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, Inc. reported robust third-quarter financial results for 2024, reflecting both significant positive developments and some areas of challenge.</li><li>The company demonstrated strong global growth in its key product lines, particularly the da Vinci systems, which is central to its operation.</li><li>On the positive side, Intuitive displayed robust procedure growth at 18% year-over-year, with contributions especially strong in the U.S., Japan, Germany, France, and the U.K. Notably, the introduction of the da Vinci 5 system, which launched in March 2024, saw promising early adoption with 188 installations and over 12,000 procedures completed.</li></ul>

Intuitive Surgical, Inc. reported robust third-quarter financial results for 2024, reflecting both significant positive developments and some areas of challenge.The company demonstrated strong global growth in its key product lines, particularly the da Vinci systems, which is central to its operation.On the positive side, Intuitive displayed robust procedure growth at 18% year-over-year, with contributions especially strong in the U.S., Japan, Germany, France, and the U.K. Notably, the introduction of the da Vinci 5 system, which launched in March 2024, saw promising early adoption with 188 installations and over 12,000 procedures completed.

Intuitive Surgical: International Expansion & Regulatory Milestones & Other Major Drivers

Global Healthcare Analyst

Tina Banerjee

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<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

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<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

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

<ul>
<li>LivsMed is getting ready to complete its IPO on the KOSDAQ exchange in December 2025. LivsMed is a medical device manufacturer that specialises in minimally invasive surgery products.</li>
<li>This is expected to be one of the largest IPOs in KOSDAQ in 2025.  The IPO price range is from 44,000 won to 55,000 won per share.</li>
<li>LivesMed has commercialized the world's first multi-joint, multi-degree-of-freedom (DOF) technology capable of 90° rotation in all directions.</li>
</ul>


LivsMed is getting ready to complete its IPO on the KOSDAQ exchange in December 2025. LivsMed is a medical device manufacturer that specialises in minimally invasive surgery products.
This is expected to be one of the largest IPOs in KOSDAQ in 2025.  The IPO price range is from 44,000 won to 55,000 won per share.
LivesMed has commercialized the world's first multi-joint, multi-degree-of-freedom (DOF) technology capable of 90° rotation in all directions.


Shanghai MicroPort MedBot Group / Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/shanghai-microport-medbot-group-co-ltd" target="_blank" data-smartkarma-citation="entities:33485:1" rel="noopener">Shanghai MicroPort MedBot Group (2252 HK)</a> recorded 1H25 revenue of RMB 176M, up 77% YoY driven by rapid expansion of commercialization of multiple products. Overseas market sales grew 189% YoY.</li>
<li>Toumai Laparoscopic Surgical Robot continued to be the main growth driver securing new orders of 30+ units and achieving commercial installation of 22 units.</li>
<li>MedBot’s recent approvals of Toumai variants, technology advantages, diversified portfolio and commercialization strength place it at an inflection point, expected to be back in the black soon.</li>
</ul>



Shanghai MicroPort MedBot Group (2252 HK) recorded 1H25 revenue of RMB 176M, up 77% YoY driven by rapid expansion of commercialization of multiple products. Overseas market sales grew 189% YoY.
Toumai Laparoscopic Surgical Robot continued to be the main growth driver securing new orders of 30+ units and achieving commercial installation of 22 units.
MedBot’s recent approvals of Toumai variants, technology advantages, diversified portfolio and commercialization strength place it at an inflection point, expected to be back in the black soon.


MicroPort MedBot (2252 HK): Overseas Markets Shine; Tuomai Drives Growth; Losses Narrow in 1H25

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: International Expansion & Regulatory Milestones & Other Major Drivers

Intuitive Surgical, Inc. reported robust third-quarter financial results for 2024, reflecting both significant positive developments and some...

Baptista Research

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

LivsMed IPO Preview

LivsMed is getting ready to complete its IPO on the KOSDAQ exchange in December 2025. LivsMed is a medical device manufacturer that specialises in...

Douglas Kim

MicroPort MedBot (2252 HK): Overseas Markets Shine; Tuomai Drives Growth; Losses Narrow in 1H25

MicroPort MedBot sees 77% revenue growth in 1H25. Toumai laparoscopic surgical robot continues to drive growth with new orders and installations....

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Intuitive Surgical: International Expansion & Regulatory Milestones & Other Major Drivers

Intuitive Surgical, Inc. reported robust third-quarter financial results for 2024, reflecting both significant positive developments and some...

Baptista Research

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

LivsMed IPO Preview

LivsMed is getting ready to complete its IPO on the KOSDAQ exchange in December 2025. LivsMed is a medical device manufacturer that specialises in...

Douglas Kim

MicroPort MedBot (2252 HK): Overseas Markets Shine; Tuomai Drives Growth; Losses Narrow in 1H25

MicroPort MedBot sees 77% revenue growth in 1H25. Toumai laparoscopic surgical robot continues to drive growth with new orders and installations....

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...