Global Healthcare Analyst

Tina Banerjee

Event-Driven

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<li>
<a href="https://www.smartkarma.com/entities/johnson-johnson" target="_blank" data-smartkarma-citation="entities:1132:1" rel="noopener">Johnson &amp; Johnson (JNJ US)</a> entered into a definitive agreement to acquire <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> for $335/share in cash or an enterprise value of $13.1B.</li>
<li>Offer price represents 4.7% premium over yesterday’s closing price or around 19% premium over the undisturbed price. The deal is expected to close by mid-2024.</li>
<li>With no product overlap and competition concern, the deal is expected to get regulatory approval. With reasonable deal valuation, shareholders approval is also expected.</li>
</ul>



Johnson &amp; Johnson (JNJ US) entered into a definitive agreement to acquire Shockwave Medical Inc (SWAV US) for $335/share in cash or an enterprise value of $13.1B.
Offer price represents 4.7% premium over yesterday’s closing price or around 19% premium over the undisturbed price. The deal is expected to close by mid-2024.
With no product overlap and competition concern, the deal is expected to get regulatory approval. With reasonable deal valuation, shareholders approval is also expected.


Shockwave Medical Inc (SWAV US): Johnson & Johnson (JNJ US)’s Acquisition Offer

Equity Bottom-Up

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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

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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

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>Edwards Lifesciences Corporation managed to exceed analyst expectations in terms of revenue as well as earnings.</li><li>It achieved double-digit sales growth in the quarter driven by increased adoption of its innovative therapies.</li><li>The second quarter TAVR sales were helped by improved hospital staffing levels as well as the continued successful launch of the SAPIEN 3 Ultra RESILIA.</li></ul>

Edwards Lifesciences Corporation managed to exceed analyst expectations in terms of revenue as well as earnings.It achieved double-digit sales growth in the quarter driven by increased adoption of its innovative therapies.The second quarter TAVR sales were helped by improved hospital staffing levels as well as the continued successful launch of the SAPIEN 3 Ultra RESILIA.

Edwards Lifesciences Corporation: The PASCAL Precision platform & 3 Other Factors Driving Growth! - Financial Forecasts

<ul><li>The last quarter proved to be a strong one for Edwards Lifesciences and its results exceeded market expectations in terms of revenues as well as earnings.</li><li>While Japan faced lingering COVID impacts, strong growth was observed in the U.S., Europe, and the rest of the world.</li><li>With a positive outlook, a strong pipeline, a raised sales expectation for the full year, and a commitment to innovation and clinical outcomes, the Edwards Lifesciences management intends to capitalize on the opportunities in the cardiovascular healthcare market.</li></ul>

The last quarter proved to be a strong one for Edwards Lifesciences and its results exceeded market expectations in terms of revenues as well as earnings.While Japan faced lingering COVID impacts, strong growth was observed in the U.S., Europe, and the rest of the world.With a positive outlook, a strong pipeline, a raised sales expectation for the full year, and a commitment to innovation and clinical outcomes, the Edwards Lifesciences management intends to capitalize on the opportunities in the cardiovascular healthcare market.

Edwards Lifesciences Corporation: TAVR Therapy & Strong Investments For The Future – Key Drivers

United States

Edwards Lifesciences Corporation designs, develops, manufactures, and markets products and services to treat late-stage cardiovascular disease. The Company offers products such as tissue replacement heart valves, heart valve repair, hemodynamic monitoring devices, angioscopy equipment, oxygenators, and pharmaceuticals. Edwards Lifesciences supplies its products worldwide.

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Edwards Lifesciences (EW UN)

Shockwave Medical Inc (SWAV US): Johnson & Johnson (JNJ US)’s Acquisition Offer

J&J to acquire Shockwave Medical for $335 per share. With no product overlap, the deal is expected to receive regulatory and shareholder...

Tina Banerjee

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

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

Edwards Lifesciences Corporation: The PASCAL Precision platform & 3 Other Factors Driving Growth! - Financial Forecasts

Edwards Lifesciences Corporation managed to exceed analyst expectations in terms of revenue as well as earnings. It achieved double-digit sales...

Baptista Research

Edwards Lifesciences Corporation: TAVR Therapy & Strong Investments For The Future – Key Drivers

The last quarter proved to be a strong one for Edwards Lifesciences and its results exceeded market expectations in terms of revenues as well as...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Shockwave Medical Inc (SWAV US): Johnson & Johnson (JNJ US)’s Acquisition Offer

​J&J to acquire Shockwave Medical for $335 per share. With no product overlap, the deal is expected to receive regulatory and shareholder...

Tina Banerjee

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

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

Edwards Lifesciences Corporation: The PASCAL Precision platform & 3 Other Factors Driving Growth! - Financial Forecasts

Edwards Lifesciences Corporation managed to exceed analyst expectations in terms of revenue as well as earnings. It achieved double-digit sales...

Baptista Research

Edwards Lifesciences Corporation: TAVR Therapy & Strong Investments For The Future – Key Drivers

The last quarter proved to be a strong one for Edwards Lifesciences and its results exceeded market expectations in terms of revenues as well as...

Baptista Research

J&J to acquire Shockwave Medical for $335 per share. With no product overlap, the deal is expected to receive regulatory and shareholder...

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