Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/takara-bio-inc" target="_blank" data-smartkarma-citation="entities:10766:1" rel="noopener">Takara Bio Inc (4974 JP)</a> is anticipating 32% YoY decline in revenue to ¥53B in FY24. Both operating and net profits are expected to decline more than 60% YoY in FY24.</li>
<li>The company has formulated the medium-term management plan 2026 for the three-year period ending in FY26, with the final-year quantitative targets being operating profit of ¥15 billion and ROE 8%.</li>
<li>Considering Takara Bio’s FY24 operating profit guidance of ¥8B, FY26 target seems to be aggressive and difficult to achieve.</li>
</ul>



Takara Bio Inc (4974 JP) is anticipating 32% YoY decline in revenue to ¥53B in FY24. Both operating and net profits are expected to decline more than 60% YoY in FY24.
The company has formulated the medium-term management plan 2026 for the three-year period ending in FY26, with the final-year quantitative targets being operating profit of ¥15 billion and ROE 8%.
Considering Takara Bio’s FY24 operating profit guidance of ¥8B, FY26 target seems to be aggressive and difficult to achieve.


Takara Bio (4974 JP): Corona Cliff Set to Jeopardize FY24 Financial; Formulated FY26 Management Plan

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>Danaher successfully navigated a dynamic operating environment in this quarter to deliver an all-around beat.</li><li>The strength of its customer base business grew by 6% in this quarter.</li><li>For the quarter, the gross profit margin was 61% and the operating margin was down due to lower COVID volume in its diagnostics and biotechnology businesses.</li></ul>

Danaher successfully navigated a dynamic operating environment in this quarter to deliver an all-around beat.The strength of its customer base business grew by 6% in this quarter.For the quarter, the gross profit margin was 61% and the operating margin was down due to lower COVID volume in its diagnostics and biotechnology businesses.

Danaher Corporation: This Diagnostics Innovator Continues To Go Strong – Key Drivers

Equity Capital Markets

Esco Lifesciences Group / Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/esco-lifesciences-group" target="_blank" data-smartkarma-citation="entities:36570:1" rel="noopener">Esco Lifesciences Group (1891571D SP)</a>, a profitable lifesciences tool provider with a global presence, is looking to raise $300M in its upcoming HK IPO.  </li>
<li>The company clocked revenue of S$117M in 2019, which steadily rose to S$155M in 2020 and S$172M in 2021, representing CAGR of 21%, outpacing lifesciences equipment market growth of 10%.</li>
<li>In May 2021, Esco raised $200M through series-A fund raising with investors holding nearly 24% of the shares. This puts its valuation at around $840M.</li>
</ul>



Esco Lifesciences Group (1891571D SP), a profitable lifesciences tool provider with a global presence, is looking to raise $300M in its upcoming HK IPO.  
The company clocked revenue of S$117M in 2019, which steadily rose to S$155M in 2020 and S$172M in 2021, representing CAGR of 21%, outpacing lifesciences equipment market growth of 10%.
In May 2021, Esco raised $200M through series-A fund raising with investors holding nearly 24% of the shares. This puts its valuation at around $840M.


Esco Lifesciences (1891571D SP) Pre-IPO: A Profitable Revenue Growth Saga

Equity Long-Short Analyst

Pyari Menon

<ul>
<li>Economic slowdown, China lockdown and more competition has hit <a href="https://www.smartkarma.com/entities/align-technology-inc" target="_blank" data-smartkarma-citation="entities:2817:1" rel="noopener">Align Technology (ALGN US)</a> share performance. Quantity and quality of innovations suggests a solid moat that should help a comeback.</li>
<li>ALGN has dominant leadership in digital design and mass custom manufacture of clear aligner orthodontics. A return of demand should lead to strong upside. </li>
<li>Dentistry has seen significant new technologies we list the top fifteen innovators in the sector. Align is primarily in the narrow business of straightening teeth, but dominates the space.</li>
</ul>


Economic slowdown, China lockdown and more competition has hit Align Technology (ALGN US) share performance. Quantity and quality of innovations suggests a solid moat that should help a comeback.
ALGN has dominant leadership in digital design and mass custom manufacture of clear aligner orthodontics. A return of demand should lead to strong upside. 
Dentistry has seen significant new technologies we list the top fifteen innovators in the sector. Align is primarily in the narrow business of straightening teeth, but dominates the space.


Align Technology - Very Well Positioned when Demand Returns

Credit

<ul><li>Danaher Corporation is a renowned manufacturer and provider of instruments and various other offerings to the medical, diagnostics, and environmental sectors.</li><li>The company has had a decent financial performance off-late and has been consistently delivering market share gains and strong price execution amid strong foreign exchange headwinds and an inflationary environment.</li><li>Its acquisition-led growth strategy implies that it will be in regular need for debt in order to fund acquisitions.</li></ul>

Danaher Corporation is a renowned manufacturer and provider of instruments and various other offerings to the medical, diagnostics, and environmental sectors.The company has had a decent financial performance off-late and has been consistently delivering market share gains and strong price execution amid strong foreign exchange headwinds and an inflationary environment.Its acquisition-led growth strategy implies that it will be in regular need for debt in order to fund acquisitions.

Danaher Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report

United States

Danaher Corporation designs, manufactures, and markets professional, medical, industrial and commercial products, and services in the sectors of test and measurement, environmental, life sciences, dental, and industrial technologies.

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Danaher (DHR UN)

Takara Bio (4974 JP): Corona Cliff Set to Jeopardize FY24 Financial; Formulated FY26 Management Plan

Takara Bio is anticipating 32% decline in revenue in FY24. Both operating and net profits are expected to decline 60%+ in FY24. The company aims to...

Tina Banerjee

Danaher Corporation: This Diagnostics Innovator Continues To Go Strong – Key Drivers

Danaher successfully navigated a dynamic operating environment in this quarter to deliver an all-around beat. The strength of its customer base...

Baptista Research

Esco Lifesciences (1891571D SP) Pre-IPO: A Profitable Revenue Growth Saga

Esco Lifesciences is looking to raise $300M through HK IPO. During 2019–2021, by leveraging on demand for its products, the company recorded...

Tina Banerjee

Align Technology - Very Well Positioned when Demand Returns

Decline in earnings has driven the sell-off, but with patience and tolerance for volatility ALGN's innovation dominance should lead to good long...

Pyari Menon

Danaher Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report

Danaher Corporation is a renowned manufacturer and provider of instruments and various other offerings to the medical, diagnostics, and...

Baptista Research

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