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>Globus Medical recently released their third quarter 2025 financial results, providing insights into their strategic performance and financial health.</li><li>The company's revenue reached $769 million, a 22.9% increase from the previous year, and their non-GAAP diluted earnings per share rose robustly by 42.6% to $1.18.</li><li>This growth was primarily driven by significant gains in the U.S. Spine business and contributions from their recent acquisition of the Nevro business, which added $99.3 million in revenue.</li></ul>

Globus Medical recently released their third quarter 2025 financial results, providing insights into their strategic performance and financial health.The company's revenue reached $769 million, a 22.9% increase from the previous year, and their non-GAAP diluted earnings per share rose robustly by 42.6% to $1.18.This growth was primarily driven by significant gains in the U.S. Spine business and contributions from their recent acquisition of the Nevro business, which added $99.3 million in revenue.

Globus Medical: Expansion of Core Spine and Product Portfolio & Critical Growth Levers!

<ul><li>Globus Medical's recent earnings report presents a complex landscape shaped by its strategic acquisitions and ongoing efforts to streamline and integrate its expansive portfolio.</li><li>The company reported second-quarter sales of $745 million, marking an 18.4% increase over the previous year.</li><li>This growth was partly attributable to the recent acquisition of Nevro, which contributed $94.6 million in revenue.</li></ul>

Globus Medical's recent earnings report presents a complex landscape shaped by its strategic acquisitions and ongoing efforts to streamline and integrate its expansive portfolio.The company reported second-quarter sales of $745 million, marking an 18.4% increase over the previous year.This growth was partly attributable to the recent acquisition of Nevro, which contributed $94.6 million in revenue.

Globus Medical: Nevro Acquisition & Integration Strategy Is a Key Component Influencing Its Future Growth!

<ul><li>Globus Medical's first quarter of 2025 delivered a mixed performance, reflecting both strengths and challenges.</li><li>The company reported a slight decline in revenue of 0.8% on a constant currency basis, culminating in $598 million.</li><li>This stagnation was attributed to softer sales in enabling technology, supply chain disruptions related to integration processes, and the timing of international distributor orders.</li></ul>

Globus Medical's first quarter of 2025 delivered a mixed performance, reflecting both strengths and challenges.The company reported a slight decline in revenue of 0.8% on a constant currency basis, culminating in $598 million.This stagnation was attributed to softer sales in enabling technology, supply chain disruptions related to integration processes, and the timing of international distributor orders.

Globus Medical’s $250M Nevro Bet: Can This Bold Acquisition Disrupt Neuromodulation?

<ul><li>Globus Medical, a company specializing in medical devices and technology, closed 2024 with notable positive performance metrics, as illustrated in their financial results.</li><li>Revenue achieved a record high of $2.519 billion, marking an impressive 61% increase compared to the prior year.</li><li>This was accompanied by an increase in non-GAAP EPS to $3.04, a substantial rise of 31% even with a 20% expansion in diluted shares versus the previous year.</li></ul>

Globus Medical, a company specializing in medical devices and technology, closed 2024 with notable positive performance metrics, as illustrated in their financial results.Revenue achieved a record high of $2.519 billion, marking an impressive 61% increase compared to the prior year.This was accompanied by an increase in non-GAAP EPS to $3.04, a substantial rise of 31% even with a 20% expansion in diluted shares versus the previous year.

Globus Medical: Nevro Acquisition & Market Expansion Driving Our ‘Outperform’ Rating!

Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

<ul>
<li>Artificial-Intelligence-Powered spine surgery developer Carlsmed is offering 6.7M shares priced between $14 and $16 apiece. At the mid-point, the company is seeking a market value of $430M.</li>
<li>Carlsmed currently markets the aprevo Technology Platform for lumbar spine fusion surgery, and is developing aprevo for cervical spine fusion surgeries, which is expected to be commercialized in 2026.</li>
<li>Carlsmed estimates there is a total addressable market of $13.4B for aprevo in the U.S. Aprevo may also benefit other musculoskeletal applications beyond the spine, unlocking greater market potential.</li>
</ul>


Artificial-Intelligence-Powered spine surgery developer Carlsmed is offering 6.7M shares priced between $14 and $16 apiece. At the mid-point, the company is seeking a market value of $430M.
Carlsmed currently markets the aprevo Technology Platform for lumbar spine fusion surgery, and is developing aprevo for cervical spine fusion surgeries, which is expected to be commercialized in 2026.
Carlsmed estimates there is a total addressable market of $13.4B for aprevo in the U.S. Aprevo may also benefit other musculoskeletal applications beyond the spine, unlocking greater market potential.


Carlsmed (CARL US) IPO: Will Take Time to Straighten Its Spine, Can Subscribe Just for Listing Gain

United States

Globus Medical, Inc. is a medical device company. The Company is focused exclusively on the design, development and commercialization of products that promote healing in patients with spine disorders.  Globus Medical's products fall into innovative fusion or disruptive technologies.

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Globus Medical Inc A (GMED US)

Globus Medical: Expansion of Core Spine and Product Portfolio & Critical Growth Levers!

Globus Medical recently released their third quarter 2025 financial results, providing insights into their strategic performance and financial...

Baptista Research

Globus Medical: Nevro Acquisition & Integration Strategy Is a Key Component Influencing Its Future Growth!

Globus Medical's recent earnings report presents a complex landscape shaped by its strategic acquisitions and ongoing efforts to streamline and...

Baptista Research

Globus Medical’s $250M Nevro Bet: Can This Bold Acquisition Disrupt Neuromodulation?

Globus Medical's first quarter of 2025 delivered a mixed performance, reflecting both strengths and challenges. The company reported a slight...

Baptista Research

Globus Medical: Nevro Acquisition & Market Expansion Driving Our ‘Outperform’ Rating!

Globus Medical, a company specializing in medical devices and technology, closed 2024 with notable positive performance metrics, as illustrated in...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Globus Medical: Expansion of Core Spine and Product Portfolio & Critical Growth Levers!

Globus Medical recently released their third quarter 2025 financial results, providing insights into their strategic performance and financial...

Baptista Research

Globus Medical: Nevro Acquisition & Integration Strategy Is a Key Component Influencing Its Future Growth!

Globus Medical's recent earnings report presents a complex landscape shaped by its strategic acquisitions and ongoing efforts to streamline and...

Baptista Research

Globus Medical’s $250M Nevro Bet: Can This Bold Acquisition Disrupt Neuromodulation?

Globus Medical's first quarter of 2025 delivered a mixed performance, reflecting both strengths and challenges. The company reported a slight...

Baptista Research

Globus Medical: Nevro Acquisition & Market Expansion Driving Our ‘Outperform’ Rating!

Globus Medical, a company specializing in medical devices and technology, closed 2024 with notable positive performance metrics, as illustrated in...

Baptista Research

Carlsmed (CARL US) IPO: Will Take Time to Straighten Its Spine, Can Subscribe Just for Listing Gain

Artificial-intelligence-powered spine surgery developer Carlsmed is offering 6.7M shares priced between $14 and $16 apiece. At the mid-point, the...

Tina Banerjee