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

Zimmer Biomet Holdings / Equity Bottom-Up

<ul><li>The third quarter of 2025 saw Zimmer Biomet deliver a mixed performance, demonstrating both strengths and areas of concern.</li><li>The company achieved a sales growth of 5% on an organic constant currency basis, highlighted by a significant improvement in its U.S. business, which increased by 5.6%.</li><li>Key product lines such as the Persona OsseoTi Cementless Total Knee and the Oxford Partial Cementless Knee showed strong adoption, contributing to an overarching success in the knee segment, which grew 5.3%.</li></ul>

The third quarter of 2025 saw Zimmer Biomet deliver a mixed performance, demonstrating both strengths and areas of concern.The company achieved a sales growth of 5% on an organic constant currency basis, highlighted by a significant improvement in its U.S. business, which increased by 5.6%.Key product lines such as the Persona OsseoTi Cementless Total Knee and the Oxford Partial Cementless Knee showed strong adoption, contributing to an overarching success in the knee segment, which grew 5.3%.

Zimmer Biomet: Can Its Surge in Knees and Hips Spark a Major Market Comeback?

<ul><li>Zimmer Biomet's first-quarter performance for 2025 showcased gradual growth, amidst an environment of various challenges and strategic changes.</li><li>The company reported a 2.3% increase in constant currency sales, despite having one less selling day in the quarter.</li><li>This growth was largely driven by specific improvements in U.S. Hips sales, which saw an almost 4% increase, and mid-single-digit growth in their S.E.T. segment.</li></ul>

Zimmer Biomet's first-quarter performance for 2025 showcased gradual growth, amidst an environment of various challenges and strategic changes.The company reported a 2.3% increase in constant currency sales, despite having one less selling day in the quarter.This growth was largely driven by specific improvements in U.S. Hips sales, which saw an almost 4% increase, and mid-single-digit growth in their S.E.T. segment.

Zimmer Biomet: Recent Advancements in Robotic & Surgical Technology Look Promising!

<ul><li>Zimmer Biomet reported its fourth-quarter and full-year 2024 financial results, reflecting a complex but strategically advancing fiscal year.</li><li>The company achieved a constant currency revenue growth of nearly 5%, marking its twelfth consecutive quarter of at least mid-single-digit growth.</li><li>This robust performance, despite challenges like ERP implementation setbacks, underscores Zimmer Biomet's resilience amidst a volatile market landscape.</li></ul>

Zimmer Biomet reported its fourth-quarter and full-year 2024 financial results, reflecting a complex but strategically advancing fiscal year.The company achieved a constant currency revenue growth of nearly 5%, marking its twelfth consecutive quarter of at least mid-single-digit growth.This robust performance, despite challenges like ERP implementation setbacks, underscores Zimmer Biomet's resilience amidst a volatile market landscape.

Zimmer Biomet: The 6 Most Significant Forces Steering Its Performance into 2025 & Beyond!

Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

<ul>
<li>Artificial-Intelligence-Powered spine surgery developer Carlsmed is offering 6.7M shares priced between $14 and $16 apiece. At the mid-point, the company is seeking a market value of $430M.</li>
<li>Carlsmed currently markets the aprevo Technology Platform for lumbar spine fusion surgery, and is developing aprevo for cervical spine fusion surgeries, which is expected to be commercialized in 2026.</li>
<li>Carlsmed estimates there is a total addressable market of $13.4B for aprevo in the U.S. Aprevo may also benefit other musculoskeletal applications beyond the spine, unlocking greater market potential.</li>
</ul>


Artificial-Intelligence-Powered spine surgery developer Carlsmed is offering 6.7M shares priced between $14 and $16 apiece. At the mid-point, the company is seeking a market value of $430M.
Carlsmed currently markets the aprevo Technology Platform for lumbar spine fusion surgery, and is developing aprevo for cervical spine fusion surgeries, which is expected to be commercialized in 2026.
Carlsmed estimates there is a total addressable market of $13.4B for aprevo in the U.S. Aprevo may also benefit other musculoskeletal applications beyond the spine, unlocking greater market potential.


Carlsmed (CARL US) IPO: Will Take Time to Straighten Its Spine, Can Subscribe Just for Listing Gain

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Shoulder Innovations / Equity Capital Markets

<ul>
<li>Shoulder Innovations Inc., high-growth and pure-play shoulder arthroplasty device company, filed for an IPO in the United States.</li>
<li>Their flagship product, InSet Glenoid, is the first and only FDA cleared device that solves glenoid loosening. The company has raised ~$115M in equity according to the S-1.</li>
<li>I believe there is good near-term visibility for growth as Shoulder Innovations drives commercial expansion and achieves greater domestic reach.</li>
</ul>


Shoulder Innovations Inc., high-growth and pure-play shoulder arthroplasty device company, filed for an IPO in the United States.
Their flagship product, InSet Glenoid, is the first and only FDA cleared device that solves glenoid loosening. The company has raised ~$115M in equity according to the S-1.
I believe there is good near-term visibility for growth as Shoulder Innovations drives commercial expansion and achieves greater domestic reach.


Shoulder Innovations IPO Preview: Seeing Value In InSet Glenoid Technology and Disruptive Ecosystem

United States

Zimmer Biomet Holdings, Inc. designs, develops, manufactures, and markets medical equipment. The Company offers orthopedic and dental reconstructive implants, spinal implants, trauma products, and related surgical products. Zimmer Biomet Holdings serves customers worldwide.

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Zimmer Biomet Holdings (ZBH US)

Zimmer Biomet: Can Its Surge in Knees and Hips Spark a Major Market Comeback?

The third quarter of 2025 saw Zimmer Biomet deliver a mixed performance, demonstrating both strengths and areas of concern. The company achieved a...

Baptista Research

Zimmer Biomet: Recent Advancements in Robotic & Surgical Technology Look Promising!

Zimmer Biomet's first-quarter performance for 2025 showcased gradual growth, amidst an environment of various challenges and strategic...

Baptista Research

Zimmer Biomet: The 6 Most Significant Forces Steering Its Performance into 2025 & Beyond!

Zimmer Biomet reported its fourth-quarter and full-year 2024 financial results, reflecting a complex but strategically advancing fiscal year. The...

Baptista Research

Shoulder Innovations IPO Preview: Seeing Value In InSet Glenoid Technology and Disruptive Ecosystem

Shoulder Innovations Inc., a high-growth medical device company, files for IPO in the United States. The company demonstrates early commercial...

Andrei Zakharov

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Zimmer Biomet: Can Its Surge in Knees and Hips Spark a Major Market Comeback?

The third quarter of 2025 saw Zimmer Biomet deliver a mixed performance, demonstrating both strengths and areas of concern. The company achieved a...

Baptista Research

Zimmer Biomet: Recent Advancements in Robotic & Surgical Technology Look Promising!

Zimmer Biomet's first-quarter performance for 2025 showcased gradual growth, amidst an environment of various challenges and strategic...

Baptista Research

Zimmer Biomet: The 6 Most Significant Forces Steering Its Performance into 2025 & Beyond!

Zimmer Biomet reported its fourth-quarter and full-year 2024 financial results, reflecting a complex but strategically advancing fiscal year. The...

Baptista Research

Carlsmed (CARL US) IPO: Will Take Time to Straighten Its Spine, Can Subscribe Just for Listing Gain

Artificial-intelligence-powered spine surgery developer Carlsmed is offering 6.7M shares priced between $14 and $16 apiece. At the mid-point, the...

Tina Banerjee

Shoulder Innovations IPO Preview: Seeing Value In InSet Glenoid Technology and Disruptive Ecosystem

​Shoulder Innovations Inc., a high-growth medical device company, files for IPO in the United States. The company demonstrates early commercial...

Andrei Zakharov

Shoulder Innovations Inc., a high-growth medical device company, files for IPO in the United States. The company demonstrates early commercial...