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FY2024
Financial Results & Forecasts
MANI, INC.
THE BEST QUALITY IN THE WORLD, TO THE WORLD
October 8, 2024
Product Segments
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Surgical
(Surgical instruments, such as ophthalmic knives and skin staplers)
Ophthalmic Knives
Skin staplers
Eyeless Needle
(Mainly OEM products)
Eyeless Needles
Eyed Needles
Surgical Sutures
Dental Sutures etc.
Dental
(Dental treatment instruments and
MMG (*)products)
Dental Endodontic | Dental Rotary and |
Instruments | Cutting Instruments |
(Reamers/Files) | (Dia-burs) |
Dental Restoration Materials
(*)MMG is the abbreviation for MANI MEDICAL GERMANY GmbH, a consolidated subsidiary in Germany that produces and sells dental restoration materials.
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FY2024 Financial Results
FY2024 Financial Results & Forecasts
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Consolidated Financial Results
- Consolidated results were strong in FY2024; product demand continues to expand overseas
- Recorded new highs for three consecutive years (net sales, operating income, ordinary income and net income all reached new highs)
- Foreign exchange gains by yen depreciation contributed to the increase in ordinary income
- FY2024 forecasts were also exceeded. (FY2025 forecasts will be described afterwards)
FY2023 | FY2024 | Changes | Changes | FY2024 | Forecast | |
（¥ million） | Results | Results | in Amount | in % | Forecasts | Progress Rate |
（A） | （B） | （D) | ||||
(C=B-A) | (C/A) | (B/D) | ||||
Net sales | 24,488 | 28,513 | +4,025 | +16.4% | 27,500 | 103.7% |
Cost of sales | 9,066 | 10,616 | +1,550 | +17.1% | 9,900 | 107.2% |
(%) | (37.0%) | (37.2%) | (36.0%) | |||
SG&A expenses | 8,177 | 9,505 | +1,327 | +16.2% | 9,350 | 101.7% |
(%) | (33.4%) | (33.3%) | (34.0%) | |||
Operating | 7,243 | 8,392 | +1,148 | +15.8% | 8,250 | 101.7% |
income | (29.6%) | (29.4%) | (30.0%) | |||
(%) | ||||||
Ordinary income | 7,995 | 8,464 | +468 | +5.9% | 8,250 | 102.6% |
Net income | 5,953 | 6,286 | +332 | +5.6% | 5,900 | 106.6% |
FY2024 Financial Results & Forecasts
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Sales Status by Segment
- Increase in sales +¥4,025 million (+16.4%)
- Foreign exchange +¥1,484 million
- All segments' sales have increased. Decrease in MMG's sales when excluding foreign exchange impact
(¥ million)
+1,484 | +932 | +1,147 | ||
Eyeless | ||||
Foreign | Surgical | |||
Needle | ||||
Demand towards | ||||
exchange | Sales in Asia | |||
ophthalmic knives, | ||||
• | Surgical | which are used in | (mostly China), | |
+¥435 million | cataract surgery, have | and North | ||
24,488 | • | Eyeless Needle | increased in Asia | America have |
+¥500 million | (mostly in China), | increased | ||
• | Dental | Europe and North | ||
+¥548 million | America |
+461 Dental
MANI's Dental +564 [+7.8%]
• Sales of dia-burs and reamers/files have increased in Asia (mostly in China and India)
• Weak sales in 4Q despite | 28,513 |
MMG (103) [(5.6%)]
recovery from the impact of production delays
FY2023 Results
Exchange rate
Rate in FY2024 : 1USD=150.78JPY 1EUR=162.94JPY 1CNY=20.84JPY
Rate in FY2023 : 1USD=138.60JPY 1EUR=146.95JPY 1CNY=19.69JPY
FY2024 Results
FY2024 Financial Results & Forecasts
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Sales Status by Region
- Strong product demand mainly in Asia (mostly China and India) and North America
(¥ million)
+2,834 | +752 | +172 | +41 | |
+226 | North | Other | Japan | |
regions | ||||
Europe | Asia | America | ||
24,488 | 28,513 |
FY2023 Results
Exchange rate
Rate in FY2024 : 1USD=150.78JPY 1EUR=162.94JPY 1CNY=20.84JPY
Rate in FY2023 : 1USD=138.60JPY 1EUR=146.95JPY 1CNY=19.69JPY
FY2024 Results
FY2024 Financial Results & Forecasts
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Operating Income Status
- Increase in operating income by +¥1,148 million (+15.8%)
- Foreign exchange +¥570 million
- Gross profit impact +¥1,666 million： Increase in sales due to higher demands contributed to increase in gross profit
- SG&A expenses impact (¥1,088) million： Increase in promotion expenses due to marketing activities and administrative expenses such as personnel expenses at the Head Office
(¥ million)Gross profit impact +1,666 SG&A expenses impact (1,088)
+570 | +1,600 | +65 | (349) | (466) | |
Changes in | (272) | ||||
R&D costs | |||||
Sales | cost of | Sales costs | |||
G&A costs | |||||
Foreign | sales ratio | ||||
volume | |||||
exchange |
- Gross profit impact
＋¥809 million
7,243 | • | SG&A expenses | 8,392 |
(¥238) million |
FY2023 Results
Exchange rate
Rate in FY2024 : 1USD=150.78JPY 1EUR=162.94JPY 1CNY=20.84JPY
Rate in FY2023 : 1USD=138.60JPY 1EUR=146.95JPY 1CNY=19.69JPY
FY2024 Results
FY2024 Financial Results & Forecasts
Financial Results by Segment
Segments | Surgical | Eyeless Needle |
Net sales | 6,784 | 8,152 | 8,574 10,222 |
(Sales to | YoY | YoY | |
external | |||
customers) | +20.2% | +19.2% |
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FY2024 Results
FY2023 Results
(¥ million)
Dental
9,128 10,139
YoY
+11.1%
3,872 | ||||||||
Operating 2,121 | 2,640 | 2,865 | 37.9% | 2,256 | ||||
1,878 | ||||||||
32.4% | YoY | 33.4% | YoY | YoY | ||||
income | 31.3% | +24.5% | +35.2% | (16.8%) | ||||
(Operating income | 24.7% | |||||||
18.5% | ||||||||
margin) |
(Note) FY2023 Results are calculated using the method prior to changes in SG&A expenses. Please refer to p.32 for the figures calculated using the new calculation method.
FY2024 Financial Results & Forecasts | 9 |
Surgical Segment - Results Analysis | (¥ million) |
Sales
FY2024
FY20238,152
6,001 6,784
5,045
3Q Results | FY Results | |
Sales by region | ||
8,152 | ||
6,784 | 2,171 | |
Europe | 1,865 | 2,193 |
Asia | 1,612 | |
566 | ||
North America | 365 | |
760 | ||
Others | 670 | |
2,460 | ||
Japan | 2,270 |
FY2023 FY2024
Results Results
Operating income / %
FY2024
FY2023
Operating income margin
29.5% 33.2% 31.3% 32.4%
2,639
1,992 2,121
1,490
3Q Results | FY Results |
Sales ratio by region | |
Japan | Europe |
30% | 27% |
¥8,152 million
(FY2024 Results)
Others | Asia |
9% | |
27% | |
North | |
America | （China 19%、India 1%） |
7%
Business Overview
- Demand for ophthalmic knives (our mainstay product) is expanding mainly in Europe and Asia
- In the future, the number of cataract patients will increase worldwide
- Expand ophthalmic surgical field (vitreous surgery)
- Expand market share in Europe and North America
- Consider how to deal with low-priced products
Competitive advantages
- Superior sharpness and microfabrication technology that adapts to surgical miniaturization and precision
- Contribution to shortening operation time, reducing burden on the human body, and preventing postoperative complications
- Global market share of ophthalmic knives is approximately 30% (No.1 in the Japanese market) *
Results analysis
- Sales and operating income grew due to an increase in demand for ophthalmic knives in Asia (mostly in China), Europe and North America
*Global market share is our estimate (in value terms)
FY2024 Financial Results & Forecasts | 10 |
Eyeless Needle Segment - Results Analysis | (¥ million) |
Sales
FY2024
FY2023
10,222
7,830 8,574
6,451
3Q Results FY Results
Sales by region
10,222 | |||
8,574 | 1,693 | ||
Europe | 1,668 | ||
Asia | 3,851 | 5,072 | |
North America | 1,140 | 1,630 | |
Others | |||
933 | |||
989 | |||
Japan | 981 | 835 |
FY2023 FY2024
Results Results
Operating income / %
FY2024 | ||
FY2023 | ||
Operating income margin | 37.9% | |
38.1% | ||
31.7% | 33.4% | |
3,872 | ||
2,982 2,865
2,046
3Q Results FY Results
Sales ratio by region
Japan 8% | Europe | |
Others | 17% | |
10% | ||
North | ¥10,222 million | |
America | ||
（FY2024 Results） | ||
16% |
Asia
50%
（China 30%、India 4%）
Business Overview
- Since the end of COVID-19, the number of surgeries are recovering and gradually increasing
- North American and Chinese customers' product demands have increased, and other OEM customers are spreading (in China, we benefit from preferential policies for domestic products)
- Possibilities of applying our needle processing technology to new fields, such as robotic surgery
Competitive advantages
- The accumulation of our microfabrication technology and our original material development
- High penetrability and resistance to breakage
- Wide variety of needles to meet customer needs
(Diverse lineup of 10,000 types of needles)
Results analysis
- Sales and operating income have continued to increase due to an increase in orders for eyeless needles, which was caused by growing demand in Asia (particularly in China) and North America
- The most profitable segment among all segments