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>Waystar, in its second quarter of 2025, showcased a blend of strategic expansion and steady financial performance.</li><li>A key highlight is Waystar's acquisition of Iodine Software for $1.25 billion, a move poised to significantly enhance its capabilities in AI-powered clinical intelligence.</li><li>This acquisition is anticipated to amplify Waystar's gross and adjusted EBITDA margins while expanding its total addressable market by over 15%.</li></ul>

Waystar, in its second quarter of 2025, showcased a blend of strategic expansion and steady financial performance.A key highlight is Waystar's acquisition of Iodine Software for $1.25 billion, a move poised to significantly enhance its capabilities in AI-powered clinical intelligence.This acquisition is anticipated to amplify Waystar's gross and adjusted EBITDA margins while expanding its total addressable market by over 15%.

Waystar Holding’s 50% Revenue Bet on Provider Solutions—Is This High-Stakes Strategy Paying Off Big?

<ul><li>Waystar's first quarter results for 2025 indicate a positive trajectory with several key growth areas, though challenges remain.</li><li>The company achieved a 14% increase in revenue, totaling $256 million, and a 16% rise in adjusted EBITDA, which reached $108 million.</li><li>These increases were attributed to expanding client relationships and the implementation of new software innovations that improve revenue cycle management (RCM) for healthcare providers.</li></ul>

Waystar's first quarter results for 2025 indicate a positive trajectory with several key growth areas, though challenges remain.The company achieved a 14% increase in revenue, totaling $256 million, and a 16% rise in adjusted EBITDA, which reached $108 million.These increases were attributed to expanding client relationships and the implementation of new software innovations that improve revenue cycle management (RCM) for healthcare providers.

Waystar's $1.25 Billion Acquisition Of Iodine Software: Can This New AI Bet Turbocharge Its Growth Engine?

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>Waystar Holding, a provider of mission-critical cloud software for healthcare organizations, priced its public offering of 20M shares of common stock.</li>
<li>Key selling stockholders, including EQT, CPPIB and Bain Capital offered 20M shares at $40.00 per share and cut their Waystar Holding stakes.  </li>
<li>Waystar Holding will not receive any proceeds from the sale of the shares by the selling stockholders. The company reported revenue growth of ~19% in FY24.  </li>
</ul>


Waystar Holding, a provider of mission-critical cloud software for healthcare organizations, priced its public offering of 20M shares of common stock.
Key selling stockholders, including EQT, CPPIB and Bain Capital offered 20M shares at $40.00 per share and cut their Waystar Holding stakes.  
Waystar Holding will not receive any proceeds from the sale of the shares by the selling stockholders. The company reported revenue growth of ~19% in FY24.  


Waystar Holding: EQT, CPPIB and Bain Capital Cut Their Stakes After Record Year of Growth

External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

<ul><li>Waystar provides cloud-based revenue cycle management and healthcare payments software solutions for healthcare organizations</li><li>Platform streamlines billing, payments, and reimbursement processes for improved revenue collection and patient experience</li><li>Offers two core segments with highly recurring revenue streams: software (financial clearance, claim management, denial management, revenue capture, analytics) and payments tied to transaction volumes</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p>

Waystar provides cloud-based revenue cycle management and healthcare payments software solutions for healthcare organizationsPlatform streamlines billing, payments, and reimbursement processes for improved revenue collection and patient experienceOffers two core segments with highly recurring revenue streams: software (financial clearance, claim management, denial management, revenue capture, analytics) and payments tied to transaction volumesThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Waystar Holding Corp (WAY) - Thursday, Oct 3, 2024

<ul>
<li>Waystar Holding,  American provider of mission-critical cloud software to healthcare organizations, completed its IPO in June and raised ~$968M to repay outstanding indebtedness.</li>
<li>Waystar Holding shares have outperformed the Nasdaq Composite Index (+31.5%) in 2024 with shares up ~44% year-to-date. IPO investors are also up ~44%.  </li>
<li>I expect downward pressure on the stock as IPO lock-up period ends on December 6th, 2024, and all ~176M Waystar Holding shares will be eligible for trading.  </li>
</ul>


Waystar Holding,  American provider of mission-critical cloud software to healthcare organizations, completed its IPO in June and raised ~$968M to repay outstanding indebtedness.
Waystar Holding shares have outperformed the Nasdaq Composite Index (+31.5%) in 2024 with shares up ~44% year-to-date. IPO investors are also up ~44%.  
I expect downward pressure on the stock as IPO lock-up period ends on December 6th, 2024, and all ~176M Waystar Holding shares will be eligible for trading.  


Waystar IPO Lock-Up: CPPIB and EQT Recorded Large Gains Since IPO and $2.7B Deal With Bain Capital

United States

Waystar Holding Corp. operates as a holding company. The Company, through its subsidiaries, provides healthcare organizations with mission-critical cloud software that automate payment-related workflow tasks and drive continuous improvement, which enhances claim and billing accuracy, enriches data integrity, and reduces labor costs for providers.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Waystar Holding (WAY US)

Waystar Holding’s 50% Revenue Bet on Provider Solutions—Is This High-Stakes Strategy Paying Off Big?

Waystar, in its second quarter of 2025, showcased a blend of strategic expansion and steady financial performance. A key highlight is Waystar's...

Baptista Research

Waystar's $1.25 Billion Acquisition Of Iodine Software: Can This New AI Bet Turbocharge Its Growth Engine?

Waystar's first quarter results for 2025 indicate a positive trajectory with several key growth areas, though challenges remain. The company...

Baptista Research

Waystar Holding: EQT, CPPIB and Bain Capital Cut Their Stakes After Record Year of Growth

Waystar Holding successfully priced its SPO at $40.00 per share. EQT, CPPIB and Bain Capital reduced their holdings in American healthtech company

Andrei Zakharov

Waystar Holding Corp (WAY) - Thursday, Oct 3, 2024

Waystar provides cloud-based revenue cycle management and healthcare payments software solutions for healthcare organizations

Value Investors Club (VIC)

Waystar IPO Lock-Up: CPPIB and EQT Recorded Large Gains Since IPO and $2.7B Deal With Bain Capital

Waystar Holding, a healthcare RCM solution provider, completed an IPO in June and raised ~$968M. Its IPO lock-up period expires on December 6th, 2024.

Andrei Zakharov

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)