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>Tempus AI's second-quarter 2025 financial results showcased significant growth and evolution in its business segments, but also presented some challenges that investors might consider.</li><li>The company reported a revenue increase of 89.6% to $314.6 million, with a notable growth of 115% in Genomics revenue attributed to oncology and hereditary testing.</li><li>Data and Services revenue also rose by 35.7%, driven primarily by the company's data licensing services.</li></ul>

Tempus AI's second-quarter 2025 financial results showcased significant growth and evolution in its business segments, but also presented some challenges that investors might consider.The company reported a revenue increase of 89.6% to $314.6 million, with a notable growth of 115% in Genomics revenue attributed to oncology and hereditary testing.Data and Services revenue also rose by 35.7%, driven primarily by the company's data licensing services.

Tempus AI: An Insight Into Its Strong Genomics Portfolio, Market Position & Key Growth Drivers!

<ul><li>Tempus' first-quarter financial results for 2025 reveal a complex yet promising outlook.</li><li>The company saw a significant increase in quarterly revenue, which rose by 75.4% year-over-year to $255.7 million.</li><li>Genomics emerged as a key driver, growing by 89% year-over-year to $193.8 million.</li></ul>

Tempus' first-quarter financial results for 2025 reveal a complex yet promising outlook.The company saw a significant increase in quarterly revenue, which rose by 75.4% year-over-year to $255.7 million.Genomics emerged as a key driver, growing by 89% year-over-year to $193.8 million.

Tempus AI Strikes $200M Pharma Deal—Will Its Foundation Models Help Revolutionize Cancer Treatment?

<ul><li>Tempus Labs, Inc. reported robust financial results for the fourth quarter of 2024, underscored by significant revenue growth and strategic acquisitions.</li><li>Tempus' revenue for Q4 experienced a notable acceleration, rising 35.8% year-over-year, while gross profit growth outpaced revenue at 49.7%, reflecting improved operational efficiencies and cost management.</li><li>The company ended 2024 with a total remaining contract value of $940 million and a net revenue retention rate of 140%, both of which indicate substantial business traction and customer loyalty.</li></ul>

Tempus Labs, Inc. reported robust financial results for the fourth quarter of 2024, underscored by significant revenue growth and strategic acquisitions.Tempus' revenue for Q4 experienced a notable acceleration, rising 35.8% year-over-year, while gross profit growth outpaced revenue at 49.7%, reflecting improved operational efficiencies and cost management.The company ended 2024 with a total remaining contract value of $940 million and a net revenue retention rate of 140%, both of which indicate substantial business traction and customer loyalty.

Tempus AI Just Acquired Deep 6 AI: A Potential Game-Changer for Precision Medicine?

<ul><li>Tempus AI reported its third-quarter 2024 financial results, reflecting positive revenue growth but continuing to face profitability challenges.</li><li>Revenue rose by 33%, reaching $180.9 million, driven by growth in the Genomics and Data and Services segments.</li><li>Notably, the Genomics unit growth accelerated to 23.9%, which shows a significant uptick from the previous quarter.</li></ul>

Tempus AI reported its third-quarter 2024 financial results, reflecting positive revenue growth but continuing to face profitability challenges.Revenue rose by 33%, reaching $180.9 million, driven by growth in the Genomics and Data and Services segments.Notably, the Genomics unit growth accelerated to 23.9%, which shows a significant uptick from the previous quarter.

Tempus AI: Initiation Of Coverage - Expansion in Minimal Residual Disease (MRD) Testing & 4 Other Factors That Could Shape Its Future! - Major Drivers

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Heartflow Inc., a commercial-stage medical technology company that has pioneered the use of software and AI for diagnosing and managing CAD, is expected to IPO this week.</li>
<li>Heartflow is marketing the sale of ~16.7M shares at $17-$18 per share in upsized initial public offering in the United States.</li>
<li>I believe current IPO valuation range appears to capture much of the near- to mid-term upside potential. Moreover, I’m concerned about the lack of profitability and mounting losses.</li>
</ul>


Heartflow Inc., a commercial-stage medical technology company that has pioneered the use of software and AI for diagnosing and managing CAD, is expected to IPO this week.
Heartflow is marketing the sale of ~16.7M shares at $17-$18 per share in upsized initial public offering in the United States.
I believe current IPO valuation range appears to capture much of the near- to mid-term upside potential. Moreover, I’m concerned about the lack of profitability and mounting losses.


Heartflow IPO: Mounting Losses, ~99% Revenue Concentration From a Single Product

United States

Tempus AI, Inc. operates as a clinical laboratory. The Company provides genomic sequencing services and analyze molecular and therapeutic data to help physicians to make real-time and data-driven decisions.Tempus AI serves customers in the United States.

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Tempus AI (TEM US)

Tempus AI: An Insight Into Its Strong Genomics Portfolio, Market Position & Key Growth Drivers!

Tempus AI's second-quarter 2025 financial results showcased significant growth and evolution in its business segments, but also presented some...

Baptista Research

Tempus AI Strikes $200M Pharma Deal—Will Its Foundation Models Help Revolutionize Cancer Treatment?

Tempus' first-quarter financial results for 2025 reveal a complex yet promising outlook. The company saw a significant increase in quarterly...

Baptista Research

Tempus AI Just Acquired Deep 6 AI: A Potential Game-Changer for Precision Medicine?

Tempus Labs, Inc. reported robust financial results for the fourth quarter of 2024, underscored by significant revenue growth and strategic...

Baptista Research

Tempus AI: Initiation Of Coverage - Expansion in Minimal Residual Disease (MRD) Testing & 4 Other Factors That Could Shape Its Future! - Major Drivers

Tempus AI reported its third-quarter 2024 financial results, reflecting positive revenue growth but continuing to face profitability...

Baptista Research

Heartflow IPO: Mounting Losses, ~99% Revenue Concentration From a Single Product

Heartflow Inc., a provider of AI-powered scalable software platform for diagnosing and managing CAD, set to IPO this week. In my insight, I...

Andrei Zakharov

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Tempus AI: An Insight Into Its Strong Genomics Portfolio, Market Position & Key Growth Drivers!

Tempus AI's second-quarter 2025 financial results showcased significant growth and evolution in its business segments, but also presented some...

Baptista Research

Tempus AI Strikes $200M Pharma Deal—Will Its Foundation Models Help Revolutionize Cancer Treatment?

Tempus' first-quarter financial results for 2025 reveal a complex yet promising outlook. The company saw a significant increase in quarterly...

Baptista Research

Tempus AI Just Acquired Deep 6 AI: A Potential Game-Changer for Precision Medicine?

Tempus Labs, Inc. reported robust financial results for the fourth quarter of 2024, underscored by significant revenue growth and strategic...

Baptista Research

Tempus AI: Initiation Of Coverage - Expansion in Minimal Residual Disease (MRD) Testing & 4 Other Factors That Could Shape Its Future! - Major Drivers

Tempus AI reported its third-quarter 2024 financial results, reflecting positive revenue growth but continuing to face profitability...

Baptista Research

Heartflow IPO: Mounting Losses, ~99% Revenue Concentration From a Single Product

​Heartflow Inc., a provider of AI-powered scalable software platform for diagnosing and managing CAD, set to IPO this week. In my insight, I...

Andrei Zakharov

Heartflow Inc., a provider of AI-powered scalable software platform for diagnosing and managing CAD, set to IPO this week. In my insight, I...