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>Intuitive Surgical reported its first quarter of fiscal year 2026 with overall revenue increasing 23% year-over-year to $2.77 billion, supported by a 17% total procedure growth encompassing 16% growth in da Vinci procedures and 39% growth in Ion procedures.</li><li>Recurring revenue was strong at 86% of total revenue, reaching $2.4 billion.</li><li>The company experienced leverage of fixed costs, resulting in a robust non-GAAP operating margin of 39%.</li></ul>

Intuitive Surgical reported its first quarter of fiscal year 2026 with overall revenue increasing 23% year-over-year to $2.77 billion, supported by a 17% total procedure growth encompassing 16% growth in da Vinci procedures and 39% growth in Ion procedures.Recurring revenue was strong at 86% of total revenue, reaching $2.4 billion.The company experienced leverage of fixed costs, resulting in a robust non-GAAP operating margin of 39%.

Intuitive Surgical: Beyond Urology—New Procedures Are Expanding the Addressable Market!

<ul><li>Intuitive Surgical, a leader in robotic-assisted surgery, delivered a robust financial performance in 2025, driven by strong growth across multiple platforms, including da Vinci and Ion.</li><li>The company's revenue rose by 21% year-over-year, reaching $10.1 billion, supported by a substantial increase in procedures and system placements.</li><li>Despite facing tariffs and a mixed effect from newer platforms impacting costs, Intuitive Surgical managed to uphold an operating margin of 37% through cost efficiency measures and strategic investments in R&D and manufacturing scale.</li></ul>

Intuitive Surgical, a leader in robotic-assisted surgery, delivered a robust financial performance in 2025, driven by strong growth across multiple platforms, including da Vinci and Ion.The company's revenue rose by 21% year-over-year, reaching $10.1 billion, supported by a substantial increase in procedures and system placements.Despite facing tariffs and a mixed effect from newer platforms impacting costs, Intuitive Surgical managed to uphold an operating margin of 37% through cost efficiency measures and strategic investments in R&D and manufacturing scale.

Intuitive Surgical’s Next Growth Engine Is Hiding in Plain Sight—ASCs Are the REAL Catalyst!

<ul><li>Intuitive Surgical's third-quarter 2025 results reflect significant operational successes as well as challenges to consider.</li><li>Intuitive Surgical, a leader in robotic-assisted surgical platforms, demonstrated notable growth, driven by the adoption of its new da Vinci 5 system and ongoing expansion in international markets.</li><li>However, the company also faces certain pressures, including economic conditions in some regions and competitive dynamics.</li></ul>

Intuitive Surgical's third-quarter 2025 results reflect significant operational successes as well as challenges to consider.Intuitive Surgical, a leader in robotic-assisted surgical platforms, demonstrated notable growth, driven by the adoption of its new da Vinci 5 system and ongoing expansion in international markets.However, the company also faces certain pressures, including economic conditions in some regions and competitive dynamics.

Intuitive Surgical’s da Vinci Upgrade—How Far Can Procedure Growth Go in 2025?

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>DeepSeek appears to have turned the chatbot market upside-down, putting pressure on AI-linked stocks. The dust has yet to settle, but the selloff has been largely contained to AI-linked stocks.</li>
<li>The rest of the market did not seem to care; the equal-weighted S&amp;P 500 was roughly flat yesterday.</li>
<li>Additionally, market dynamics remain healthy. Bottom line: as long as the S&amp;P 500 remains above 5600-5670, our long-term outlook remains bullish.</li>
</ul>


DeepSeek appears to have turned the chatbot market upside-down, putting pressure on AI-linked stocks. The dust has yet to settle, but the selloff has been largely contained to AI-linked stocks.
The rest of the market did not seem to care; the equal-weighted S&amp;P 500 was roughly flat yesterday.
Additionally, market dynamics remain healthy. Bottom line: as long as the S&amp;P 500 remains above 5600-5670, our long-term outlook remains bullish.


S&P 500 Testing Prior Breakout Level; Market Dynamics Remain Healthy Despite AI-Linked Weakness

China/Asia TMT

Shawn Yang

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>We compiled the public sector bidding result of medical robots in the past one and half years. </li>
<li>Result shows market leaders reinforcing their shares in laparoscopic and orthopaedic robots but in neurosurgery a new challenger has risen</li>
<li>We reiterate the view domestic substitution will likely occur in areas like puncture, natural orifice and microsurgery, which will require new core competencies in machine vision, haptic feedback and AR/VR.</li>
</ul>


We compiled the public sector bidding result of medical robots in the past one and half years. 
Result shows market leaders reinforcing their shares in laparoscopic and orthopaedic robots but in neurosurgery a new challenger has risen
We reiterate the view domestic substitution will likely occur in areas like puncture, natural orifice and microsurgery, which will require new core competencies in machine vision, haptic feedback and AR/VR.


[Blue Lotus Heathcare Sector Update]: Domestic Substitution Takes Nascent Root in Med-Bots

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)

Intuitive Surgical: Beyond Urology—New Procedures Are Expanding the Addressable Market!

Intuitive Surgical reported its first quarter of fiscal year 2026 with overall revenue increasing 23% year-over-year to $2.77 billion, supported...

Baptista Research

Intuitive Surgical’s Next Growth Engine Is Hiding in Plain Sight—ASCs Are the REAL Catalyst!

Intuitive Surgical, a leader in robotic-assisted surgery, delivered a robust financial performance in 2025, driven by strong growth across...

Baptista Research

Intuitive Surgical’s da Vinci Upgrade—How Far Can Procedure Growth Go in 2025?

Intuitive Surgical's third-quarter 2025 results reflect significant operational successes as well as challenges to consider. Intuitive Surgical, a...

Baptista Research

S&P 500 Testing Prior Breakout Level; Market Dynamics Remain Healthy Despite AI-Linked Weakness

$SPX Testing Prior Breakout Level; Market Dynamics Remain Healthy Despite AI-Linked Weakness; $DXY, Treasury yields, and crude oil near-term tops...

Vermilion Research

[Blue Lotus Heathcare Sector Update]: Domestic Substitution Takes Nascent Root in Med-Bots

Domestic substitution will likely occur in areas like puncture, natural orifice and microsurgery, which will require new core competencies in...

Blue Lotus Research Institute

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