Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>This report is almost entirely based on datamined from technical publications related to patents and innovations in the area of Odontology.</li>
<li>The industry will see significant consolidation as mid-sized and smaller players with inspired innovations are be bought out as the industry seeks more cost-efficient distribution channels</li>
<li>Among the listed companies <a href="https://www.smartkarma.com/entities/3-m-co" target="_blank" data-smartkarma-citation="entities:14866:1" rel="noopener">3M Co (MMM US)</a> , <a href="https://www.smartkarma.com/entities/dentsply-international-inc" target="_blank" data-smartkarma-citation="entities:10926:1" rel="noopener">Dentsply International (XRAY US)</a> , <a href="https://www.smartkarma.com/entities/align-technology-inc" target="_blank" data-smartkarma-citation="entities:2817:1" rel="noopener">Align Technology (ALGN US)</a> , <a href="https://www.smartkarma.com/entities/envista-holdings-corp" target="_blank" data-smartkarma-citation="entities:35866:1" rel="noopener">Envista Holdings (NVST US)</a>  &amp; <a href="https://www.smartkarma.com/entities/straumann-holding-ag" target="_blank" data-smartkarma-citation="entities:22493:1" rel="noopener">Straumann Holding (STMN SW)</a> stand out. </li>
</ul>


This report is almost entirely based on datamined from technical publications related to patents and innovations in the area of Odontology.
The industry will see significant consolidation as mid-sized and smaller players with inspired innovations are be bought out as the industry seeks more cost-efficient distribution channels
Among the listed companies 3M Co (MMM US) , Dentsply International (XRAY US) , Align Technology (ALGN US) , Envista Holdings (NVST US)  &amp; Straumann Holding (STMN SW) stand out. 


A Detailed Look Into Innovations in Dentistry

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>In November, <a href="https://www.smartkarma.com/entities/orthofix-medical-inc" target="_blank" data-smartkarma-citation="entities:1264:1" rel="noopener">Orthofix International Nv (OFIX US)</a> named Massimo Calafiore as incoming President and CEO. Mr. Calafiore has extensive knowledge in orthopedics and spine, and M&amp;A integration expertise.</li>
<li>Orthofix has performed well and operated smoothly following management transition. In 3Q23, revenue increased 61% YoY on a reported basis and 1% YoY on a pro forma basis to $184M.</li>
<li>The company expects to deliver much higher adjusted profits next year and to exit 2024 cash-flow positive from an estimated $100 million outflow for 2023.</li>
</ul>


In November, Orthofix International Nv (OFIX US) named Massimo Calafiore as incoming President and CEO. Mr. Calafiore has extensive knowledge in orthopedics and spine, and M&amp;A integration expertise.
Orthofix has performed well and operated smoothly following management transition. In 3Q23, revenue increased 61% YoY on a reported basis and 1% YoY on a pro forma basis to $184M.
The company expects to deliver much higher adjusted profits next year and to exit 2024 cash-flow positive from an estimated $100 million outflow for 2023.


Orthofix International (OFIX US): Limited Downside Likely; Looking Ahead to 2024 with New Management

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.

Zimmer Biomet Holdings / Equity Bottom-Up

<ul><li>Zimmer Biomet Holdings delivered a strong result and managed an all-around beat last quarter.</li><li>The company reported increased GAAP diluted earnings per share due to higher revenues and effective cost management.</li><li>Moreover, the company's strong operating cash flows and solid balance sheet position provide the strategic flexibility needed for future growth initiatives.</li></ul>

Zimmer Biomet Holdings delivered a strong result and managed an all-around beat last quarter.The company reported increased GAAP diluted earnings per share due to higher revenues and effective cost management.Moreover, the company's strong operating cash flows and solid balance sheet position provide the strategic flexibility needed for future growth initiatives.

Zimmer Biomet Holdings Inc.: Navigating Global Uncertainties with A Unique Growth Strategy! - Major Drivers

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

<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

<ul><li>Zimmer delivered a strong result and managed an all-around beat in the last quarter.</li><li>On the financial front, Zimmer reported increased net earnings, improved gross margins, and a significant rise in adjusted earnings per share.</li><li>The company experienced accelerated recovery in elective procedures, supported by the normalization of cancellation rates and backlog recapture.</li></ul>

Zimmer delivered a strong result and managed an all-around beat in the last quarter.On the financial front, Zimmer reported increased net earnings, improved gross margins, and a significant rise in adjusted earnings per share.The company experienced accelerated recovery in elective procedures, supported by the normalization of cancellation rates and backlog recapture.

Zimmer Biomet Holdings Inc.: A Powerhouse Driving Sustained Growth in Biotech! – Key Drivers

United States

Zimmer Biomet Holdings, Inc. designs, develops, manufactures, and markets medical equipment. The Company offers orthopedic and dental reconstructive implants, spinal implants, trauma products, and related surgical products. Zimmer Biomet Holdings serves customers worldwide.

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Zimmer Biomet Holdings (ZBH US)

A Detailed Look Into Innovations in Dentistry

The report highlights the most innovative well-known & lesser-known dental companies driving advancements in digital dentistry, materials,...

Pyari Menon

Orthofix International (OFIX US): Limited Downside Likely; Looking Ahead to 2024 with New Management

Orthofix has named Massimo Calafiore as its new CEO, who will bring expertise in spine and orthopedics and M&A integration. The company expects...

Tina Banerjee

Zimmer Biomet Holdings Inc.: Navigating Global Uncertainties with A Unique Growth Strategy! - Major Drivers

Zimmer Biomet Holdings delivered a strong result and managed an all-around beat last quarter. The company reported increased GAAP diluted earnings...

Baptista Research

[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

Zimmer Biomet Holdings Inc.: A Powerhouse Driving Sustained Growth in Biotech! – Key Drivers

Zimmer delivered a strong result and managed an all-around beat in the last quarter. On the financial front, Zimmer reported increased net...

Baptista Research

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A Detailed Look Into Innovations in Dentistry

The report highlights the most innovative well-known & lesser-known dental companies driving advancements in digital dentistry, materials,...

Pyari Menon

Orthofix International (OFIX US): Limited Downside Likely; Looking Ahead to 2024 with New Management

​Orthofix has named Massimo Calafiore as its new CEO, who will bring expertise in spine and orthopedics and M&A integration. The company expects...

Tina Banerjee

Zimmer Biomet Holdings Inc.: Navigating Global Uncertainties with A Unique Growth Strategy! - Major Drivers

Zimmer Biomet Holdings delivered a strong result and managed an all-around beat last quarter. The company reported increased GAAP diluted earnings...

Baptista Research

[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

Zimmer Biomet Holdings Inc.: A Powerhouse Driving Sustained Growth in Biotech! – Key Drivers

Zimmer delivered a strong result and managed an all-around beat in the last quarter. On the financial front, Zimmer reported increased net...

Baptista Research

Orthofix has named Massimo Calafiore as its new CEO, who will bring expertise in spine and orthopedics and M&A integration. The company expects...