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 Capital Markets

<ul><li>This is our first report on Hologic, Inc., a renowned medical technology giant focused on women's health.</li><li>However, Breast Health lost 5.2%, indicating that its recovery from supply chain headwinds caused by chips is in progress.</li><li>Their Women's Health molecular diagnostics and cytology basis enable sustainable growth, foster beneficial connections with leading labs and key opinion leaders, and open the door for further innovative products.</li></ul>

This is our first report on Hologic, Inc., a renowned medical technology giant focused on women's health.However, Breast Health lost 5.2%, indicating that its recovery from supply chain headwinds caused by chips is in progress.Their Women's Health molecular diagnostics and cytology basis enable sustainable growth, foster beneficial connections with leading labs and key opinion leaders, and open the door for further innovative products.

Hologic Inc.: Initiation of Coverage – Post-Pandemic Impact & Key Drivers

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>In July 2022, <a href="https://www.smartkarma.com/entities/sd-biosensor-inc" target="_blank" data-smartkarma-citation="entities:33333:1" rel="noopener">SD Biosensor (137310 KS)</a> in partnership with SJL Partners signed a definitive merger agreement to acquire <a href="https://www.smartkarma.com/entities/meridian-bioscience-inc" target="_blank" data-smartkarma-citation="entities:1559:1" rel="noopener">Meridian Bioscience (VIVO US)</a>  for approximately KRW800 billion (~$1.5 billion).</li>
<li>The acquisition will strengthen SD Biosensos’s IVD platform to navigate the decline in COVID-19 testing demand and accelerate its U.S. market entry.</li>
<li>In September 2021, SD Biosensor acquired ~22% stake in UXN, which aims to launch mini continuous blood glucose meter in domestic market in 2024.</li>
</ul>


In July 2022, SD Biosensor (137310 KS) in partnership with SJL Partners signed a definitive merger agreement to acquire Meridian Bioscience (VIVO US)  for approximately KRW800 billion (~$1.5 billion).
The acquisition will strengthen SD Biosensos’s IVD platform to navigate the decline in COVID-19 testing demand and accelerate its U.S. market entry.
In September 2021, SD Biosensor acquired ~22% stake in UXN, which aims to launch mini continuous blood glucose meter in domestic market in 2024.


SD Biosensor (137310 KS): Aggressively Investing Windfall Gain From COVID; Adding New Growth Engines

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seegene-inc" target="_blank" data-smartkarma-citation="entities:11483:1" rel="noopener">Seegene Inc (096530 KS)</a> reported a 30% y/y growth in revenue from non-COVID products to KRW69.5 billion in H1 2022. Q2 non-COVID product revenue was up 21% compared to Q1.</li>
<li>The company expects strong demand for respiratory virus testing in fall and winter as the flu season starts in its key markets of Europe and North America.</li>
<li>Seegene stock is trading near its lows, mainly due to muted financial performance. Seegene can be a value pick and long-term play on the non-COVID product recovery.  </li>
</ul>



Seegene Inc (096530 KS) reported a 30% y/y growth in revenue from non-COVID products to KRW69.5 billion in H1 2022. Q2 non-COVID product revenue was up 21% compared to Q1.
The company expects strong demand for respiratory virus testing in fall and winter as the flu season starts in its key markets of Europe and North America.
Seegene stock is trading near its lows, mainly due to muted financial performance. Seegene can be a value pick and long-term play on the non-COVID product recovery.  


Seegene (096530 KS): Recovery of Non-COVID Sales to Drive Future Growth

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

<p><a href="https://www.smartkarma.com/entities/candela-medical" target="_blank" data-smartkarma-citation="entities:34483:1" rel="noopener">Candela Medical (CDLA US)</a> , pioneer and leader in medical aesthetics market, announced terms of upcoming IPO. A non-surgical aesthetic device company to offer ~14.7 million shares at expected price range of $16-$18 per share, what implies a market cap of ~$1.7 billion at midpoint of the price range. This is the second IPO of leading player in global aesthetics market for the last two years after InMode went public in 2019 and the shares rose more than fivefold since IPO. Candela Medical shares are expected to begin trading on Nasdaq Global Market under the trading symbol “CDLA”. Bank of America, Goldman Sachs and Barclays are leading the IPO.</p>

Candela Medical (CDLA US) , pioneer and leader in medical aesthetics market, announced terms of upcoming IPO. A non-surgical aesthetic device company to offer ~14.7 million shares at expected price range of $16-$18 per share, what implies a market cap of ~$1.7 billion at midpoint of the price range. This is the second IPO of leading player in global aesthetics market for the last two years after InMode went public in 2019 and the shares rose more than fivefold since IPO. Candela Medical shares are expected to begin trading on Nasdaq Global Market under the trading symbol “CDLA”. Bank of America, Goldman Sachs and Barclays are leading the IPO.

Candela Medical IPO: InMode’s Competitor Filed To Go Public

<p>Shares of Seegene (096530 KS) are trading near 52-week low. The company is reporting sequential decline in revenue due to decelerating COVID-19 PCR testing volume in European countries prior to the unexpected virus variants outbreak. Such continuous uncertainties may have resulted inventory burdens on customer end and affected to performance of Q2. Meanwhile, the proportion of COVID testing reagents sales over the total sales has been dropped to 65% in H1 2021 from 67% in 2020. However, new COVID-19 cases, especially delta variant are steadily increasing in Europe since Q3. The trend continues in early Q4 also. This may lead to a rebound in COVID-19 reagent revenue for Seegene. Management expects as demand for screenings increases in Asian countries including South Korea, Latin America, and Europe, where COVID-19 cases are growing exponentially due to the delta variant, sales in Q3 are expected to surpass that of Q2. Early trends from other global COVID testing majors enhance our conviction on COVID-19 testing revenue recovery.  </p>

Shares of Seegene (096530 KS) are trading near 52-week low. The company is reporting sequential decline in revenue due to decelerating COVID-19 PCR testing volume in European countries prior to the unexpected virus variants outbreak. Such continuous uncertainties may have resulted inventory burdens on customer end and affected to performance of Q2. Meanwhile, the proportion of COVID testing reagents sales over the total sales has been dropped to 65% in H1 2021 from 67% in 2020. However, new COVID-19 cases, especially delta variant are steadily increasing in Europe since Q3. The trend continues in early Q4 also. This may lead to a rebound in COVID-19 reagent revenue for Seegene. Management expects as demand for screenings increases in Asian countries including South Korea, Latin America, and Europe, where COVID-19 cases are growing exponentially due to the delta variant, sales in Q3 are expected to surpass that of Q2. Early trends from other global COVID testing majors enhance our conviction on COVID-19 testing revenue recovery.  

Seegene (096530 KS): Worst Seems to Be Over; Non-COVID Revenue to Dictate Long-Term Growth

United States

Hologic, Inc. is a developer, manufacturer and supplier of premium diagnostic products, medical imaging systems, and surgical products. The Company's core business units focus on diagnostics, breast health, GYN surgical, and skeletal health.

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Hologic Inc (HOLX US)

Hologic Inc.: Initiation of Coverage – Post-Pandemic Impact & Key Drivers

This is our first report on Hologic, Inc., a renowned medical technology giant focused on women's health. However, Breast Health lost 5.2%,...

Baptista Research

SD Biosensor (137310 KS): Aggressively Investing Windfall Gain From COVID; Adding New Growth Engines

SD Biosensor is pursuing inorganic route to add new business opportunities to navigate the decline in COVID-19 testing demand. Acquisition of...

Tina Banerjee

Seegene (096530 KS): Recovery of Non-COVID Sales to Drive Future Growth

Seegene is seeing slow recovery in non-COVID product revenue, with Q2 non-COVID product revenue increasing 21% q/q. At the current level Seegene...

Tina Banerjee

Candela Medical IPO: InMode’s Competitor Filed To Go Public

Candela Medical, leading global aesthetic device company and one of the key competitors of InMode, plans to raise ~$250M at midpoint of the price...

Andrei Zakharov

Seegene (096530 KS): Worst Seems to Be Over; Non-COVID Revenue to Dictate Long-Term Growth

Seegene is expected to see COVID testing revenue recovery in H2, driven by surging delta variants in Europe and some Asian countries. Non-COVID...

Tina Banerjee

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