Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>In November, <a href="https://www.smartkarma.com/entities/orthofix-medical-inc" target="_blank" data-smartkarma-citation="entities:1264:1" rel="noopener">Orthofix International Nv (OFIX US)</a> named Massimo Calafiore as incoming President and CEO. Mr. Calafiore has extensive knowledge in orthopedics and spine, and M&amp;A integration expertise.</li>
<li>Orthofix has performed well and operated smoothly following management transition. In 3Q23, revenue increased 61% YoY on a reported basis and 1% YoY on a pro forma basis to $184M.</li>
<li>The company expects to deliver much higher adjusted profits next year and to exit 2024 cash-flow positive from an estimated $100 million outflow for 2023.</li>
</ul>


In November, Orthofix International Nv (OFIX US) named Massimo Calafiore as incoming President and CEO. Mr. Calafiore has extensive knowledge in orthopedics and spine, and M&amp;A integration expertise.
Orthofix has performed well and operated smoothly following management transition. In 3Q23, revenue increased 61% YoY on a reported basis and 1% YoY on a pro forma basis to $184M.
The company expects to deliver much higher adjusted profits next year and to exit 2024 cash-flow positive from an estimated $100 million outflow for 2023.


Orthofix International (OFIX US): Limited Downside Likely; Looking Ahead to 2024 with New Management

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.

Zimmer Biomet Holdings / Equity Bottom-Up

<ul><li>Zimmer Biomet Holdings delivered a strong result and managed an all-around beat last quarter.</li><li>The company reported increased GAAP diluted earnings per share due to higher revenues and effective cost management.</li><li>Moreover, the company's strong operating cash flows and solid balance sheet position provide the strategic flexibility needed for future growth initiatives.</li></ul>

Zimmer Biomet Holdings delivered a strong result and managed an all-around beat last quarter.The company reported increased GAAP diluted earnings per share due to higher revenues and effective cost management.Moreover, the company's strong operating cash flows and solid balance sheet position provide the strategic flexibility needed for future growth initiatives.

Zimmer Biomet Holdings Inc.: Navigating Global Uncertainties with A Unique Growth Strategy! - Major Drivers

<ul><li>Zimmer delivered a strong result and managed an all-around beat in the last quarter.</li><li>On the financial front, Zimmer reported increased net earnings, improved gross margins, and a significant rise in adjusted earnings per share.</li><li>The company experienced accelerated recovery in elective procedures, supported by the normalization of cancellation rates and backlog recapture.</li></ul>

Zimmer delivered a strong result and managed an all-around beat in the last quarter.On the financial front, Zimmer reported increased net earnings, improved gross margins, and a significant rise in adjusted earnings per share.The company experienced accelerated recovery in elective procedures, supported by the normalization of cancellation rates and backlog recapture.

Zimmer Biomet Holdings Inc.: A Powerhouse Driving Sustained Growth in Biotech! – Key Drivers

Credit

<ul><li>Zimmer Biomet Holdings is a global medical technology giant.</li><li>The management has been seeing positive comps across 2022 and saw good growth in major joints, with their entire global hip and knee business expanding well.</li><li>Baptista Research looks to evaluate the different credit strengths and credit risks of the company as well as a line-by-line analysis of the financial statements of the company for the past four years.</li></ul>

Zimmer Biomet Holdings is a global medical technology giant.The management has been seeing positive comps across 2022 and saw good growth in major joints, with their entire global hip and knee business expanding well.Baptista Research looks to evaluate the different credit strengths and credit risks of the company as well as a line-by-line analysis of the financial statements of the company for the past four years.

Zimmer Biomet Holdings Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

Equity Capital Markets

Zimmer Biomet Holdings / Equity Capital Markets

<ul><li>This is our first report on the global medical technology behemoth Zimmer Biomet Holdings.</li><li>They observed another quarter of year-over-year growth in major joints, with their entire global hip and knee business expanding by more than 8% and 10% on an ex FX basis.</li><li>We initiate coverage on the stock of Zimmer Biomet Holdings, Inc. with a 'Hold' rating.</li></ul>

This is our first report on the global medical technology behemoth Zimmer Biomet Holdings.They observed another quarter of year-over-year growth in major joints, with their entire global hip and knee business expanding by more than 8% and 10% on an ex FX basis.We initiate coverage on the stock of Zimmer Biomet Holdings, Inc. with a 'Hold' rating.

Zimmer Biomet Holdings Inc.: Initiation of Coverage – Acquisition Of Embody & Other Drivers

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)

Orthofix International (OFIX US): Limited Downside Likely; Looking Ahead to 2024 with New Management

Orthofix has named Massimo Calafiore as its new CEO, who will bring expertise in spine and orthopedics and M&A integration. The company expects...

Tina Banerjee

Zimmer Biomet Holdings Inc.: Navigating Global Uncertainties with A Unique Growth Strategy! - Major Drivers

Zimmer Biomet Holdings delivered a strong result and managed an all-around beat last quarter. The company reported increased GAAP diluted earnings...

Baptista Research

Zimmer Biomet Holdings Inc.: A Powerhouse Driving Sustained Growth in Biotech! – Key Drivers

Zimmer delivered a strong result and managed an all-around beat in the last quarter. On the financial front, Zimmer reported increased net...

Baptista Research

Zimmer Biomet Holdings Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

Zimmer Biomet Holdings is a global medical technology giant. The management has been seeing positive comps across 2022 and saw good growth in...

Baptista Research

Zimmer Biomet Holdings Inc.: Initiation of Coverage – Acquisition Of Embody & Other Drivers

This is our first report on the global medical technology behemoth Zimmer Biomet Holdings. They observed another quarter of year-over-year growth...

Baptista Research

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Market Cap (USDm)

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Orthofix International (OFIX US): Limited Downside Likely; Looking Ahead to 2024 with New Management

​Orthofix has named Massimo Calafiore as its new CEO, who will bring expertise in spine and orthopedics and M&A integration. The company expects...

Tina Banerjee

Zimmer Biomet Holdings Inc.: Navigating Global Uncertainties with A Unique Growth Strategy! - Major Drivers

Zimmer Biomet Holdings delivered a strong result and managed an all-around beat last quarter. The company reported increased GAAP diluted earnings...

Baptista Research

Zimmer Biomet Holdings Inc.: A Powerhouse Driving Sustained Growth in Biotech! – Key Drivers

Zimmer delivered a strong result and managed an all-around beat in the last quarter. On the financial front, Zimmer reported increased net...

Baptista Research

Zimmer Biomet Holdings Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

Zimmer Biomet Holdings is a global medical technology giant. The management has been seeing positive comps across 2022 and saw good growth in...

Baptista Research

Zimmer Biomet Holdings Inc.: Initiation of Coverage – Acquisition Of Embody & Other Drivers

This is our first report on the global medical technology behemoth Zimmer Biomet Holdings. They observed another quarter of year-over-year growth...

Baptista Research

Orthofix has named Massimo Calafiore as its new CEO, who will bring expertise in spine and orthopedics and M&A integration. The company expects...