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.
October 29, 2025
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 file semi-annual securities report: November 14, 2025 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 six months ended September 30, 2025 (April 1, 2025-September 30, 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
Six months ended
Millions of yen
%
Millions of yen
%
Millions of yen
%
Millions of yen
%
September 30, 2025
29,285
4.6
6,620
5.7
6,624
7.4
4,774
7.7
September 30, 2024
27,985
11.4
6,260
14.4
6,167
9.7
4,435
10.0
Note: Comprehensive income Six months ended September 30, 2025: ¥4,667 million [(0.3)%]
Six months ended September 30, 2024: ¥4,680 million [11.8%]
Basic earnings per share
Diluted earnings per share
Six months ended
Yen
Yen
September 30, 2025
68.08
68.08
September 30, 2024
61.87
-
- Consolidated financial position
Total assets
Total net assets
Equity ratio
As of
Millions of yen
Millions of yen
%
September 30, 2025
75,274
60,977
81.0
March 31, 2025
75,123
59,914
79.8
Reference: Equity (Shareholders' equity + Accumulated other comprehensive income)
As of September 30, 2025: ¥60,965 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
Yen
Yen
Yen
Yen
Yen
Fiscal year ended
March 31, 2025
-
0.00
-
53.00
53.00
Fiscal year ending March 31, 2026
-
0.00
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
%
Millions of yen
%
Millions of yen
%
Millions of yen
%
Yen
59,300
4.8
12,900
4.7
13,000
5.4
9,350
0.3
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 semi-annual 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 September 30, 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 September 30, 2025
1,143,752 shares
As of March 31, 2025
5,661,667 shares
Average number of shares outstanding during the period
Six months ended September 30, 2025
70,129,451 shares
Six months ended September 30, 2024
71,683,209 shares
Note: The Company has adopted a Board Incentive Plan (BIP) trust, assuming the Company's shares held by the trust are shares of treasury stock in "(4) Number of shares issued (common stock)."
Semi-annual financial results reports are exempt from review conducted by certified public accountants or an audit firm.
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
Interim Consolidated Financial Statements and Major Notes............................................................................................... 8
Interim consolidated balance sheets................................................................................................................................ 8
Interim consolidated statements of income and interim consolidated statements of comprehensive income.................. 9
Interim consolidated statements of cash flows................................................................................................................ 10
Notes to interim consolidated financial statements ......................................................................................................... 11
Going concern assumption ........................................................................................................................................... 11
Significant changes in shareholders' equity ................................................................................................................. 11
Interim consolidated statements of cash flows.............................................................................................................. 11
Segment information, etc. ............................................................................................................................................. 11
Other..................................................................................................................................................................................... 12
Status of production, orders received and sales .................................................................................................................... 12
Overview of Financial Performance
Operating results
Forward-looking statements below are based on our judgment as of September 30, 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 six months ended September 30, 2025, we saw year-over-year increases across key financial metrics. Net sales increased by 4.6%, gross profit rose by 3.5%, operating profit grew by 5.7%, and net income attributable to owners of the parent increased by 7.7%. The business environment has been undergoing substantial changes, including the revision of
reimbursement prices in June 2024 and the rapid adoption of Pulsed Field Ablation ("PFA"), a new treatment for atrial fibrillation advanced by our competitors. 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, business performance progressed largely in line with the initial guidance.
Our core businesses EP/Ablation and Cardiovascular performed well, with sales up 4.1% and 5.0% year-over-year, respectively, driven by the growth in core products. Specifically, in EP/Ablation, sales of intracardiac defibrillation catheters were strong against the backdrop of an increase in atrial fibrillation ablation procedures. In addition, hemostatic devices for femoral vein experienced a smooth progress in expanding facility adoption. In Cardiovascular, the Frozen Elephant Trunk (FET) remained solid due to market expansion.
The sales volume of new therapeutic areas within high-growth businesses increased driven by a broader product lineup, with Neurovascular sales up 48.4% and Gastrointestinal up 15.7%*1year-over-year.
Cardiac Rhythm Management, positioned as a stable business, posted a 0.9% year-over-year decrease in sales, mainly
reflecting a decline in the company's market share due to weaker pacemaker sales.
Selling, general and administrative expenses increased by 234 million yen year-over-year due to factors including higher personnel and research and development expenses, partially offset by reversal of allowance for doubtful accounts due to the partial collection of bad debts. Nevertheless, the higher sales volume absorbed the impact of the increased expenses. As a result, operating profit for the period under review increased 359 million yen, with the operating margin of 22.6%.
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, which smooths 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 25.0% year-over-year.
Business Performance
The earnings for the six months ended September 30, 2025 were as follows:
(Millions of yen, unless otherwise noted)
Product Category
Six months ended September 30, 2024
Six months ended September 30, 2025
YoY increase/ (decrease)
YoY %
increase/ (decrease)
Amount
% of net sales
Amount
% of net sales
(i) Net sales
27,985
100.0
29,285
100.0
1,299
4.6
(ii) Gross profit
16,963
60.6
17,557
60.0
593
3.5
(iii) Operating profit
6,260
22.4
6,620
22.6
359
5.7
(iv) Ordinary profit
6,167
22.0
6,624
22.6
456
7.4
(v) Net income attributable to owners of the parent
4,435
15.8
4,774
16.3
339
7.7
Net sales
Net sales were 29,285 million yen, an increase of 4.6% year-over-year. For more details, please refer to the "Sales by product" section later in this report.
Gross profit
Gross profit was 17,557 million yen, up 3.5% 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 60.0%, a decrease of 60 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 55.1%, a decrease of 250 bps year-over-year.
Operating profit
We reported operating profit of 6,620 million yen, an increase of 5.7% year-over-year, and operating margin of 22.6% (an increase of 20 bps year-over-year). Selling, general and administrative expenses increased by 234 million yen year-over-year. The main reasons for increase/decrease are as follows:
(Reasons for increase)
Higher personnel expenses from salary increases
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 (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 6,624 million yen, up 7.4% year-over-year. Non-operating income totaled 95 million yen, including interest income and dividend income. Non-operating expenses of 90 million yen included foreign exchange losses and loss on valuation of investment securities.
Net income attributable to owners of the parent
Net income attributable to owners of the parent was 4,774 million yen, marking a 7.7% increase year-over-year. The income tax burden was 27.5%, down 70 bps.
Sales by product
(Millions of yen, unless otherwise noted)
Product Category
Six months ended September 30, 2024
Six months ended September 30, 2025
YoY increase/ (decrease)
YoY %
increase/ (decrease)
Cardiac Rhythm Management
6,725
6,666
(59)
(0.9)
EP/Ablation
14,123
14,707
583
4.1
Cardiovascular
5,656
5,936
280
5.0
Neurovascular
800
1,187
387
48.4
Gastrointestinal
680
787
107
15.7
Total
27,985
29,285
1,299
4.6
*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, endoscopic laser 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, cholangioscope
system, ERCP guide wire, colonic stent, gastro duodenal stent, RF needle for liver cancer treatment
Cardiac Rhythm Management
Net sales in Cardiac Rhythm Management reached 6,666 million yen, a decrease of 0.9% year-over-year. Pacemaker sales were sluggish as leadless competitors gained market share. On the other hand, although slightly affected by competitors' new products, net sales of the core product S-ICD remained strong, supported by steady growth in sales volume. Additionally, the launch of the lead management device of Philips in May 2025 also contributed to this result.
EP/Ablation
Net sales in EP/Ablation reached 14,707 million yen, an increase of 4.1% year-over-year, marking a record high for the six-month period. Sales volume of the core product intracardiac defibrillation catheter increased, driven by an estimated 10% year-over-year rise in atrial fibrillation ablation procedures. In addition, expansion into new markets for hemostatic devices for femoral vein progressed steadily. 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 5,936 million yen, an increase of 5.0% year-over-year. The core product Frozen Elephant Trunk performed well with the high market share maintained, as a result of focusing on targeted sales initiatives, including procedure training programs utilizing the product. The following factors also contributed to the result: (1) the launch of pressure-sensor-equipped guide wire for Transcatheter Aortic Valve Implantation (TAVI) as a new product in the Structural Heart Disease area in the second quarter of the current fiscal year, and (2) the supply of the cell delivery catheter system in regenerative medicine products for Heartseed Inc.
Neurovascular
Net sales in Neurovascular reached 1,187 million yen, an increase of 48.4% year-over-year. Sales of aspiration catheters were significantly driven by a newly introduced peripheral vascular model. Stent retrievers, fully released in the third quarter of the previous fiscal year, started off stably. Embolic coil sales remained robust, driven by our expanded reach through the introduction of an interventional radiology model.
Gastrointestinal
Net sales in Gastrointestinal amounted to 787 million yen, an increase of 15.7% year-over-year. Excluding the coronary intervention business, which was terminated in the fiscal year ended March 31, 2024, adjusted net sales increased 25.0% to 747 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 of the current fiscal year. Sales of other products, including ERCP guide wires and biliary dilation balloons, were also solid.
Financial position
Analysis of the interim consolidated balance sheets
Assets
The balance of current assets as of September 30, 2025 was 44,824 million yen, an increase of 488 million yen from the end of the previous fiscal year. This was mainly due to increases of 604 million yen in notes and accounts receivable - trade and 1,184 million yen in inventories, partially offset by a decrease of 1,384 million yen in cash and deposits, resulting from payments for dividends and income taxes.
The balance of fixed assets was 30,450 million yen, a decrease of 336 million yen from the end of the previous fiscal year. This was mainly due to decreases of 276 million yen in long-term prepaid expenses and 219 million yen in deferred tax assets included in "Other" under investments and other assets, partially offset by an increase of 288 million yen in leasehold and guarantee deposits in "Other" under investments and other assets.
As a result, the balance of total assets was 75,274 million yen, an increase of 151 million yen from the end of the previous fiscal year.
Liabilities
The balance of current liabilities as of September 30, 2025 was 13,577 million yen, a decrease of 756 million yen from the end of the previous fiscal year. This was primarily due to decreases of 208 million yen in provisions for bonuses and 180 million yen in accrued expenses included in "Other."
The balance of long-term liabilities was 719 million yen, a decrease of 154 million yen from the end of the previous fiscal year. This was mainly due to decreases of 85 million yen in provision for director's stock based compensation and 34 million yen in long-term accounts payable - other included in "Other."
As a result, the balance of total liabilities was 14,297 million yen, a decrease of 911 million yen from the end of the previous fiscal year.
Net assets
The balance of net assets as of September 30, 2025 was 60,977 million yen, an increase of 1,063 million yen from the end of the previous fiscal year. This was mainly due to dividend payments of 3,722 million yen, partially offset by the recording of net income attributable to owners of the parent of 4,774 million yen.
Analysis of the interim consolidated statements of cash flows
The balance of cash and cash equivalents as of September 30, 2025 amounted to 9,630 million yen, a decrease of 1,384 million yen from the end of the previous fiscal year. Cash flows for the first six months of the fiscal year ending March 31, 2026 by activities were as follows.
Cash flow from operating activities
Net cash provided by operating activities was 3,495 million yen (for the first six months of the previous fiscal year, net cash provided by operating activities was 2,938 million yen). The main factors are profit before income taxes of 6,582 million yen, despite an increase in trade notes and accounts receivable of 606 million yen, an increase in inventories of 1,187 million yen, and income taxes paid of 1,543 million yen, which decreased cash flows.
Cash flows from investing activities
Net cash used in investing activities was 1,023 million yen (for the first six months of the previous fiscal year, net cash used in investing activities was 424 million yen), mainly due to purchase of property, plant and equipment of 672 million yen.
Cash flows from financing activities
Net cash used in financing activities was 3,880 million yen (for the first six months of the previous fiscal year, net cash used in financing activities was 7,187 million yen), mainly due to dividends paid of 3,718 million yen.
Consolidated financial guidance
Our performance for the six months ended September 30, 2025 progressed steadily, almost in line with initial guidance. In Cardiac Rhythm Management and Gastrointestinal, performance showed slightly slower progress than initially expected, but this was offset by strong performance in Neurovascular and Cardiovascular. In EP/Ablation, the market penetration of PFA
resulted in a more severe decline in sales of some products than expected. However, overall performance remained strong as sales of core products including intracardiac defibrillation catheters and hemostatic devices for femoral vein exceeded expectations.
We anticipate sales will continue steadily into the second half and beyond. Expenditure is also expected to remain broadly aligned with planned allocations. Therefore, as of today, the full-year consolidated earnings forecast for the fiscal year ending March 31, 2026, as announced on May 7, 2025, remains unchanged. Should any revisions become necessary, we will promptly disclose them.
Interim Consolidated Financial Statements and Major Notes
Interim consolidated balance sheets
(Millions of yen)
-
12
As of March 31, 2025 As of September 30, 2025
Assets
Current assets
Cash and deposits
11,014
9,630
Notes and accounts receivable - trade
13,830
14,435
Inventories
17,961
19,146
Other
1,529
1,612
Total current assets
44,336
44,824
Fixed assets
Property, plant and equipment
Buildings and structures, net
6,995
6,771
Other, net
6,289
6,373
Total property, plant and equipment
13,285
13,145
Intangible assets
1,910
1,724
Investments and other assets
Investment securities
7,374
7,563
Long-term loans receivable
2,691
2,682
Retirement benefit asset
405
377
Other
6,871
6,501
Allowance for doubtful accounts
(1,753)
(1,544)
Total investments and other assets
15,590
15,581
Total fixed assets
30,786
30,450
Total assets
75,123
75,274
Liabilities
Current liabilities
Notes and accounts payable - trade
4,358
4,455
Short-term borrowings
3,500
3,500
Current portion of long-term borrowings
120
60
Accounts payable - other
947
840
Income taxes payable
1,703
1,768
Provision for bonuses
1,946
1,738
Provision for bonuses for directors
79
21
Other
1,678
1,193
Total current liabilities
14,334
13,577
Long-term liabilities
Provision for director's stock based compensation
164
78
Other
709
640
Total long-term liabilities
874
719
Total liabilities
15,208
14,297
Net assets
Shareholders' equity
Share capital
2,115
2,115
Capital surplus
8,888
4,418
Retained earnings
53,455
54,507
Treasury stock
(5,784)
(1,208)
Total shareholders' equity
58,675
59,833
Accumulated other comprehensive income
Valuation difference on available-for-sale
securities
(32)
84
Foreign currency translation adjustment
788
666
Remeasurements of defined benefit plans
483
380
Total accumulated other comprehensive income
1,239
1,131
Share acquisition rights
-
12
Total net assets
59,914
60,977
Total liabilities and net assets
75,123
75,274
Interim consolidated statements of income and interim consolidated statements of comprehensive income (Interim consolidated statements of income)
(Millions of yen)
Six months ended September 30, 2024
Six months ended September 30, 2025
Net sales
27,985
29,285
Cost of sales
11,022
11,727
Gross profit
16,963
17,557
Selling, general and administrative expenses
10,703
10,937
Operating profit
6,260
6,620
Non-operating income
Interest income
37
59
Dividend income
34
28
Reversal of allowance for doubtful accounts
5
-
Other
12
8
Total non-operating income
89
95
Non-operating expenses
Interest expenses
18
18
Loss on valuation of investment securities
10
19
Foreign exchange losses
50
25
Provision of allowance for doubtful accounts
-
3
Commission expenses
64
7
Other
36
16
Total non-operating expenses
181
90
Ordinary profit
6,167
6,624
Extraordinary income
Gain on sale of fixed assets
7
0
Gain on sale of investment securities
20
-
Total extraordinary income
27
0
Extraordinary losses
Loss on sale of fixed assets
1
-
Loss on retirement of fixed assets
14
42
Total extraordinary losses
15
42
Profit before income taxes
6,179
6,582
Income taxes - current
1,571
1,608
Income taxes - deferred
173
199
Total income taxes
1,744
1,807
Net income
4,435
4,774
Net income attributable to owners of the parent
4,435
4,774
(Interim consolidated statements of comprehensive income)
(Millions of yen)
Six months ended September 30, 2024
Six months ended September 30, 2025
Net income
4,435
4,774
Other comprehensive income
Net unrealized holding gains or losses on securities
(56)
116
Foreign currency translation adjustment
319
(121)
Retirement benefits liability adjustment
(17)
(102)
Total other comprehensive income
245
(107)
Comprehensive income
4,680
4,667
Comprehensive income attributable to:
Owners of the parent
4,680
4,667
(3) Interim consolidated statements of cash flows
(Millions of yen)
Six months ended September 30, 2024
Six months ended September 30, 2025
Cash flows from operating activities
Profit before income taxes
6,179
6,582
Depreciation
861
814
Amortization of long-term prepaid expenses
159
159
Increase (decrease) in allowance for doubtful accounts
211
(208)
Increase (decrease) in provision for bonuses
(90)
(208)
Increase (decrease) in provision for bonuses for directors
(21)
(58)
Increase (decrease) in retirement benefit liability
(59)
(112)
Increase (decrease) in provision for directors' stock based
compensation
(25)
(85)
Interest and dividend income
(71)
(87)
Interest expenses
18
18
Loss (gain) on sale and retirement of non-current assets
8
42
Loss (gain) on valuation of investment securities
10
19
Loss (gain) on sale of investment securities
(20)
-
Decrease (increase) in trade receivables
(584)
(606)
Decrease (increase) in inventories
(1,684)
(1,187)
Decrease (increase) in accounts receivable - other
18
(63)
Increase (decrease) in trade payables
(563)
97
Increase (decrease) in accrued consumption taxes
331
(104)
Increase (decrease) in accrued expenses
(150)
(180)
Other, net
(49)
188
Subtotal
4,476
5,019
Interest and dividends received
45
37
Interest paid
(18)
(18)
Income taxes paid
(1,564)
(1,543)
Net cash provided by (used in) operating activities
2,938
3,495
Cash flows from investing activities
Purchase of property, plant and equipment
(802)
(672)
Purchase of intangible assets
(27)
(26)
Proceeds from sale of fixed assets
15
0
Purchase of investment securities
(637)
(40)
Proceeds from sale of investment securities
1,023
-
Long-term loan advances
(4)
(3)
Proceeds from collection of long-term loans receivable
7
5
Other payments
(1)
(407)
Other proceeds
2
119
Net cash provided by (used in) investing activities
(424)
(1,023)
Cash flows from financing activities
Increase (decrease) in short-term borrowings
1,500
-
Repayments of long-term borrowings
(234)
(60)
Purchase of treasury stock
(5,225)
-
Repayments of lease liabilities
(74)
(101)
Dividends paid
(3,154)
(3,718)
Net cash provided by (used in) financing activities
(7,187)
(3,880)
Effect of exchange rate change on cash and cash equivalents
52
24
Net increase (decrease) in cash and cash equivalents
(4,621)
(1,384)
Cash and cash equivalents at beginning of period
12,669
11,014
Cash and cash equivalents at end of period
*1 8,047
*1 9,630
(4) Notes to interim 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 six months ended September 30, 2025, capital surplus and treasury stock both decreased by 4,469 million yen.
As of September 30, 2025, capital surplus stood at 4,418 million yen, and treasury stock totaled 1,208 million yen.
Interim consolidated statements of cash flows
*1 The relationship between the balance of cash and cash equivalents at the end of the periods and the amount of items listed in the consolidated balance sheets is as follows:
Six months ended September 30, 2024
(Millions of yen) Six months ended
September 30, 2025
Cash and deposits 8,047 9,630
Cash and cash equivalents 8,047 9,630
Segment information, etc.
[Segment information]
Six months ended September 30, 2024 (from April 1, 2024 to September 30, 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.
Six months ended September 30, 2025 (from April 1, 2025 to September 30, 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 six months ended September 30, 2024 and 2025, by product category, were as follows. There were no significant changes.
(Millions of yen)
Product Category
Six months ended September 30, 2024
Six months ended September 30, 2025
YoY %
increase/ (decrease)
Cardiac Rhythm Management
10
5
(50.3)
EP/Ablation
3,176
3,132
(1.4)
Cardiovascular
769
836
8.7
Gastrointestinal
366
384
4.9
Total
4,323
4,358
0.8
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.