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>Tencent: A summary of recent WeChat Mini Games conference: Ecosystem, Content, and Party Games</li>
<li>BABA: Alibaba announces replacement of CEO / Chairman Daniel Zhang.</li>
<li>ISRG/2252.hk: Da Vinci 4th generation surgical robots approved by CDE, to start local production in 2026</li>
</ul>


Tencent: A summary of recent WeChat Mini Games conference: Ecosystem, Content, and Party Games
BABA: Alibaba announces replacement of CEO / Chairman Daniel Zhang.
ISRG/2252.hk: Da Vinci 4th generation surgical robots approved by CDE, to start local production in 2026


China TMT Update June 21:Tencent/Baba/ISRG/2252.hk:Mini Games/Baba New Management/Surgical Robots

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>Intuitive Surgical managed an all-around beat in the last quarter with decent revenue and products growth.</li><li>The new capital installs were quite strong, with customers building their Ion and da Vinci system capabilities.</li><li>A capable product portfolio and strong growth in procedures have supported quite a healthy capital placement quarter.</li></ul>

Intuitive Surgical managed an all-around beat in the last quarter with decent revenue and products growth.The new capital installs were quite strong, with customers building their Ion and da Vinci system capabilities.A capable product portfolio and strong growth in procedures have supported quite a healthy capital placement quarter.

Intuitive Surgical Inc.: Robust Growth in Procedures and Products – Key Drivers

<ul><li>This is our first report on Intuitive Surgical, one of the largest players in robotic surgery offerings across the globe.</li><li>Korean growth remained steady, while Japanese procedure growth quickened compared to Q2.</li><li>We initiate coverage on the stock of Intuitive Surgical with a ‘Hold’ rating.</li></ul>

This is our first report on Intuitive Surgical, one of the largest players in robotic surgery offerings across the globe.Korean growth remained steady, while Japanese procedure growth quickened compared to Q2.We initiate coverage on the stock of Intuitive Surgical with a ‘Hold’ rating.

Intuitive Surgical Inc.: Initiation of Coverage – Recent Approvals & Other Drivers

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Despite the macroeconomic headwinds, Q3 results from the large medtech companies showed some encouraging signs including healthy procedure volume growth depicting recovery in the medtech sector globally.</li>
<li>Amidst fear of recession, most of these companies reported healthy system placement and no order cancellation. Diabetes, with a large underpenetrated addressable population, remains one of the most resilient segments.</li>
<li>Financial performances of APAC medtech companies are expected to be driven by healthy global procedure volume growth and Fx, partially offset by macroeconomic headwinds including inflation and supply constraints.</li>
</ul>


Despite the macroeconomic headwinds, Q3 results from the large medtech companies showed some encouraging signs including healthy procedure volume growth depicting recovery in the medtech sector globally.
Amidst fear of recession, most of these companies reported healthy system placement and no order cancellation. Diabetes, with a large underpenetrated addressable population, remains one of the most resilient segments.
Financial performances of APAC medtech companies are expected to be driven by healthy global procedure volume growth and Fx, partially offset by macroeconomic headwinds including inflation and supply constraints.


Global Medtech Trends: Readouts from Early Birds of Q3 Earnings Season- Positives and Negatives

<ul>
<li>Despite challenging macroeconomic environment, <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> reported stellar Q3 results, with revenue growing 11% y/y to $1.56 billion, mainly driven by da Vinci procedure growth of 20%.</li>
<li>Q3 procedure growth reflected U.S. and OUS procedures growth of 18% and 24%, respectively. Management has raised 2022 da Vinci procedure growth guidance to 17–18% from 14.0–16.5% earlier.   </li>
<li>System placement improved 9% q/q to 305 placements, with system ASP remaining at $1.5 million, consistent with last quarter. As of 3Q22, installed base grew 13% y/y to 7,364 systems.</li>
</ul>


Despite challenging macroeconomic environment, Intuitive Surgical (ISRG US) reported stellar Q3 results, with revenue growing 11% y/y to $1.56 billion, mainly driven by da Vinci procedure growth of 20%.
Q3 procedure growth reflected U.S. and OUS procedures growth of 18% and 24%, respectively. Management has raised 2022 da Vinci procedure growth guidance to 17–18% from 14.0–16.5% earlier.   
System placement improved 9% q/q to 305 placements, with system ASP remaining at $1.5 million, consistent with last quarter. As of 3Q22, installed base grew 13% y/y to 7,364 systems.


Intuitive Surgical (ISRG US): Better-Than-Expected Q3 2022 Results; Raised Procedure Growth Guidance

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 US)

China TMT Update June 21:Tencent/Baba/ISRG/2252.hk:Mini Games/Baba New Management/Surgical Robots

Tencent: A summary of recent WeChat Mini Games conference/BABA: Alibaba announces replacement of CEO; ISRG/2252.hk: Da Vinci 4th generation...

Blue Lotus Research Institute

Intuitive Surgical Inc.: Robust Growth in Procedures and Products – Key Drivers

Intuitive Surgical managed an all-around beat in the last quarter with decent revenue and products growth. The new capital installs were quite...

Baptista Research

Intuitive Surgical Inc.: Initiation of Coverage – Recent Approvals & Other Drivers

This is our first report on Intuitive Surgical, one of the largest players in robotic surgery offerings across the globe. Korean growth remained...

Baptista Research

Global Medtech Trends: Readouts from Early Birds of Q3 Earnings Season- Positives and Negatives

Q3 results of large U.S. medtech companies recorded procedure volume growth. However, macroeconomic headwinds are expected to prevail. Similar...

Tina Banerjee

Intuitive Surgical (ISRG US): Better-Than-Expected Q3 2022 Results; Raised Procedure Growth Guidance

Intuitive Q3 result beat top and bottom line, aided by accelerated procedure growth of 20%. Management raised full-year 2022 procedure growth...

Tina Banerjee

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