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 Capital Markets

Baxter International / Equity Capital Markets

<ul><li>Baxter International's fourth quarter performance fell short of the expectations of its management as well as Wall Street.</li><li>Foreign exchange losses and the product mix throughout the quarter were the primary reasons for a rather disappointing result.</li><li>Sales during the fourth quarter were $3.9 billion, increasing 2% operationally, 17% at constant currency, and 11% reported-on-basis.</li></ul>

Baxter International's fourth quarter performance fell short of the expectations of its management as well as Wall Street.Foreign exchange losses and the product mix throughout the quarter were the primary reasons for a rather disappointing result.Sales during the fourth quarter were $3.9 billion, increasing 2% operationally, 17% at constant currency, and 11% reported-on-basis.

Baxter International Inc.: Surviving A Supply Chain Nightmare – Key Drivers

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Syngene International Ltd / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/syngene-international-ltd" target="_blank" data-smartkarma-citation="entities:26923:1" rel="noopener">Syngene International Ltd (SYNG IN)</a> provides integrated services from early discovery to commercial supply across all major therapeutic areas and modalities. The company has 400+ active clients.</li>
<li>To capitalize on the secular industry tailwind, the company has been investing to enhance capacity and capability, which has led to extension of existing client relations and engaging new clients.</li>
<li>For FY23, the company expects high-teens revenue growth and EBITDA margin of ~30%. Operating leverage is expected to improve from next year onwards, and that should improve the overall profitability.</li>
</ul>



Syngene International Ltd (SYNG IN) provides integrated services from early discovery to commercial supply across all major therapeutic areas and modalities. The company has 400+ active clients.
To capitalize on the secular industry tailwind, the company has been investing to enhance capacity and capability, which has led to extension of existing client relations and engaging new clients.
For FY23, the company expects high-teens revenue growth and EBITDA margin of ~30%. Operating leverage is expected to improve from next year onwards, and that should improve the overall profitability.


Syngene International Ltd (SYNG IN): Well-Positioned to Capitalize On Strong Industry Tailwind

Credit

<ul><li>Baxter International is a giant within the space of dialysis therapies and other healthcare products.</li><li>The company's recent financial results have been decent despite the fact that sales were impacted by specific supply chain-related issues.</li><li>The overall demand for products across the Baxter and traditional Hillrom portfolios continues to be strong.</li></ul>

Baxter International is a giant within the space of dialysis therapies and other healthcare products.The company's recent financial results have been decent despite the fact that sales were impacted by specific supply chain-related issues.The overall demand for products across the Baxter and traditional Hillrom portfolios continues to be strong.

Baxter International Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

<ul><li>This is our first report on Baxter International, one of the largest players in the domain of dialysis therapies and other healthcare products.</li><li>The overall demand for products across the Baxter and traditional Hillrom portfolios continues to be strong.</li><li>We initiate coverage on the stock of Baxter International with a ‘Buy’ rating.</li></ul>

This is our first report on Baxter International, one of the largest players in the domain of dialysis therapies and other healthcare products.The overall demand for products across the Baxter and traditional Hillrom portfolios continues to be strong.We initiate coverage on the stock of Baxter International with a ‘Buy’ rating.

Baxter International Inc.: Initiation of Coverage – Recent FDA Approvals & Other Drivers

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

Miromatrix Medical / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/miromatrix-medical-inc" target="_blank" data-smartkarma-citation="entities:33530:1" rel="noopener">Miromatrix Medical (MIRO US)</a> , a biotechnology and life sciences company pioneering a novel technology for bioengineering human organs, closed initial public offering of ~5.52 million shares of common stock in June. Sole managing underwriter Craig-Hallum Capital Group exercised its option to purchase 720,000 shares at IPO price of $9.00 per share.  </p><p><a href="https://www.smartkarma.com/entities/miromatrix-medical-inc" target="_blank" data-smartkarma-citation="entities:33530:1" rel="noopener">Miromatrix Medical (MIRO US)</a>  was backed by strategic investors such as <a href="https://www.smartkarma.com/entities/baxter-international-inc" target="_blank" data-smartkarma-citation="entities:19975:1" rel="noopener">Baxter International (BAX US)</a> , <a href="https://www.smartkarma.com/entities/davita-inc-9c208e1e-deb0-4599-9f0b-eaae415f5531" target="_blank" data-smartkarma-citation="entities:14938:1" rel="noopener">Davita Healthcare Partners (DVA US)</a> and CareDx. Biotech startup has raised $20 million from Series C private round and ~$45 million of net proceeds from an IPO to start human clinical studies.  First of all, Miromatrix Medical plans to demonstrate bioengineered human organs outside of the patient’s body and during the next stage shift focus to full organ transplantation.</p>

Miromatrix Medical (MIRO US) , a biotechnology and life sciences company pioneering a novel technology for bioengineering human organs, closed initial public offering of ~5.52 million shares of common stock in June. Sole managing underwriter Craig-Hallum Capital Group exercised its option to purchase 720,000 shares at IPO price of $9.00 per share.  Miromatrix Medical (MIRO US)  was backed by strategic investors such as Baxter International (BAX US) , Davita Healthcare Partners (DVA US) and CareDx. Biotech startup has raised $20 million from Series C private round and ~$45 million of net proceeds from an IPO to start human clinical studies.  First of all, Miromatrix Medical plans to demonstrate bioengineered human organs outside of the patient’s body and during the next stage shift focus to full organ transplantation.

Miromatrix Medical: Bioengineering Human Organs. Next Big Medical Breakthrough?

United States

Baxter International Inc. develops, manufactures, and markets products and technologies related to hemophilia, immune disorders, infectious diseases, kidney disease, trauma and other chronic and acute medical conditions. The Company's products are used by hospitals, kidney dialysis centers, nursing homes, rehabilitation centers, doctors' offices, and research laboratories.

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Baxter International (BAX US)

Baxter International Inc.: Surviving A Supply Chain Nightmare – Key Drivers

Baxter International's fourth quarter performance fell short of the expectations of its management as well as Wall Street. Foreign exchange losses...

Baptista Research

Syngene International Ltd (SYNG IN): Well-Positioned to Capitalize On Strong Industry Tailwind

Through capacity and capability addition in biologics manufacturing and expansion of commercial API manufacturing, Syngene has expanded...

Tina Banerjee

Baxter International Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

Baxter International is a giant within the space of dialysis therapies and other healthcare products. The company's recent financial results have...

Baptista Research

Baxter International Inc.: Initiation of Coverage – Recent FDA Approvals & Other Drivers

This is our first report on Baxter International, one of the largest players in the domain of dialysis therapies and other healthcare...

Baptista Research

Miromatrix Medical: Bioengineering Human Organs. Next Big Medical Breakthrough?

We believe that perfusion technology from Miromatrix differentiates from 3D bioprinting and genetically modified xenografts and has more advantages...

Andrei Zakharov

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