Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

OrbusNeich Medical Group Holdings / Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/orbusneich-medical-group-holdings-limited" target="_blank" data-smartkarma-citation="entities:34918:1" rel="noopener">OrbusNeich Medical Group (NEICHZ HK)</a> is among the top six players in PCI balloon markets in terms of sales volume in multiple countries including China, Japan, the U.S., and Europe.</li>
<li>OrbusNeich earns ~60% of revenue from Europe, Japan, and the U.S. The company’s high exposure to international markets safeguards it from the low prices commanded by China’s centralized procurement system.</li>
<li>With diversified product portfolio, robust inhouse production facilities, established global sales network, rich pipeline enabling continuous launching of new products, and growing market demand, OrbusNeich is well-positioned for strong growth.</li>
</ul>



OrbusNeich Medical Group (NEICHZ HK) is among the top six players in PCI balloon markets in terms of sales volume in multiple countries including China, Japan, the U.S., and Europe.
OrbusNeich earns ~60% of revenue from Europe, Japan, and the U.S. The company’s high exposure to international markets safeguards it from the low prices commanded by China’s centralized procurement system.
With diversified product portfolio, robust inhouse production facilities, established global sales network, rich pipeline enabling continuous launching of new products, and growing market demand, OrbusNeich is well-positioned for strong growth.


Pre-IPO OrbusNeich Medical Group: Large Global Exposure Protects from Negative Price Effect in China

Equity Bottom-Up

Shanghai Pharmaceuticals Holding / Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/shanghai-pharmaceuticals-holding" target="_blank" data-smartkarma-citation="entities:228:1" rel="noopener">Shanghai Pharmaceuticals Holding (2607 HK)</a> reported strong result for the first nine months of 2022, with revenue increasing 8.5% to RMB174.6B. Notably, total revenue growth accelerated to 13% in 3Q22.</li>
<li>With a leading market positioning and nation-wide distribution network, the company is well-positioned to benefit from the sector tailwinds. Easing of restrictions will provide a major impetus to the company.</li>
<li>The company has been improving its innovative drug pipeline. It has 42 innovative products in its pipeline, six of which are in pivotal studies.</li>
</ul>



Shanghai Pharmaceuticals Holding (2607 HK) reported strong result for the first nine months of 2022, with revenue increasing 8.5% to RMB174.6B. Notably, total revenue growth accelerated to 13% in 3Q22.
With a leading market positioning and nation-wide distribution network, the company is well-positioned to benefit from the sector tailwinds. Easing of restrictions will provide a major impetus to the company.
The company has been improving its innovative drug pipeline. It has 42 innovative products in its pipeline, six of which are in pivotal studies.


Shanghai Pharmaceuticals (2607 HK): Stable Core Business; New Drug Approvals to Accelerate Growth

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<a href="https://www.smartkarma.com/entities/shockwave-medical-inc" target="_blank" data-smartkarma-citation="entities:28730:1" rel="noopener">Shockwave Medical Inc (SWAV US)</a> reported strong 3Q22 result, with revenue growing 102% y/y to 131.3 million, beating consensus by $7.5 million. EPS stood at $0.92, beating consensus by 35%.</li>
<li>Revenue growth was driven by the launch of Shockwave C2, in the U.S. in February 2021, continued recovery from the pandemic impact, and increased adoption of Shockwave products.</li>
<li>Shockwave now expects 2022 revenue of $483–488 million, representing 104–106% y/y growth. This compares to previous revenue guidance of $465–475 million and current consensus of $478.9 million.</li>
</ul>



Shockwave Medical Inc (SWAV US) reported strong 3Q22 result, with revenue growing 102% y/y to 131.3 million, beating consensus by $7.5 million. EPS stood at $0.92, beating consensus by 35%.
Revenue growth was driven by the launch of Shockwave C2, in the U.S. in February 2021, continued recovery from the pandemic impact, and increased adoption of Shockwave products.
Shockwave now expects 2022 revenue of $483–488 million, representing 104–106% y/y growth. This compares to previous revenue guidance of $465–475 million and current consensus of $478.9 million.


Shockwave Medical Inc (SWAV US): Continued Triple-Digit Sales Growth in Q3; 2022 Guidance Raised

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.

<ul><li>The strength of Abbott's diversified business strategy and execution allowed it to deliver another solid quarter that greatly outperformed expectations despite the challenging environment.</li><li>Since the beginning of last year, EPD has seen double-digit organic sales growth, driven by a consistent cadence of new product releases and great commercial execution.</li><li>Additionally, during the quarter, they changed the leadership at their Sturgis location as well as in their previous organization.</li></ul>

The strength of Abbott's diversified business strategy and execution allowed it to deliver another solid quarter that greatly outperformed expectations despite the challenging environment.Since the beginning of last year, EPD has seen double-digit organic sales growth, driven by a consistent cadence of new product releases and great commercial execution.Additionally, during the quarter, they changed the leadership at their Sturgis location as well as in their previous organization.

Thematic (Sector/Industry)

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<li>Despite the macroeconomic headwinds, Q3 results from the large medtech companies showed some encouraging signs including healthy procedure volume growth depicting recovery in the medtech sector globally.</li>
<li>Amidst fear of recession, most of these companies reported healthy system placement and no order cancellation. Diabetes, with a large underpenetrated addressable population, remains one of the most resilient segments.</li>
<li>Financial performances of APAC medtech companies are expected to be driven by healthy global procedure volume growth and Fx, partially offset by macroeconomic headwinds including inflation and supply constraints.</li>
</ul>


Despite the macroeconomic headwinds, Q3 results from the large medtech companies showed some encouraging signs including healthy procedure volume growth depicting recovery in the medtech sector globally.
Amidst fear of recession, most of these companies reported healthy system placement and no order cancellation. Diabetes, with a large underpenetrated addressable population, remains one of the most resilient segments.
Financial performances of APAC medtech companies are expected to be driven by healthy global procedure volume growth and Fx, partially offset by macroeconomic headwinds including inflation and supply constraints.


Global Medtech Trends: Readouts from Early Birds of Q3 Earnings Season- Positives and Negatives

United States

Abbott Laboratories discovers, develops, manufactures, and sells a broad and diversified line of health care products and services. The Company's products include pharmaceuticals, nutritional, diagnostics, and vascular products. Abbott markets its products worldwide through affiliates and distributors.

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Abbott Laboratories (ABT US)

Pre-IPO OrbusNeich Medical Group: Large Global Exposure Protects from Negative Price Effect in China

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Tina Banerjee

Shanghai Pharmaceuticals (2607 HK): Stable Core Business; New Drug Approvals to Accelerate Growth

SPH reported accelerated double-digit revenue growth in Q3. Sector tailwinds, easing of COVID restrictions, and rich pipeline of innovative drugs...

Tina Banerjee

Shockwave Medical Inc (SWAV US): Continued Triple-Digit Sales Growth in Q3; 2022 Guidance Raised

Shockwave maintained its triple-digit revenue growth trajectory in Q3, driven by new launch and continued recovery from the COVID-19. The company...

Tina Banerjee

Abbott Laboratories: Major Drivers

The strength of Abbott's diversified business strategy and execution allowed it to deliver another solid quarter that greatly outperformed...

Baptista Research

Global Medtech Trends: Readouts from Early Birds of Q3 Earnings Season- Positives and Negatives

Q3 results of large U.S. medtech companies recorded procedure volume growth. However, macroeconomic headwinds are expected to prevail. Similar...

Tina Banerjee

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