Cellsource Co., Ltd. · TSE:4880
Cellsource — Q3 FY10/2025 Earnings Presentation
45 slides from Cellsource's earnings presentation, Sep 11, 2025
Slide 1: Earnings Presentation Q3 FY10/2025
Earnings Presentation Q3 FY10/2025 CellSource Co., Ltd (TSE Prime: 4880)
Slide 2: Table of Contents
Table of Contents 1 Change in Management Structure in FY10/2026 2 Downward Revision of the Earnings Forecast for FY10/2025 3 Financial Results and Progress in Q3 FY10/2025 4 Upfront Investment Progress for Realizing CellSource Vision 5 Other Updates
Slide 3: Change in Management Structure in FY10/2026
Change in Management Structure in FY10/2026 • As disclosed on July 14, 2025, the Board of Directors at its meeting held on the same day resolved to change the leadership (representative director and CEO), effective November 1 Details of • Current Representative Director and CEO, Takashi Sawada, will
Slide 4: Downward Revision of the Earnings Forecast for FY10/2025
Downward Revision of the Earnings Forecast for FY10/2025
Slide 5: Downward Revision of the FY10/2025 Earnings Forecast: Overview
Downward Revision of the FY10/2025 Earnings Forecast: Overview Revised down the full-year earnings forecast in light of progress through Q3 and current projections FY10/2025 [Millions of yen] Net sales Operating profit Ordinary profit Profit Previous forecast (A) 4,501 370 372 255 Revised forecast (
Slide 6: Breakdown of the Revised Sales Forecast
Downward Revision of the FY10/2025 Forecast: Breakdown of the Revised Sales Forecast The sales forecast was lowered by JPY727 million, as sales, primarily in the medical institution support services, are expected to fall short of initial expectations Previous year Initial sales Revised sales Differe
Slide 7: Analysis of Reasons for the Revision of Sales Forecast
Downward Revision of the FY10/2025 Forecast: Analysis of Reasons for the Revision of Sales Forecast The significant downward revision to the sales forecast for medical institution support services reflects smaller-than-expected sales due to changes in support service contract details Sales forecast
Slide 8: Initial vs Revised Operating Profit Forecast
Downward Revision of the FY10/2025 Forecast: Initial vs Revised Operating Profit Forecast Despite a reduction in SG&A expenses, the operating profit forecast was revised down by JPY160 million, reflecting a larger-than-expected decline in gross profit due to the sales shortfall (Millions of yen) -33
Slide 9: Financial Results and Progress in Q3 FY10/2025
Financial Results and Progress in Q3 FY10/2025
Slide 10: Q3 FY10/2025 Key Results: Net Sales, Operating Profit, Profit
Net Sales Operating Profit Profit JPY 2.81 billion JPY 123 million JPY 86 million (-15.7% YoY) (-68.2% YoY) (-76.9% YoY) Blood-derived product Operating Profit ASC contract contract processing Margin processing orders orders 4.4% 14,798 1,083 (-7.2pp YoY) (-8.1% YoY) (-9.5% YoY) Financial results ar
Slide 11: "Year 0" Commitments and Progress
“Year 0” Commitments and Progress Steadily working on “Year 0” commitments outlined in the CellSource Vision Aim to release a medium-term management plan by the fiscal year-end Commitments Progress 1 ● Withdrew from non-core operations, mainly animal- Optimize ● Concentrate management resources in f
Slide 12: Earnings Forecast for FY10/2025: Progress
Earnings Forecast for FY10/2025: Progress Cumulative sales through Q3 reached roughly 87% of our initial forecast, but although we reined in SG&A expenses, cumulative operating profit was 68% of the projected level due to the sales shortfall [Millions of yen] Q3 Forecast vs. Actual Cosmeti c sal es
Slide 13: Q3 FY10/2025 Performance Summary
Q3 FY10/2025 Performance Summary Sales recovered, primarily in contract processing services, leading to QoQ growth in sales and profit l Sales: Despite a decline in medical FY10/2025 FY10/2025 FY10/2024 FY10/2025 Revised Achievement [Millions of yen] Q2 Q3 QoQ Cum. Q3 Cum. Q3 YoY Forecast rate devic
Slide 14: Sales by Business: Recovery in Contract Processing Services
Recovery in contract processing services drove overall sales growth. While medical device sales declined, sales in medical institution support service and cosmetic sales [Millions of yen] and other rose QoQ. Cosmetic sales and other Medical device sales Cum.Q3 FY10/2024 Cum.Q3 FY10/2025 YoY Medical
Slide 15: Monthly Contract Processing Orders for Blood-derived Products by Department
Monthly Contract Processing Orders for Blood-derived Products by Department (No. of Contract processing orders increased steadily from 4,806 in Q2 to 5,040 in Q3, orders) while August saw a decline due to summer holidays (see p. 40, “Daily Average Number of Contract Processing Orders”) 2,500 44% 44%
Slide 16: YoY Change in KPIs Comprising Blood-derived Product Processing Orders
YoY Change in KPIs Comprising the No. of Blood-derived Product Processing Orders Orders from medical institutions specializing in self-funded treatment were down YoY, but orders from hybrid medical institutions increased due to sales initiatives focused on key clinics Specializing in Hybrid*2 Overal
Slide 17: Issues Facing Self-funded Treatment Institutions and Countermeasures
Identifying Issues Facing Medical Institutions Specializing in Self-funded Treatment and Countermeasures Implementing various initiatives addressing management issues that we have identified Issues identified Initiatives ● [Ongoing] Strengthen patient acquisition through offline touchpoints Highly v
Slide 18: YoY Change in Blood-Derived Product Processing Orders from Hybrid Clinics
YoY Change in Blood-Derived Product Processing Orders from Hybrid Clinics Although orders declined year-on-year due to the temporary increase following last year‘s introduction of PFC-FD 2.0, an increase in orders from target medical institutions was achieved YoY change in line with the sales strate
Slide 19: Gross Profit and Operating Profit
Gross Profit and Operating Profit Gross profit and operating profit both increased QoQ thanks to higher sales and a review of SG&A cost management [Millions of yen] Gross profit [Millions of yen] Operating profit 1,200 100% Reference value calculated Reference value calculated assuming no provision
Slide 20: Analysis of Gross Profit Margin
Analysis of Gross Profit Margin Gross profit margin (GPM) remained flat QoQ Gross profit Overview • GPM declined slightly QoQ due to a higher Change in sales mix sales mix of cosmetic sales and others, which -0.5pt have relatively low margins Gross profit margin Contract processing • GPM increased s
Slide 21: Breakdown of YoY Decline in Q3 Gross Profit
Breakdown of YoY Decline in Q3 Gross Profit Q3 gross profit (cumulative) fell YoY due to decreases in sales to medical institutions specializing in self-funded treatment in the contract processing services segment, and snapback decline in raw [Millions of yen] material sales in the cosmetic sales bu
Slide 22: SG&A Expenses
SG&A Expenses We continued to reassess costs. SG&A expenses declined QoQ, even as we continued allocating sufficient funds for [Millions of yen] operating expenses and other needs. Other Advertising expenses + sales promotion expenses Cum.Q3 FY10/2024 Cum.Q3 FY10/2025 YoY R&D expenses Total Millions
Slide 23: Repost: Initial vs Revised Operating Profit Forecast
<Repost>Downward Revision of the FY10/2025 Forecast: Initial vs Revised Operating Profit Forecast Despite a reduction in SG&A expenses, the operating profit forecast was revised down by JPY160 million, reflecting a larger-than-expected decline in gross profit due to the sales shortfall (Millions of
Slide 24: Progress of the SG&A Expense Review
Progress of the SG&A Expense Review Reallocation of SG&A expenses under way, in line with the initial plan Decrease in annual budget*1 Increase in annual budget*1 Business FY10/2025 SG&A plan Decrease in Increase in actual result*2 actual result*2 Concentrate management resources here, as Orthopedic
Slide 25: Rent Expenses
Rent Expenses Rents expected to fall further in FY10/2026 as overlapping of facilities will be completely eliminated Cost of sales + SG&A expenses Cost of sales SG&A expenses [Millions of yen] [Millions of yen] [Millions of yen] • Vacating a facility will drive up costs • From Q2 FY10/2025 onward, r
Slide 26: Balance Sheet
Balance Sheet With no significant change in the balance sheet in Q3, we maintained a sound financial position Cash and deposits Current liabilit ies Other current asset Non-current liabilities Non-current assets Net assets [Millions of yen] 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 Financial resul
Slide 27: Upfront Investment Progress for Realizing CellSource Vision
Upfront Investment Progress for Realizing CellSource Vision
Slide 28: "Year 0" Commitments and Progress
“Year 0” Commitments and Progress Steadily working on “Year 0” commitments outlined in the CellSource Vision Aim to release a medium-term management plan by the fiscal year-end Commitments Progress 1 ● Withdrew from non-core operations, mainly animal- Optimize ● Concentrate management resources in f
Slide 29: "Year 0" Progress: Opening of a New Medical Fitness Gym
“Year 0” Progress: Opening of a New Medical Fitness Gym Opened Rihasuru Sendagi, a medical fitness gym aimed at extending healthy life expectancy by reducing stress from pain, preventing locomotive syndrome and frailty, and promoting greater activity and mobility Opened the first location! Began pro
Slide 30: "Year 0" Progress: Brand Name and Original Method
“Year 0” Progress: Brand Name and Original Method Rihasuru promotes four types of exercise designed to improve strength, endurance, flexibility, and stability. Strength makes standing up easier, endurance reduces fatigue, flexibility supports smoother movement and injury prevention, and stability is
Slide 31: Announcement of the Opening of Rihasuru Medical Fitness Gym
“Year 0” Progress: Announcement of the Opening of Rihasuru Medical Fitness Gym
Slide 32: Other Updates
Other Updates
Slide 33: International Patent Application for Chronic Cerebral Infarction Treatment
International Patent Application for a Treatment for the Chronic Phase of Cerebral Infarction Filed an international patent application for a novel therapeutic approach utilizing the functional recovery effects of serum-derived extracellular vesicles (EVs) • Our research demonstrated that miR-451-5p
Slide 34: Business Alliance Agreement with Solallis Bio
Conclusion of a Comprehensive Business Alliance Agreement in Regenerative Medicine with Solallis Bio CellSource concluded a comprehensive business alliance agreement with Solallis Bio Inc. on July 22, 2025. By combining innovative technologies with on-site expertise, we aim to address challenges in
Slide 35: KPIs Appendix
KPIs Appendix
Slide 36: Business KPI Highlights for Q3 FY10/2025
Business KPI Highlights for Q3 FY10/2025 Number of partner Blood-derived product Adipose-derived stem cell contract processing orders contract processing orders medical institutions (cumulative) (cumulative) 2,057 14,798 1,083 (+134 YoY) (-9.5% YoY) (-8.1% YoY)
Slide 37: Number of Partner Medical Institutions
Number of Partner Medical Institutions*1 No. of partner medical institutions 2,057 1,955 1,982 2,017 1,923 2,000 1,865 1,749 1,802 1,654 1,557 1,500 1,455 End Q3 FY10/2025 1,000 2,057 (+ 134 YoY) 500 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 FY10/2023 FY10/2024 FY10/2025 *1: Excludes the number of closed m
Slide 38: Number of Contract Processing Orders for Blood-derived Products
Number of Contract Processing Orders for Blood-derived Products 7,000 6,569 6,363 6,000 6,000 5,832 5,618 5,314 5,202 5,221 4,997 4,941 5,000 4,636 Q3 FY10/2025 5,221 4,000 orders 3,000 (-10.5% YoY) 2,000 Cumulative: 109,813 orders 1,000 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 FY10/2023 FY10/2024 FY10/20
Slide 39: Number of Contract Processing Orders for Adipose-derived Stem Cells
Number of Contract Processing Orders for Adipose-derived Stem Cells (ASC) 700 617 600 520 515 500 431 439 421 Q3 FY10/2025 381 357 400 371 368 345 357 orders (-18.7% YoY) 300 200 Cumulative: 10,302 orders 100 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 FY10/2023 FY10/2024 FY10/2025 As of FY10/2024, the numbe
Slide 40: Daily Average Number of Contract Processing Orders
Daily Average Number of Contract Processing Orders 100 80 69.1 69.8 68.9 70.1 68.6 68.6 65.9 64.9 62.8 61.7 62.2 61.5 60.1 59.1 59.1 57.5 57.5 57.7 58.4 57.8 60 56.0 57.1 55.3 53.1 51.8 47.9 40 20 0 Ju ly Aug Sep Oct No v Dec Jan Feb Mar Apr May Ju n Ju ly Aug Sep Oct No v Dec Jan Feb Mar Apr May Ju
Slide 41: Hybrid Clinics Blood-Derived Product Orders: As of end-Aug 2025
YoY Change in Blood-Derived Product Processing Orders from Hybrid Clinics: As of end-Aug 2025 YoY change in order numbers*1 Group1: Target medical institutions Clinics that increase orders 7,000 exponentially through concentrated allocation of 6,500 sales resources Group2: [No. of orders] 6,000 Clin
Slide 42: KPIs Comprising the No. of Blood-derived Product Processing Orders
KPIs Comprising the No. of Blood-derived Product Processing Orders Q4/FY2023 Q4/FY2024 FY10/2024 FY10/2025 Q3/FY2024 Q3/FY2025 Latest twelve Latest twelve Q3 Q4 Q1 Q2 Q3 months (LTM) months (LTM) Number of partner medical institutions (quarter-end) 14 15 15 15 13 16 13 Active ratio*3 100.0% 100.0% 1
Slide 43: Quarterly Financial Data and KPIs
[Millions of yen] Net Sales Contract processing services Medical institutions support services (formerly consulting services) Medical device sales Cosmetic sales and other SG&A expenses Operating profit Profit for the quarter Total assets Net assets EBITDA FTE*1 EBITDA per employee (unit:1,000yen)*2
Slide 44: Cautionary Note Regarding Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements The materials and information provided in this presentation contain so-called "forward-looking statements." These statements are based on current expectations, forecasts, and assumptions accompanying risks, and they may involve uncertainties that
Slide 45: CellSource
CellSource