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 has spent the past several years trying to reshape itself into a faster-growing, more focused medical technology company, and its $4 billion MiniMed exchange offer has become one of the most visible tests of that strategy.</li><li>The transaction was designed to complete Medtronic’s separation from its diabetes business while effectively using MiniMed shares to retire Medtronic stock.</li><li>However, MiniMed shares have fallen roughly 12% since the offer was announced, reducing the estimated discount available to participating Medtronic shareholders from around 7% toward roughly 3%.</li></ul>

Medtronic has spent the past several years trying to reshape itself into a faster-growing, more focused medical technology company, and its $4 billion MiniMed exchange offer has become one of the most visible tests of that strategy.The transaction was designed to complete Medtronic’s separation from its diabetes business while effectively using MiniMed shares to retire Medtronic stock.However, MiniMed shares have fallen roughly 12% since the offer was announced, reducing the estimated discount available to participating Medtronic shareholders from around 7% toward roughly 3%.

Medtronic’s MiniMed Exit Is Getting Complicated—Why A 12% Stock Drop Changes The Math!

Founder at Stock Spin-off Investing, Stock Spin-Off Investing

Richard Howe

Founder at Stock Spin-off Investing

Stock Spin-Off Investing

Generate attractive returns by taking advantage of inefficiencies in the stock spin-off market.

Stock Spin-offs

Event-Driven

<ul><li>Medtronic (MDT) announced an exchange offer on September 14, 2026 whereby investors can exchange their MDT shares for shares of MiniMed (MMED), Medtronic’s diabetes spin-off.</li><li>This is now an official recommendation.</li><li>I have already bought MDT shares and plan to buy more today.</li></ul>

Medtronic (MDT) announced an exchange offer on September 14, 2026 whereby investors can exchange their MDT shares for shares of MiniMed (MMED), Medtronic’s diabetes spin-off.This is now an official recommendation.I have already bought MDT shares and plan to buy more today.

Buy 99 Shares of MDT. MMED/MDT Exchange Offer – Special Situation

<ul><li>Medtronic (MDT) announced an exchange offer on September 14, 2026 whereby investors can exchange their MDT shares for shares of MiniMed (MMED), Medtronic’s diabetes spin-off.</li><li>To incentivize the exchange, MDT investors will receive $107.53 of value in MMED shares for every $100 of value in MDT shares.</li><li>I expect the exchange offer to be oversubscribed.</li></ul>

Medtronic (MDT) announced an exchange offer on September 14, 2026 whereby investors can exchange their MDT shares for shares of MiniMed (MMED), Medtronic’s diabetes spin-off.To incentivize the exchange, MDT investors will receive $107.53 of value in MMED shares for every $100 of value in MDT shares.I expect the exchange offer to be oversubscribed.

<ul><li>Medtronic plc reported a robust start to fiscal year 2027 with first-quarter revenue reaching $9.8 billion, reflecting a 13.7% organic growth rate and adjusted earnings per share (EPS) of $1.45, both surpassing consensus expectations.</li><li>This growth was broad-based across multiple business segments, geographic regions, and product lines, supported by an additional selling week contributing approximately $570 million to revenue.</li><li>The company emphasized strength in its three largest operating units: Cardiac Rhythm Management (CRM), Cranial & Spinal Technologies (CST), and Surgical, which all posted solid results.</li></ul>

Medtronic plc reported a robust start to fiscal year 2027 with first-quarter revenue reaching $9.8 billion, reflecting a 13.7% organic growth rate and adjusted earnings per share (EPS) of $1.45, both surpassing consensus expectations.This growth was broad-based across multiple business segments, geographic regions, and product lines, supported by an additional selling week contributing approximately $570 million to revenue.The company emphasized strength in its three largest operating units: Cardiac Rhythm Management (CRM), Cranial & Spinal Technologies (CST), and Surgical, which all posted solid results.

Medtronic’s 139% U.S. Ablation Growth — Can Sphere-9 Keep Taking Share?

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>In this insight, we discuss the additional financing requirements, changed shareholding structure, and the next steps for Eoflow. </li>
<li>Eoflow is one of the best performing stocks in the Korean stock market in the past one month as its shares have soared 249% in this period.</li>
<li>The details of the oral argument (Insulet vs Eoflow) at the U.S. Appellate Court suggest that the U.S. Appellate Court may rule in favor of Eoflow.</li>
</ul>


In this insight, we discuss the additional financing requirements, changed shareholding structure, and the next steps for Eoflow. 
Eoflow is one of the best performing stocks in the Korean stock market in the past one month as its shares have soared 249% in this period.
The details of the oral argument (Insulet vs Eoflow) at the U.S. Appellate Court suggest that the U.S. Appellate Court may rule in favor of Eoflow.


Eoflow: Financing Requirements, Changing Shareholding Structure, and the Next Steps

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)

Medtronic’s MiniMed Exit Is Getting Complicated—Why A 12% Stock Drop Changes The Math!

Medtronic has spent the past several years trying to reshape itself into a faster-growing, more focused medical technology company, and its $4...

Baptista Research

Buy 99 Shares of MDT. MMED/MDT Exchange Offer – Special Situation

Medtronic (MDT) announced an exchange offer on September 14, 2026 whereby investors can exchange their MDT shares for shares of MiniMed (MMED),...

Richard Howe

MDT Exchange Offer Special Situation

Medtronic (MDT) announced an exchange offer on September 14, 2026 whereby investors can exchange their MDT shares for shares of MiniMed (MMED),...

Richard Howe

Eoflow: Financing Requirements, Changing Shareholding Structure, and the Next Steps

Eoflow's shares surged by 30% to 15,080 won today. Eoflow announced today that the U.S. District Court in Massachusetts had revoked the injunction...

Douglas Kim

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Medtronic’s MiniMed Exit Is Getting Complicated—Why A 12% Stock Drop Changes The Math!

Medtronic has spent the past several years trying to reshape itself into a faster-growing, more focused medical technology company, and its $4...

Baptista Research

Buy 99 Shares of MDT. MMED/MDT Exchange Offer – Special Situation

Medtronic (MDT) announced an exchange offer on September 14, 2026 whereby investors can exchange their MDT shares for shares of MiniMed (MMED),...

Richard Howe

MDT Exchange Offer Special Situation

Medtronic (MDT) announced an exchange offer on September 14, 2026 whereby investors can exchange their MDT shares for shares of MiniMed (MMED),...

Richard Howe

Medtronic’s 139% U.S. Ablation Growth — Can Sphere-9 Keep Taking Share?

Medtronic plc reported a robust start to fiscal year 2027 with first-quarter revenue reaching $9.8 billion, reflecting a 13.7% organic growth rate...

Baptista Research

Eoflow: Financing Requirements, Changing Shareholding Structure, and the Next Steps

Eoflow's shares surged by 30% to 15,080 won today. Eoflow announced today that the U.S. District Court in Massachusetts had revoked the injunction...

Douglas Kim