Executive Summary
Financial Results for Q3 FY2025
Initiatives to Enhance ROIC - Progress Update
Appendix
Index
2
Executive Summary
3
Year-on-year increase in both sales and profit
Sales: Growth driven mainly by fecal immunochemical tests (FIT) products for Europe and medical devices
Profit: Increased due to appropriate cost control and gain on the sale of shares in a consolidated subsidiary in Q2
The full-year earnings forecast remains unchanged
- External Environment
Ongoing impact from global resource price increases, geopolitical risks, U.S. trade policies, and monetary policies in major countries
Continued rise in costs related to logistics and raw material procurement
Executive Summary
- Company Performance
4
Financial Results for Q3 FY2025
5
・Rising cost of sales ratio.
・Delayed Profitability Measures.
Q3 FY2024 Results | Q3 FY2025 Results | Amount of Percentage Change of Change | |
Net sales | 30,640 | 31,377 | 737 2.4% |
Cost of sales | 17,866 | 18,756 | 889 5.0% |
Gross profit | 12,773 | 12,621 | (151) (1.2%) |
SG&A expenses | 10,138 | 9,841 | (297) (2.9%) |
Operating profit | 2,634 | 2,779 | 145 5.5% |
Ordinary profit | 2,835 | 2,739 | (96) (3.4%) |
Net profit | 2,116 | 3,722 | 1,605 75.8% |
25,150 74.6%
17,050 74.0%
・Efficient cost control
・Concentration of R&D expenses at the end of the FY.
13,800 71.3%
3,250 85.5%
3,100 88.4%
FY2025 Forecast
Amount
Progress
rate
Financial Results for Q3 FY2025
Consolidated Financial Results-YoY Change
Millions of yen
・Increased in sales of FIT products and medical devices.
・Continued impact of USAID
program closure.
42,200
74.4%
3,770
98.7%
Recorded approx. ¥2.0 billion in
Q2 for the transfer of consolidated subsidiary equity
3,096
(369)
(11.9%)
4,040
67.5%
Sales and profit increased driven by growth in FIT products and medical devices, cost efficiency, and gains from subsidiary share
transfer.
As expenses is concentrated at the end of the FY, the full-year earnings forecast remains unchanged.
6
2,726
R&D expenses
Financial Results for Q3 FY2025
Breakdown of Operating Profit
Decrease in SG&A
Expenses
Operating Margin ratio 8.6%
Millions of yen
2, 779
Impact of increase in sales: ¥737 million
Impact of changes in cost of sales ratio:
¥ -889 million
297
(889)
Cost of Sales Ratio 58.1% (previous Q3)
↓
59.8% (as of Q3)
737
FY2025 Q3
FY2024 Q3
+145 million yen
Increase in cost
of sales
Impact of
Increase in Sales
2,634
Positive Factors:
・Higher profit due to higher sales of high-earning products (FIT)
・Temporary income from LAMP patent fees
・Price increases on certain products (equipment, food-related products, and some culture media)
・Consolidating urine test strips into domestic manufacturing
Negative Factors:
・Lower profit due to lower sales of high-
earning products (Urinalysis and POCT)
Q3 FY2025
・Product mix deterioration due to increased sales of low-earning products (medical devices)
・Increase in amortization expenses
Operating Margin ratio 8.9%
・Increase in costs due to soaring raw
material prices
Decrease in SG&A expenses: ¥297 million
Efficient cost control
Q3 FY2024
7
Financial Results for Q3 FY2025
Sales Results by Region -YoY Change
Millions of yen
419
Fecal immunochemical tests (FIT)
Q3 FY2024
Results
Q3 FY2025 額
金
単位： 百万
Results
Amount of Change
円
Percentage of Change
Millions of yen
FY2025 Forecast
Amount Progress rate
82
378
(47)
(93)
4 84
(91)
Immunological and serological excluding FIT
10,076
10,455
378
3.8%
13,640
76.6%
7,546
7,629
82
1.1%
9,680
78.8%
3,505
3,458
(47)
(1.4%)
4,740
73.0%
3,469
3,375
(93)
(2.7%)
4,900
68.9%
455
459
4
0.9%
610
75.2%
1,492
1,400
(91)
(6.1%)
1,860
75.3%
1,415
1,500
84
6.0%
2,440
61.5%
2,678
3,097
419
15.7%
4,330
71.5%
Urinalysis Microbiological
Clinical chemistry test
Equipment/ Food and Environment
30,640 31,377
Molecular test
Medical devices/Others
Total
30,640
31,377 737 2.4% 42,200 74.4%
FIT: Sales increased both in Japan and overseas, driven mainly by strong growth in sales for overseas markets.
Microbiological: Sales decreased due to declined sales of POCT products and antimicrobial susceptibility test reagents.
Molecular test: Although sales of TB-LAMP to Nigeria declined due to the closure of USAID program, overall molecular sales increased, supported by temporary royalty income. While orders for TB-LAMP have resumed, partly due to lobbying efforts, ongoing disruptions in the global healthcare environment makes it challenging to achieve the full-year forecast.
Medical devices: Sales increased for FIT analyzers and for Immunological and serological testing products introduced and sold by Tosoh Corporation.
8
Americas |
EMEA |
APAC |
1,926
2,986
2,956
341
(133)
30,150 76.7%
Q3 FY2024 Results | Q3 FY2025 Results | Amount of Change | Percentage of Change | |||
Domestic Sales | 22,772 | 23,114 | 341 | 1.5% | ||
Overseas Sales | 7,868 | 8,263 | 395 | 5.0% | ||
Overseas Sales Ratio | 25.7% | 26.3% | - | - | ||
Total | 30,640 | 31,377 | 737 | 2.4% | ||
12,050 68.6%
－ －
42,400 74.4%
1,793 |
3,408 |
3,062 |
(133) (6.9%) 2,530 70.9%
422 14.2% 5,260 64.8%
105 3.6% 4,260 71.9%
31,377
422 105
[Americas]
Demand continues to grow due to expansion of the target age group for FIT, increased use of endoscopic triage, and the shift from chemical to immunological methods.
Temporary decline in shipments due to timing of analyzer replacements and other related factors.
[EMEA]
Strong performance in FIT products.
Expansion of the target age group and expansion of
distribution methods for sampling bottles contributed.
Continued wins in National FIT Screening Programs. England: Program continues; next phase starts July 2026. France: Program continues; next phase starts February 2026. France has distributed sample collection containers to all eligible participant since June 2025.
Impact of USAID program closure delays sales of TB-
30,640
LAMP.
FY2024 Q3 Domestic Americas EMEA APAC FY2025 Q3
Americas: North and Central/South America
EMEA: Europe, Africa, the Middle East, and Russia (TB-LAMP for developing countries is included in the EMEA region)
APAC: Asia and Oceania [All sales of overseas urinalysis test strips (in partnership with Sysmex Corporation) are included in the APAC region]
9
[APAC]
Strong performance mainly in FIT reagents for Asian markets.
Sales of Urinalysis for overseas markets decreased.
FY2025 Forecast
Amount
Progress
rate
Financial Results for Q3 FY2025
Sales Results by Region -YoY Change
Millions of yen
[Domestic]
Sales of FIT products, and Immunological and serological testing products introduced from Tosoh Corporation, increased.
Financial Results for Q3 FY2025
Sales Trend of FIT Products; Our Core Product
Sales of FIT products, our core product continue to grow steadily, mainly in overseas markets.
Overseas sales surpassed domestic sales form FY2024, resulting in an increased proportion of overseas sales.
Domestic sales maintain and expand our high market share, achieving steady growth.
Millions of yen
3,929
9,632
11,233
11,188
12,315
12,941
Overseas
5,175
6,499
5,972
4,989
5,184
10,455
13,640
Overseas
7,080
APAC EMEA
Americas Domestic
5,702
6,049
6,198
6,343
6,441
Domestic
5,280
Domestic
6,560
FY2020 FY2021 FY2022 FY2023 FY2024 Q3
Results
10
FY2025
Full-year forecast