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.


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>Medtronic's first quarter results for fiscal year 2026 reflect a combination of steady performance and strategic areas of opportunity.</li><li>The company delivered mid-single-digit organic revenue growth of 4.8%, in line with prior guidance, showcasing consistency in a challenging operational environment.</li><li>Adjusted earnings per share (EPS) surpassed expectations, coming in $0.03 above the mid-point guidance, which underscores the effectiveness of cost management and strategic investment balancing.</li></ul>

Medtronic's first quarter results for fiscal year 2026 reflect a combination of steady performance and strategic areas of opportunity.The company delivered mid-single-digit organic revenue growth of 4.8%, in line with prior guidance, showcasing consistency in a challenging operational environment.Adjusted earnings per share (EPS) surpassed expectations, coming in $0.03 above the mid-point guidance, which underscores the effectiveness of cost management and strategic investment balancing.

Medtronic plc: Why Its Innovations in Diabetes Management Hold The Key To Its Future!

Global Healthcare Analyst

Tina Banerjee

Sahajanand Medical Technologies / Equity Capital Markets

Sahajanand Medical Technologies (2585275D IN)

<ul>
<li>Sahajanand Medical Technologies has re-filed DRHP for its Indian IPO consisting entirely an offer for sale of up to 27.6M equity shares. Key details are yet to be announced.</li>
<li>SMT is a medical device company, with focus on vascular intervention and structural heart products. The company markets its products in 76 countries, with international markets contributing ~70% of revenue.</li>
<li>SMT is well-positioned for sustainable long-term growth, driven by wide portfolio of superior products, market leadership in India and key international markets, strong commercial execution capability amid favorable industry tailwinds.</li>
</ul>


Sahajanand Medical Technologies has re-filed DRHP for its Indian IPO consisting entirely an offer for sale of up to 27.6M equity shares. Key details are yet to be announced.
SMT is a medical device company, with focus on vascular intervention and structural heart products. The company markets its products in 76 countries, with international markets contributing ~70% of revenue.
SMT is well-positioned for sustainable long-term growth, driven by wide portfolio of superior products, market leadership in India and key international markets, strong commercial execution capability amid favorable industry tailwinds.


Sahajanand Medical Pre-IPO: Superior Product Amid Favorable Industry Make the Issue Heartwarming

<ul>
<li>Artificial-Intelligence-Powered spine surgery developer Carlsmed is offering 6.7M shares priced between $14 and $16 apiece. At the mid-point, the company is seeking a market value of $430M.</li>
<li>Carlsmed currently markets the aprevo Technology Platform for lumbar spine fusion surgery, and is developing aprevo for cervical spine fusion surgeries, which is expected to be commercialized in 2026.</li>
<li>Carlsmed estimates there is a total addressable market of $13.4B for aprevo in the U.S. Aprevo may also benefit other musculoskeletal applications beyond the spine, unlocking greater market potential.</li>
</ul>


Artificial-Intelligence-Powered spine surgery developer Carlsmed is offering 6.7M shares priced between $14 and $16 apiece. At the mid-point, the company is seeking a market value of $430M.
Carlsmed currently markets the aprevo Technology Platform for lumbar spine fusion surgery, and is developing aprevo for cervical spine fusion surgeries, which is expected to be commercialized in 2026.
Carlsmed estimates there is a total addressable market of $13.4B for aprevo in the U.S. Aprevo may also benefit other musculoskeletal applications beyond the spine, unlocking greater market potential.


Carlsmed (CARL US) IPO: Will Take Time to Straighten Its Spine, Can Subscribe Just for Listing Gain

<ul><li>Medtronic's fourth-quarter results for fiscal year 2025 demonstrated a robust finish with a reported revenue growth of 5.4%.</li><li>The company experienced strong performance across its cardiovascular, neuromodulation, and diabetes segments, with cardiovascular growth accelerating to 8% due to innovations in pulse field ablation and cardiac ablation solutions experiencing nearly 30% growth.</li><li>This momentum was further supported by double digit growth in neuromodulation and diabetes, highlighting the effectiveness of Medtronic’s innovation-centric strategy.</li></ul>

Medtronic's fourth-quarter results for fiscal year 2025 demonstrated a robust finish with a reported revenue growth of 5.4%.The company experienced strong performance across its cardiovascular, neuromodulation, and diabetes segments, with cardiovascular growth accelerating to 8% due to innovations in pulse field ablation and cardiac ablation solutions experiencing nearly 30% growth.This momentum was further supported by double digit growth in neuromodulation and diabetes, highlighting the effectiveness of Medtronic’s innovation-centric strategy.

Medtronic Doubles Down on Innovation as Cardiovascular Tech Takes Center Stage!

United States

Medtronic, PLC develops therapeutic and diagnostic medical products. The Company's principal products include those for bradycardia pacing, tachyarrhythmia management, atrial fibrillation management, heart failure management, heart valve replacement, malignant and non-malignant pain, and movement disorders. Medtronic's products are sold worldwide.

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Medtronic Plc (MDT US)

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

Medtronic plc: Why Its Innovations in Diabetes Management Hold The Key To Its Future!

Medtronic's first quarter results for fiscal year 2026 reflect a combination of steady performance and strategic areas of opportunity. The company...

Baptista Research

Sahajanand Medical Pre-IPO: Superior Product Amid Favorable Industry Make the Issue Heartwarming

Sahajanand Medical has re-filed DRHP for its Indian IPO consisting entirely an offer for sale of up to 27.6M equity shares. Key details like IPO...

Tina Banerjee

Medtronic Doubles Down on Innovation as Cardiovascular Tech Takes Center Stage!

Medtronic's fourth-quarter results for fiscal year 2025 demonstrated a robust finish with a reported revenue growth of 5.4%. The company...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Medtronic plc: Why Its Innovations in Diabetes Management Hold The Key To Its Future!

Medtronic's first quarter results for fiscal year 2026 reflect a combination of steady performance and strategic areas of opportunity. The company...

Baptista Research

Sahajanand Medical Pre-IPO: Superior Product Amid Favorable Industry Make the Issue Heartwarming

Sahajanand Medical has re-filed DRHP for its Indian IPO consisting entirely an offer for sale of up to 27.6M equity shares. Key details like IPO...

Tina Banerjee

Carlsmed (CARL US) IPO: Will Take Time to Straighten Its Spine, Can Subscribe Just for Listing Gain

Artificial-intelligence-powered spine surgery developer Carlsmed is offering 6.7M shares priced between $14 and $16 apiece. At the mid-point, the...

Tina Banerjee

Medtronic Doubles Down on Innovation as Cardiovascular Tech Takes Center Stage!

Medtronic's fourth-quarter results for fiscal year 2025 demonstrated a robust finish with a reported revenue growth of 5.4%. The company...

Baptista Research