Independent research on the U.S. markets, Baptista Research

Baptista Research

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.

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

<ul><li>HCA Healthcare’s financial results for the second quarter of 2026 demonstrate a 11% growth in diluted earnings per share both quarterly and year-to-date, despite notable headwinds primarily stemming from unfavorable shifts in payer mix.</li><li>The expiration of enhanced premium tax credits led to a significant decline—approximately 15%—in admissions covered through health insurance exchanges, with a majority of those patients becoming uninsured rather than transitioning to alternative coverage.</li><li>This shift created an estimated $400 million adverse impact on adjusted EBITDA in the quarter, with certain divisions disproportionately affected.</li></ul>

HCA Healthcare’s financial results for the second quarter of 2026 demonstrate a 11% growth in diluted earnings per share both quarterly and year-to-date, despite notable headwinds primarily stemming from unfavorable shifts in payer mix.The expiration of enhanced premium tax credits led to a significant decline—approximately 15%—in admissions covered through health insurance exchanges, with a majority of those patients becoming uninsured rather than transitioning to alternative coverage.This shift created an estimated $400 million adverse impact on adjusted EBITDA in the quarter, with certain divisions disproportionately affected.

HCA Healthcare’s $400 Million Payer-Mix Hit Meets A $400 Million Medicaid Offset!

HCA Healthcare, Inc.

HCA Healthcare’s $400 Million Payer-Mix Hit Meets A $400 Million Medicaid Offset!