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 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

Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>The three companies we write about this week are <a href="https://www.smartkarma.com/entities/raytheon-technologies-corp" target="_blank" data-smartkarma-citation="entities:6453:1" rel="noopener">Raytheon Technologies (RTX US)</a><a href="https://www.smartkarma.com/entities/beiersdorf-ag" target="_blank" data-smartkarma-citation="entities:21588:1" rel="noopener">Beiersdorf AG (BEI GR)</a> and <a href="https://www.smartkarma.com/entities/king-slide-works-co-ltd" target="_blank" data-smartkarma-citation="entities:7130:1" rel="noopener">King Slide Works (2059 TT)</a> 
</li>
<li>For the twenty-six weeks since inception ended 19 May the combined innovation portfolio was +2.5%, versus DJIA-0.9%, S&amp;P500+5.7%, Nasdaq+13.6%, Russell2000 -4.1%, MSCI-ACWI-ETF+6.9%, S&amp;P midcap 400 -2.2%, all in US$ terms</li>
<li>Small-Cap (+4.1%) versus Russell2000 (-4.1%) and midcap (+1.9%) versus S&amp;P400 (-2.2%) continues to outperform benchmarks, but the omission of mega-tech names has hurt large-cap portfolio (+2.6%) versus S&amp;P500 (+5.7%) . </li>
</ul>


The three companies we write about this week are Raytheon Technologies (RTX US)Beiersdorf AG (BEI GR) and King Slide Works (2059 TT) 

For the twenty-six weeks since inception ended 19 May the combined innovation portfolio was +2.5%, versus DJIA-0.9%, S&amp;P500+5.7%, Nasdaq+13.6%, Russell2000 -4.1%, MSCI-ACWI-ETF+6.9%, S&amp;P midcap 400 -2.2%, all in US$ terms
Small-Cap (+4.1%) versus Russell2000 (-4.1%) and midcap (+1.9%) versus S&amp;P400 (-2.2%) continues to outperform benchmarks, but the omission of mega-tech names has hurt large-cap portfolio (+2.6%) versus S&amp;P500 (+5.7%) . 


The Innovations Portfolios - Week Twenty Six

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.

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.

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.

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.

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).

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.

Tandem Diabetes Care, Inc. produces medical devices. The Company designs, develops, and commercializes products for people with insulin-dependent diabetes. Tandem Diabetes Care offers its products to the medical industries in the United States.

Lantheus Holdings, Inc. develops, manufactures, sells, and distributes diagnostic medical imaging agents and products. The Company offers imaging agents and products that assist clinicians in the diagnosis of cardiovascular and other diseases. Lantheus Holdings 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.

DiaSorin S.p.A. manufactures reagents for in vitro diagnostics.

Carl Zeiss Meditec AG provides complete system solutions in the field of medical technology for ophthalmology.  The Company's products include screening, diagnostic, and therapeutic systems for the treatment of vision defects, cataracts, glaucoma, and retinal disorders.  Carl Zeiss Meditec operates worldwide with subsidiaries in the USA and Japan.

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.

Ypsomed Holding AG is the holding company for Ypsomed Selfcare solutions, which develops and manufactures custom-made injection systems for pharmaceutical and  bio-technology companies. The systems are used by patients for the self administration of drugs. Ypsomed's products include injection pens, pen needles and motor-powered injectors.

ConvaTec Group PLC manufactures medical and surgical equipment. The Company offers urine meters, dressings, negative pressure wound systems, adhesive removers, and infusion devices. ConvaTec Group markets its products worldwide.

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.

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.

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: 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

The Innovations Portfolios - Week Twenty Six

The small-Cap (+4.1%) and midcap (+1.9%) portfolios continues to outperform respective benchmarks, but the willful omission of mega-tech names has...

Pyari Menon

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

The Innovations Portfolios - Week Twenty Six

The small-Cap (+4.1%) and midcap (+1.9%) portfolios continues to outperform respective benchmarks, but the willful omission of mega-tech names has...

Pyari Menon

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...