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 Cigna Group has presented its first-quarter results for 2024, demonstrating financial strength and strategic advancements across its diverse business segments.</li><li>The financial outcomes reveal a sound start to the year, with increased revenue and adjusted earnings per share, alongside an uplift in the full year 2024 earnings guidance.</li><li>However, these positive aspects are accompanied by areas of setbacks and challenges suggesting that while Cigna is on a promising trajectory, there are complexities that might affect its future performance.</li></ul>

The Cigna Group has presented its first-quarter results for 2024, demonstrating financial strength and strategic advancements across its diverse business segments.The financial outcomes reveal a sound start to the year, with increased revenue and adjusted earnings per share, alongside an uplift in the full year 2024 earnings guidance.However, these positive aspects are accompanied by areas of setbacks and challenges suggesting that while Cigna is on a promising trajectory, there are complexities that might affect its future performance.

Cigna Corporation: Is Their Investment in VillageMD Yielding The Expected Results? - Major Drivers

<ul><li>The Cigna Group surpassed Wall Street's revenue and earnings expectations, maintaining the momentum for a sustained year in 2023.</li><li>The company's health services and benefits platforms continue to demonstrate strength, aligning with its mission to grow and serve effectively.</li><li>They reported a total revenue of $49 billion and adjusted earnings per share of $6.77.</li></ul>

The Cigna Group surpassed Wall Street's revenue and earnings expectations, maintaining the momentum for a sustained year in 2023.The company's health services and benefits platforms continue to demonstrate strength, aligning with its mission to grow and serve effectively.They reported a total revenue of $49 billion and adjusted earnings per share of $6.77.

The Cigna Group: Enhancing Their Virtual Care With The Acquisition Of Bright.md Technology Platform! - Major Drivers

<ul><li>The Cigna Group exceeded analyst expectations in revenue and earnings, fueled by ongoing growth across its varied portfolio of companies.</li><li>Cigna produced total revenues of $48.6 billion, adjusted earnings per share of $6.13, and cash flow from operations of $2.5 billion in the quarter.</li><li>Another strong quarter was experienced by the company's market-leading pharmacy, care, and benefits portfolio at Evernorth Health Services.</li></ul>

The Cigna Group exceeded analyst expectations in revenue and earnings, fueled by ongoing growth across its varied portfolio of companies.Cigna produced total revenues of $48.6 billion, adjusted earnings per share of $6.13, and cash flow from operations of $2.5 billion in the quarter.Another strong quarter was experienced by the company's market-leading pharmacy, care, and benefits portfolio at Evernorth Health Services.

The Cigna Group: How Innovation & Affordability Are Driving Impressive Growth! - Major Drivers

<ul><li>The last quarter was an all-around beat for Cigna with revenues and earnings well above Wall Street expectations.</li><li>Evernorth, including pharmacy benefit services, Specialty Pharmacy, and Evernorth Care, retained, expanded, and won new relationships.</li><li>Cigna Healthcare's health benefits platform achieved revenue and customer growth, with solid performance across U.S. commercial, U.S. government, and international health businesses.</li></ul>

The last quarter was an all-around beat for Cigna with revenues and earnings well above Wall Street expectations.Evernorth, including pharmacy benefit services, Specialty Pharmacy, and Evernorth Care, retained, expanded, and won new relationships.Cigna Healthcare's health benefits platform achieved revenue and customer growth, with solid performance across U.S. commercial, U.S. government, and international health businesses.

The Cigna Group: Focus on Affordability and Pricing Drives Medical Cost Performance – Key Drivers

<ul><li>Cigna Corporation delivered a mixed performance in the last quarter with below-par revenues but an earnings beat.</li><li>Through a mix of dividends and share repurchases, Cigna returned $9 billion to shareholders.</li><li>Furthermore, in Evernorth Care Services, Cigna enhanced and expanded its care management and care delivery skills portfolio.</li></ul>

Cigna Corporation delivered a mixed performance in the last quarter with below-par revenues but an earnings beat.Through a mix of dividends and share repurchases, Cigna returned $9 billion to shareholders.Furthermore, in Evernorth Care Services, Cigna enhanced and expanded its care management and care delivery skills portfolio.

Cigna Corporation: Proceed With Caution On This Health Services Giant – Key Drivers

United States

Molina Healthcare Inc. is a managed care organization.  The Company arranges for the delivery of health care services to persons eligible for Medicaid and other programs for low-income families and individuals.  Molina Healthcare has health plans in California, Washington, Utah, and Michigan, as well as primary care clinics located in Northern and Southern California.

Cardinal Health, Inc. provides complementary products and services to healthcare providers and manufacturers.  The Company's services include pharmaceutical distribution, health-care product manufacturing, distribution and consulting services, drug delivery systems development, pharmaceutical packaging, automated dispensing systems manufacturing, and retail pharmacy franchising.

Humana Inc. is a managed health care company with medical members located in the United States and Puerto Rico.  The Company offers coordinated health care through health maintenance organizations, preferred provider organizations, point-of-service plans, and administrative services products.  Humana offers its products to employer groups, government-sponsored plans, and individuals.

Cencora, Inc. operates as a pharmaceutical company. The Company offers end-to-end pharmaceutical commercialization solutions, over-the-counter healthcare products, home healthcare supplies and equipment, and related services to healthcare providers. Cencora distributes its products internationally.

Laboratory Corporation of America Holdings is a clinical laboratory company that offers clinical laboratory tests used by the medical profession in routine testing, patient diagnosis, and in the monitoring and treatment of disease. The Company develops specialty testing operations, such as oncology testing, HIV genotyping and phenotyping, diagnostic genetics and clinical trials.

Laboratory Corporation of America Holdings (LH US)

Laboratory Corporation of America Holdings

Centene Corporation is a multi-line managed care organization that provides Medicaid and Medicaid-related programs.  The Company has health plans in several states. The Company also provides specialty services, including behavioral health, nurse triage, and treatment compliance.

McKesson Corporation distributes pharmaceuticals, medical-surgical supplies, and health and beauty care products throughout North America. The Company also develops, implements, and supports software that facilitates the integration of data throughout the health enterprise.  In addition, McKesson offers analytic, care management, and patient solutions for payers.

Universal Health Services, Inc. is a healthcare management company. The Company operates acute care hospitals, behavioral health centers, and surgery centers. Universal provides services such as general surgery, internal medicine, radiology, and pediatric services throughout the United States and Puerto Rico.

Quest Diagnostics Incorporated provides diagnostic testing, information, and services.  The Company operates a national network of full-service laboratories, rapid response laboratories, and patient service centers.  Quest Diagnostics provides esoteric testing, routine medical testing, drugs of abuse testing, and non-hospital-based anatomicpathology testing.

Ensign Group, Inc. operates facilities offering nursing and rehabilitative care services in multiple states. The Company provides a broad spectrum of nursing and assisted living services, physical, occupational and speech therapies, and other rehabilitative and healthcare services, for both long-term residents and short-stay rehabilitation patients.

Fresenius SE & Co KGaA is a global health care group with products and services for dialysis, the hospital and the medical care of patients at home. The Company sells dialysis, infusion, transfusion, and diagnostics equipment and systems, blood separators, plasma, hemofilters, nutritional liquids, and solid and liquid pharmaceuticals.

Shanghai Pharmaceuticals Holding Co., Ltd. manufactures, retails, and wholesales a variety of pharmaceuticals including biopharmaceuticals, chemical and Chinese traditional medicines, and healthcare products. The Company also invests in new medicine development and provides related services.

Shanghai Pharmaceuticals Holding (2607 HK)

Bangkok Dusit Medical Services Public Company Limited operates Bangkok General Hospital. The Hospital specializes in cardiovascular, lung, neurological, eye and genitourinary cancer, as well as physical therapy and medical imaging.

Apollo Hospitals Enterprise Limited owns and operates hospitals in India.  The Company also runs a 24-hour pharmacy network via over 120 outlets across India. Apollo Hospitals also runs clinics and offer managed care and family health plans. The Company has a variety of locations in Chennai, Hyderabad, Delhi, Dubai, Vizag, Bilaspur and Chengannur.

Aier Eye Hospital Group Co., Ltd provides ophthalmological services.  The Company's services include ophthalmological diagnosis and treatments.

Sonic Healthcare Limited is a medical diagnostics company with operations in Australia, New Zealand, and Europe.  The Company provides a comprehensive range of pathology and diagnostic imaging services to medical practitioners, hospitals and their patients along with providing administrative services and facilities to medical practitioners.

Fresenius Medical Care AG & Co. KGaA offers kidney dialysis services and manufactures and distributes equipment and products used in the treatment of dialysis patients. The Company also offers clinical laboratory testing and diagnostic testing services and provides home infusion, respiratory therapy, ultrasound, and echo-cardiography. Fresenius operates worldwide.

Celltrion Healthcare Co.,Ltd develops and manufactures pharmaceutical biologics and chemically synthesized drugs. The Company specializes in the development of drugs for breast cancer, arthritis, leukemia, psoriasis, human rabies prevention, and influenza. Celltrion Healthcare markets its products to customers internationally.

Sinopharm Group Co Ltd is a pharmacy distribution company. The Company also owns several pharmacy enterprise groups in different industries such as logistics, retail stores, pharmaceutical manufacturing, and chemical testing.

The Cigna Group operates as an insurance company. The Company offers life, accident, disability, supplemental, medicare, and dental insurance products and services. The Cigna Group serves individuals, families, and businesses worldwide.

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Cigna Group (CI US)

Cigna Corporation: Is Their Investment in VillageMD Yielding The Expected Results? - Major Drivers

The Cigna Group has presented its first-quarter results for 2024, demonstrating financial strength and strategic advancements across its diverse...

Baptista Research

The Cigna Group: Enhancing Their Virtual Care With The Acquisition Of Bright.md Technology Platform! - Major Drivers

The Cigna Group surpassed Wall Street's revenue and earnings expectations, maintaining the momentum for a sustained year in 2023. The company's...

Baptista Research

The Cigna Group: How Innovation & Affordability Are Driving Impressive Growth! - Major Drivers

The Cigna Group exceeded analyst expectations in revenue and earnings, fueled by ongoing growth across its varied portfolio of companies. Cigna...

Baptista Research

The Cigna Group: Focus on Affordability and Pricing Drives Medical Cost Performance – Key Drivers

The last quarter was an all-around beat for Cigna with revenues and earnings well above Wall Street expectations. Evernorth, including pharmacy...

Baptista Research

Cigna Corporation: Proceed With Caution On This Health Services Giant – Key Drivers

Cigna Corporation delivered a mixed performance in the last quarter with below-par revenues but an earnings beat. Through a mix of dividends and...

Baptista Research

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