Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.
January 30, 2026
Company name: Japan Lifeline Co., Ltd. Listing: Tokyo Stock Exchange Securities code: 7575
URL: https://www.japanlifeline.com/ Representative: Keisuke Suzuki, President and CEO
Inquiries: Takeyoshi Egawa, Director and Chief Financial Officer Telephone: +81-3-6711-5200
Scheduled date to commence dividend payments: -
Preparation of supplementary material on financial results: Yes
Holding of financial results briefing: Yes (for institutional investors and analysts)
(Yen amounts are rounded down to millions, unless otherwise noted.)
-
Consolidated financial results for the nine months ended December 31, 2025 (April 1, 2025-December 31, 2025)
-
Consolidated operating results (cumulative) (Percentages indicate year-on-year changes.)
Net sales
Operating profit
Ordinary profit
Net income attributable to owners of the parent
Nine months ended
Millions of yen
%
Millions of yen
%
Millions of yen
%
Millions of yen
%
December 31, 2025
44,405
3.7
9,824
(0.8)
9,608
(3.4)
6,821
(3.5)
December 31, 2024
42,811
11.8
9,906
17.2
9,944
15.8
7,071
14.5
Note: Comprehensive income Nine months ended December 31, 2025: ¥6,868 million [(10.0)%]
Nine months ended December 31, 2024: ¥7,632 million [17.9%]
Basic earnings per share
Diluted earnings per share
Nine months ended
Yen
Yen
December 31, 2025
97.25
97.24
December 31, 2024
99.37
-
- Consolidated financial position
Total assets
Total net assets
Equity ratio
As of
Millions of yen
Millions of yen
%
December 31, 2025
76,058
63,196
83.0
March 31, 2025
75,123
59,914
79.8
Reference: Equity (Shareholders' equity + Accumulated other comprehensive income)
As of December 31, 2025: ¥63,166 million As of March 31, 2025: ¥59,914 million
-
Consolidated operating results (cumulative) (Percentages indicate year-on-year changes.)
-
Dividends
Annual dividends per share
Q1-end
Q2-end
Q3-end
Year-end
Total
Fiscal year ended March 31, 2025
Fiscal year ending March 31, 2026
Yen
Yen
Yen
Yen
Yen
-
-
0.00
0.00
-
-
53.00
53.00
Fiscal year ending March 31, 2026 (forecast)
54.00
54.00
Note: Revisions to the most recently announced dividends forecast: None
-
Consolidated earnings forecast for the fiscal year ending March 31, 2026 (April 1, 2025-March 31, 2026)
(Percentages indicate year-on-year changes.)
Net sales
Operating profit
Ordinary profit
Net income attributable to owners of the parent
Basic earnings per share
Full year
Millions of yen
59,300
%
4.8
Millions of yen
12,900
%
4.7
Millions of yen
13,000
%
5.4
Millions of yen
9,350
%
0.3
Yen
133.30
Note: Revisions to the most recently announced earnings forecast: None
-
Notes
Changes in significant subsidiaries (changes in specified subsidiaries resulting in changes in the scope of consolidation) during the period: None
Application of accounting treatments specific to the preparation of quarterly consolidated financial statements: None
Changes in accounting policies, changes in accounting estimates, and restatement
Changes in accounting policies due to revisions to accounting standards and other pronouncements: None
Changes in accounting policies due to reasons other than (i): None
Changes in accounting estimates: None
Restatement: None
Number of shares issued (common stock)
Total number of shares issued at the end of the period (including treasury stock)
As of December 31, 2025
71,300,000 shares
As of March 31, 2025
75,758,470 shares
Number of shares of treasury stock at the end of the period
As of December 31, 2025
1,144,401 shares
As of March 31, 2025
5,661,667 shares
Average number of shares outstanding during the period
Nine months ended December 31, 2025
70,138,200 shares
Nine months ended December 31, 2024
71,155,223 shares
Note: The Company has adopted a Board Incentive Plan (BIP) trust, and the Company's shares held by the trust are included in the treasury stock deducted in the calculation of the number of shares of treasury stock at the end of the period and the average number of shares outstanding during the period.
Review of the Japanese-language originals of the attached quarterly consolidated financial statements by certified public accountants or an audit firm: None
Proper use of earnings forecast, and other special matters
-
Notes
The forward-looking statements including earnings forecasts contained in this document are based on information currently available to the Company and certain assumptions that are deemed to be reasonable. Accordingly, the Company does not guarantee the achievement of the forecast, and actual results may differ significantly from the forecast due to various factors. For the assumptions for earnings forecasts and cautions concerning the use thereof, please refer to "1. Overview of Financial Performance, (3) Consolidated financial guidance" on page 6 of the attached materials.
Contents of Attached Materials
Overview of Financial Performance ..................................................................................................................................... 2
Operating results ............................................................................................................................................................. 2
Financial position............................................................................................................................................................ 6
Consolidated financial guidance ..................................................................................................................................... 6
Quarterly Consolidated Financial Statements and Major Notes .......................................................................................... 7
Quarterly consolidated balance sheets ............................................................................................................................ 7
Quarterly consolidated statements of income and quarterly consolidated statements of comprehensive income ........... 8
Notes to quarterly consolidated financial statements ...................................................................................................... 9
Going concern assumption ........................................................................................................................................... 9
Significant changes in shareholders' equity ................................................................................................................. 9
Quarterly consolidated statements of cash flows.......................................................................................................... 9
Segment information, etc. ............................................................................................................................................. 9
Other..................................................................................................................................................................................... 10
Status of production, orders received and sales .................................................................................................................... 10
Overview of Financial Performance
Operating results
Forward-looking statements below are based on our judgment as of December 31, 2025.
Business environment
Japan Lifeline operates in the medical device sector, primarily focusing on cardiac devices for general hospitals in Japan. As
Japan's population ages, the demand for medical care is rising, a trend expected to persist. However, the medical care supply is under strain, raising concerns about the sustainability of various medical services. To address this, the government is promoting working-style reform for doctors to reduce the chronic long working hours faced by medical professionals.
In this competitive environment, it's crucial for us not only to offer effective medical devices but also to help solve broader healthcare sustainability issues. We have been tackling these challenges by leveraging its dual role as both manufacturer and distributor to build a flexible and robust product portfolio.
Status of business
For the nine months ended December 31, 2025, we saw varied year-over-year performance across key financial metrics. Net sales increased by 3.7% and gross profit rose by 2.3%, while operating profit declined by 0.8% and net income attributable to owners of the parent decreased by 3.5%. The business environment has been undergoing substantial changes, including the
revision of reimbursement prices and the rapid adoption of Pulsed Field Ablation ("PFA"), a new treatment for atrial fibrillation. Amid this situation, we steadily promoted continuously introducing competitive products and expanding new therapeutic areas, key initiatives in the medium-term management plan (from the fiscal year ended March 31, 2024 to the fiscal year ending March 31, 2028). As a result, performance progressed largely in line with the initial guidance from net sales to operating profit. Meanwhile, profit attributable to owners of the parent fell to a level slightly below the initial guidance, due to non-operating expenses related to the discontinuation of some products that have become less competitive in the market and extraordinary losses related to head office relocation.
Our core businesses EP/Ablation and Cardiovascular performed well in terms of sales, which went up by 2.6% and 3.8% year-over-year, respectively, driven by the growth in core products. Specifically, in EP/Ablation, intracardiac defibrillation catheters and hemostatic devices for femoral vein contributed to the increase in sales against the backdrop of an increase in procedures. In Cardiovascular, the Frozen Elephant Trunk (FET) grew due to market expansion. In addition, new therapeutic areas within high-growth businesses saw sales increase by 48.1% in Neurovascular and 18.9%*1in Gastrointestinal. However, Cardiac Rhythm Management, positioned as a stable business, posted a 1.2% decrease in sales.
Selling, general and administrative expenses increased by 684 million yen year-over-year due to factors including higher personnel and research and development expenses as medium- to long-term growth investments. This increase in costs could not be offset by the rise in gross profit, resulting in a year-over-year decrease of 82 million yen in operating profit, with the operating margin of 22.1%. The decline in profit is mainly attributable to the fact that we continued to make strategic growth investments to build a future revenue base.
We recognize that volatility in foreign currency exchange rates had a limited impact on our business performance. This is because our third-party product purchases made in yen accounted for approximately 75% of all transactions. Additionally, we use the moving-average method for cost of sales. These structures smooth out the impact of any temporary increases in procurement costs over time.
*1 Sales of Gastrointestinal included those from the terminated coronary intervention business; without this business, sales would have increased 27.6% year-over-year.
Business Performance
The earnings for the nine months ended December 31, 2025 were as follows:
(Millions of yen, unless otherwise noted)
Product Category
Nine months ended December 31, 2024
Nine months ended December 31, 2025
YoY increase/ (decrease)
YoY %
increase/ (decrease)
Amount
% of net sales
Amount
% of net sales
(i) Net sales
42,811
100.0
44,405
100.0
1,593
3.7
(ii) Gross profit
25,910
60.5
26,512
59.7
602
2.3
(iii) Operating profit
9,906
23.1
9,824
22.1
(82)
(0.8)
(iv) Ordinary profit
9,944
23.2
9,608
21.6
(336)
(3.4)
(v) Net income attributable to owners of the parent
7,071
16.5
6,821
15.4
(249)
(3.5)
Net sales
Net sales were 44,405 million yen, an increase of 3.7% year-over-year. For more details, please refer to the "Sales by product"
section later in this report.
Gross profit
Gross profit was 26,512 million yen, up 2.3% year-over-year. While the decline in sales prices-stemming from the revisions to the reimbursement prices in June 2024-affected results for two months compared to the same period of the previous fiscal year, increased sales volume in the core and high-growth businesses offset the impact.
The gross margin reached 59.7%, a decrease of 80 bps year-over-year due to the decline in sales prices noted above and the deterioration in the product mix. Note that proprietary sales mix fell to 55.5%, a decrease of 210 bps year-over-year.
Operating profit
We reported operating profit of 9,824 million yen, a decrease of 0.8% year-over-year, and operating margin of 22.1% (a decrease of 100 bps year-over-year). Selling, general and administrative expenses increased by 684 million yen year-over-year. The main reasons for increase/decrease are as follows:
(Reasons for increase)
An increase in research and development expenses related to the development of PFA systems and other projects
An increase in sales-related expenses due to higher business activity
Higher personnel expenses from salary increases
(Reason for decrease)
Recognition of reversal of allowance for doubtful accounts due to the partial collection of bad debts (provision of allowance for doubtful accounts from suspended customer transactions was recorded in the previous fiscal year)
Ordinary profit
Ordinary profit was 9,608 million yen, down 3.4% year-over-year. Non-operating income totaled 170 million yen, including interest income and dividend income. Non-operating expenses of 387 million yen were recognized, mainly consisting of loss on valuation of inventories and related items, in connection with the discontinuation of some products that have become less competitive in the market (cholangioscope systems and endoscopic laser ablation catheters).
Net income attributable to owners of the parent
Net income attributable to owners of the parent was 6,821 million yen, marking a 3.5% decrease year-over-year. Extraordinary losses were 196 million yen, including expenses related to head office relocation. The income tax burden was 27.7%, down 110 bps.
Sales by product
(Millions of yen, unless otherwise noted)
Product Category
Nine months ended December 31, 2024
Nine months ended December 31, 2025
YoY increase/ (decrease)
YoY %
increase/ (decrease)
Cardiac Rhythm Management
10,119
9,995
(123)
(1.2)
EP/Ablation
21,352
21,904
552
2.6
Cardiovascular
8,995
9,341
345
3.8
Neurovascular
1,291
1,913
621
48.1
Gastrointestinal
1,051
1,250
198
18.9
Total
42,811
44,405
1,593
3.7
*Note: The main products classified in each product category are as follows.
Cardiac Rhythm Management
Pacemaker, T-ICD (Transvascular Implantable Cardioverter Defibrillator), S-ICD (Subcutaneous Implantable Cardioverter Defibrillator), CRT-P (Cardiac Resynchronization Therapy Pacemaker), CRT-D (Cardiac Resynchronization Therapy Defibrillator), AED (Automated External Defibrillator), lead management device
EP/Ablation Electrophysiology catheter, ablation catheter, intracardiac defibrillation catheter, esophageal temperature monitoring catheter, steerable sheath, hemostatic device for femoral vein
Cardiovascular Vascular graft, Frozen Elephant Trunk, stent graft, atrial septum defect closure device Neurovascular Embolic coil, aspiration catheter, microcatheter, stent retriever
Gastrointestinal Bile-duct tube stent, biliary dilation balloon, contrast catheter, double-lumen dilator, ERCP guide
wire, colonic stent, gastro duodenal stent, RF needle for liver cancer treatment
Cardiac Rhythm Management
Net sales in Cardiac Rhythm Management reached 9,995 million yen, a decrease of 1.2% year-over-year. Pacemaker sales were sluggish as competitors' leadless pacemakers gained market share. On the other hand, although slightly affected by competitors' new products, net sales of the core product S-ICD remained strong, against the backdrop of the expansion of a new market due to the spread of preventive implantation. Additionally, the lead management device of Philips, launched in May 2025, also contributed to this result.
EP/Ablation
Net sales in EP/Ablation reached 21,904 million yen, an increase of 2.6% year-over-year. Sales volume of intracardiac defibrillation catheters continued to increase, driven by an estimated 10% year-over-year rise in atrial fibrillation ablation procedures. In addition, net sales of hemostatic devices for femoral vein surged by 77.9% year-over-year. Contributed to this substantial increase was the expansion of sales channels from large-scale facilities to medium-scale facilities, as well as a wider range of size options made available from the third quarter. On the other hand, some EP catheters, such as esophageal temperature monitoring catheters, saw sluggish sales due to the market penetration of PFA, a new treatment for atrial fibrillation advanced by our competitors.
Cardiovascular
Net sales in Cardiovascular reached 9,341 million yen, an increase of 3.8% year-over-year. The core product Frozen Elephant Trunk maintained the high market share, as a result of the continuation of procedure training programs utilizing the product. The following products also contributed to the result: (1) the pressure-sensor-equipped guide wire for Transcatheter Aortic Valve Implantation (TAVI), launched in the second quarter, and (2) the delivery catheter system in regenerative medicine products for Heartseed Inc.
Neurovascular
Net sales in Neurovascular reached 1,913 million yen, an increase of 48.1% year-over-year. Aspiration catheters saw sales driven by a newly introduced distal vascular model, as well as greatly expanded market presence supported by the success in differentiation through a marketing campaign that advertised product features. In addition, stent retrievers, released in the previous fiscal year, also saw a steady increase in facilities that adopt them. Embolic coil sales remained strong as well, with newly expanded sales channels into radiology, in addition to robust demand for products for neurovascular and abdominal fields, contributing to the results.
Gastrointestinal
Net sales in Gastrointestinal amounted to 1,250 million yen, an increase of 18.9% year-over-year. Excluding the coronary intervention business, which was terminated in the fiscal year ended March 31, 2024, adjusted net sales increased 27.6% to 1,210 million yen. Sales of the bile-duct tube stent were higher than expected on the back of favorable clinical evaluations of the new model introduced in the first quarter. Sales of other products, including ERCP guide wires and biliary dilation balloons, were also solid.
Financial position
Analysis of the quarterly consolidated balance sheets
Assets
The balance of current assets as of December 31, 2025 was 44,652 million yen, an increase of 315 million yen from the end of the previous fiscal year. This was mainly due to increases of 1,325 million yen in inventories and 1,285 million yen in notes and accounts receivable - trade, partially offset by a decrease of 2,370 million yen in cash and deposits, resulting from payments for dividends and income taxes.
The balance of fixed assets was 31,405 million yen, an increase of 619 million yen from the end of the previous fiscal year. This was mainly due to increases of 423 million yen in property, plant and equipment and 703 million yen in investment securities, partially offset by a decrease of 373 million yen in long-term prepaid expenses in "Other" under investments and other assets.
As a result, the balance of total assets was 76,058 million yen, an increase of 935 million yen from the end of the previous fiscal year.
Liabilities
The balance of current liabilities as of December 31, 2025 was 12,147 million yen, a decrease of 2,187 million yen from the end of the previous fiscal year. This was primarily due to decreases of 858 million yen in provisions for bonuses, 720 million yen in income taxes payable, and 442 million yen in notes and accounts payable - trade.
The balance of long-term liabilities was 715 million yen, a decrease of 159 million yen from the end of the previous fiscal year. This was mainly due to decreases of 83 million yen in provision for director's stock based compensation and 43 million yen in lease liabilities included in "Other."
As a result, the balance of total liabilities was 12,862 million yen, a decrease of 2,346 million yen from the end of the previous fiscal year.
Net assets
The balance of net assets as of December 31, 2025 was 63,196 million yen, an increase of 3,281 million yen from the end of the previous fiscal year. This was mainly due to the recording of net income attributable to owners of the parent of 6,821 million yen, partially offset by dividend payments of 3,722 million yen.
Consolidated financial guidance
The Company has decided to maintain its initial full-year consolidated earnings forecast for the fiscal year ending March 31, 2026, as announced on May 7, 2025. Our performance for the nine months ended December 31, 2025 generally progressed as initially forecasted, from net sales through operating profit. Meanwhile, net income attributable to owners of the parent fell slightly short of the initial forecast due to the recording of one-time non-operating expenses and extraordinary losses related to head office relocation. However, we expect full-year results to generally align with the initial forecast, as sales are expected to remain robust in the fourth quarter and selling, general and administrative expenses are projected to progress as planned.
Should any revisions become necessary, we will promptly disclose them.
Quarterly Consolidated Financial Statements and Major Notes
Quarterly consolidated balance sheets
(Millions of yen)
As of March 31, 2025 As of December 31, 2025
Assets
Current assets
Cash and deposits
11,014
8,644
Notes and accounts receivable - trade
13,830
15,115
Inventories
17,961
19,287
Other
1,529
1,605
Total current assets
44,336
44,652
Fixed assets
Property, plant and equipment
Buildings and structures, net
6,995
6,747
Other, net
6,289
6,961
Total property, plant and equipment
13,285
13,709
Intangible assets
1,910
1,630
Investments and other assets
Investment securities
7,374
8,078
Long-term loans receivable
2,691
2,760
Retirement benefit asset
405
339
Other
6,871
6,438
Allowance for doubtful accounts
(1,753)
(1,550)
Total investments and other assets
15,590
16,065
Total fixed assets
30,786
31,405
Total assets
75,123
76,058
Liabilities
Current liabilities
Notes and accounts payable - trade
4,358
3,916
Short-term borrowings
3,500
3,200
Current portion of long-term borrowings
120
30
Accounts payable - other
947
1,222
Income taxes payable
1,703
982
Provision for bonuses
1,946
1,087
Provision for bonuses for directors
79
22
Other
1,678
1,684
Total current liabilities
14,334
12,147
Long-term liabilities
Provision for director's stock based compensation
164
81
Other
709
633
Total long-term liabilities
874
715
Total liabilities
15,208
12,862
Net assets
Shareholders' equity
Share capital
2,115
2,115
Capital surplus
8,888
4,418
Retained earnings
53,455
56,554
Treasury stock
(5,784)
(1,208)
Total shareholders' equity
58,675
61,880
Accumulated other comprehensive income
Valuation difference on available-for-sale
securities
(32)
160
Foreign currency translation adjustment
788
770
Remeasurements of defined benefit plans
483
354
Total accumulated other comprehensive income
1,239
1,286
Share acquisition rights
-
29
Total net assets
59,914
63,196
Total liabilities and net assets
75,123
76,058
Quarterly consolidated statements of income and quarterly consolidated statements of comprehensive income (Quarterly consolidated statements of income)
(Nine months ended December 31)
(Millions of yen)
Nine months ended December 31, 2024
Nine months ended December 31, 2025
Net sales
42,811
44,405
Cost of sales
16,901
17,892
Gross profit
25,910
26,512
Selling, general and administrative expenses
16,003
16,687
Operating profit
9,906
9,824
Non-operating income
Interest income
192
119
Dividend income
34
29
Foreign exchange gains
21
12
Other
13
9
Total non-operating income
262
170
Non-operating expenses
Interest expenses
27
28
Loss on valuation of investment securities
69
13
Provision of allowance for doubtful accounts
15
15
Commission expenses
68
12
Loss on valuation of inventories
-
294
Other
43
23
Total non-operating expenses
224
387
Ordinary profit
9,944
9,608
Extraordinary income
Gain on sale of fixed assets
8
0
Gain on sale of investment securities
20
18
Total extraordinary income
28
18
Extraordinary losses
Loss on sale of fixed assets
3
16
Loss on retirement of fixed assets
32
70
Loss on sale of investment securities
-
0
Head office relocation expenses
-
108
Total extraordinary losses
36
196
Profit before income taxes
9,937
9,430
Income taxes - current
2,540
2,411
Income taxes - deferred
325
197
Total income taxes
2,866
2,608
Net income
7,071
6,821
Net income attributable to owners of the parent
7,071
6,821
(Quarterly consolidated statements of comprehensive income) (Nine months ended December 31)
Nine months ended December 31, 2024
(Millions of yen)
Nine months ended December 31, 2025
Net income
7,071
6,821
Other comprehensive income
Net unrealized holding gains or losses on securities
196
193
Foreign currency translation adjustment
391
(17)
Retirement benefits liability adjustment
(26)
(128)
Total other comprehensive income
561
46
Comprehensive income
7,632
6,868
Comprehensive income attributable to:
Owners of the parent
7,632
6,868
Notes to quarterly consolidated financial statements
Going concern assumption
None
Significant changes in shareholders' equity
Cancellation of treasury stock
The Company canceled 4,458,470 shares of its treasury stock on May 16, 2025, pursuant to the resolution passed at the Board of Directors meeting held on May 7, 2025. As a result, during the nine months ended December 31, 2025, capital surplus and treasury stock both decreased by 4,469 million yen.
As of December 31, 2025, capital surplus stood at 4,418 million yen, and treasury stock totaled 1,208 million yen.
Quarterly consolidated statements of cash flows
Quarterly consolidated statements of cash flows were not prepared for the nine months ended December 31, 2025.
The amounts of depreciation (including amortization for intangible assets) for the nine months ended December 31, 2024 and 2025 are as follows:
Nine months ended December 31, 2024
(Millions of yen) Nine months ended December 31, 2025
Depreciation 1,316 1,232
Segment information, etc.
[Segment information]
Nine months ended December 31, 2024 (from April 1, 2024 to December 31, 2024)
The Company and its consolidated subsidiaries are engaged in the manufacture and sale of medical devices, with principal customers located in Japan. There are no reportable segments among the components of the Company and its consolidated subsidiaries for which discrete financial information is available and whose operating results are regularly reviewed by the Board of Directors to make decisions about management resources to be allocated and assess business performance.
Nine months ended December 31, 2025 (from April 1, 2025 to December 31, 2025)
The Company and its consolidated subsidiaries are engaged in the manufacture and sale of medical devices, with principal customers located in Japan. There are no reportable segments among the components of the Company and its consolidated subsidiaries for which discrete financial information is available and whose operating results are regularly reviewed by the Board of Directors to make decisions about management resources to be allocated and assess business performance.
Other
Status of production, orders received and sales
Production
The production results for the nine months ended December 31, 2024 and 2025, by product category, were as follows. There were no significant changes.
(Millions of yen)
Product Category
Nine months ended December 31, 2024
Nine months ended December 31, 2025
YoY %
increase/ (decrease)
Cardiac Rhythm Management
14
7
(49.2)
EP/Ablation
5,132
4,901
(4.5)
Cardiovascular
1,210
1,263
4.4
Gastrointestinal
594
567
(4.6)
Total
6,951
6,739
(3.1)
Notes: 1. Figures are based on manufacturing cost.
2. Since there was no production in the "Neurovascular" category in either the previous or current fiscal year, it has been
omitted.
Orders received
As the Group's business model generally does not generate order backlogs, this information is omitted.
Sales results
Please refer to "1. Overview of Financial Performance (1) Operating results" on page 2 of the attached materials.