Alpha-Centric ESG Research

Kyle Rudden

U.S. President-Elect Joe Biden recently announced four "Day One" priorities for his administration. The first of those priorities is an aggressive seven-point COVID-19 response plan, the first point of which is COVID-19 testing. Testing is Biden's near-term focus, and testing stocks stand to gain.As noted in <a href="https://www.smartkarma.com/insights/biden-covid-19-response-plan-overview-of-its-inherent-investment-themes" target="_blank" data-smartkarma-citation="insights:45631" rel="noopener">Biden COVID-19 Response Plan: Overview of Its Inherent Investment Themes</a>, testing stocks represent the largest, most tangible, and nearest-term investment opportunity amongst the various themes inherent in Biden's COVID-19 plan (summarised in the Insight linked to above).Don't just back up the truck, however. The plan could be boon for testing stocks,  but it is harldy a "rising tide lifts all boats" scenario. It creates a window of upside for some of testing stocks, though not all, and it's a brief window replete with nuances and caveats. Selectivity and timing are key.This Insight presents an investment thesis for the COVID-19 testing stock theme, specifically vis-à-vis the details of the plan. It consists of two phases (time horizons), and two types of stocks:<ol>
<li>
Nearer-Term: Focus on diagnostic (versus antibody) testing stocks, especially those whose tests have fit best with Biden's "rapid deployment, rapid results" testing strategy. For example, rapid antigent tests, others with fast time-to-results, point-of-care and at-home collection, etc.</li>
<li>
Medium-Term: COVID-19 vaccine progress is a major catalyst for this theme. Vaccines will not end testing altogether (at least not soon), but as mass-vaccination becomes more reality than a dream, it would be wise to shift out of from diagnostic stocks into antibody testing stocks.</li>
</ol>

U.S. President-Elect Joe Biden recently announced four "Day One" priorities for his administration. The first of those priorities is an aggressive seven-point COVID-19 response plan, the first point of which is COVID-19 testing. Testing is Biden's near-term focus, and testing stocks stand to gain.As noted in Biden COVID-19 Response Plan: Overview of Its Inherent Investment Themes, testing stocks represent the largest, most tangible, and nearest-term investment opportunity amongst the various themes inherent in Biden's COVID-19 plan (summarised in the Insight linked to above).Don't just back up the truck, however. The plan could be boon for testing stocks,  but it is harldy a "rising tide lifts all boats" scenario. It creates a window of upside for some of testing stocks, though not all, and it's a brief window replete with nuances and caveats. Selectivity and timing are key.This Insight presents an investment thesis for the COVID-19 testing stock theme, specifically vis-à-vis the details of the plan. It consists of two phases (time horizons), and two types of stocks:

Nearer-Term: Focus on diagnostic (versus antibody) testing stocks, especially those whose tests have fit best with Biden's "rapid deployment, rapid results" testing strategy. For example, rapid antigent tests, others with fast time-to-results, point-of-care and at-home collection, etc.

Medium-Term: COVID-19 vaccine progress is a major catalyst for this theme. Vaccines will not end testing altogether (at least not soon), but as mass-vaccination becomes more reality than a dream, it would be wise to shift out of from diagnostic stocks into antibody testing stocks.


Biden COVID-19 Response Plan: Its Largest Near-Term Opportunity Is In Testing Stocks

The Biden-Harris administration recently announced four "Day One" priorities, the first of which is their COVID-19 response plan. COVID-19 response is first, because it is a prerequisite to economic recovery, which is the second of their four "Day One" priorities.Several investment themes are inherent in Biden's COVID-19 plan, some more direct and obvious than others. This Insight overviews more significant themes and their most representative stocks, in three sections (the first two will be expanded on in separate upcoming reports):<ol>
<li>
COVID-19 Testing: Testing is the largest, most tangible, nearest-term investment opportunity created by Biden's plan. An estimated US$75-100 billion for testing could be windfall for certain stocks, but not all. Selectivity is key, and timing is critical (related to vaccine development).</li>
<li>
Vaccine Delivery: Biden's plan emphasises vaccine manufacturing and delivery, versus vaccine development (Trump had allocated <a href="https://www.hhs.gov/coronavirus/explaining-operation-warp-speed/index.html" target="_blank" rel="noopener">billions</a> to vaccine development companies). Some might go to big pharma companies for M&amp;D, but most should benefit other "cold chain" stocks.</li>
<li>
PPE Supply/Other: PPE manufacturing, of course, but that is largely old news. I will address it, but do so along with other more interesting collateral themes. For example, retail drugs chains, elder-care, medical technologies, and a few other related industries.</li>
</ol>

The Biden-Harris administration recently announced four "Day One" priorities, the first of which is their COVID-19 response plan. COVID-19 response is first, because it is a prerequisite to economic recovery, which is the second of their four "Day One" priorities.Several investment themes are inherent in Biden's COVID-19 plan, some more direct and obvious than others. This Insight overviews more significant themes and their most representative stocks, in three sections (the first two will be expanded on in separate upcoming reports):

COVID-19 Testing: Testing is the largest, most tangible, nearest-term investment opportunity created by Biden's plan. An estimated US$75-100 billion for testing could be windfall for certain stocks, but not all. Selectivity is key, and timing is critical (related to vaccine development).

Vaccine Delivery: Biden's plan emphasises vaccine manufacturing and delivery, versus vaccine development (Trump had allocated billions to vaccine development companies). Some might go to big pharma companies for M&amp;D, but most should benefit other "cold chain" stocks.

PPE Supply/Other: PPE manufacturing, of course, but that is largely old news. I will address it, but do so along with other more interesting collateral themes. For example, retail drugs chains, elder-care, medical technologies, and a few other related industries.


Biden COVID-19 Response Plan: Overview of Its Inherent Investment Themes

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<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> revenue dropped 2% YoY to ¥361.1B in 9MFY26. SG&amp;A expenses totaled ¥120.2B, up 9% YoY resulting in operating profit of ¥48.7B, down 28% YoY.</li>
<li>During 9MFY26, impacted by inventory adjustments China sales declined 20% YoY to ¥65.5B. In Japan, strong hematology instrument sales in 9MFY25 led to 14% YoY lower sales to ¥40.5B.   </li>
<li>For FY26, Sysmex revised their previous revenue guidance of ¥510B to ¥500B (down 2% YoY) mainly due to China impact and revised plans for medical robotics business in Japan.</li>
</ul>



Sysmex Corp (6869 JP) revenue dropped 2% YoY to ¥361.1B in 9MFY26. SG&amp;A expenses totaled ¥120.2B, up 9% YoY resulting in operating profit of ¥48.7B, down 28% YoY.
During 9MFY26, impacted by inventory adjustments China sales declined 20% YoY to ¥65.5B. In Japan, strong hematology instrument sales in 9MFY25 led to 14% YoY lower sales to ¥40.5B.   
For FY26, Sysmex revised their previous revenue guidance of ¥510B to ¥500B (down 2% YoY) mainly due to China impact and revised plans for medical robotics business in Japan.


Sysmex Corp (6869 JP): 9MFY26 Revenue Drop on China, Guidance Revised Downwards

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.

<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?

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)

Biden COVID-19 Response Plan: Its Largest Near-Term Opportunity Is In Testing Stocks

COVID-19 testing stocks represent the largest, most tangible, and nearest-term investment opportunity inherent in Biden's recently-announced COVID...

Kyle Rudden

Biden COVID-19 Response Plan: Overview of Its Inherent Investment Themes

Biden's recently-announced COVID-19 response plan suggests a number of investment themes. This Insight overviews the more significant of those...

Kyle Rudden

Sysmex Corp (6869 JP): 9MFY26 Revenue Drop on China, Guidance Revised Downwards

Sysmex Corp's revenue dropped 2% YoY in 9MFY26, with China and Japan sales declining. Revised FY26 revenue, operating profit and net profit...

Tina Banerjee

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Biden COVID-19 Response Plan: Its Largest Near-Term Opportunity Is In Testing Stocks

COVID-19 testing stocks represent the largest, most tangible, and nearest-term investment opportunity inherent in Biden's recently-announced COVID...

Kyle Rudden

Biden COVID-19 Response Plan: Overview of Its Inherent Investment Themes

Biden's recently-announced COVID-19 response plan suggests a number of investment themes. This Insight overviews the more significant of those...

Kyle Rudden

Sysmex Corp (6869 JP): 9MFY26 Revenue Drop on China, Guidance Revised Downwards

​Sysmex Corp's revenue dropped 2% YoY in 9MFY26, with China and Japan sales declining. Revised FY26 revenue, operating profit and net profit...

Tina Banerjee

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's revenue dropped 2% YoY in 9MFY26, with China and Japan sales declining. Revised FY26 revenue, operating profit and net profit...