In today’s briefing:
- Monash IVF (MVF AU) Rejects Soul Patts/Genesis’ Offer
- UltraGreen.ai IPO: High Growth and High Margins, Market Leader
- New BD Looks Cheap But I’m Not Ready to Buy (Yet)
- Narayana Hrudayalaya: A Quarter of Record Performance and Strategic Expansion
- Masimo Corporation Expands Beyond Pulse Oximetry
- WTR Small-Cap Spotlight Recap: AI Nose’s Continuing Momentum in 2025 and What to Expect in 2026
- ORMP: Advancing Clinical Activities
- RVPH: Brilaroxazine Poster Presentations
- Madrigal Pharma: Inside the MAESTRO-NASH Breakthrough- How Weight Loss Supercharges Antifibrotic Effects!
- CSPC Pharma (1093 HK): 9M25 Remain Subdued on Finished Drugs; Key Pivotal Data Read Outs Awaited
Monash IVF (MVF AU) Rejects Soul Patts/Genesis’ Offer
- Monash IVF (MVF AU), a fertility provider, has announced, and summarily rejected, a A$0.80/share non-binding indicative Offer from Washington H. Soul Pattinson and Co. Ltd (SOL AU) & Genesis Capital.
- The indicative terms are a ~31% premium to last close. And ~7.7x FY25 EV/EBITDA. Chairman Richard Davis declared terms “opportunistic in timing and materially undervalues the company“.
- Genesis/Soul Patts collectively hold 19.6% in MVF. MVF’s share price has cratered this year after a woman was mistakenly implanted with the wrong embryo. The CEO subsequently stepped down.
UltraGreen.ai IPO: High Growth and High Margins, Market Leader
- UltraGreen.AI (2594794D SP) is looking to raise US$400m in its upcoming Singapore IPO.
- UltraGreen is a global leader in Fluorescence Guided Surgery (FGS), a surgical approach that helps doctors see things inside the body that are normally invisible under regular white light.
- We have looked at the company’s past performance in our previous note. In this note, we talk about valuations.
New BD Looks Cheap But I’m Not Ready to Buy (Yet)
In Q1 2026, BDX will merge its Biosciences & Diagnostic Solutions segment to Waters (WAT). BDX will receive $4BN in cash and 0.14 WAT shares per BDX share, leaving its shareholders with roughly 39 percent of the combined company.
The remaining business, referred to as New BD, will be a focused med-tech company with ~$18BN in revenue across Medical Essentials, Connected Care, BioPharma Systems, and Interventional. More than 90 percent of revenue will be recurring, and management expects high single-digit earnings growth.
New BD’s valuation looks appealing. Based on where BDX and WAT currently trade, New BD implies a P/E of roughly 11x earnings. I believe the business deserves at least a 13x multiple, which would equate to about 12% upside. That said, I’m not ready to buy yet.
Narayana Hrudayalaya: A Quarter of Record Performance and Strategic Expansion
- NARH delivered its best-ever quarter in Q2FY26, with 20.3% YoY revenue growth, 30.3% YoY EBITDA growth and margin expansion across India and Cayman.
- Margins improved even with limited capacity, showing stronger earnings quality. Cayman maintains over 40% margins, and India is preparing for a major INR 3,000 crore expansion phase.
- With India easing capacity limits, Cayman scaling, and the UK Practice Plus acquisition expanding global reach, NARH is evolving into a stronger multi-country healthcare platform with long-term growth potential.
Masimo Corporation Expands Beyond Pulse Oximetry
- Masimo Corporation, a global medical technology company, reported strong results in its third quarter of 2025.
- The company experienced an 8% increase in revenue, driven by sustained demand for its innovative healthcare technologies.
- The company also delivered a 450 basis point expansion in operating margins and a 38% year-over-year increase in adjusted earnings per share, signaling robust operational efficiency and revenue growth.
WTR Small-Cap Spotlight Recap: AI Nose’s Continuing Momentum in 2025 and What to Expect in 2026
- Key takeaways from 3Q25 earnings release. Lu highlighted Ainos’ strong revenue momentum, up more than 4x Y/Y, driven almost entirely by the deployment of AI Nose in senior care programs.
- Lu noted that the reported revenue has yet to include any of the $2.1-million, three-year AI Nose subscription order from a semiconductor customer, signaling additional upside in the SmellTech platform’s revenue, the turnaround in gross margin to 82% YTD from negative last year, and Ainos’ cost management with cash operating expenses reduced by 15% YTD versus the previous year.
- Lu also highlighted the company’s enhanced visibility through major tech exhibitions resulting in multiple leads, inclusion in a leading tech consultant’s annual tech report, and a GICS code change for the company to technology.
ORMP: Advancing Clinical Activities
- ORMP is leveraging its strong balance sheet to invest in early stage companies, primarily focusing on the medical & biopharma space.
- ORMP has substantial liquidity as it both advances its oral drug delivery platform and pursues strategic opportunities, including strategic investments.
- The company received ~$27m on its Scilex investment in 3Q25, with the principal on the Scilex investment now fully repaid.
RVPH: Brilaroxazine Poster Presentations
- Reviva is a research and development pharmaceutical company with two portfolio compounds targeting nine indications.
- The candidates address multiple related mental disorders, rare diseases & other categories of un met need.
- Reviva’s lead indication in schizophrenia with brilaroxazine completed its Phase III RECOVER trial & may pursue future studies.
Madrigal Pharma: Inside the MAESTRO-NASH Breakthrough- How Weight Loss Supercharges Antifibrotic Effects!
- Madrigal Pharmaceuticals, a company focused on the treatment of nonalcoholic steatohepatitis (NASH), shared significant progress during its third-quarter 2025 results.
- The primary highlight was the robust performance of its lead product Rezdiffra, which is garnering noteworthy sales traction.
- Rezdiffra has quickly climbed the ladder in the specialty pharmaceutical market with annualized revenues surpassing $1 billion, achieved in just six quarters post-launch.
CSPC Pharma (1093 HK): 9M25 Remain Subdued on Finished Drugs; Key Pivotal Data Read Outs Awaited
- CSPC Pharmaceutical Group (1093 HK) 9M25 revenue dropped 12% YoY as finished drugs witnessed decrease on VBP and NRDL inclusion. Bulk products and license fees compensated to an extent.
- Pressure on revenue will continue to be felt. Newly launched products, pipeline strength and out licensing opportunities would help ward off the effects of lower revenues from finished drugs.
- CSPC Pharmaceutical aims to expand into the high-end market to achieve competitive differentiation and thereby command higher prices. Pivotal data read outs awaited.
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