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>Teladoc Health’s second quarter results for 2026 reflect continued progress in its Integrated Care segment alongside challenges and transition in its BetterHelp segment.</li><li>Consolidated revenue totaled $607 million with adjusted EBITDA of $66 million, representing a 10.8% margin.</li><li>The company reported a net loss per share of $0.21, including intangible amortization and stock-based compensation, while free cash flow was $36 million.</li></ul>

Teladoc Health’s second quarter results for 2026 reflect continued progress in its Integrated Care segment alongside challenges and transition in its BetterHelp segment.Consolidated revenue totaled $607 million with adjusted EBITDA of $66 million, representing a 10.8% margin.The company reported a net loss per share of $0.21, including intangible amortization and stock-based compensation, while free cash flow was $36 million.

Teladoc Health’s BetterHelp Insurance Revenue Surges 70% — Can It Replace Cash Pay?

<ul><li>Teladoc Health reported consolidated first-quarter 2026 revenue of $614 million and adjusted EBITDA of $58 million, corresponding to a 9.5% margin, with results exceeding the midpoint of prior guidance.</li><li>The Integrated Care segment contributed $395 million in revenue, a 1.5% increase year-over-year, driven by a high-single-digit rise in visit revenue and gains from acquisitions, though partially offset by lower subscription revenues.</li><li>International revenues grew in double digits, led by hybrid care models combining virtual and physical services.</li></ul>

Teladoc Health reported consolidated first-quarter 2026 revenue of $614 million and adjusted EBITDA of $58 million, corresponding to a 9.5% margin, with results exceeding the midpoint of prior guidance.The Integrated Care segment contributed $395 million in revenue, a 1.5% increase year-over-year, driven by a high-single-digit rise in visit revenue and gains from acquisitions, though partially offset by lower subscription revenues.International revenues grew in double digits, led by hybrid care models combining virtual and physical services.

Teladoc Health Is Not Just Virtual Care Anymore — Insurance Is The Pivot!

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Omada Health is expected to IPO this week. The company’s amended prospectus puts the expected price range per share at $18 to $20, implying a market cap of ~$1.1B.</li>
<li>Omada Health is a virtual-first healthcare provider, supporting people with chronic conditions: prediabetes, diabetes (T2D), hypertension, obesity and musculoskeletal.</li>
<li>A digital care provider stayed private for longer. Its direct competitor, Livongo Health, went public in 2019 and was acquired by Teladoc Health for ~$18.5B in 2020.</li>
</ul>


Omada Health is expected to IPO this week. The company’s amended prospectus puts the expected price range per share at $18 to $20, implying a market cap of ~$1.1B.
Omada Health is a virtual-first healthcare provider, supporting people with chronic conditions: prediabetes, diabetes (T2D), hypertension, obesity and musculoskeletal.
A digital care provider stayed private for longer. Its direct competitor, Livongo Health, went public in 2019 and was acquired by Teladoc Health for ~$18.5B in 2020.


Omada Health IPO: Stayed Private For Longer, Modest Upside Potential

<ul><li>Teladoc Health, Inc. concluded 2024 with mixed financial and operational outcomes while emphasizing execution against its core strategic priorities.</li><li>The company generated full-year revenue of $2.6 billion, a 1% decline compared to 2023, primarily due to challenges in its BetterHelp segment.</li><li>However, adjusted EBITDA rose to $311 million, reflecting a 12.1% margin, supported by cost savings and productivity initiatives.</li></ul>

Teladoc Health, Inc. concluded 2024 with mixed financial and operational outcomes while emphasizing execution against its core strategic priorities.The company generated full-year revenue of $2.6 billion, a 1% decline compared to 2023, primarily due to challenges in its BetterHelp segment.However, adjusted EBITDA rose to $311 million, reflecting a 12.1% margin, supported by cost savings and productivity initiatives.

Teladoc Health Redefines Virtual Healthcare With Explosive Engagement & Market Expansion!

<ul>
<li>Beta Bionics, a high-growth medtech company and developer of an integrated bionics pancreas system called iLet, filed for an IPO in the United States.</li>
<li>Maker of insulin delivery device cleared by the FDA offers 7.5M shares at a price range between $14.00 and $16.00 per share.</li>
<li>With the most recent S-1/A, Beta Bionics plans to raise ~$122M at the high end of range at $16.00 per share, including a concurrent private placement.</li>
</ul>


Beta Bionics, a high-growth medtech company and developer of an integrated bionics pancreas system called iLet, filed for an IPO in the United States.
Maker of insulin delivery device cleared by the FDA offers 7.5M shares at a price range between $14.00 and $16.00 per share.
With the most recent S-1/A, Beta Bionics plans to raise ~$122M at the high end of range at $16.00 per share, including a concurrent private placement.


Beta Bionics IPO: Will The Innovative MedTech Company Repeat The Success of Livongo Health?

United States

Teladoc Health, Inc. provides healthcare services. The Company diagnoses, recommends treatment, and prescribes medication for routine medical issues through phone and video consultations. Teladoc operates in the United States.

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Teladoc Health, Inc. (TDOC US)

Teladoc Health’s BetterHelp Insurance Revenue Surges 70% — Can It Replace Cash Pay?

Teladoc Health’s second quarter results for 2026 reflect continued progress in its Integrated Care segment alongside challenges and transition in...

Baptista Research

Teladoc Health Is Not Just Virtual Care Anymore — Insurance Is The Pivot!

Teladoc Health reported consolidated first-quarter 2026 revenue of $614 million and adjusted EBITDA of $58 million, corresponding to a 9.5%...

Baptista Research

Omada Health IPO: Stayed Private For Longer, Modest Upside Potential

Omada Health, a virtual healthcare provider for chronic conditions, set to IPO with expected price range of $18 to $20 per share, aiming for a...

Andrei Zakharov

Teladoc Health Redefines Virtual Healthcare With Explosive Engagement & Market Expansion!

Teladoc Health, Inc. concluded 2024 with mixed financial and operational outcomes while emphasizing execution against its core strategic...

Baptista Research

Beta Bionics IPO: Will The Innovative MedTech Company Repeat The Success of Livongo Health?

Beta Bionics, a developer of bionic pancreas system called iLet, is expected to IPO next week. In my insight, I discuss IPO valuation and...

Andrei Zakharov

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Teladoc Health’s BetterHelp Insurance Revenue Surges 70% — Can It Replace Cash Pay?

Teladoc Health’s second quarter results for 2026 reflect continued progress in its Integrated Care segment alongside challenges and transition in...

Baptista Research

Teladoc Health Is Not Just Virtual Care Anymore — Insurance Is The Pivot!

Teladoc Health reported consolidated first-quarter 2026 revenue of $614 million and adjusted EBITDA of $58 million, corresponding to a 9.5%...

Baptista Research

Omada Health IPO: Stayed Private For Longer, Modest Upside Potential

​Omada Health, a virtual healthcare provider for chronic conditions, set to IPO with expected price range of $18 to $20 per share, aiming for a...

Andrei Zakharov

Teladoc Health Redefines Virtual Healthcare With Explosive Engagement & Market Expansion!

Teladoc Health, Inc. concluded 2024 with mixed financial and operational outcomes while emphasizing execution against its core strategic...

Baptista Research

Beta Bionics IPO: Will The Innovative MedTech Company Repeat The Success of Livongo Health?

Beta Bionics, a developer of bionic pancreas system called iLet, is expected to IPO next week. In my insight, I discuss IPO valuation and...

Andrei Zakharov

Omada Health, a virtual healthcare provider for chronic conditions, set to IPO with expected price range of $18 to $20 per share, aiming for a...