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

Inspire Medical Systems Inc / Equity Bottom-Up

<ul><li>Inspired Medical Systems First Quarter 2024 performance showcases a robust growth trajectory alongside strategic market advancements and impending innovations.</li><li>The company reported a notable increase in revenue, which reached $164 million, marking a 28% year-over-year growth.</li><li>This uplift was primarily driven by enhanced penetration in existing markets and expansion into new territories, both domestically and internationally.</li></ul>

Inspired Medical Systems First Quarter 2024 performance showcases a robust growth trajectory alongside strategic market advancements and impending innovations.The company reported a notable increase in revenue, which reached $164 million, marking a 28% year-over-year growth.This uplift was primarily driven by enhanced penetration in existing markets and expansion into new territories, both domestically and internationally.

Inspire Medical Systems Inc.: Expansion in International Markets & 3 Factors Driving Our 'Buy' Rating! - Major Drivers

<ul><li>Inspire Medical Systems, a manufacturer of devices for treating obstructive sleep apnea, recently reported their fourth quarter and full year 2023 financial results.</li><li>The company delivered strong results, noting this was their first quarter with operating income and that they had completed the year on a high note.</li><li>The company reported revenue of $192.5 million for the fourth quarter, a 40% increase from Q4 2020, and net income of $14.8 million, compared to $3.2 million in the prior year.</li></ul>

Inspire Medical Systems, a manufacturer of devices for treating obstructive sleep apnea, recently reported their fourth quarter and full year 2023 financial results.The company delivered strong results, noting this was their first quarter with operating income and that they had completed the year on a high note.The company reported revenue of $192.5 million for the fourth quarter, a 40% increase from Q4 2020, and net income of $14.8 million, compared to $3.2 million in the prior year.

Inspire Medical Systems Inc.: Initiation Of Coverage - Surge in Sleep Center Investments Can Catalyze The Top-Line Growth? - Major Drivers

Fundamental Short Selling Research

Eric Fernandez, CFA

TwoRiversAnalytics

<ul>
<li>Liquidity shorts can be great short candidates.  The key characteristic is that the company may not be viable, economically, given their cash flows and cash requirements. </li>
<li>Liquidity shorts have built-in catalysts, have moderate to higher betas,  and can have strong down moves if a crisis develops.  They can go bankrupt, pushing the stock price near zero.</li>
<li>Today we are flagging Carvana, Exact Sciences, Inspire Med, Freshpet, Enviva .</li>
</ul>


Liquidity shorts can be great short candidates.  The key characteristic is that the company may not be viable, economically, given their cash flows and cash requirements. 
Liquidity shorts have built-in catalysts, have moderate to higher betas,  and can have strong down moves if a crisis develops.  They can go bankrupt, pushing the stock price near zero.
Today we are flagging Carvana, Exact Sciences, Inspire Med, Freshpet, Enviva .


Liquidity Risk Short Candidates: Carvana, Exact Sciences, Inspire Med, Freshpet, Enviva

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

High Quality Stock Setups, Weekly Stock Bull Finder

Weekly Stock Bull Finder

High Quality Stock Setups

Finding high potential stock setups on quality companies

Thematic (Sector/Industry)

<ul><li>One of the lasting legacies of the COVID-19 pandemic was the acceleration of secular trends which were already in place prior to the start pandemic such as e-commerce, flexible working arrangements, streaming/entertainment at home, digital transformation, MRNA biotechnology, among others.</li><li>Many of these trends in place prior to the pandemic were turbocharged by a quick pivot and responses to adjust to the “new normal” disruption of the dealing with COVID-19 waves, lockdowns, and companies muddling through how to adapt their business model.</li><li>The aftermath of the combination of a bazooka fiscal and monetary stimulus has resulted in the Federal Reserve embarking on the most aggressive interest rate hiking campaign in decades in attempts to arrest and reverse inflation.</li></ul>

One of the lasting legacies of the COVID-19 pandemic was the acceleration of secular trends which were already in place prior to the start pandemic such as e-commerce, flexible working arrangements, streaming/entertainment at home, digital transformation, MRNA biotechnology, among others.Many of these trends in place prior to the pandemic were turbocharged by a quick pivot and responses to adjust to the “new normal” disruption of the dealing with COVID-19 waves, lockdowns, and companies muddling through how to adapt their business model.The aftermath of the combination of a bazooka fiscal and monetary stimulus has resulted in the Federal Reserve embarking on the most aggressive interest rate hiking campaign in decades in attempts to arrest and reverse inflation.

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.

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.

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.

Integra LifeSciences Holdings Corp develops, manufactures, and markets medical devices, implants, and biomaterials. The Company's products are primarily used in the treatment of burns and skin defects, spinal and cranial disorders, orthopedics, and other surgical applications.

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.

QuidelOrtho Corporation provides health care services. The Company offers technologies and platforms to benefit customers with expanded access to clinical chemistry, immunoassay, molecular diagnostics, immunohematology, donor screening, and point-of-care diagnostics offerings.

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).

Enovis Corporation operates as a medical technology company. The Company develops clinically differentiated solutions that generate measurably better patient outcomes and transform workflows. Enovis 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

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.

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.

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.

Andon Health Co., Ltd. develops, manufactures and sells medical electronic devices for home use.  The Company's products include blood pressure monitors, blood glucose monitors, and digital thermometers.

Shandong Weigao Group Medical Polymer Company Limited, through its subsidiaries, researches and develops, produces, and sells single-use aseptic polymer medical products.

Shandong Weigao Group Medical Polymer Co (1066 HK)

Poly Medicure Limited manufactures disposable healthcare products. The Company offers a wide range of products for infusion therapy, anesthesia, urology, gastroenterology, blood management, surgery and drainage, and catheters.

Shandong Pharmaceutical Glass Co., Ltd. manufactures and markets a variety of pharmaceutical glass products including molded vials, tube vials, ampoule, amber vials, infusion vials, and glass tubes.  The Company also manufactures paper packaging boxes and invests in petrochemical industry.

Shandong Pharmaceutical Glass Co., Ltd. A (600529 CH)

Shandong Pharmaceutical Glass Co., Ltd. A

NIHON KOHDEN CORPORATION develops, manufactures, and sells medical equipment, transformers, and power switches and devices.  The Company's products include testing equipment for cerebral nerve such as electroencephalographs, circulatory systems, diagnostic equipment, catheters, biogenic monitoring systems such as electrocardiographs used into patient monitoring systems.

Inspire Medical Systems, Inc. operates as a medical technology company. The Company develops implantable neurostimulation systems to treat obstructive sleep apnea. Inspire Medical Systems operates in the the United States.

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Inspire Medical Systems Inc (INSP US)

Inspire Medical Systems Inc.: Expansion in International Markets & 3 Factors Driving Our 'Buy' Rating! - Major Drivers

Inspired Medical Systems First Quarter 2024 performance showcases a robust growth trajectory alongside strategic market advancements and impending...

Baptista Research

Inspire Medical Systems Inc.: Initiation Of Coverage - Surge in Sleep Center Investments Can Catalyze The Top-Line Growth? - Major Drivers

Inspire Medical Systems, a manufacturer of devices for treating obstructive sleep apnea, recently reported their fourth quarter and full year 2023...

Baptista Research

Liquidity Risk Short Candidates: Carvana, Exact Sciences, Inspire Med, Freshpet, Enviva

Liquidity risk short candidates may not be economically viable given cash flows and capital requirements. This week we flag Carvana, Exact...

Eric Fernandez, CFA

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

Weekly Stock Bullfinder - Week of 5/15

One of the lasting legacies of the COVID-19 pandemic was the acceleration of secular trends which were already in place prior to the start pandemic...

Weekly Stock Bull Finder

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Inspire Medical Systems Inc.: Expansion in International Markets & 3 Factors Driving Our 'Buy' Rating! - Major Drivers

Inspired Medical Systems First Quarter 2024 performance showcases a robust growth trajectory alongside strategic market advancements and impending...

Baptista Research

Inspire Medical Systems Inc.: Initiation Of Coverage - Surge in Sleep Center Investments Can Catalyze The Top-Line Growth? - Major Drivers

Inspire Medical Systems, a manufacturer of devices for treating obstructive sleep apnea, recently reported their fourth quarter and full year 2023...

Baptista Research

Liquidity Risk Short Candidates: Carvana, Exact Sciences, Inspire Med, Freshpet, Enviva

Liquidity risk short candidates may not be economically viable given cash flows and capital requirements. This week we flag Carvana, Exact...

Eric Fernandez, CFA

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

Weekly Stock Bullfinder - Week of 5/15

One of the lasting legacies of the COVID-19 pandemic was the acceleration of secular trends which were already in place prior to the start pandemic...

Weekly Stock Bull Finder

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