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>We compiled the public sector bidding result of medical robots in the past one and half years. </li>
<li>Result shows market leaders reinforcing their shares in laparoscopic and orthopaedic robots but in neurosurgery a new challenger has risen</li>
<li>We reiterate the view domestic substitution will likely occur in areas like puncture, natural orifice and microsurgery, which will require new core competencies in machine vision, haptic feedback and AR/VR.</li>
</ul>


We compiled the public sector bidding result of medical robots in the past one and half years. 
Result shows market leaders reinforcing their shares in laparoscopic and orthopaedic robots but in neurosurgery a new challenger has risen
We reiterate the view domestic substitution will likely occur in areas like puncture, natural orifice and microsurgery, which will require new core competencies in machine vision, haptic feedback and AR/VR.


[Blue Lotus Heathcare Sector Update]: Domestic Substitution Takes Nascent Root in Med-Bots

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>Stryker Corporation had a strong quarter with an all-around beat and achieved organic sales growth of 13.6% in the first quarter, with double-digit increases in MedSurg, Neurotechnology, Orthopaedics, and Spine.</li><li>Although hospital personnel challenges are subsiding globally and throughput is increasing, there is still a patient backlog.</li><li>The Vocera integration is also making progress and is now counted as part of its organic growth.</li></ul>

Stryker Corporation had a strong quarter with an all-around beat and achieved organic sales growth of 13.6% in the first quarter, with double-digit increases in MedSurg, Neurotechnology, Orthopaedics, and Spine.Although hospital personnel challenges are subsiding globally and throughput is increasing, there is still a patient backlog.The Vocera integration is also making progress and is now counted as part of its organic growth.

Stryker Corporation: Strong Recovery In Procedural Volumes – Key Drivers

<ul><li>Stryker managed to deliver an all-around beat in its recent result despite facing inflationary challenges and unprecedented supply chain challenges.</li><li>The company saw growth in organic sales and interestingly, the international organic growth rate exceeded the company’s U.S. growth rate, demonstrating its globalization progress.</li><li>The great progress of Stryker’s Mako offense resulted in strong growth of its installed base and continued utilization increases.</li></ul>

Stryker managed to deliver an all-around beat in its recent result despite facing inflationary challenges and unprecedented supply chain challenges.The company saw growth in organic sales and interestingly, the international organic growth rate exceeded the company’s U.S. growth rate, demonstrating its globalization progress.The great progress of Stryker’s Mako offense resulted in strong growth of its installed base and continued utilization increases.

Stryker Corporation: The Citrefix Launch & Other Developments

<ul><li>Stryker delivered a mixed set of results for the quarter and managed to surpass Wall Street expectations on the revenue front.</li><li>The demand for the company's capital products stayed quite strong in this quarter, as viewed by the growth of double-digit of its medical division.</li><li>Also, the Instruments business experienced challenges in the supply chain mainly related to the company's capital products.</li></ul>

Stryker delivered a mixed set of results for the quarter and managed to surpass Wall Street expectations on the revenue front.The demand for the company's capital products stayed quite strong in this quarter, as viewed by the growth of double-digit of its medical division.Also, the Instruments business experienced challenges in the supply chain mainly related to the company's capital products.

Stryker Corporation: The Monterey AL Launch & Other Drivers

<ul><li>Stryker Corporation has faced a challenging macro environment and is undergoing various supply shortages but this did not stop the company from delivering a solid growth in organic sales.</li><li>Spine and orthopedics net sales also increased in the quarter in constant currency.</li><li>We prove the stock of Stryker Corporation with a ‘Hold’ rating and a revision in the target price.</li></ul>

Stryker Corporation has faced a challenging macro environment and is undergoing various supply shortages but this did not stop the company from delivering a solid growth in organic sales.Spine and orthopedics net sales also increased in the quarter in constant currency.We prove the stock of Stryker Corporation with a ‘Hold’ rating and a revision in the target price.

Stryker Corporation: The Vocera Acquisition & Other Drivers

United States

Stryker Corporation develops, manufactures, and markets specialty surgical and medical products. The Company's products include implants, biologics, surgical, neurologic, ear, nose and throat and interventional pain equipment, endoscopic, surgical navigation, communications and digital imaging systems, as well as patient handling and emergency medical equipment.

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Stryker (SYK UN)

[Blue Lotus Heathcare Sector Update]: Domestic Substitution Takes Nascent Root in Med-Bots

Domestic substitution will likely occur in areas like puncture, natural orifice and microsurgery, which will require new core competencies in...

Blue Lotus Research Institute

Stryker Corporation: Strong Recovery In Procedural Volumes – Key Drivers

Stryker Corporation had a strong quarter with an all-around beat and achieved organic sales growth of 13.6% in the first quarter, with...

Baptista Research

Stryker Corporation: The Citrefix Launch & Other Developments

Stryker managed to deliver an all-around beat in its recent result despite facing inflationary challenges and unprecedented supply chain...

Baptista Research

Stryker Corporation: The Monterey AL Launch & Other Drivers

Stryker delivered a mixed set of results for the quarter and managed to surpass Wall Street expectations on the revenue front. The demand for the...

Baptista Research

Stryker Corporation: The Vocera Acquisition & Other Drivers

Stryker Corporation has faced a challenging macro environment and is undergoing various supply shortages but this did not stop the company from...

Baptista Research

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