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>QuidelOrtho presented its First Quarter 2024 Financial Results, reflecting both strengths and challenges in its operations.</li><li>The company reported total revenue of $711 million, a decline from $846 million in the comparable prior year period, primarily due to reduced COVID-19 related revenues.</li><li>Despite this, excluded COVID-19 revenues showed a growth of 6% in constant currency across all regions, showcasing solid growth particularly in the EMEA and China regions.</li></ul>

QuidelOrtho presented its First Quarter 2024 Financial Results, reflecting both strengths and challenges in its operations.The company reported total revenue of $711 million, a decline from $846 million in the comparable prior year period, primarily due to reduced COVID-19 related revenues.Despite this, excluded COVID-19 revenues showed a growth of 6% in constant currency across all regions, showcasing solid growth particularly in the EMEA and China regions.

QuidelOrtho Corporation: How Are They Carrying Out The Expansion in Global Markets? - Major Drivers

<ul><li>QuidelOrtho reported total revenues of $3 billion for the full year 2023, a decrease of 26% from the previous year.</li><li>The drop was largely attributed to a lower respiratory season in 2023 compared to the prior year, specifically in COVID-19 related testing.</li><li>The company’s non-respiratory revenue segments, however, exhibited a growth of 5% for the year, suggesting potential opportunities in these areas.</li></ul>

QuidelOrtho reported total revenues of $3 billion for the full year 2023, a decrease of 26% from the previous year.The drop was largely attributed to a lower respiratory season in 2023 compared to the prior year, specifically in COVID-19 related testing.The company’s non-respiratory revenue segments, however, exhibited a growth of 5% for the year, suggesting potential opportunities in these areas.

QuidelOrtho Corporation: Initiation Of Coverage - How Long Will The Increasing Non-Respiratory Revenue Last? - Major Drivers

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>With multiple mutations, Omicron may require modifications in the existing vaccines. With fast mover advantage and superior efficacy, <a href="https://www.smartkarma.com/entities/moderna-inc" target="_blank" data-smartkarma-citation="entities:28744:1" rel="noopener">Moderna Inc (MRNA US)</a> seems to be a clear winner of the situation.</li>
<li>Moderna’s current expectation to deliver 2–3 billion doses in 2022 is likely to be revised upwards with the fast spread of Omicron vaccine and full approval of booster doses.</li>
<li>Moderna shares have reasonable valuation compared to its peers. Higher visibility into 2022 and beyond will lead to re-rating opportunity.</li>
</ul>


With multiple mutations, Omicron may require modifications in the existing vaccines. With fast mover advantage and superior efficacy, Moderna Inc (MRNA US) seems to be a clear winner of the situation.
Moderna’s current expectation to deliver 2–3 billion doses in 2022 is likely to be revised upwards with the fast spread of Omicron vaccine and full approval of booster doses.
Moderna shares have reasonable valuation compared to its peers. Higher visibility into 2022 and beyond will lead to re-rating opportunity.


Moderna (MRNA US): To Cash in on Omicron Fear

<ul>
<li>2023 will be a transitional year for <a href="https://www.smartkarma.com/entities/sd-biosensor-inc" target="_blank" data-smartkarma-citation="entities:33333:1" rel="noopener">SD Biosensor (137310 KS)</a>, with revenue and earnings taking a massive hit due to the declining revenue contribution of the COVID-19 tests.</li>
<li>The company is reaping the benefits of its continuous effort in adding new growth engines through M&amp;A and global expansion of its all-in-one molecular diagnostic system called the Standard M10.</li>
<li>SD Biosensor is set to enter the US market through the acquisition of Meridian. With ~40% share of the global IVD market, the US has big potential.</li>
</ul>


2023 will be a transitional year for SD Biosensor (137310 KS), with revenue and earnings taking a massive hit due to the declining revenue contribution of the COVID-19 tests.
The company is reaping the benefits of its continuous effort in adding new growth engines through M&amp;A and global expansion of its all-in-one molecular diagnostic system called the Standard M10.
SD Biosensor is set to enter the US market through the acquisition of Meridian. With ~40% share of the global IVD market, the US has big potential.


SD Biosensor (137310 KS): COVID Test Revenue Tapering Off; Global Expansion to Drive Future Growth

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bionote-inc" target="_blank" data-smartkarma-citation="entities:36446:1" rel="noopener">Bionote (377740 KS)</a> was listed on 22nd Dec 2023, when it raised US$73m in its downsized Korean IPO. Its three-month lockup will expire on 21st Mar 23.</li>
<li>Bionote is an integrated producer of diagnostics test products and biocontent products. Based on its unique recombinant antigen and antibody manufacturing technology, the firm researches and develops diagnostic reagent products.</li>
<li>Coming up for three-month lockup expiry are the firm’s three pre-IPO investors, together with Gunwoo Ha (ex-CEO). The three pre-IPO investors had earlier trimmed their respective stakes in the IPO.</li>
</ul>



Bionote (377740 KS) was listed on 22nd Dec 2023, when it raised US$73m in its downsized Korean IPO. Its three-month lockup will expire on 21st Mar 23.
Bionote is an integrated producer of diagnostics test products and biocontent products. Based on its unique recombinant antigen and antibody manufacturing technology, the firm researches and develops diagnostic reagent products.
Coming up for three-month lockup expiry are the firm’s three pre-IPO investors, together with Gunwoo Ha (ex-CEO). The three pre-IPO investors had earlier trimmed their respective stakes in the IPO.


Bionote Lock-Up - Uncertainty on the Horizon, Likely to See Some Selling Pressure

United States

Integra LifeSciences Holdings Corp develops, manufactures, and markets medical devices, implants, and biomaterials. The Company's products are primarily used in the treatment of burns and skin defects, spinal and cranial disorders, orthopedics, and other surgical applications.

CONMED Corporation provides orthopedic products, specializing in arthroscopy and powered surgical instruments.  The Company develops, manufactures, and supplies surgical instruments and systems used in a range of surgical procedures.  CONMED's products include arthroscopic surgery devices and powered surgical instruments, electrosurgery systems, and ECG electrodes for heart monitoring.

LeMaitre Vascular, Inc. manufactures medical devices for vascular surgeons and interventionists.  The Company develops, produces, and markets disposable and implantable devices for the treatment of peripheral vascular disease, such as stent grafts, anastomotic clips, valvulotomes, radiopaque marking tape, shunts, and embolectomy catheters.

NuVasive, Inc. designs, develops, and markets products for the surgical treatment of spine disorders. The Company's products include Maximum Access Surgery (MAS) and Fusion products.

STAAR Surgical Company develops, manufactures, and markets high margin visual implants that improve a patient's quality of vision.  The Company manufactures implantable contact lenses to treat refractive disorders such as myopia.  STAAR also manufactures products for cataract surgery and glaucoma surgery.

Enovis Corporation operates as a medical technology company. The Company develops clinically differentiated solutions that generate measurably better patient outcomes and transform workflows. Enovis serves customers worldwide.

Novocure Limited is an oncology company. The Company researches and develops novel technologies for the treatment of cancer. Novocure serves the healthcare industry worldwide.

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.

Veracyte, Inc. develops molecular tests for oncology. The Company offers molecular cytology and tests for the diagnostic accuracy of cytology samples. Veracyte provides its products and services to healthcare and molecular diagnostic companies in the United States.

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).

Andon Health Co., Ltd. develops, manufactures and sells medical electronic devices for home use.  The Company's products include blood pressure monitors, blood glucose monitors, and digital thermometers.

Osstem Implant Co., Ltd. manufactures dental implant system. The Company also markets dental management software. Osstem Implant provides products for dental surgery and exports abroad.

Shandong Weigao Group Medical Polymer Company Limited, through its subsidiaries, researches and develops, produces, and sells single-use aseptic polymer medical products.

Shandong Weigao Group Medical Polymer Co (1066 HK)

JEOL Ltd. manufactures electron optics instruments and analytical instruments including electron microscope, X-ray diffractometer and spectrometer and thermographs.  The Company also makes semiconductor manufacturing equipment, medical equipment and industrial equipment.

Poly Medicure Limited manufactures disposable healthcare products. The Company offers a wide range of products for infusion therapy, anesthesia, urology, gastroenterology, blood management, surgery and drainage, and catheters.

Shandong Pharmaceutical Glass Co., Ltd. manufactures and markets a variety of pharmaceutical glass products including molded vials, tube vials, ampoule, amber vials, infusion vials, and glass tubes.  The Company also manufactures paper packaging boxes and invests in petrochemical industry.

Shandong Pharmaceutical Glass Co., Ltd. A (600529 CH)

Shandong Pharmaceutical Glass Co., Ltd. A

NIHON KOHDEN CORPORATION develops, manufactures, and sells medical equipment, transformers, and power switches and devices.  The Company's products include testing equipment for cerebral nerve such as electroencephalographs, circulatory systems, diagnostic equipment, catheters, biogenic monitoring systems such as electrocardiographs used into patient monitoring systems.

Hartalega Holdings Bhd. manufactures a wide range of latex gloves. The Company's products include natural rubber examination gloves, nitrile examination gloves, nitrile clean room gloves and natural rubber surgical gloves.

Ansell Limited provides health and safety protection solutions. The Company has operations in North America, Latin America, EMEA, and Asia. Ansell holds positions in the industrial and medical gloves market, as well as health and well being category worldwide.

Top Glove Corporation Bhd manufactures a wide range of latex gloves.  The Company's products include latex examination powdered, latex examination powderfree, nitrile examination gloves,soft nitrile examination gloves, vinyl examination gloves, surgical gloves, and other related products.

QuidelOrtho Corporation provides health care services. The Company offers technologies and platforms to benefit customers with expanded access to clinical chemistry, immunoassay, molecular diagnostics, immunohematology, donor screening, and point-of-care diagnostics offerings.

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QuidelOrtho (QDEL US)

QuidelOrtho Corporation: How Are They Carrying Out The Expansion in Global Markets? - Major Drivers

QuidelOrtho presented its First Quarter 2024 Financial Results, reflecting both strengths and challenges in its operations. The company reported...

Baptista Research

QuidelOrtho Corporation: Initiation Of Coverage - How Long Will The Increasing Non-Respiratory Revenue Last? - Major Drivers

QuidelOrtho reported total revenues of $3 billion for the full year 2023, a decrease of 26% from the previous year. The drop was largely...

Baptista Research

Moderna (MRNA US): To Cash in on Omicron Fear

Moderna is set to fly high on the continuous increasing demand for its Covid vaccine and rich pipeline beyond Covid. Emerging Omicron variant is...

Tina Banerjee

SD Biosensor (137310 KS): COVID Test Revenue Tapering Off; Global Expansion to Drive Future Growth

SD Biosensor is expected to take massive hit in revenue in 2023 due to declining COVID tests. However, new product launches and global expansion...

Tina Banerjee

Bionote Lock-Up - Uncertainty on the Horizon, Likely to See Some Selling Pressure

Bionote (377740 KS) was listed on 22nd Dec 2023, when it raised US$73m in its downsized Korean IPO. Its three-month lockup will expire on 21st Mar 23.

Clarence Chu

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