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ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Equity Bottom-Up

<ul><li>Short sellers made decisive moves this week ending September 26.</li><li>Energy refining ETF CRAK saw SI hit 36.8% of float - up 38% in seven days.</li><li>Mortgage REIT RWT saw the sharpest build, with SI surging 215% to 22.1% of float as borrow dried up.</li></ul>

Short sellers made decisive moves this week ending September 26.Energy refining ETF CRAK saw SI hit 36.8% of float - up 38% in seven days.Mortgage REIT RWT saw the sharpest build, with SI surging 215% to 22.1% of float as borrow dried up.

Bears Charge Into Energy and Real Estate; Silver Shorts Flee

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.

<ul><li>Intuitive Surgical reported a solid second quarter in 2026 with several positive operational and financial indicators, alongside some market-specific challenges reflective of broader healthcare dynamics.</li><li>The company saw total procedure volume increase by 16%, including a 15% growth in da Vinci system procedures and a 36% rise in Ion platform procedures.</li><li>The global installed base expanded by 12% for da Vinci systems and 21% for Ion systems, totaling nearly 13,000 systems worldwide by quarter-end.</li></ul>

Intuitive Surgical reported a solid second quarter in 2026 with several positive operational and financial indicators, alongside some market-specific challenges reflective of broader healthcare dynamics.The company saw total procedure volume increase by 16%, including a 15% growth in da Vinci system procedures and a 36% rise in Ion platform procedures.The global installed base expanded by 12% for da Vinci systems and 21% for Ion systems, totaling nearly 13,000 systems worldwide by quarter-end.

Intuitive Surgical’s Next Big Catalyst — da Vinci 5, Ion & Single-Port Growth Converge!

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

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

Research Reinvented

<ul>
  <li>
<a href="https://smartkarma.com/entities/intuitive-surgical-inc">Intuitive Surgical</a> is the undisputed global leader in the robotic-assisted surgery market, with its da Vinci systems creating a wide economic moat through high switching costs, a vast installed base, and a powerful recurring revenue model.</li>
  <li>The company's 'razor-and-blade' business model, where the majority of revenue comes from recurring sales of high-margin instruments, accessories, and services, drives strong profitability and predictable cash flow as procedure volumes grow.</li>
  <li>Future growth is expected to be driven by the adoption of the new da Vinci 5 platform, expansion into new surgical procedures and international markets, and the growth of its Ion system for lung biopsies, though the company faces increasing competition from well-capitalized med-tech giants.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Intuitive Surgical is the undisputed global leader in the robotic-assisted surgery market, with its da Vinci systems creating a wide economic moat through high switching costs, a vast installed base, and a powerful recurring revenue model.
  The company's 'razor-and-blade' business model, where the majority of revenue comes from recurring sales of high-margin instruments, accessories, and services, drives strong profitability and predictable cash flow as procedure volumes grow.
  Future growth is expected to be driven by the adoption of the new da Vinci 5 platform, expansion into new surgical procedures and international markets, and the growth of its Ion system for lung biopsies, though the company faces increasing competition from well-capitalized med-tech giants.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Intuitive Surgical (ISRG US) - Aug 2026

Global Healthcare Analyst

Tina Banerjee

<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 Q2FY24 revenue of $8B, representing 5% organic growth, topping guidance of 4.0–4.5%. Cardiovascular, neuroscience, and medical surgical grew mid-single-digit with diabetes accelerating to high-single-digit.</li>
<li>The company now expects FY24 organic revenue growth of 4.75% versus the prior 4.5%. Medtronic raised FY24 adjusted EPS guidance to $5.13–5.19 from $5.08–5.16 earlier.</li>
<li>In November, the company has received FDA approval for innovative renal denervation device for the treatment of hypertension, which should open a multi-billion-dollar market opportunity.</li>
</ul>



Medtronic Plc (MDT US) reported Q2FY24 revenue of $8B, representing 5% organic growth, topping guidance of 4.0–4.5%. Cardiovascular, neuroscience, and medical surgical grew mid-single-digit with diabetes accelerating to high-single-digit.
The company now expects FY24 organic revenue growth of 4.75% versus the prior 4.5%. Medtronic raised FY24 adjusted EPS guidance to $5.13–5.19 from $5.08–5.16 earlier.
In November, the company has received FDA approval for innovative renal denervation device for the treatment of hypertension, which should open a multi-billion-dollar market opportunity.


Medtronic (MDT US): Beat-And-Raise Q2; Weight Loss Drugs Not to Impact Growth; New Device Approval

<ul>
<li>
<a href="https://www.smartkarma.com/entities/asahi-intecc-co-ltd" target="_blank" data-smartkarma-citation="entities:15915:1" rel="noopener">Asahi Intecc (7747 JP)</a> is poised for multi-year growth through strong market demand for its technically superior guidewires, market leadership positioning, new product launches, and direct marketing initiatives.</li>
<li>In FY24, Asahi Intecc aims to achieve revenue of ¥100B (+11% YoY), a significant milestone. The company targets revenue of ¥110B and an operating profit margin of 23–25% in FY26.</li>
<li>Asahi Intecc is expected to be a continued beneficiary of global procedure volume recovery. The company is likely to achieve its medium-term business plan ahead of schedule.</li>
</ul>



Asahi Intecc (7747 JP) is poised for multi-year growth through strong market demand for its technically superior guidewires, market leadership positioning, new product launches, and direct marketing initiatives.
In FY24, Asahi Intecc aims to achieve revenue of ¥100B (+11% YoY), a significant milestone. The company targets revenue of ¥110B and an operating profit margin of 23–25% in FY26.
Asahi Intecc is expected to be a continued beneficiary of global procedure volume recovery. The company is likely to achieve its medium-term business plan ahead of schedule.


2024 High Conviction: Asahi Intecc (7747 JP)- Procedure Volume Recovery to Accelerate Growth

United States

Intuitive Surgical, Inc. design, manufactures, and markets surgical systems. The Company offers endoscopes, endoscopic retractors and disectors, scissors, scalpels, forceps, needle holders, electrocautery, ultrasonic cutters, and accessories during surgical procedures. Intuitive Surgical operates worldwide.

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Intuitive Surgical (ISRG US)

Bears Charge Into Energy and Real Estate; Silver Shorts Flee

Short sellers made decisive moves this week ending September 26. Energy refining ETF CRAK saw SI hit 36.8% of float - up 38% in seven...

ORTEX Market Intel

Intuitive Surgical’s Next Big Catalyst — da Vinci 5, Ion & Single-Port Growth Converge!

Intuitive Surgical reported a solid second quarter in 2026 with several positive operational and financial indicators, alongside some...

Baptista Research

Primer: Intuitive Surgical (ISRG US) - Aug 2026

Intuitive Surgical is the undisputed global leader in the robotic-assisted surgery market, with its da Vinci systems creating a wide economic...

αSK Primers

Medtronic (MDT US): Beat-And-Raise Q2; Weight Loss Drugs Not to Impact Growth; New Device Approval

Medtronic reported Q2FY24 organic revenue growth of 5%. The company raised FY24 organic revenue growth and EPS guidance. FDA approval for a new...

Tina Banerjee

2024 High Conviction: Asahi Intecc (7747 JP)- Procedure Volume Recovery to Accelerate Growth

Asahi Intecc is poised for double-digit sales growth through FY26, driven by strong market demand for guidewires, market leadership positioning,...

Tina Banerjee

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Bears Charge Into Energy and Real Estate; Silver Shorts Flee

Short sellers made decisive moves this week ending September 26. Energy refining ETF CRAK saw SI hit 36.8% of float - up 38% in seven...

ORTEX Market Intel

Intuitive Surgical’s Next Big Catalyst — da Vinci 5, Ion & Single-Port Growth Converge!

Intuitive Surgical reported a solid second quarter in 2026 with several positive operational and financial indicators, alongside some...

Baptista Research

Primer: Intuitive Surgical (ISRG US) - Aug 2026

Intuitive Surgical is the undisputed global leader in the robotic-assisted surgery market, with its da Vinci systems creating a wide economic...

αSK Primers

Medtronic (MDT US): Beat-And-Raise Q2; Weight Loss Drugs Not to Impact Growth; New Device Approval

​Medtronic reported Q2FY24 organic revenue growth of 5%. The company raised FY24 organic revenue growth and EPS guidance. FDA approval for a new...

Tina Banerjee

2024 High Conviction: Asahi Intecc (7747 JP)- Procedure Volume Recovery to Accelerate Growth

Asahi Intecc is poised for double-digit sales growth through FY26, driven by strong market demand for guidewires, market leadership positioning,...

Tina Banerjee

Medtronic reported Q2FY24 organic revenue growth of 5%. The company raised FY24 organic revenue growth and EPS guidance. FDA approval for a new...