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>Glaukom Corporation has reported a promising start to Q1 2024, underscoring strong sales and a forward-looking strategy driven by innovations in glaucoma and corneal health technologies.</li><li>In the first quarter, Glaukom posted record net sales of $85.6 million, marking a 16% rise compared to the previous year.</li><li>U.S. and international glaucoma franchises each saw a year-over-year growth of 20%, showcasing robust market engagements driven mainly by the iStent products and the promising launch of iDose TR, a novel microinvasive injectable therapy.</li></ul>

Glaukom Corporation has reported a promising start to Q1 2024, underscoring strong sales and a forward-looking strategy driven by innovations in glaucoma and corneal health technologies.In the first quarter, Glaukom posted record net sales of $85.6 million, marking a 16% rise compared to the previous year.U.S. and international glaucoma franchises each saw a year-over-year growth of 20%, showcasing robust market engagements driven mainly by the iStent products and the promising launch of iDose TR, a novel microinvasive injectable therapy.

Glaukos Corporation: Is The Enhanced Training & Scaling of Surgeon Adoption Enough To Warrant A Bullish Rating? - Major Drivers

<ul><li>Glaukos Corporation reported record fourth quarter consolidated net sales of $82.4 million, representing a 16% increase on a reported basis and 15% on a constant currency basis from the previous year.</li><li>For the full year of 2023, the consolidated net sales of approximately $315 million showed an increase of 11% on a reported basis and 12% on a constant currency basis compared to 2022.</li><li>The company also reaffirmed its full year 2024 net sales guidance range of $350 million to $360 million.</li></ul>

Glaukos Corporation reported record fourth quarter consolidated net sales of $82.4 million, representing a 16% increase on a reported basis and 15% on a constant currency basis from the previous year.For the full year of 2023, the consolidated net sales of approximately $315 million showed an increase of 11% on a reported basis and 12% on a constant currency basis compared to 2022.The company also reaffirmed its full year 2024 net sales guidance range of $350 million to $360 million.

Glaukos Corporation: Initiation Of Coverage - Strong Market Dynamics & A Robust Business Strategy! - Major Drivers

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/axonics-inc" target="_blank" data-smartkarma-citation="entities:36996:1" rel="noopener">Axonics (AXNX US)</a> believes that the U.S. sacral neuromodulation market is now worth of ~$800M, which is poised to double over the next five years to $1.6B.</li>
<li>The company has been reporting superior revenue growth since 2020. Axonics raised 2023 revenue guidance to $358M, up 32% YoY. The company has become adjusted EBITDA positive in 2022.</li>
<li>With superior product portfolio in terms of patient satisfaction, longer product life, and smaller size, Axonics is the stronger player in the U.S. duopoly sacral neuromodulation market.</li>
</ul>



Axonics (AXNX US) believes that the U.S. sacral neuromodulation market is now worth of ~$800M, which is poised to double over the next five years to $1.6B.
The company has been reporting superior revenue growth since 2020. Axonics raised 2023 revenue guidance to $358M, up 32% YoY. The company has become adjusted EBITDA positive in 2022.
With superior product portfolio in terms of patient satisfaction, longer product life, and smaller size, Axonics is the stronger player in the U.S. duopoly sacral neuromodulation market.


Axonics (AXNX US): Large Underserved Market And Superior Portfolio Ensure Multi-Year Growth

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

The S&amp;P 500’s 5-month uptrend remains intact, and as long as it continues we remain bullish. With that said, we are near the top end of the uptrend channel and could fall 2.75%-3.25% before we get to uptrend support. Overall we believe the positives outweigh the concerns as highlighted in this week's report.  Also highlighted are actionable names in Retailing, Health Care, and small-cap Aero Defense.

The S&amp;P 500’s 5-month uptrend remains intact, and as long as it continues we remain bullish. With that said, we are near the top end of the uptrend channel and could fall 2.75%-3.25% before we get to uptrend support. Overall we believe the positives outweigh the concerns as highlighted in this week's report.  Also highlighted are actionable names in Retailing, Health Care, and small-cap Aero Defense.

S&P 500 Bullish but Extended; Downgrading Financials

United States

Merit Medical Systems, Inc. manufactures and markets products used in diagnostic and interventional cardiology and radiology procedures.  The Company's primary products include inflation devices, guide wires, thrombolytic catheters and fluid dispensing systems, and angiography accessories, among others.  Merit's products are sold worldwide.

Haemonetics Corporation designs, manufactures, and markets automated blood processing systems.  The Company's products are for use in surgical blood salvage, blood component collections, and plasma collections.  Haemonetics markets its products worldwide, primarily outside the United States.

Masimo Corporation designs, develops and licenses medical signal processing and sensor technology for the noninvasive monitoring of physiological parameters. The Company's first products are designed to improve the effectiveness of pulse oximetry by overcoming the inability of current monitors to precisely measure the levels of arterial blood oxygen saturation and low arterial blood flow.

Penumbra, Inc. designs, develops, manufactures, and markets medical devices. The Company offers peripheral vascular and neurovascular devices that help patients suffering from stroke and other neurovascular diseases. Penumbra operates in the United States.

LivaNova PLC operates as a medical technology company. The Company focuses on neuromodulation, as well as cardiac surgery and rhythm management. LivaNova develops medical solutions for the treatment of cardiovascular diseases.

ICU Medical, Inc. develops, manufactures, and sells disposable medical connection systems for use in intravenous (IV) therapy applications.  The Company's products are designed to prevent accidental disconnection of IV lines and to protect healthcare workers and their patients from the spread of infectious disease such as Hepatitis B and Human Immunodeficiency Virus (HIV).

Neogen Corporation develops and markets products and services dedicated to food and animal safety.  The Company's diagnostic products are used by food and animal producers to test for foodborne bacteria, food allergen, natural toxins, drug and chemical residues, plant diseases, and quality assurance.

Integer Holdings Corporation operates as a medical device manufacturing company. The Company designs and develops medical devices and power solutions for the medical and non-medical markets. Integer Holdings serves patients worldwide.

Tandem Diabetes Care, Inc. produces medical devices. The Company designs, develops, and commercializes products for people with insulin-dependent diabetes. Tandem Diabetes Care offers its products to the medical industries in the United States.

Lantheus Holdings, Inc. develops, manufactures, sells, and distributes diagnostic medical imaging agents and products. The Company offers imaging agents and products that assist clinicians in the diagnosis of cardiovascular and other diseases. Lantheus Holdings serves customers worldwide.

Jiangsu Yuyue Medical Equipment & Supply Co Ltd develops, manufactures and distributes  medical equipments.

Jiangsu Yuyue Medical Equipment & Supply A (002223 CH)

Jiangsu Yuyue Medical Equipment & Supply A

DiaSorin S.p.A. manufactures reagents for in vitro diagnostics.

Carl Zeiss Meditec AG provides complete system solutions in the field of medical technology for ophthalmology.  The Company's products include screening, diagnostic, and therapeutic systems for the treatment of vision defects, cataracts, glaucoma, and retinal disorders.  Carl Zeiss Meditec operates worldwide with subsidiaries in the USA and Japan.

Getinge AB develops, manufactures, and sells equipment and systems for sterilization and disinfection.  The Company markets to the pharmaceutical industry, hospitals, dental clinics, and laboratories.  Getinge produces in the United Kingdom, France, the United States, and Australia.  The products are sold by subsidiaries, sales offices, and distributors worldwide.

Ypsomed Holding AG is the holding company for Ypsomed Selfcare solutions, which develops and manufactures custom-made injection systems for pharmaceutical and  bio-technology companies. The systems are used by patients for the self administration of drugs. Ypsomed's products include injection pens, pen needles and motor-powered injectors.

ConvaTec Group PLC manufactures medical and surgical equipment. The Company offers urine meters, dressings, negative pressure wound systems, adhesive removers, and infusion devices. ConvaTec Group markets its products worldwide.

ASAHI INTECC CO., LTD. manufactures medical tools as well as both medical and industrial-use stainless wire rope.  The Company's main products include catheters, guidewires, and miniature coils for endoscopic devices.

Lepu Medical Technology (Beijing) Co., Ltd. develops, produces and sells medical devices and parts.  The Company also offers medical devices consulting services.  The company's products include stent system and blockage system.

GN Store Nord A/S (GN Great Nordic) is the parent company to an international group of companies that manufactures and markets communication solutions.  The Company develops wireless technology and provides hand-free solutions, and products for the hearing impaired.  The Company also works with cable systems.

Glaukos Corporation operates as an ophthalmic medical technology company. The Company develops, manufactures, and markets medical devices for the treatment of glaucoma. Glaukos offers micro-scale injectable therapies designed to address the complete range of glaucoma disease states and progression.

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Glaukos Corp (GKOS US)

Glaukos Corporation: Is The Enhanced Training & Scaling of Surgeon Adoption Enough To Warrant A Bullish Rating? - Major Drivers

Glaukom Corporation has reported a promising start to Q1 2024, underscoring strong sales and a forward-looking strategy driven by innovations in...

Baptista Research

Glaukos Corporation: Initiation Of Coverage - Strong Market Dynamics & A Robust Business Strategy! - Major Drivers

Glaukos Corporation reported record fourth quarter consolidated net sales of $82.4 million, representing a 16% increase on a reported basis and...

Baptista Research

Axonics (AXNX US): Large Underserved Market And Superior Portfolio Ensure Multi-Year Growth

Axonics predicts the U.S. sacral neuromodulation market will double to $1.6B in the next five years. The company is reporting strong revenue...

Tina Banerjee

S&P 500 Bullish but Extended; Downgrading Financials

The S&P 500’s 5-month uptrend remains intact, and as long as it continues we remain bullish. With that said, we are near the top end of the...

Vermilion Research

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52-week Range

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Glaukos Corporation: Is The Enhanced Training & Scaling of Surgeon Adoption Enough To Warrant A Bullish Rating? - Major Drivers

Glaukom Corporation has reported a promising start to Q1 2024, underscoring strong sales and a forward-looking strategy driven by innovations in...

Baptista Research

Glaukos Corporation: Initiation Of Coverage - Strong Market Dynamics & A Robust Business Strategy! - Major Drivers

Glaukos Corporation reported record fourth quarter consolidated net sales of $82.4 million, representing a 16% increase on a reported basis and...

Baptista Research

Axonics (AXNX US): Large Underserved Market And Superior Portfolio Ensure Multi-Year Growth

​Axonics predicts the U.S. sacral neuromodulation market will double to $1.6B in the next five years. The company is reporting strong revenue...

Tina Banerjee

S&P 500 Bullish but Extended; Downgrading Financials

The S&P 500’s 5-month uptrend remains intact, and as long as it continues we remain bullish. With that said, we are near the top end of the...

Vermilion Research

Axonics predicts the U.S. sacral neuromodulation market will double to $1.6B in the next five years. The company is reporting strong revenue...