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

<ul><li>Boston Scientific Corporation experienced an exceptional performance in 2023, delivering one of the strongest years in the company's history by surpassing set financial goals.</li><li>Throughout the year, total company operational sales grew by 15% and organic sales by 14%, exceeding the high-end guidance range of 8% to 10%.</li><li>Operational sales growth for the full year was registered at 13%, and organic sales grew by 12%.</li></ul>

Boston Scientific Corporation experienced an exceptional performance in 2023, delivering one of the strongest years in the company's history by surpassing set financial goals.Throughout the year, total company operational sales grew by 15% and organic sales by 14%, exceeding the high-end guidance range of 8% to 10%.Operational sales growth for the full year was registered at 13%, and organic sales grew by 12%.

Boston Scientific Corporation: Axonics & Other Acquisitions Are Potential Game Changers? - Major Drivers

Global Healthcare Analyst

Tina Banerjee

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<li>
<a href="https://www.smartkarma.com/entities/terumo-corp" target="_blank" data-smartkarma-citation="entities:6708:1" rel="noopener">Terumo Corp (4543 JP)</a> posted highest ever quarterly and YTD revenue and operating profit in Q3FY24. Double-digit growth in C&amp;V and TBCT businesses are the main revenue growth driver.</li>
<li>During 9MFY24, gross profit margin expanded 50bps YoY to 52%, while operating profit margin improved 40bps to 15.5%. Profitability improvement through price increases and cost reduction is on track.</li>
<li>Terumo has revised both FY24 revenue and profit upward to reflect continuing positive impacts from yen depreciation. The company is aiming for record high revenue and profit in FY24.</li>
</ul>



Terumo Corp (4543 JP) posted highest ever quarterly and YTD revenue and operating profit in Q3FY24. Double-digit growth in C&amp;V and TBCT businesses are the main revenue growth driver.
During 9MFY24, gross profit margin expanded 50bps YoY to 52%, while operating profit margin improved 40bps to 15.5%. Profitability improvement through price increases and cost reduction is on track.
Terumo has revised both FY24 revenue and profit upward to reflect continuing positive impacts from yen depreciation. The company is aiming for record high revenue and profit in FY24.


Terumo Corp (4543 JP): 3Q Result Beat Estimate; Currency Depreciation Led Full-Year Guidance Raise

<ul><li>Boston Scientific Corporation delivered an all-around beat in the previous quarter, demonstrating sustained momentum driven by new product innovations, clinical evidence, and the dedication of global teams.</li><li>In Q3, the company achieved remarkable operational and organic growth, with total sales increasing by 11% operationally and 10% organically compared to Q3 '22.</li><li>The adjusted EPS for Q3 reached $0.50, a 15% increase over Q3 '22, exceeding the guidance range of $0.46 to $0.48.</li></ul>

Boston Scientific Corporation delivered an all-around beat in the previous quarter, demonstrating sustained momentum driven by new product innovations, clinical evidence, and the dedication of global teams.In Q3, the company achieved remarkable operational and organic growth, with total sales increasing by 11% operationally and 10% organically compared to Q3 '22.The adjusted EPS for Q3 reached $0.50, a 15% increase over Q3 '22, exceeding the guidance range of $0.46 to $0.48.

Boston Scientific Corporation: Soaring High With New Products & The Acquisition Of Axonics! - Major Drivers

<ul><li>Boston Scientific Corporation delivered a solid result and managed an all-around beat last quarter.</li><li>In the second quarter, Boston Scientific witnessed a 12% growth in total company sales.</li><li>In the peripheral intervention segment, sales surged by 13% organically, while cardiology delivered impressive organic sales growth of 13%.</li></ul>

Boston Scientific Corporation delivered a solid result and managed an all-around beat last quarter.In the second quarter, Boston Scientific witnessed a 12% growth in total company sales.In the peripheral intervention segment, sales surged by 13% organically, while cardiology delivered impressive organic sales growth of 13%.

Boston Scientific Corporation: Delving Into Double-Digit Growth - Must-Know Info for Every Investor! - Major Drivers

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<a href="https://www.smartkarma.com/entities/medtronic-plc" target="_blank" data-smartkarma-citation="entities:14982:1" rel="noopener">Medtronic Plc (MDT US)</a> announced better-than-expected Q1FY24 result. Revenue of $7.7B increased 6% on organic basis, ahead of guidance of 4.5%. Each of four segments delivered 6% organic revenue growth.</li>
<li>Adjusted EPS increased 6% YoY to $1.20, ahead of guidance of $1.10–1.12. Outperformance was driven by better-than-expected operational performance and lesser-than-expected unfavorable impact from foreign currency translation.</li>
<li>The company increased FY24 organic revenue growth guidance to 4.5% versus the prior range of 4.0% to 4.5% and adjusted EPS guidance to $5.08–5.16, 7 cent increase at midpoint.</li>
</ul>



Medtronic Plc (MDT US) announced better-than-expected Q1FY24 result. Revenue of $7.7B increased 6% on organic basis, ahead of guidance of 4.5%. Each of four segments delivered 6% organic revenue growth.
Adjusted EPS increased 6% YoY to $1.20, ahead of guidance of $1.10–1.12. Outperformance was driven by better-than-expected operational performance and lesser-than-expected unfavorable impact from foreign currency translation.
The company increased FY24 organic revenue growth guidance to 4.5% versus the prior range of 4.0% to 4.5% and adjusted EPS guidance to $5.08–5.16, 7 cent increase at midpoint.


Medtronic (MDT US): Q1 Result Exceeds Forecast; FY24 Guidance Raised on Higher Surgery Volumes

United States

Boston Scientific Corporation develops, manufactures, and markets minimally invasive medical devices. The Company's products are used in interventional cardiology, cardiac rhythm management, peripheral interventions, electrophysiology, neurovascular intervention, endoscopy, urology, gynecology and neuromodulation.

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Boston Scientific (BSX US)

Boston Scientific Corporation: Axonics & Other Acquisitions Are Potential Game Changers? - Major Drivers

Boston Scientific Corporation experienced an exceptional performance in 2023, delivering one of the strongest years in the company's history by...

Baptista Research

Terumo Corp (4543 JP): 3Q Result Beat Estimate; Currency Depreciation Led Full-Year Guidance Raise

Terumo reports record high quarterly revenue and operating profit in Q3FY24. Double-digit growth in C&V and blood center business and continued...

Tina Banerjee

Boston Scientific Corporation: Soaring High With New Products & The Acquisition Of Axonics! - Major Drivers

Boston Scientific Corporation delivered an all-around beat in the previous quarter, demonstrating sustained momentum driven by new product...

Baptista Research

Boston Scientific Corporation: Delving Into Double-Digit Growth - Must-Know Info for Every Investor! - Major Drivers

Boston Scientific Corporation delivered a solid result and managed an all-around beat last quarter. In the second quarter, Boston Scientific...

Baptista Research

Medtronic (MDT US): Q1 Result Exceeds Forecast; FY24 Guidance Raised on Higher Surgery Volumes

Medtronic announced better-than-expected Q1FY24 results with 6% organic revenue and EPS growth. The company has increased guidance for organic...

Tina Banerjee

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Market Cap (USDm)

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Boston Scientific Corporation: Axonics & Other Acquisitions Are Potential Game Changers? - Major Drivers

Boston Scientific Corporation experienced an exceptional performance in 2023, delivering one of the strongest years in the company's history by...

Baptista Research

Terumo Corp (4543 JP): 3Q Result Beat Estimate; Currency Depreciation Led Full-Year Guidance Raise

Terumo reports record high quarterly revenue and operating profit in Q3FY24. Double-digit growth in C&V and blood center business and continued...

Tina Banerjee

Boston Scientific Corporation: Soaring High With New Products & The Acquisition Of Axonics! - Major Drivers

Boston Scientific Corporation delivered an all-around beat in the previous quarter, demonstrating sustained momentum driven by new product...

Baptista Research

Boston Scientific Corporation: Delving Into Double-Digit Growth - Must-Know Info for Every Investor! - Major Drivers

Boston Scientific Corporation delivered a solid result and managed an all-around beat last quarter. In the second quarter, Boston Scientific...

Baptista Research

Medtronic (MDT US): Q1 Result Exceeds Forecast; FY24 Guidance Raised on Higher Surgery Volumes

​Medtronic announced better-than-expected Q1FY24 results with 6% organic revenue and EPS growth. The company has increased guidance for organic...

Tina Banerjee

Medtronic announced better-than-expected Q1FY24 results with 6% organic revenue and EPS growth. The company has increased guidance for organic...