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>Merit Medical Systems reported a strong performance in the third quarter of 2025, showing substantial growth across various financial indicators.</li><li>The company achieved total revenue of $384.2 million, representing a 13% increase year-over-year on a GAAP basis, and 12.5% on a constant currency basis.</li><li>This robust performance was primarily driven by 7.8% constant currency organic growth, surpassing the previously forecasted 6% high range.</li></ul>

Merit Medical Systems reported a strong performance in the third quarter of 2025, showing substantial growth across various financial indicators.The company achieved total revenue of $384.2 million, representing a 13% increase year-over-year on a GAAP basis, and 12.5% on a constant currency basis.This robust performance was primarily driven by 7.8% constant currency organic growth, surpassing the previously forecasted 6% high range.

Merit Medical Accelerates Market Growth Through High-Impact WRAPSODY-CIE Adoption & Physician Uptake; What Lies Ahead?

<ul><li>Merit Medical Systems has made headlines with its definitive agreement to acquire the C2 CryoBalloon technology from Pentax for $22 million—$19 million in upfront cash and up to $3 million in milestone-based contingent payments.</li><li>This move, expected to close in Q4 2025, marks a strategic push by Merit into the gastrointestinal (GI) endoscopy space, targeting patients with Barrett's esophagus and other GI disorders.</li><li>This asset purchase follows a broader industry trend of tuck-in acquisitions aimed at boosting specialty portfolios while maintaining capital discipline.</li></ul>

Merit Medical Systems has made headlines with its definitive agreement to acquire the C2 CryoBalloon technology from Pentax for $22 million—$19 million in upfront cash and up to $3 million in milestone-based contingent payments.This move, expected to close in Q4 2025, marks a strategic push by Merit into the gastrointestinal (GI) endoscopy space, targeting patients with Barrett's esophagus and other GI disorders.This asset purchase follows a broader industry trend of tuck-in acquisitions aimed at boosting specialty portfolios while maintaining capital discipline.

Merit Medical Just Acquired CryoBalloon—Here’s What Wall Street Missed!

<ul><li>Merit Medical Systems reported robust financial performance in the fourth quarter of 2024, displaying notable revenue and profit growth.</li><li>The company recorded total revenue of $355.2 million for Q4, reflecting a 9% increase year-over-year on a GAAP basis and 10% on a constant currency basis.</li><li>This exceeded Merit Medical's growth expectations, which it had projected at 6% to 9%.</li></ul>

Merit Medical Systems reported robust financial performance in the fourth quarter of 2024, displaying notable revenue and profit growth.The company recorded total revenue of $355.2 million for Q4, reflecting a 9% increase year-over-year on a GAAP basis and 10% on a constant currency basis.This exceeded Merit Medical's growth expectations, which it had projected at 6% to 9%.

Merit Medical Systems: An Insight Into Its Product Innovation & Clinical Advancements!

<ul><li>Merit Medical Systems Inc. reported its third-quarter financial results for 2024, showcasing an increase in revenue.</li><li>The company achieved revenues of $339.8 million, marking a year-over-year growth of 7.8% on a GAAP basis and 7.9% on a constant currency basis.</li><li>This exceeded the upper limit of the projected growth range of 6.4% to 7.8% they communicated during their previous quarter's call.</li></ul>

Merit Medical Systems Inc. reported its third-quarter financial results for 2024, showcasing an increase in revenue.The company achieved revenues of $339.8 million, marking a year-over-year growth of 7.8% on a GAAP basis and 7.9% on a constant currency basis.This exceeded the upper limit of the projected growth range of 6.4% to 7.8% they communicated during their previous quarter's call.

Merit Medical Systems: 7 Major Game-Changers Impacting Its 2025 Performance & Beyond! - Major Drivers

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

Adtalem Global Education  / Technical Analysis

<ul>
<li>As discussed throughout January, we believe that tariffs will mostly be used as a negotiation tactic, and much like Trump's prior presidency, will be much less impactful than feared.</li>
<li>We reiterated this in yesterday's pre-market ETF Pathfinder (Feb.3), also noting "we anticipate the Canada/Mexico tariffs to be resolved quickly, and we view the latest pullback as a buying opportunity."</li>
<li>Sure enough, both Mexico and, later, Canada, came to an agreement with Trump to delay tariffs for 30 days. Short-term support remains at the prior 1-month downtrend on the SPX.</li>
</ul>


As discussed throughout January, we believe that tariffs will mostly be used as a negotiation tactic, and much like Trump's prior presidency, will be much less impactful than feared.
We reiterated this in yesterday's pre-market ETF Pathfinder (Feb.3), also noting "we anticipate the Canada/Mexico tariffs to be resolved quickly, and we view the latest pullback as a buying opportunity."
Sure enough, both Mexico and, later, Canada, came to an agreement with Trump to delay tariffs for 30 days. Short-term support remains at the prior 1-month downtrend on the SPX.


S&P 500 Holding Above Prior Breakout Level Yet Again; Market Dynamics Remain Risk-On; Still Bullish

United States

Merit Medical Systems, Inc. manufactures and markets products used in diagnostic and interventional cardiology and radiology procedures.  The Company's primary products include inflation devices, guide wires, thrombolytic catheters and fluid dispensing systems, and angiography accessories, among others.  Merit's products are sold worldwide.

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Merit Medical Systems (MMSI US)

Merit Medical Accelerates Market Growth Through High-Impact WRAPSODY-CIE Adoption & Physician Uptake; What Lies Ahead?

Merit Medical Systems reported a strong performance in the third quarter of 2025, showing substantial growth across various financial...

Baptista Research

Merit Medical Just Acquired CryoBalloon—Here’s What Wall Street Missed!

Merit Medical Systems has made headlines with its definitive agreement to acquire the C2 CryoBalloon technology from Pentax for $22 million—$19...

Baptista Research

Merit Medical Systems: An Insight Into Its Product Innovation & Clinical Advancements!

Merit Medical Systems reported robust financial performance in the fourth quarter of 2024, displaying notable revenue and profit growth. The...

Baptista Research

Merit Medical Systems: 7 Major Game-Changers Impacting Its 2025 Performance & Beyond! - Major Drivers

Merit Medical Systems Inc. reported its third-quarter financial results for 2024, showcasing an increase in revenue. The company achieved revenues...

Baptista Research

S&P 500 Holding Above Prior Breakout Level Yet Again; Market Dynamics Remain Risk-On; Still Bullish

S&P 500 $SPX Holding Above Prior Breakout Level Yet Again, as are most indexes $QQQ $ARKK $IJH $DJI $RSP; Market Dynamics Remain Risk-On; Bullish...

Vermilion Research

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