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>Masimo Corporation's second quarter of 2024 earnings conference call came with updates that carry implications of both strength and ongoing challenges.</li><li>The company, primarily known for its healthcare technologies, showed a robust performance in its healthcare segment, with a noticeable 23% year-on-year growth in healthcare revenues, totaling $344 million for the quarter.</li><li>This growth is supported by a 29% increase in consumables and service revenue, reflecting strong demand for Masimo sensors, driven by hospital conversions and normalization of installations.</li></ul>

Masimo Corporation's second quarter of 2024 earnings conference call came with updates that carry implications of both strength and ongoing challenges.The company, primarily known for its healthcare technologies, showed a robust performance in its healthcare segment, with a noticeable 23% year-on-year growth in healthcare revenues, totaling $344 million for the quarter.This growth is supported by a 29% increase in consumables and service revenue, reflecting strong demand for Masimo sensors, driven by hospital conversions and normalization of installations.

Masimo Corporation: Expansion into Consumer Health Products & Other Major Drivers

<ul><li>Masimo Corporation reported its first quarter 2024 results with both encouraging and modest aspects.</li><li>The company achieved a consolidated revenue of $493 million with healthcare revenues at the high end of guidance at $340 million, representing a 2% decline compared to the previous year.</li><li>This figure aligns with the challenging comparison against the prior year's performance, particularly in a period following intense COVID-19 related activities.</li></ul>

Masimo Corporation reported its first quarter 2024 results with both encouraging and modest aspects.The company achieved a consolidated revenue of $493 million with healthcare revenues at the high end of guidance at $340 million, representing a 2% decline compared to the previous year.This figure aligns with the challenging comparison against the prior year's performance, particularly in a period following intense COVID-19 related activities.

Masimo Corporation: Proposed Separation of Consumer Health Division & Major Developments

<ul><li>Masimo Corporation had a mixed Q4 and fiscal year 2023 earnings call, reporting both positive results and some challenges.</li><li>The company generated over $2 billion in consolidated revenues, with healthcare revenues reaching $1.28 billion.</li><li>In addition, Masimo saw strong growth in its hearables business and reported a record number of contract wins.</li></ul>

Masimo Corporation had a mixed Q4 and fiscal year 2023 earnings call, reporting both positive results and some challenges.The company generated over $2 billion in consolidated revenues, with healthcare revenues reaching $1.28 billion.In addition, Masimo saw strong growth in its hearables business and reported a record number of contract wins.

Masimo Corporation: Initiation Of Coverage - Expansion into Hearables and Wearables Market! - Major Drivers

Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

<ul>
<li>In FY25, <a href="https://www.smartkarma.com/entities/nihon-kohden-corp" target="_blank" data-smartkarma-citation="entities:7668:1" rel="noopener">Nihon Kohden (6849 JP)</a> guided for domestic revenue of ¥147B, up 3% YoY. The demand for patient monitors and treatment equipment is expected to remain steady.</li>
<li>Nihon Kohden expects North America business to report a revenue CAGR of 11% (fastest among all the other regions) during FY24–27, outpacing mid-single-digit growth of the market.</li>
<li>The company announced ¥10B buyback plan to repurchase up to 6M shares, representing 3.57% of total number of issued shares from August 5, 2024, to March 31, 2025.</li>
</ul>


In FY25, Nihon Kohden (6849 JP) guided for domestic revenue of ¥147B, up 3% YoY. The demand for patient monitors and treatment equipment is expected to remain steady.
Nihon Kohden expects North America business to report a revenue CAGR of 11% (fastest among all the other regions) during FY24–27, outpacing mid-single-digit growth of the market.
The company announced ¥10B buyback plan to repurchase up to 6M shares, representing 3.57% of total number of issued shares from August 5, 2024, to March 31, 2025.


Nihon Kohden (6849 JP): ¥10B Buyback Plan And Stock Split; Japan and US to Drive Business Growth

<ul>
<li>On December 26, <a href="https://www.smartkarma.com/entities/nihon-kohden-corp" target="_blank" data-smartkarma-citation="entities:7668:1" rel="noopener">Nihon Kohden (6849 JP)</a> shares jumped ~15% as the company was a beneficiary of the ban on <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a>’s latest smartwatch models.</li>
<li>Nihon Kohden reported better-than-expected result in H1FY24. The company raised FY24 revenue forecast to ¥221.5B (+7% YoY) from ¥215.0B. The company has also raised FY24 operating and net profit guidance.</li>
<li>Currently consensus expects 2% YoY revenue growth for the company in FY25. With strong demand for existing products and new launches, the expectation seems to be conservative.  </li>
</ul>


On December 26, Nihon Kohden (6849 JP) shares jumped ~15% as the company was a beneficiary of the ban on Apple (AAPL US)’s latest smartwatch models.
Nihon Kohden reported better-than-expected result in H1FY24. The company raised FY24 revenue forecast to ¥221.5B (+7% YoY) from ¥215.0B. The company has also raised FY24 operating and net profit guidance.
Currently consensus expects 2% YoY revenue growth for the company in FY25. With strong demand for existing products and new launches, the expectation seems to be conservative.  


Nihon Kohden (6849 JP): Apart from Apple Smartwatch Ban, Three More Reasons to Buy Shares

United States

Masimo Corporation designs, develops and licenses medical signal processing and sensor technology for the noninvasive monitoring of physiological parameters. The Company's first products are designed to improve the effectiveness of pulse oximetry by overcoming the inability of current monitors to precisely measure the levels of arterial blood oxygen saturation and low arterial blood flow.

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Masimo Corp (MASI US)

Masimo Corporation: Expansion into Consumer Health Products & Other Major Drivers

Masimo Corporation's second quarter of 2024 earnings conference call came with updates that carry implications of both strength and ongoing...

Baptista Research

Masimo Corporation: Proposed Separation of Consumer Health Division & Major Developments

Masimo Corporation reported its first quarter 2024 results with both encouraging and modest aspects. The company achieved a consolidated revenue...

Baptista Research

Masimo Corporation: Initiation Of Coverage - Expansion into Hearables and Wearables Market! - Major Drivers

Masimo Corporation had a mixed Q4 and fiscal year 2023 earnings call, reporting both positive results and some challenges. The company generated...

Baptista Research

Nihon Kohden (6849 JP): ¥10B Buyback Plan And Stock Split; Japan and US to Drive Business Growth

Nihon Kohden has announced ¥10B buyback plan amid long-term growth prospect. The company guided for 3% and 11% revenue CAGR in Japan and North...

Tina Banerjee

Nihon Kohden (6849 JP): Apart from Apple Smartwatch Ban, Three More Reasons to Buy Shares

Nihon Kohden reported strong H1FY24 results and raised its revenue and profit forecasts for FY24. The company has strong product line-up for the...

Tina Banerjee

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52-week Range

Market Cap (USDm)

P/E

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Masimo Corporation: Expansion into Consumer Health Products & Other Major Drivers

Masimo Corporation's second quarter of 2024 earnings conference call came with updates that carry implications of both strength and ongoing...

Baptista Research

Masimo Corporation: Proposed Separation of Consumer Health Division & Major Developments

Masimo Corporation reported its first quarter 2024 results with both encouraging and modest aspects. The company achieved a consolidated revenue...

Baptista Research

Masimo Corporation: Initiation Of Coverage - Expansion into Hearables and Wearables Market! - Major Drivers

Masimo Corporation had a mixed Q4 and fiscal year 2023 earnings call, reporting both positive results and some challenges. The company generated...

Baptista Research

Nihon Kohden (6849 JP): ¥10B Buyback Plan And Stock Split; Japan and US to Drive Business Growth

​Nihon Kohden has announced ¥10B buyback plan amid long-term growth prospect. The company guided for 3% and 11% revenue CAGR in Japan and North...

Tina Banerjee

Nihon Kohden (6849 JP): Apart from Apple Smartwatch Ban, Three More Reasons to Buy Shares

​Nihon Kohden reported strong H1FY24 results and raised its revenue and profit forecasts for FY24. The company has strong product line-up for the...

Tina Banerjee

Nihon Kohden has announced ¥10B buyback plan amid long-term growth prospect. The company guided for 3% and 11% revenue CAGR in Japan and North...

Nihon Kohden reported strong H1FY24 results and raised its revenue and profit forecasts for FY24. The company has strong product line-up for the...