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>The second quarter 2024 financial results for Penumbra, Inc. reveal a combination of strengths and challenges that frame the investment outlook for the company.</li><li>In Q2 2024, Penumbra reported revenues of $299.4 million, reflecting a 14.5% increase year-over-year, driven particularly by robust performance in the U.S. thrombectomy market, which saw a growth of 25% compared to the same period in the previous year.</li><li>This growth was predominantly fueled by strong demand for the company’s CAVT products in both venous thromboembolism (VTE) and arterial sectors.</li></ul>

The second quarter 2024 financial results for Penumbra, Inc. reveal a combination of strengths and challenges that frame the investment outlook for the company.In Q2 2024, Penumbra reported revenues of $299.4 million, reflecting a 14.5% increase year-over-year, driven particularly by robust performance in the U.S. thrombectomy market, which saw a growth of 25% compared to the same period in the previous year.This growth was predominantly fueled by strong demand for the company’s CAVT products in both venous thromboembolism (VTE) and arterial sectors.

Penumbra Inc.: How Is It Expanding into International Markets

<ul><li>Penumbra, a global healthcare company, reported a robust start to the first quarter of 2024, showcasing notable financial and operational success.</li><li>The company's primary focus on thrombectomy products, specifically within the U.S. market, has contributed significantly to its performance, supported by innovative product launches like Lightning Flash and Lightning Bolt.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Penumbra, a global healthcare company, reported a robust start to the first quarter of 2024, showcasing notable financial and operational success.The company's primary focus on thrombectomy products, specifically within the U.S. market, has contributed significantly to its performance, supported by innovative product launches like Lightning Flash and Lightning Bolt.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Penumbra Inc.: Expanding Global Market Access To Catalyze Growth! - Major Drivers

<ul><li>This is our first report on Penumbra, a global healthcare major.</li><li>The company reported its fourth quarter and annual earnings on its conference call.</li><li>The company made a revenue of USD 284.7 million in Q4, marking a year-over-year increase of 28.7%, while their annual revenues for 2023 reached USD 1,058.5 million, a 25% increase compared to 2022.</li></ul>

This is our first report on Penumbra, a global healthcare major.The company reported its fourth quarter and annual earnings on its conference call.The company made a revenue of USD 284.7 million in Q4, marking a year-over-year increase of 28.7%, while their annual revenues for 2023 reached USD 1,058.5 million, a 25% increase compared to 2022.

Penumbra Inc: Initiation Of Coverage - A Tale Of Cautious Innovation! - Major Drivers

Global Healthcare Analyst

Tina Banerjee

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<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

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/johnson-johnson" target="_blank" data-smartkarma-citation="entities:1132:1" rel="noopener">Johnson &amp; Johnson (JNJ US)</a> entered into a definitive agreement to acquire <a href="https://www.smartkarma.com/entities/shockwave-medical-inc" target="_blank" data-smartkarma-citation="entities:28730:1" rel="noopener">Shockwave Medical Inc (SWAV US)</a> for $335/share in cash or an enterprise value of $13.1B.</li>
<li>Offer price represents 4.7% premium over yesterday’s closing price or around 19% premium over the undisturbed price. The deal is expected to close by mid-2024.</li>
<li>With no product overlap and competition concern, the deal is expected to get regulatory approval. With reasonable deal valuation, shareholders approval is also expected.</li>
</ul>



Johnson &amp; Johnson (JNJ US) entered into a definitive agreement to acquire Shockwave Medical Inc (SWAV US) for $335/share in cash or an enterprise value of $13.1B.
Offer price represents 4.7% premium over yesterday’s closing price or around 19% premium over the undisturbed price. The deal is expected to close by mid-2024.
With no product overlap and competition concern, the deal is expected to get regulatory approval. With reasonable deal valuation, shareholders approval is also expected.


Shockwave Medical Inc (SWAV US): Johnson & Johnson (JNJ US)’s Acquisition Offer

United States

Penumbra, Inc. designs, develops, manufactures, and markets medical devices. The Company offers peripheral vascular and neurovascular devices that help patients suffering from stroke and other neurovascular diseases. Penumbra operates in the United States.

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Penumbra (PEN US)

Penumbra Inc.: How Is It Expanding into International Markets

The second quarter 2024 financial results for Penumbra, Inc. reveal a combination of strengths and challenges that frame the investment outlook...

Baptista Research

Penumbra Inc.: Expanding Global Market Access To Catalyze Growth! - Major Drivers

Penumbra, a global healthcare company, reported a robust start to the first quarter of 2024, showcasing notable financial and operational...

Baptista Research

Penumbra Inc: Initiation Of Coverage - A Tale Of Cautious Innovation! - Major Drivers

This is our first report on Penumbra, a global healthcare major. The company reported its fourth quarter and annual earnings on its conference...

Baptista Research

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

Shockwave Medical Inc (SWAV US): Johnson & Johnson (JNJ US)’s Acquisition Offer

J&J to acquire Shockwave Medical for $335 per share. With no product overlap, the deal is expected to receive regulatory and shareholder...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Penumbra Inc.: How Is It Expanding into International Markets

The second quarter 2024 financial results for Penumbra, Inc. reveal a combination of strengths and challenges that frame the investment outlook...

Baptista Research

Penumbra Inc.: Expanding Global Market Access To Catalyze Growth! - Major Drivers

Penumbra, a global healthcare company, reported a robust start to the first quarter of 2024, showcasing notable financial and operational...

Baptista Research

Penumbra Inc: Initiation Of Coverage - A Tale Of Cautious Innovation! - Major Drivers

This is our first report on Penumbra, a global healthcare major. The company reported its fourth quarter and annual earnings on its conference...

Baptista Research

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

Shockwave Medical Inc (SWAV US): Johnson & Johnson (JNJ US)’s Acquisition Offer

​J&J to acquire Shockwave Medical for $335 per share. With no product overlap, the deal is expected to receive regulatory and shareholder...

Tina Banerjee

J&J to acquire Shockwave Medical for $335 per share. With no product overlap, the deal is expected to receive regulatory and shareholder...