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>Siemens Healthineers reported strong financial performance for Q3 2025, with a 7.6% growth in revenue and a 23% increase in adjusted earnings per share (EPS) to EUR 0.64.</li>
<li>This growth was achieved despite significant tariff-related headwinds amounting to roughly EUR 100 million, which the company successfully mitigated to some extent through operational efficiencies and margin expansion.</li>
<li>Across its various segments, Siemens Healthineers demonstrated robust revenue growth and margin improvements, particularly in Imaging, which saw nearly 12% growth with a 21% margin, and Varian with a 9% revenue increase and an 18.8% margin, marking a recovery from previous quarter's performance.</li>
</ul>


Siemens Healthineers reported strong financial performance for Q3 2025, with a 7.6% growth in revenue and a 23% increase in adjusted earnings per share (EPS) to EUR 0.64.
This growth was achieved despite significant tariff-related headwinds amounting to roughly EUR 100 million, which the company successfully mitigated to some extent through operational efficiencies and margin expansion.
Across its various segments, Siemens Healthineers demonstrated robust revenue growth and margin improvements, particularly in Imaging, which saw nearly 12% growth with a 21% margin, and Varian with a 9% revenue increase and an 18.8% margin, marking a recovery from previous quarter's performance.


Siemens Healthineers: How It’s Tackling EUR 500 Million Tariff Hit Without Slowing Down!

<ul>
<li>Siemens Healthineers presented a mixed report for the second quarter of fiscal 2025, underscoring both favorable growth trajectories and certain market headwinds.</li>
<li>The company reported nearly 7% revenue growth, outpacing its full-year guidance.</li>
<li>This top-line expansion was combined with margin improvements, leading to an increase in adjusted EPS.</li>
</ul>


Siemens Healthineers presented a mixed report for the second quarter of fiscal 2025, underscoring both favorable growth trajectories and certain market headwinds.
The company reported nearly 7% revenue growth, outpacing its full-year guidance.
This top-line expansion was combined with margin improvements, leading to an increase in adjusted EPS.


Siemens Healthineers: Can Photon Counting CT Spark the Next Imaging Revolution?

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>In FY25, <a href="https://www.smartkarma.com/entities/sysmex-corp" target="_blank" data-smartkarma-citation="entities:19333:1" rel="noopener">Sysmex Corp (6869 JP)</a> revenue rose 10% YoY to ¥509B. Operating profit margin expanded 20bps to 17.2%. Amid rising costs, favorable Fx impact of ¥8.6B drove the margin.</li>
<li>Sales grew across regions as instrument installed increased and use of reagents multiplied. America’s volatile margin is a concern, amid the fact that Japan remains the major margin contributor.</li>
<li>For FY26, Sysmex has guided for revenue of ¥535B (+5% YoY). The company has factored in the impact of tariff estimating annual cost of sales impact of approximately ¥3B-4B.</li>
</ul>


In FY25, Sysmex Corp (6869 JP) revenue rose 10% YoY to ¥509B. Operating profit margin expanded 20bps to 17.2%. Amid rising costs, favorable Fx impact of ¥8.6B drove the margin.
Sales grew across regions as instrument installed increased and use of reagents multiplied. America’s volatile margin is a concern, amid the fact that Japan remains the major margin contributor.
For FY26, Sysmex has guided for revenue of ¥535B (+5% YoY). The company has factored in the impact of tariff estimating annual cost of sales impact of approximately ¥3B-4B.


Sysmex Corp (6869 JP): Forex to Take Some Sheen Away off Growth in FY26; Japan Still Remains Key

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sysmex-corp" target="_blank" data-smartkarma-citation="entities:19333:1" rel="noopener">Sysmex Corp (6869 JP)</a> earns 26% of total revenue from Americas. During 9MFY25, revenue from Americas increased 13% YoY to ¥96B.</li>
<li>The U.S. President Trump has proposed 10% baseline import tariffs on medical devices. Although Trump announced a 90-day pause on most reciprocal tariffs, the respite seems to be temporary.</li>
<li>Sysmex is exposed to tariff for instruments only as reagents are produced locally. Instrument sales in the Americas account for 5–6% of revenue, so tariff impact would be negligible.</li>
</ul>



Sysmex Corp (6869 JP) earns 26% of total revenue from Americas. During 9MFY25, revenue from Americas increased 13% YoY to ¥96B.
The U.S. President Trump has proposed 10% baseline import tariffs on medical devices. Although Trump announced a 90-day pause on most reciprocal tariffs, the respite seems to be temporary.
Sysmex is exposed to tariff for instruments only as reagents are produced locally. Instrument sales in the Americas account for 5–6% of revenue, so tariff impact would be negligible.


Sysmex Corp (6869 JP): The US Tariff Wound Would Not Be Deep Enough

<ul>
<li>Sysmex America, Inc., a subsidiary of Sysmex Corp, recently announced plans to build a new reagent manufacturing, distribution, and service center in Brazil.</li>
<li>In FY24, sales in the Americas region for Sysmex increased 12% YoY to ¥118.7B. Reagents drove the revenue growing 16%.</li>
<li>Operating margins in the Americas have largely trodden on a volatile trajectory over the last few years hovering in the range of 4-6%, lowest among all the geographies.</li>
</ul>


Sysmex America, Inc., a subsidiary of Sysmex Corp, recently announced plans to build a new reagent manufacturing, distribution, and service center in Brazil.
In FY24, sales in the Americas region for Sysmex increased 12% YoY to ¥118.7B. Reagents drove the revenue growing 16%.
Operating margins in the Americas have largely trodden on a volatile trajectory over the last few years hovering in the range of 4-6%, lowest among all the geographies.


Sysmex Corp (6869 JP): Expansion Plans In Brazil Looks Prospective, Yet Gets Tricky With Margins

Germany

Siemens Healthineers AG operates as a medical technology company. The Company provides medical imaging, laboratory diagnostics, point-of-care testing, digital ecosystem, and reading solutions for health care applications. Siemens Healthineers offers its services worldwide.

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Siemens Healthineers (SHL GR)

Siemens Healthineers: How It’s Tackling EUR 500 Million Tariff Hit Without Slowing Down!

Siemens Healthineers reported strong financial performance for Q3 2025, with a 7.6% growth in revenue and a 23% increase in adjusted earnings per...

Baptista Research

Siemens Healthineers: Can Photon Counting CT Spark the Next Imaging Revolution?

Siemens Healthineers presented a mixed report for the second quarter of fiscal 2025, underscoring both favorable growth trajectories and certain...

Baptista Research

Sysmex Corp (6869 JP): Forex to Take Some Sheen Away off Growth in FY26; Japan Still Remains Key

Sysmex's FY25 revenue increased 10% to ¥509B with expanding profit margin. However, concern remains over America's volatile margin. The company...

Tina Banerjee

Sysmex Corp (6869 JP): The US Tariff Wound Would Not Be Deep Enough

Sysmex is exposed to tariff for instruments only as reagents are produced locally. Instrument sales in the Americas account for 5–6% of revenue, so...

Tina Banerjee

Sysmex Corp (6869 JP): Expansion Plans In Brazil Looks Prospective, Yet Gets Tricky With Margins

Sysmex plans to build a new reagent manufacturing center in Brazil. Increasing revenue contribution from low-margin region will not augur well for...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Siemens Healthineers: How It’s Tackling EUR 500 Million Tariff Hit Without Slowing Down!

Siemens Healthineers reported strong financial performance for Q3 2025, with a 7.6% growth in revenue and a 23% increase in adjusted earnings per...

Baptista Research

Siemens Healthineers: Can Photon Counting CT Spark the Next Imaging Revolution?

Siemens Healthineers presented a mixed report for the second quarter of fiscal 2025, underscoring both favorable growth trajectories and certain...

Baptista Research

Sysmex Corp (6869 JP): Forex to Take Some Sheen Away off Growth in FY26; Japan Still Remains Key

​Sysmex's FY25 revenue increased 10% to ¥509B with expanding profit margin. However, concern remains over America's volatile margin. The company...

Tina Banerjee

Sysmex Corp (6869 JP): The US Tariff Wound Would Not Be Deep Enough

Sysmex is exposed to tariff for instruments only as reagents are produced locally. Instrument sales in the Americas account for 5–6% of revenue, so...

Tina Banerjee

Sysmex Corp (6869 JP): Expansion Plans In Brazil Looks Prospective, Yet Gets Tricky With Margins

​Sysmex plans to build a new reagent manufacturing center in Brazil. Increasing revenue contribution from low-margin region will not augur well for...

Tina Banerjee

Sysmex's FY25 revenue increased 10% to ¥509B with expanding profit margin. However, concern remains over America's volatile margin. The company...

Sysmex plans to build a new reagent manufacturing center in Brazil. Increasing revenue contribution from low-margin region will not augur well for...