Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/asahi-intecc-co-ltd" target="_blank" data-smartkarma-citation="entities:15915:1" rel="noopener">Asahi Intecc (7747 JP)</a> is poised for multi-year growth through strong market demand for its technically superior guidewires, market leadership positioning, new product launches, and direct marketing initiatives.</li>
<li>In FY24, Asahi Intecc aims to achieve revenue of ¥100B (+11% YoY), a significant milestone. The company targets revenue of ¥110B and an operating profit margin of 23–25% in FY26.</li>
<li>Asahi Intecc is expected to be a continued beneficiary of global procedure volume recovery. The company is likely to achieve its medium-term business plan ahead of schedule.</li>
</ul>



Asahi Intecc (7747 JP) is poised for multi-year growth through strong market demand for its technically superior guidewires, market leadership positioning, new product launches, and direct marketing initiatives.
In FY24, Asahi Intecc aims to achieve revenue of ¥100B (+11% YoY), a significant milestone. The company targets revenue of ¥110B and an operating profit margin of 23–25% in FY26.
Asahi Intecc is expected to be a continued beneficiary of global procedure volume recovery. The company is likely to achieve its medium-term business plan ahead of schedule.


2024 High Conviction: Asahi Intecc (7747 JP)- Procedure Volume Recovery to Accelerate Growth

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>Intuitive Surgical, Inc. delivered mixed results for the previous quarter, with revenues below the analyst consensus.</li><li>Procedure growth for da Vinci saw a remarkable 19% increase during the quarter.</li><li>System utilization growth remained strong at 6%, down from 9% in the previous quarter but still exceeding historical growth rates.</li></ul>

Intuitive Surgical, Inc. delivered mixed results for the previous quarter, with revenues below the analyst consensus.Procedure growth for da Vinci saw a remarkable 19% increase during the quarter.System utilization growth remained strong at 6%, down from 9% in the previous quarter but still exceeding historical growth rates.

Intuitive Surgical Inc.: Next-Gen Robotics Might Just Rewrite Medical History! - Major Drivers

<ul>
<li>In 3Q23, <a href="https://www.smartkarma.com/entities/intuitive-surgical-inc" target="_blank" data-smartkarma-citation="entities:15853:1" rel="noopener">Intuitive Surgical (ISRG US)</a> recorded 12% YoY revenue growth to $1.74B, driven by growth in da Vinci procedure volume and an increase in the installed base of systems.</li>
<li>3Q23 procedure growth was 19%, versus 20% in 3Q22 and 22% in 2Q23. Systems revenue declined 11%, due to higher number of systems placed under lease and lower China demand.</li>
<li>The company now expects 2023 procedure volume growth of 21–22%, up from previous estimates of 20–22%. Significant material supply chain disruptions or hospital capacity constraints are not expected.</li>
</ul>


In 3Q23, Intuitive Surgical (ISRG US) recorded 12% YoY revenue growth to $1.74B, driven by growth in da Vinci procedure volume and an increase in the installed base of systems.
3Q23 procedure growth was 19%, versus 20% in 3Q22 and 22% in 2Q23. Systems revenue declined 11%, due to higher number of systems placed under lease and lower China demand.
The company now expects 2023 procedure volume growth of 21–22%, up from previous estimates of 20–22%. Significant material supply chain disruptions or hospital capacity constraints are not expected.


Intuitive Surgical (ISRG US): Mixed Q3 Result; Encouraging Procedure Growth Is the Key Positive

<ul><li>Intuitive Surgical managed to exceed analyst expectations in terms of revenue as well as earnings.</li><li>Cholecystectomy and hernia repair procedures grew more frequently in general surgery.</li><li>SP procedure growth was accretive in the quarter, with a 40% global increase driven by accelerated growth in the United States.</li></ul>

Intuitive Surgical managed to exceed analyst expectations in terms of revenue as well as earnings.Cholecystectomy and hernia repair procedures grew more frequently in general surgery.SP procedure growth was accretive in the quarter, with a 40% global increase driven by accelerated growth in the United States.

Intuitive Surgical Inc.: Can The da Vinci System Be A Game Changer For The Medical Industry? – Key Drivers

China/Asia TMT

Shawn Yang

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>We compiled the public sector bidding result of medical robots in the past one and half years. </li>
<li>Result shows market leaders reinforcing their shares in laparoscopic and orthopaedic robots but in neurosurgery a new challenger has risen</li>
<li>We reiterate the view domestic substitution will likely occur in areas like puncture, natural orifice and microsurgery, which will require new core competencies in machine vision, haptic feedback and AR/VR.</li>
</ul>


We compiled the public sector bidding result of medical robots in the past one and half years. 
Result shows market leaders reinforcing their shares in laparoscopic and orthopaedic robots but in neurosurgery a new challenger has risen
We reiterate the view domestic substitution will likely occur in areas like puncture, natural orifice and microsurgery, which will require new core competencies in machine vision, haptic feedback and AR/VR.


[Blue Lotus Heathcare Sector Update]: Domestic Substitution Takes Nascent Root in Med-Bots

United States

Intuitive Surgical, Inc. design, manufactures, and markets surgical systems. The Company offers endoscopes, endoscopic retractors and disectors, scissors, scalpels, forceps, needle holders, electrocautery, ultrasonic cutters, and accessories during surgical procedures. Intuitive Surgical operates worldwide.

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Intuitive Surgical (ISRG UW)

2024 High Conviction: Asahi Intecc (7747 JP)- Procedure Volume Recovery to Accelerate Growth

Asahi Intecc is poised for double-digit sales growth through FY26, driven by strong market demand for guidewires, market leadership positioning,...

Tina Banerjee

Intuitive Surgical Inc.: Next-Gen Robotics Might Just Rewrite Medical History! - Major Drivers

Intuitive Surgical, Inc. delivered mixed results for the previous quarter, with revenues below the analyst consensus. Procedure growth for da...

Baptista Research

Intuitive Surgical (ISRG US): Mixed Q3 Result; Encouraging Procedure Growth Is the Key Positive

Intuitive Surgical's 3Q23 revenue grew 12% YoY to $1.74B, fueled by procedure growth, partially offset by system revenue decline. For 2023, the...

Tina Banerjee

Intuitive Surgical Inc.: Can The da Vinci System Be A Game Changer For The Medical Industry? – Key Drivers

Intuitive Surgical managed to exceed analyst expectations in terms of revenue as well as earnings. Cholecystectomy and hernia repair procedures...

Baptista Research

[Blue Lotus Heathcare Sector Update]: Domestic Substitution Takes Nascent Root in Med-Bots

Domestic substitution will likely occur in areas like puncture, natural orifice and microsurgery, which will require new core competencies in...

Blue Lotus Research Institute

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

2024 High Conviction: Asahi Intecc (7747 JP)- Procedure Volume Recovery to Accelerate Growth

Asahi Intecc is poised for double-digit sales growth through FY26, driven by strong market demand for guidewires, market leadership positioning,...

Tina Banerjee

Intuitive Surgical Inc.: Next-Gen Robotics Might Just Rewrite Medical History! - Major Drivers

Intuitive Surgical, Inc. delivered mixed results for the previous quarter, with revenues below the analyst consensus. Procedure growth for da...

Baptista Research

Intuitive Surgical (ISRG US): Mixed Q3 Result; Encouraging Procedure Growth Is the Key Positive

​Intuitive Surgical's 3Q23 revenue grew 12% YoY to $1.74B, fueled by procedure growth, partially offset by system revenue decline. For 2023, the...

Tina Banerjee

Intuitive Surgical Inc.: Can The da Vinci System Be A Game Changer For The Medical Industry? – Key Drivers

Intuitive Surgical managed to exceed analyst expectations in terms of revenue as well as earnings. Cholecystectomy and hernia repair procedures...

Baptista Research

[Blue Lotus Heathcare Sector Update]: Domestic Substitution Takes Nascent Root in Med-Bots

Domestic substitution will likely occur in areas like puncture, natural orifice and microsurgery, which will require new core competencies in...

Blue Lotus Research Institute

Intuitive Surgical's 3Q23 revenue grew 12% YoY to $1.74B, fueled by procedure growth, partially offset by system revenue decline. For 2023, the...