporation, one of the largest insulin delivery systems providers in the world. Their Omnipod 5 Automated...

Baptista Research

Breaking Growth Short Candidates: Quanterix, Insulet, Inari Med, MercadoLibre

Breaking Growth stocks combine declining fundamentals with multiple compression. This week we flag: Quanterix, Insulet, Inari Med, MercadoLibre

Eric Fernandez, CFA

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