Healthcare

• Genfleet, a China-based clinical stage biotech company, launched its IPO to raise at least USD 204 million via a Hong Kong listing.
• In our previous note, we have examined the company’s core product and key product and our thoughts on valuation.
• In this note, we look at the deal term. We think the valuation provides margin of safety while sentiment is positive.

• PolyNovo Ltd (PNV AU) reported 29% YoY growth in FY25 revenue to A$119M, driven by 29% YoY growth in U.S. sales to A$88M. RoW sales grew 30% YoY to AS$30M.
• PolyNovo expects continued sales growth as multiple products received relevant regulatory clearance. Leveraging on proven track record in full thickness burn procedures, PolyNovo is driving adoption in additional surgical areas.
• Strong FY25 result enhances conviction on the growth prospects. Broader rollout of NovoSorb MTX across multiple regions and increasing demand from plastic and reconstructive procedures are expected drive growth.

• The Trump administration is considering putting “severe restrictions” on the drugs from China, which would negative for China biotech that mainly relies on licensing-out model. We share our views below.
• The key to assessing the future profitability of innovative drugs in China lies in their ability to control costs, not just in the growth of product sales.
• Sihuan achieved a turnaround and is undervalued. Just “medical aesthetics + cash” worth RMB15.3 billion valuation. The innovative drug business will provide decent upside potential, but with some concerns behind. 

• GE HealthCare has deepened its push into precision medicine with a strategic agreement to acquire icometrix, a Belgium-based firm specializing in AI-powered brain imaging analysis.
• The deal, announced in September 2025, highlights GE HealthCare’s increasing commitment to neurological diagnostics and advanced clinical decision support tools.
• Although the financial details remain undisclosed and the transaction is still subject to regulatory clearance, GEHC intends to fund the acquisition entirely with cash on hand.

• Revvity Inc.’s Q2 2025 results reflect steady performance amidst challenging market and regulatory conditions.
• Organic revenue growth of 3% was achieved, aligning with the company’s initial forecasts.
• Revenue reached $720 million, bolstered by strong performances, particularly in the Life Sciences segment, which saw 4% organic growth.

• Cardinal Health Inc. delivered robust financial results for the fourth quarter of fiscal year 2025, reflecting strong growth across its operating segments and strategic acquisitions that expanded its capabilities in specialty solutions.
• Overall, the company reported a 19% increase in operating earnings for the quarter and a 15% increase for the full fiscal year, demonstrating effective execution against strategic priorities.
• Positively, Cardinal Health’s Pharmaceutical and Specialty Solutions segment, the company’s largest, showcased robust demand, contributing significantly to the financial results.

Immix Biopharma has released a financing and business update, reinforcing its focus on advancing the development of lead CAR-T candidate NXC-201. The company has announced a private placement from Goose Capital amounting to $9.1m (gross proceeds). It was noted that this strategic investment was led by Dr Nancy T Chang, one of the founders of Goose Capital. Dr Chang is a highly respected biotech executive, having led the development of Xolair (omalizumab, for severe asthma), Trogarzo (ibalizumab-uiyk, for HIV) and Ebglyss (lebrikizumab-lbkz, for dermatitis) through to FDA approval and subsequent commercialisation, collectively generating over $5bn in sales to date. She is also the former CEO of Tanox, which was acquired by Genentech/Roche in 2007. We therefore view the investment as an encouraging recognition of the potential of NXC-201, in particular for the treatment of amyloid light chain amyloidosis (ALA), the lead indication being targeted. The proceeds should extend Immix’s cash runway beyond near-term operational needs.

• Kaken Pharmaceutical (4521 JP) witnessed 3% YoY revenue growth in 1QFY26 to ¥18.9B as overseas pharmaceutical and crop protection sales while domestic market remained under pressure.
• Kaken’s major drug Clenafin saw revenue drop 3% to ¥4.4B on patent cliff, while Ecclock helped drive revenue growing 18% YoY to ¥803M.
• Kaken reiterated FY26 guidance where it expects revenue to fall 6% YoY to ¥88 billion. No respite from immediate pangs in the form of drug price revision and generic competition.

• In 1H FY01/26, the company reported no operating revenue, with an operating loss of JPY1.9bn and R&D expenses increasing by 31.5% YoY.
• Non-operating expenses totaled JPY596mn, primarily due to foreign exchange losses and financing fees, leading to a recurring loss of JPY2.5bn.
• The company forecasts a FY01/26 operating loss of JPY3.9bn and a net loss of JPY4.0bn, influenced by manufacturing costs and foreign exchange losses.

• Since our initiation on 5 June 2024, China Medical Sytem’s share price is up 113% and the FPE has moved from less than 8 to close to 16 times.
• The gap valuation between US drug companies and CMS has largely closed with CMS trading at a premium to a number of US counterparts.
• The earnings outlook is largely flat since the initiation, implying the share price appreciation has been driven by a re-rating.

• Genfleet Therapeutics has filed for IPO to raise up to HK$1.6B. The company plans to sell 77.6M shares at HK$20.39 per share.
• Genfleet Therapeutics is a biopharmaceutical company focused on developing novel treatment options in the fields of oncology with its core products focused on niche RAS inhibitor segment.
• Genfleet is rightly placed to rapidly advance their innovative product pipeline to later stages of development and commercialize. Pipeline envisages sustainable long term growth prospect.

• CYB004 completes patient enrollment to push Phase 2 study toward the finish line.
• Cybin has confirmed that it has enrolled its 36th and final patient for its Phase 2 CYB004 program to evaluate the safety and efficacy of its proprietary short-acting deuterated version of DMT for the treatment of generalized anxiety disorder (GAD) at six and 12 weeks after first dose.
• Top-line data of the Phase 2 study is expected to be forthcoming in 1Q26.

• LB Pharmaceuticals (LBRX) priced an upsized IPO of 19.0 million shares at the midpoint of the range, $15.00. Shares opened at $19.00, delivering a +26.7% gain at first trade.
• Existing shareholders in previous rounds were likely anchoring the stock and providing stabilization in its debut.
• We expect short-term trading to follow the broader biotech sector trend, with catalysts tied directly to clinical and regulatory developments.

• Forian received a $2.10/share go-private proposal from a consortium controlling 63% of the company; no premium offered.
• The company has a strong cash position, positive cash flow, and benefits from AI era tailwinds, suggesting limited downside.
• The two-step merger structure aims for 90% ownership, bypassing lengthy proxy processes and minimizing minority shareholder resistance.

• Mesoblast Ltd (MSB AU)  entered into convertible note subscription agreements with SurgCenter principals and existing shareholders, Gregory George and William Gueck, to issue up to $50M of unsecured convertible notes.
• The maturity date of the convertible notes will be five years after the first issuance of notes. The convertible notes have a coupon of 5% p.a. on the face value.
• Mesoblast recorded maiden revenue of $13.2M from Ryoncil in FY25. Current revenue stream is anticipated to expand based on Ryoncil performance for existing as well as upcoming indications.

• Merck & Co., Inc.’s Q2 2025 earnings offered a detailed insight into the company’s current performance, pipeline progress, strategic initiatives, and future outlook.
• Key figures showed that Merck faced a slight decline in total revenue, registering $15.8 billion, which reflected a 2% decrease both nominally and after adjusting for currency fluctuations.
• A significant factor influencing this decline was the reduction in GARDASIL sales in China, but excluding the Chinese market, Merck’s global growth stood at 7%, driven by strengths in oncology, new product launches like WINREVAIR and CAPVAXIVE, and Animal Health.

• Perlove’s strategy is high cost effectiveness to compete for market share. Although Perlove has achieved localization of some core components, detectors and algorithms of high-end equipment still rely on imports
• Due to the lack of high-end product line layout, the positioning of mid-to-low end products makes it difficult for Perlove to obtain brand premium, thereby affecting profit margin performance. 
• Under the logic of import substitution, United Imaging and Wandong will benefit more than Perlove. Valuation of Perlove should be lower than United Imaging and Wandong. 

• NurExone (OTC-NRXBF) is a preclinical stage biotech company that is developing a breakthrough treatment for spinal cord injuries that has the potential to dramatically improve lives.
• The technology involved also has the potential to more efficiently get other treatments to the needed area.
• The company announced that the US Patent Office has issued a Notice of Allowance for a patent covering NurExone’s proprietary process for producing exosomes-further validating the uniqueness of the product and securing the right to it.

• Repligen Corporation reported strong financial results for the second quarter of 2025, driven by a 17% organic non-COVID revenue growth, which is the highest rate since 2022.
• This growth was bolstered by several segments within the company, with Chromatography and Filtration leading the way.
• Demand for consumables remains healthy, and high-teens growth in capital equipment was noted, indicating a solid rebound and strong market interest.

• Edwards Lifesciences has reported its financial results for the second quarter of 2025, demonstrating a robust performance across various segments.
• The company, which specializes in heart valve technologies and structural heart therapies, showcased a notable double-digit sales growth, driven by the dynamic expansion of its Transcatheter Aortic Valve Replacement (TAVR) and Transcatheter Mitral and Tricuspid Therapies (TMTT) product lines.
• Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

• Universal Health Services (UHS) reported its earnings for the second quarter of 2025, showing a mixed performance across its segments.
• The company disclosed net income of $5.43 per diluted share and an adjusted net income of $5.35 after certain adjustments.
• On a same-facility basis, adjusted admissions in acute care hospitals increased by 2.0% compared to the prior year.

• On September 10, 2025, FibroBiologics, Inc. (FBLG) announced significant advancements in the company’s Bone Marrow Organoid platform that could lead to new treatment options for blood cancers and age-related immune decline.
• The company shared that pre-IND animal studies in a xenograft melanoma mouse model showed significant tumor reduction following transplantation of bone marrow organoids.
• The organoid platform has the capability to allow for efficient ex vivo gene editing, which could decrease the latency for therapeutic intervention, along with the ability to be cryopreserved, which could make it a scalable treatment option for bone marrow transplantation.

• KRX BBIG Sept review: Mother index BBIG, four kids. Only Bio (adds: Peptron, PharmaResearch; deletes: Hanmi Pharm, SK Bioscience) and Game saw changes. Battery, Internet unchanged.
• Game’s tiny AUM won’t move flows; Bio may see meaningful passive impact. Index AUM ~20B KRW: additions ~0.2x DTV inflow, deletions ~0.3–0.4x DTV outflow.
• Clean trade setup: index flying under radar, seemingly no pre-positioning. PharmaResearch seems to have moved solo. Thursday likely sees strong ETF-driven price action; enter late morning pullback, exit before close.

• Premier Inc, a healthcare group purchasing and technology company, has recently become the subject of acquisition interest from private equity firm Patient Square Capital.
• Founded by former KKR executive Jim Momtazee, Patient Square is exploring a potential deal to take Premier private, according to reports.
• Discussions are still at an early stage with no certainty that a transaction will occur, but financing efforts are underway.

Key points (machine generated)

• QuidelOrtho is undervalued, trading over 50% lower than peers due to transitory challenges.
• Challenges include normalization of COVID-19 revenue, poor post-merger integration, and leadership issues.
• Market confidence was harmed by the delayed Savanna product launch and investor concerns over tariffs.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• HCA Healthcare’s latest financial results for the second quarter of 2025 demonstrated robust performance, characterized by a notable 24% increase in diluted earnings per share as adjusted.
• The revenue growth of 6.4% was a key highlight, driven by a mixture of increased service demand, an improved payer mix, and stable patient acuity levels.
• From an operational standpoint, HCA Healthcare experienced a stable environment that contributed to enhanced margins.

• Pharmaessentia Corp (6446 TT) reported strong financial performance for 2Q25, with revenue increasing 56% YoY and operating profit growing 150% YoY. Quarterly revenue hit new highs for nine consecutive quarters.
• Despite significant expansion of the U.S. and Japan commercial teams, operating expenses rose modestly by 32% YoY and 15% QoQ to NT$2.1B due to tight cost control and scale expansion.
• Geography and indication expansion of Besremi, and pipeline progress will remain growth engines. Potential BLA submission of Besremi for ET and Besremi pen launch in 2025 are the near-term catalysts.

• Revelation Biosciences is a life sciences company whose development of immunologic-based therapies is based on the well-established biology of phosphorylated hexaacyl disaccharide (PHAD) and its effect on the innate immune system.
• The company announced test results for its Gemini product that were so good the Primary Investigator called them “shocking.” This bodes well for the future of REVB as it looks toward commercialization.

• This “high input, low output” model has led 160 Health into a profit predicament when its revenue failed to grow in tandem.The turnaround from losses to profits is far away.
• 160 Health operates as a distributor, but VBP has shifted more procurement activities to direct transactions between hospitals and manufacturers, thereby reducing pricing flexibility for intermediaries such as 160 Health.
• Valuation of 160 Health should be lower than PAGD, JD Health, Alibaba health, who have turned losses into profits and established mature business foundation and model, but higher than ClouDr.

• Telomir Pharmaceuticals is a preclinical stage company focused on reversing biological aging and degenerative diseases.
• The company released test results that showed the company’s primary treatment, Telomir-1, showed the ability to reverse the suppression of a master tumor suppressor gene that is silenced in many aggressive cancers.
• This continues the exciting preclinical data that should lead to clinical trials in the near future.

• High Tide Inc. (HITI) engages in the distribution and sale of cannabis and cannabis-related products.
• The company’s bricks-and-mortar footprint in Canada spans 200+ stores (branded Canna Cabana) across five provinces (Alberta, Ontario, Saskatchewan, Manitoba and British Columbia).
• In addition, High Tide manufactures and distributes CBD and consumption accessories through e-commerce platforms, and provides data analytics services.

• LB Pharmaceuticals (LBRX US) launched on Monday (9/8) for a quick Thursday (9/11) debut. 
• Deep Track (19.9%), Vida Ventures (16.0%), Pontifax (12.0%) and TCG Crossover (12.0%) are all stakeholders in this company.
• The abbreviated roadshow and the insider-driven nature of this biotech IPO suggest it will involve only a limited number of participants.

• China TCM is still in the adjustment period due to CTCMG VBP and goodwill impairment loss. However, the new management is pushing for internal reforms, which is a good phenomenon.
• Rebound will come after China TCM fully digest the impact of VBP. Looking forward, annual profit of RMB1bn is still expected. Reasonable valuation is RMB10-15bn, which is just conservative estimate.
• As CNPGC still commits to resolving the horizontal competition issue, investors have reignited interest in betting on privatization of China TCM and potential merger with Taiji, which is a catalyst.

• The company operates a diversified portfolio of sterile liquid products across six therapeutic segments, with a strong domestic presence and expanding global reach, ensuring consistent revenue streams. 
• Proceeds from the IPO will fund the establishment of two new sterile manufacturing lines, significantly enhancing SteriPort and SVP capacities, expected to drive growth in FY26-27. 
• While the IPO valuation appears elevated at 46x FY25earnings, the company’s debt reduction and expanded capacity should lead to moderated multiples.

• Livingstone Health Holdings Limited (“Livingstone”) is a multidisciplinary healthcare group in Singapore, operating a network of primary care and specialist clinics.
• The Group provides a comprehensive range of services, including anaesthesiology, pain management, internal medicine, orthopaedic surgery, podiatry, physiotherapy, aesthetics and wellness treatments.
• It operates through three main segments, Primary Healthcare, Specialist Healthcare, and Others, supported by an integrated care model that captures patients at multiple touchpoints and promotes cross-referrals.

• Mabgeek, a China-based clinical-stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. CICC is the sole sponsor.
• In this note, we look at the company’s core product, MG-K10.
• We also look at the company’s pre-IPO investors and management team.

• Jiangsu Hengrui Pharmaceuticals (1276 HK) entered into agreements with Braveheart Bio, to grant Braveheart an exclusive worldwide right of HRS-1893, a selective myosin inhibitor that treats hypertrophic cardiomyopathy.
• The only approved product available worldwide is Bristol Myer Squibb’s Camzyos (mavacamten) which was approved for marketing by FDA in April 2022 for obstructive hypertrophic cardiomyopathy.
• With Robust R&D and future potential drug candidates under its belt, Jiangsu Hengrui continues to remain an attractive bet, with a long-term perspective.

• LB Pharmaceuticals is offering 16.7 million shares at $14-$16 equating to a market cap of $281m-$322m.
• According to guidance that the deal is well-oversubscribed at launch from a comprehensive testing-the-waters meetings.
• Investor sentiment toward the subsector remains constructive, and the company’s lead candidate is entering Phase III with a solid track record of clinical data.

Key points (machine generated)

• The author holds a long position in Glow Lifetech Corp, increasing their investment after a positive 1Q2025 earnings release.
• The investment thesis is based on expected net income growth from high-margin, organic expansion in product offerings and geographic reach.
• Glow Lifetech specializes in biotech ingredient technology with proprietary MyCell technology, allowing for enhanced absorption of cannabinoid-based and nutraceutical products.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Radiopharm Theranostics is advancing a portfolio of imaging and therapeutic radiopharmaceutical candidates in oncology.
• Its approach recognizes the opportunities in tumors beyond prostate, thyroid & neuroendocrine targets originated by precision oncology & validated by clinical trials & regulatory approval.
• RAD101, an 18F radioisotope developed to image brain metastases is the most advanced asset.

• I summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
• Highest spreads: Mayne Pharma (MYX AU), Smart Share Global (EM US), ENN Energy (2688 HK), Dongfeng Motor (489 HK), Joy City Property (207 HK), Santos Ltd (STO AU). 
• Lowest spreads: Bright Smart Securities (1428 HK), Pacific Industrial (7250 JP), Humm Group (HUM AU), Ainsworth Game Technology (AGI AU), Ashimori Industry (3526 JP), Toyota Industries (6201 JP).

• BLUEJET is a pure-play API/CDMO with strong positioning in contrast media intermediates. Further, it has demonstrated R&D and execution capabilities by commercialising 15+ molecules (oncology, CVS, CNS) under CDMO model.
• Its share price has corrected by ~35% since July end, after below expectation June quarter results exacerbated by weak export data amid tariff concerns. However, August numbers alleviated some concerns.
• Shares now trade at 30x FY26 PE, the lower end of 30-60x range where peers currently trade at. Company has high visibility for 20+% earnings growth for the medium term.

• Myungin Pharmaceutical (MYUNGIN KS) is looking to raise up to US$142m in its upcoming Korean IPO.
• It specializes in central nervous system (CNS) therapeutics and boasts an extensive product line-up of over 200 CNS products. 
• In this note, we examine the IPO dynamics, and look at the firm’s valuation.

• Shanghai MicroPort MedBot Group (2252 HK) recorded 1H25 revenue of RMB 176M, up 77% YoY driven by rapid expansion of commercialization of multiple products. Overseas market sales grew 189% YoY.
• Toumai Laparoscopic Surgical Robot continued to be the main growth driver securing new orders of 30+ units and achieving commercial installation of 22 units.
• MedBot’s recent approvals of Toumai variants, technology advantages, diversified portfolio and commercialization strength place it at an inflection point, expected to be back in the black soon.

• Caliway Biopharmaceuticals (6919 TT) and King Slide Works (2059 TT) replace Taiwan Cement (1101 TT) and Pharmaessentia Corp (6446 TT) in the Yuanta/P-Shares Taiwan Top 50 ETF in September.
• Caliway Biopharmaceuticals (6919 TT) and King Slide Works (2059 TT) were added to a global index in August and that resulted in a large percentage of float being bought.
• Caliway Biopharmaceuticals (6919 TT) will be added to another global index in September and that will further reduce the real float of the stock.

• ZEEKR (ZK US) traded wide to the scrip terms ahead of Geely Auto (175 HK)‘s EGM Vote. That was a buying opportunity. 
• A positive surprise as SAMR expediently signs off on the Hangzhou Kangji Medical Instrument Co., Ltd. (9997 HK) transaction. This could be wrapped up before Xmas.
• China Mobile (941 HK) comfortably clears the 50% conditional threshold into HKBN Ltd (1310 HK); however compulsory acquisition appears out of reach

• Boston Scientific Corporation delivered robust financial results in the second quarter of 2025, exceeding both market expectations and its own guidance.
• The company reported operational sales growth of 22% and organic sales growth of 17%, surpassing its forecasted range of 13% to 15%.
• Adjusted earnings per share (EPS) increased by 23% to $0.75, also exceeding expectations.

• Tenet Healthcare Corporation reported strong financial results for the second quarter of 2025.
• The company achieved net operating revenues of $5.3 billion and a consolidated adjusted EBITDA of $1.121 billion, reflecting a 19% increase from the previous year.
• The adjusted EBITDA margin was 21.3%, up 280 basis points compared to the prior year, driven by efficient operations and robust same-store growth.

• Thermo Fisher Scientific’s second-quarter 2025 earnings showcased a company navigating a challenging macroeconomic environment positively and prudently.
• The company reported revenue growth of 3% to $10.85 billion and a 1% increase in adjusted operating income to $2.38 billion.
• Its adjusted earnings per share (EPS) was $5.36, signaling an ability to surpass internal guidance despite headwinds, primarily from tariffs affecting operations in China and broader policy uncertainties.

• TaskUs privatization bid at $16.50/share faces opposition; market anticipates improved offer before September 10 shareholder vote.
• Apiam Animal Health receives A$0.88/share takeover offer; largest shareholder supports, board likely to recommend upon binding agreement.
• Banxa shareholders approve OSL Group acquisition; regulatory consents pending, closing expected Q4’25–Q1’26, spread at 21%.

• Cooper Companies recently reported its third-quarter financial results for the fiscal year 2025, showcasing a mixed performance.
• Consolidated revenues increased by 5.7% year-over-year, reaching $1.06 billion, although organic growth was slightly muted at 2%.
• Margins improved, contributing to a non-GAAP earnings growth of 15% to $1.10 per share.

Key points (machine generated)

• Pro Medicus is known for its Visage PACS software, which outperforms legacy systems from major OEMs.
• The company’s market potential is limited due to annual contract values of $1-4 million and financial pressures on hospitals.
• Strong competitors like Sectra and potential enhancements from Epic pose threats to Pro Medicus’s market position.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Veeva Systems recently concluded a noteworthy second quarter for fiscal 2026, reporting total revenue of $789 million and non-GAAP operating income reaching $353 million, reflecting the company’s strong performance and execution.
• Both analyst queries and management responses highlighted several key developments impacting Veeva’s strategic trajectory, providing insights into the opportunities and challenges facing the company.
• Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

• SIR believes DWTI has entered an exciting new phase given significant advances in pipeline development achieved over the last year.
• Key advances included: 1) publishing favorable topline results of in-house developed glaucoma treatment [H- 1337] Phase IIb US trials (strong prospects as “first choice as a second-line drug”),
• 2) commenced joint development Japan Phase II clinical trials of regenerative cell therapy [DWR-2206] with ActualEyes, and successfully completed all transplants…

• Apollo Hospitals Enterprise (APHS IN) delivered robust performance in Q1FY26, with double-digit revenue growth across all three business verticals and continuous margin expansion.
• Hospital business revenue grew 11% YoY to INR29B, driven by inpatient volume (+3%) and favorable price and case mix (+8%). Margin improvement continued, with EBITDA margin expanding 88bps to 24.5%.
• Apollo anticipates continued double digit revenue growth for FY26, underpinned by strong performance of the existing hospitals and new hospital openings.

• Agilent Technologies, Inc.’s third quarter 2025 earnings present a picture of a company experiencing robust revenue performance even as it navigates a complex global market environment.
• Agilent reported revenues of $1.74 billion for the quarter, surpassing its guidance and reflecting a core revenue growth of 6.1%.
• The earnings per share were $1.37, which was within expected ranges, showing a growth of 4% year over year.