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.

Equity Bottom-Up

Dentsply International / Equity Bottom-Up

DENTSPLY International Inc. manufactures and distributes dental supplies on a worldwide basis.  The Company's products include dental prosthetics, endodontic instruments, dental sealants, ultrasonic scalers, dental x-ray equipment, and intraoral cameras.  DENTSPLY also provides impression materials, orthodontic appliances, and dental operatory software systems, and other dental products.

<ul><li>DENTSPLY SIRONA's fourth-quarter and full-year 2024 earnings report reflects a mixed performance amid ongoing challenges and strategic repositioning.</li><li>On the positive side, the company experienced growth in several areas, including a 13% uplift in imaging and a 7% increase in Wellspect sales.</li><li>In Europe, DENTSPLY SIRONA achieved a 2% organic sales growth, supported by significant momentum in Germany and a 20% year-on-year growth in the SureSmile business.</li></ul>

DENTSPLY SIRONA's fourth-quarter and full-year 2024 earnings report reflects a mixed performance amid ongoing challenges and strategic repositioning.On the positive side, the company experienced growth in several areas, including a 13% uplift in imaging and a 7% increase in Wellspect sales.In Europe, DENTSPLY SIRONA achieved a 2% organic sales growth, supported by significant momentum in Germany and a 20% year-on-year growth in the SureSmile business.

Global Healthcare Analyst

Tina Banerjee

Innovent Biologics Inc / Equity Bottom-Up

Innovent Biologics, Inc. operates as a biopharmaceutical company. The Company develops, manufactures, and distributes monoclonal antibody drug candidates for the treatment of oncology, ophthalmology, autoimmune, cardiovascular, and other diseases. Innovent Biologics serves customers in China.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/innovent-biologics-inc" target="_blank" data-smartkarma-citation="entities:27452:1" rel="noopener">Innovent Biologics Inc (1801 HK)</a> has announced 2024 result, with total revenue increasing a whopping 52% YoY to RMB9,422M and net loss narrowing 91% YoY to RMB933M.</li>
<li>On adjusted basis, the company reported maiden net profit of RMB332M compared with loss of RMB515M in 2023. Innovent is expected to become profitable on reported basis this year.</li>
<li>Innovent aims to achieve RMB 20B product revenue in 2027, implying a CAGR of 34% and advance five pipeline assets to the global/multi-regional Phase 3 clinical trial stage by 2030. </li>
</ul>



Innovent Biologics Inc (1801 HK) has announced 2024 result, with total revenue increasing a whopping 52% YoY to RMB9,422M and net loss narrowing 91% YoY to RMB933M.
On adjusted basis, the company reported maiden net profit of RMB332M compared with loss of RMB515M in 2023. Innovent is expected to become profitable on reported basis this year.
Innovent aims to achieve RMB 20B product revenue in 2027, implying a CAGR of 34% and advance five pipeline assets to the global/multi-regional Phase 3 clinical trial stage by 2030. 


Innovent Biologics Inc (1801 HK): 2024 Product Sales Jump 44% and Loss Narrows; Momentum to Continue

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

PT Prodia Widyahusada provides health care testing services. The Company provides analytic and diagnostic services for the medical professionals. Prodia Widyahusada serves customers in Indonesia.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/prodia-widyahusada" target="_blank" data-smartkarma-citation="entities:23663:1" rel="noopener">Prodia (PRDA IJ)</a> FY2024 results reflect an impending recovery, with the company aggressively expanding its outlets by adding 73 over the year, and mostly lower cost points of collection. </li>
<li>The company continues to roll out new tests, with more emphasis on esoteric testing, but also looking at routine testing. It will continue opening new outlets in 2025. </li>
<li>
<a href="https://www.smartkarma.com/entities/prodia-widyahusada" target="_blank" data-smartkarma-citation="entities:23663:1" rel="noopener">Prodia</a> also continues to expand its digital capabilities through U by Prodia for patients and Prodia for Doctors, and Prodialink. Valuations look attractive with Prodia trading on a low-single-digit EV/EBITDA,</li>
</ul>



Prodia (PRDA IJ) FY2024 results reflect an impending recovery, with the company aggressively expanding its outlets by adding 73 over the year, and mostly lower cost points of collection. 
The company continues to roll out new tests, with more emphasis on esoteric testing, but also looking at routine testing. It will continue opening new outlets in 2025. 

Prodia also continues to expand its digital capabilities through U by Prodia for patients and Prodia for Doctors, and Prodialink. Valuations look attractive with Prodia trading on a low-single-digit EV/EBITDA,


Prodia (PRDA IJ) - Expanding and Digitally Remastered

External broker reports(aggregated public sources), Canaccord Genuity

Canaccord Genuity

External broker reports(aggregated public sources)

Canaccord Genuity Group Inc. is a leading independent investment bank with operations in North America, UK & Europe and Asia-Pacific. Canaccord Genuity Group Inc. is a leading independent, full-service financial services firm. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Opthea Limited is a biologics drug developer for ophthalmic diseases. The Company develops therapies for diabetic macular edema, corneal neovascularization and transplantation, and dry eye disease. Opthea serves patients and healthcare providers in Australia.

<div><div><div><div><ul><li>OPT released Phase III data from its COAST study in wet AMD, assessing OPT-302 in combination with Eylea (standard of care) vs Eylea monotherapy.</li><li>The study failed to meet its primary endpoint, with the treatment arm underperforming standard of care.</li><li>This was a catastrophic negative surprise to us - the Phase II data in a relatively large patient cohort was statistically significant and compelling from a clinical relevance perspective. </li></ul></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

OPT released Phase III data from its COAST study in wet AMD, assessing OPT-302 in combination with Eylea (standard of care) vs Eylea monotherapy.The study failed to meet its primary endpoint, with the treatment arm underperforming standard of care.This was a catastrophic negative surprise to us - the Phase II data in a relatively large patient cohort was statistically significant and compelling from a clinical relevance perspective. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Opthea Limited - Blindsided: COAST Phase III Flop

Japan Experts, Extraordinary Performance, Astris Advisory Japan

Astris Advisory Japan

Japan Experts, Extraordinary Performance

Our Corporate Advisory service is designed to give clients access to a wider range of investors. These include Japan specialists as well as global investors. The goal is to help achieve a fair equity valuation.

CYBERDYNE, INC. researches and develops medical equipment to improve physical  function of patients, support care workers and assist everyday life for disable dpeople.  The main product is cyborg-type robot, HAL (Hybrid Assistive Limb).  The Company also manufactures and sells the medical product as well as providin gservice for the related fields such as rental and trainings.

<ul><li>Cost-saving initiatives and divestment – Q1-3 FY3/25 results indicated continued traction for Treatment service in the Americas with 8.6% sales growth, but Product rental sales grew 0.6% YoY (-2.4% YoY under constant currency).</li><li>Operating losses are narrowing YoY, with the positive impact from cost reduction initiatives at Head Office costs as well as R&amp;D.</li><li>We view the announcement to divest the 63.6%-owned subsidiary LeyLine GmbH as a positive surprise, as this will assist in narrowing operating losses further YoY into FY3/26. </li></ul>

Cost-saving initiatives and divestment – Q1-3 FY3/25 results indicated continued traction for Treatment service in the Americas with 8.6% sales growth, but Product rental sales grew 0.6% YoY (-2.4% YoY under constant currency).Operating losses are narrowing YoY, with the positive impact from cost reduction initiatives at Head Office costs as well as R&amp;D.We view the announcement to divest the 63.6%-owned subsidiary LeyLine GmbH as a positive surprise, as this will assist in narrowing operating losses further YoY into FY3/26. 

Cyberdyne (7779 JP) - Renewed Efforts to Drive Profitability

Health Care
Several billion reasons

Dentsply Sirona’s Plan: Merging Tech

DENTSPLY SIRONA's fourth-quarter and full-year 2024 earnings report reflects a mixed performance amid ongoing challenges and strategic...

Baptista Research

Innovent Biologics Inc (1801 HK): 2024 Product Sales Jump 44% and Loss Narrows; Momentum to Continue

Innovent Biologics reports impressive 2024 results with revenue up 52% and net loss narrowing by 91%. The company has set an ambitious growth...

Tina Banerjee

Prodia (PRDA IJ) - Expanding and Digitally Remastered

Prodia (PRDA IJ) FY2024 results reflect an impending recovery, with the company aggressively expanding its outlets by adding 73 over the year, and...

Angus Mackintosh

Opthea Limited - Blindsided: COAST Phase III Flop

OPT released Phase III data from its COAST study in wet AMD, assessing OPT-302 in combination with Eylea (standard of care) vs Eylea monotherapy.

Canaccord Genuity

Cyberdyne (7779 JP) - Renewed Efforts to Drive Profitability

Q1-3 FY3/25 results indicated continued traction for Treatment service in the Americas with 8.6% sales growth, but Product rental sales grew 0.6%...

Astris Advisory Japan

Dentsply Sirona’s Plan: Merging Tech

DENTSPLY SIRONA's fourth-quarter and full-year 2024 earnings report reflects a mixed performance amid ongoing challenges and strategic...

Baptista Research

Innovent Biologics Inc (1801 HK): 2024 Product Sales Jump 44% and Loss Narrows; Momentum to Continue

​Innovent Biologics reports impressive 2024 results with revenue up 52% and net loss narrowing by 91%. The company has set an ambitious growth...

Tina Banerjee

Prodia (PRDA IJ) - Expanding and Digitally Remastered

Prodia (PRDA IJ) FY2024 results reflect an impending recovery, with the company aggressively expanding its outlets by adding 73 over the year, and...

Angus Mackintosh

Opthea Limited - Blindsided: COAST Phase III Flop

OPT released Phase III data from its COAST study in wet AMD, assessing OPT-302 in combination with Eylea (standard of care) vs Eylea monotherapy.

Canaccord Genuity

Cyberdyne (7779 JP) - Renewed Efforts to Drive Profitability

Q1-3 FY3/25 results indicated continued traction for Treatment service in the Americas with 8.6% sales growth, but Product rental sales grew 0.6%...

Astris Advisory Japan

Innovent Biologics reports impressive 2024 results with revenue up 52% and net loss narrowing by 91%. The company has set an ambitious growth...