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>RadNet, Inc. delivered a robust performance in the fourth quarter and the full year of 2025.</li><li>The company reported record revenue and adjusted EBITDA, highlighting the strength of its advanced imaging services, which continue to drive significant portions of its revenue.</li><li>A notable 14.1% increase in procedural volume and a 9.6% rise in same-center advanced imaging volume underpinned this strong financial performance, pointing to an increased utilization of diagnostic imaging services in healthcare.</li></ul>

RadNet, Inc. delivered a robust performance in the fourth quarter and the full year of 2025.The company reported record revenue and adjusted EBITDA, highlighting the strength of its advanced imaging services, which continue to drive significant portions of its revenue.A notable 14.1% increase in procedural volume and a 9.6% rise in same-center advanced imaging volume underpinned this strong financial performance, pointing to an increased utilization of diagnostic imaging services in healthcare.

RadNet: Leveraging AI, Acquisitions, and SaaS to Redefine the Future of Medical Imaging!

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-limited" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson (JM SP)</a> has agreed to buy a 100% stake in I-MED Radiology Network (I-MED) from Permira for A$3.4bn (US$2.4bn) in an all-cash deal.</li>
<li>The outlay for the largest X-ray and medical scan provider in Australia, backs out 11.5x EBITDA for FY26E (June Y/E), excluding I-MED's minority stake in Harrison.ai.</li>
<li>The transaction remains "subject to customary closing conditions including regulatory approvals" - that should include FIRB - and is "expected to complete later in 2026".</li>
</ul>



Jardine Matheson (JM SP) has agreed to buy a 100% stake in I-MED Radiology Network (I-MED) from Permira for A$3.4bn (US$2.4bn) in an all-cash deal.
The outlay for the largest X-ray and medical scan provider in Australia, backs out 11.5x EBITDA for FY26E (June Y/E), excluding I-MED's minority stake in Harrison.ai.
The transaction remains "subject to customary closing conditions including regulatory approvals" - that should include FIRB - and is "expected to complete later in 2026".


I-Med: Jardine Matheson's Big Push Into Digital Healthcare

<ul><li>RadNet Inc.'s third-quarter 2025 financial performance reflects a mix of encouraging growth trends and challenges within the diagnostic imaging sector.</li><li>The company reported record revenue and adjusted EBITDA, demonstrating a continued upward trajectory in terms of financial health.</li><li>With total revenue increasing by 13.4% and adjusted EBITDA by 15.2% compared to the same period the previous year, RadNet's performance underscores both operational efficiencies and strategic growth initiatives.</li></ul>

RadNet Inc.'s third-quarter 2025 financial performance reflects a mix of encouraging growth trends and challenges within the diagnostic imaging sector.The company reported record revenue and adjusted EBITDA, demonstrating a continued upward trajectory in terms of financial health.With total revenue increasing by 13.4% and adjusted EBITDA by 15.2% compared to the same period the previous year, RadNet's performance underscores both operational efficiencies and strategic growth initiatives.

RadNet: Focusing On The Future of Imaging With AI Adoption and Strategic Partnerships; Will It Pan Out?

<ul><li>In a year marked by record-breaking quarterly performance and aggressive digital health expansion, RadNet is reportedly exploring the acquisition of CIMAR UK — a cloud-native medical imaging platform specializing in vendor-neutral archive (VNA) and image exchange technologies.</li><li>This move follows RadNet's recent integration of iCAD and See-Mode, and builds upon a rapidly expanding portfolio that blends traditional imaging services with artificial intelligence (AI) and cloudbased solutions.</li><li>With over 12 million imaging procedures expected in 2026 and Digital Health revenues up more than 50% year-over-year, RadNet is actively reshaping its operating model.</li></ul>

In a year marked by record-breaking quarterly performance and aggressive digital health expansion, RadNet is reportedly exploring the acquisition of CIMAR UK — a cloud-native medical imaging platform specializing in vendor-neutral archive (VNA) and image exchange technologies.This move follows RadNet's recent integration of iCAD and See-Mode, and builds upon a rapidly expanding portfolio that blends traditional imaging services with artificial intelligence (AI) and cloudbased solutions.With over 12 million imaging procedures expected in 2026 and Digital Health revenues up more than 50% year-over-year, RadNet is actively reshaping its operating model.

RadNet Is Not Just an Imaging Company Anymore—Here’s Why CIMAR UK Matters!

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

The S&amp;P 500 made a new all-time closing high following the largely as-expected U.S.-China trade cease-fire agreement, but it did so unconvincingly. We would not call it a breakout as the market closed well off of the opening highs and not one cyclical Sector is decisively in new high territory. Overall, the market is sending mixed signals. Barring additional positive developments we believe upside is likely to be muted from here. In today’s report we highlight attractive Groups and stocks within Health Care, Services, and Technology: Diagnostic Imaging, Construction &amp; Engineering, Large-Cap, and Solar Energy.

The S&amp;P 500 made a new all-time closing high following the largely as-expected U.S.-China trade cease-fire agreement, but it did so unconvincingly. We would not call it a breakout as the market closed well off of the opening highs and not one cyclical Sector is decisively in new high territory. Overall, the market is sending mixed signals. Barring additional positive developments we believe upside is likely to be muted from here. In today’s report we highlight attractive Groups and stocks within Health Care, Services, and Technology: Diagnostic Imaging, Construction &amp; Engineering, Large-Cap, and Solar Energy.

United States

RadNet, Inc. owns and operates outpatient diagnostic imaging centers.  The Company's centers are located throughout California.

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Radnet Inc (RDNT US)

RadNet: Leveraging AI, Acquisitions, and SaaS to Redefine the Future of Medical Imaging!

RadNet, Inc. delivered a robust performance in the fourth quarter and the full year of 2025. The company reported record revenue and adjusted...

Baptista Research

I-Med: Jardine Matheson's Big Push Into Digital Healthcare

Matheson has been proactive with Hongkong Land and then Mandarin Oriental. I expected more accretion/recycling. This transformative transaction is...

David Blennerhassett

RadNet: Focusing On The Future of Imaging With AI Adoption and Strategic Partnerships; Will It Pan Out?

RadNet Inc.'s third-quarter 2025 financial performance reflects a mix of encouraging growth trends and challenges within the diagnostic imaging...

Baptista Research

RadNet Is Not Just an Imaging Company Anymore—Here’s Why CIMAR UK Matters!

In a year marked by record-breaking quarterly performance and aggressive digital health expansion, RadNet is reportedly exploring the acquisition...

Baptista Research

All-Time Closing Highs Fails To Impress

The S&P 500 made a new all-time closing high following the largely as-expected U.S.-China trade cease-fire agreement, but it did so...

Vermilion Research

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