In today’s briefing:
- HeartFlow Inc. (HTFL): Revenue Growth, Strong Margin Profile Highlights IPO Bull Case
- Chemed Corporation Bets Big on Florida & Digital—Will This Bold Strategy Pay Off?
- Incyte Corporation’s Jakafi Focus & Recent Commercial Blitz Can Turn Heads on Wall Street!
- Kyowa Kirin (4151 JP): 1H25 Stay Muted, Guidance Reaffirmed, Ziftomenib Approval Decision Awaited
- Penumbra Inc.: Thrombectomy Business Expansion As a Significant Driver For Overall Market Share Growth!
- RADX: July 2025 Update
- iFAST Books S$50M Net Institutional Inflow 5 Five sessions
- Bausch Health Strikes Bold With Durect Buy: A Strategic Bet On Liver Therapies?
- SK Bioscience (302440 KS): Strong Base Business and IDT Contribution Drive 2Q25 Performance
HeartFlow Inc. (HTFL): Revenue Growth, Strong Margin Profile Highlights IPO Bull Case
- HeartFlow is offering 12.5 million shares at a $15-$17 range which equates to a valuation of around $1.32 billion.
- According to guidance the deal is being classified as oversubscribed with early long-only and healthcare dedicated conversions.
- Combine durable revenues, strong underwriting and backers with a tailwind from a healthcare segment with a touch of AI, it is our opinion that this IPO will be well-received.
Chemed Corporation Bets Big on Florida & Digital—Will This Bold Strategy Pay Off?
- Chemed Corporation’s second-quarter 2025 earnings highlight a mixed performance across its two major operating segments, VITAS and Roto-Rooter.
- For VITAS, the hospice care segment, admissions showed a 4.9% increase when adjusted for the prior year acquisition, but the overall business grappled with significant Medicare cap challenges, particularly in Florida.
- The Medicare cap billing limitations resulted in a $16.4 million hit during the quarter, attributed to a sharper than anticipated reimbursement rate hike in Florida compared to the national average.
Incyte Corporation’s Jakafi Focus & Recent Commercial Blitz Can Turn Heads on Wall Street!
- Incyte Corporation’s second quarter of 2025 results reflect a strategic focus on expanding their product portfolio, particularly within the hematology-oncology and immunology sectors.
- A notable highlight includes strong financial performance, with total product revenues reaching $1.06 billion, marking a 17% increase year-over-year.
- This growth was driven by increased demand for their key products, Jakafi and Opzelura, as well as the continued launch of Niktimvo.
Kyowa Kirin (4151 JP): 1H25 Stay Muted, Guidance Reaffirmed, Ziftomenib Approval Decision Awaited
- Kyowa Kirin Co Ltd (4151 JP) revenue declined 1% YoY to ¥230.7B, impacted by APAC business restructuring, reduced drug prices in Japan, despite the growth in North America and EMEA.
- The company remains heavily dependent on Crysvita generating almost 43% of the total revenue of the company. Crysvita sales rose 10% YoY to ¥99.8B in 1H25.
- The next big trigger to the stock price would be the FDA decision on approval of ziftomenib, due in November.
Penumbra Inc.: Thrombectomy Business Expansion As a Significant Driver For Overall Market Share Growth!
- Penumbra’s second quarter results reflect significant execution across multiple areas, showing both strengths and challenges that contribute to the overall investment thesis for the company.
- The company’s revenue reached $339.5 million, a 13.4% increase year-over-year on a reported basis and 12.7% in constant currency, highlighting strong underlying growth.
- This growth was driven by robust performance in the U.S. thrombectomy business, especially in the venous thromboembolism (VTE) sector, which saw an impressive 42% year-over-year growth, due to adoption of innovative products like the Flash 2.0 and Bolt 12.
RADX: July 2025 Update
- 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.
iFAST Books S$50M Net Institutional Inflow 5 Five sessions
- Institutions were net sellers of Singapore stocks with a S$351 million outflow, reversing the prior S$334 million inflow.
- iFAST Corporation saw S$50.3 million net institutional inflow, reversing its year-to-date outflow to S$42.9 million inflow.
- Raffles Medical and Keppel led share buybacks, with Raffles purchasing 3.3 million shares and Keppel announcing a S$500 million program.
Bausch Health Strikes Bold With Durect Buy: A Strategic Bet On Liver Therapies?
- Bausch Health Companies (NYSE:BHC) has made headlines with its definitive agreement to acquire liver-focused biotech Durect Corporation (NASDAQ:DRRX) for $1.75 per share in cash, representing a ~217% premium to DRRX’s pre-announcement closing price and valuing the deal at approximately $63 million upfront.
- In addition, contingent milestone payments linked to commercial sales could push the total consideration to $413 million.
- The acquisition, expected to close in Q3 2025, adds Durect’s lead candidate larsucosterol to Bausch’s pipeline—a drug that has demonstrated encouraging Phase 2 data for alcoholic hepatitis (AH) and is preparing for a Phase 3 registrational program.
SK Bioscience (302440 KS): Strong Base Business and IDT Contribution Drive 2Q25 Performance
- SK Bioscience (302440 KS) continues to report business recovery, with 2Q25 base business revenue increasing 22% YoY and IDT Biologika revenue increasing sequentially.
- The company has guided for 2025 revenue of KRW600B+, aided by IDT acquisition. Excluding IDT, base business revenue is expected at ~KRW200B for 2025, up 28% YoY.
- SKBS has built a large-scale commercial production facility which will serve as a production site for GBP410, a 21-valent pneumococcal conjugate vaccine (PCV21) candidate.
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