FY2025 Financial Results & Forecasts MANI, INC.
THE BEST QUALITY IN THE WORLD, TO THE WORLD
October 8, 2025
Voluntary Recall of "MANI DIA-BURS" in China
We have discovered that the product registration information submitted to the Chinese regulatory authorities contained inaccuracies. The voluntary recall began in March 2025 and was mostly completed by August 2025.
We applied for regulatory modification of the corrected products in March 2025. The approval process is progressing ahead of the initial schedule (originally expected by March 2026), and sales of all dia-burs are anticipated to resume from FY26 2Q (between December and February).
Impact on Business Performance
（¥ million）
FY25 Full-Year Forecast (As of FY2025 Q3) | FY25 Full-Year Results | ||
Quantity recalled (units) | 3.75 million | 4.20 million | |
Sales reduction (YoY) | (1,520) | (1,481) | |
Decrease in new orders | (1,190) | (1,100) | |
Returned amount | (330) | (381) | |
Impact on profit | (1,200) | (1,192) | |
Business in China: Outlook
Sales outlook for dia-burs：
FY25 results: approx. 50% of the pre-recall level.
Recovery target: over 90% of the pre-recall level by FY27.
FY25 Performance Highlights：
Surgical and Eyeless Needle segments achieved solid sales growth
Surgical: YoY +7.6%
Eyeless Needle: YoY +8.5%
Dental products excluding dia-burs remained flat.
Forecasts for FY26 and beyond：
Recovery to growth trajectory (CAGR over 8%)
Respond to China's localization trend
Impact of GPO on the Eyeless Needle segment: expand sales through partnerships with suture manufacturers
Launch domestic production in China (mass production from FY28)
（¥ million）
CAGR21％
(Local currency basis 14%)
5,341
4,623
6,656
3,251
8,643
3,939
Forecast 7,560
↓ Result 7,558
2,467
8,300 9,570
Dental
Eyeless
3,282
2,033
2,721
1,175
2,963
1,560
2,397
3,114 3,380
Needle Surgical
818
432 728 818
1,589 1,710
1,009
FY20 FY21 FY22 FY23 FY24 FY25 FY26
Forecast
FY27
Forecast
1CNY=¥15.37 1CNY=¥16.38 1CNY=¥18.68 1CNY=¥19.69 1CNY=¥20.83
1CNY=¥20.63
1CNY=¥21.00
FY2025 Financial Results
Consolidated Financial Results (¥ million)
Higher revenue but lower income due to the temporary voluntary recall of dia-burs in China
Surgical and Eyeless Needle segments maintained their growth, contributing to increased revenue and profit
Asset reevaluation:
① Impairment of non-current assets at Germany MMG (¥1,190 million recorded in extraordinary loss)
② Inventory disposal of long-stagnant products (¥98 million recorded in cost of sales)
FY24 Results （A） | FY25 Results （B） | Changes in Amount (C=B-A) | Changes in % (C/A) | FY25 Revised Forecasts （D) | Forecast Progress Rate (B/D) | |
Net sales | 28,513 | 29,968 | +1,454 | +5.1% | 29,600 | 101.2% |
Cost of sales [%] | 10,616 (37.2%) | 10,650 (35.5%) | +33 | +0.3% | 10,800 (36.5%) | 98.6% |
SG&A expenses [%] | 9,505 (33.3%) | 11,124 (37.1%) | +1,619 | +17.0% | 10,900 (36.8%) | 102.1% |
Operating income [%] | 8,392 (29.4%) | 8,193 (27.3%) | (198) | (2.4%) | 7,900 (26.7%) | 103.7% |
Ordinary income | 8,464 | 8,271 | (192) | (2.3%) | 7,800 | 106.0% |
Net income 6,286 5,167 (1,118) (17.8%) 5,450 94.8% 5
Operating Income to Profit Before Income Taxes (Details)
(¥ million)
FY24 Results | FY25 Results | YoY | Notes | |
Operating income | 8,392 | 8,193 | (199) | |
Non-operating income | 309 | 402 | +93 | |
Foreign exchange gains | - | 71 | +71 | |
Interest income | 206 | 240 | +34 | |
Non-operating expenses | 237 | 324 | +87 | |
Foreign exchange losses | 164 | - | (164) | |
Depreciation | - | 222 | +222 | Increase in depreciation related to Hanaoka Factory (Smart Factory) before operation |
Ordinary income | 8,464 | 8,271 | (193) | |
Extraordinary income | 31 | 28 | (3) | |
Extraordinary losses | 71 | 1,212 | +1,141 | Impairment of non-current assets at MMG (¥1,190 million) |
Profit before income taxes | 8,424 | 7,087 | (1,337) |
Net Sales Status by Segment
(¥ million)
Increase in sales YoY +1,454 million [+5.1%]
- Excluding the impact of the voluntary recall of dia-burs in China and MMG's performance, all segments saw revenue growth.
(180)
(1,481)
＋1,052
+1,027
＋1,037
Foreign
exchange
Impact of the voluntary
Surgical Eyeless Needle
Dental
MANI Dental:
28,513
recall of "MANI DIA-BURS" in
China
Sales growth
driven by ophthalmic knives, mainly in Europe, Asia, Japan, and North America.
Sales growth mainly in Asia (China and Thailand), and other regions including Central and South America.
+1,089
Sales growth in Japan, Russia, and India
MMG (37)
Weak sales performance, especially with major customers in Europe
29,968
FY24 FY25
Net Sales Status by Region
(¥ million)
Sales grew across all global regions, excluding China
In Japan, sales were driven by strengthened sales and marketing efforts in the Dental segment.
In Central and South America, and Russia, growth was led by Eyeless Needle and Dental segments, while in North America, the Surgical segment led the sales growth.
+162
Europe
Americas
Japan
Other
regions
Asia
28,513
29,968
＋587 ＋665 ＋508
(467)
|
| +284 |
| (1,085) |
America +465 |
| +65 |
| +133 |
|
| +159 |
| ＋483 |
Operating Income Status
Operating income declined YoY (¥198 million) [(2.4%)]
(¥ million)
Decline mainly due to temporary factors: voluntary recall of dia-burs in China and performance-linked bonuses from the previous fiscal year.
Excluding the factors above, SG&A expenses were mostly in line with the plan. Personnel expenses increased with the addition of 29 employees in Japan (432 employees as of the end of FY25).
Cost improvements, including cost reductions at the Vietnam Factory, led to better-than-expected results.
Gross profit impact
+2,569
SG&A expenses impact (1,293)
(71)
(1,192)
+2,072
+497
(1,293)
Foreign
exchange
(212)
Improvement
SG&A expenses
Impact of the
voluntary recall linked bonuses
Performance-
Increase in
sales
in the cost of
sales ratio
8,392
of "MANI DIA-
BURS" in China special factors
and other
Mainly due to an
increase in personnel expenses and marketing expenses
8,193
Financial Results by Segment
(¥ million)
Surgical
Eyeless Needle
Dental
YoY
YoY
+9.4%
YoY (6.2%)
Net sales
(Sales to external customers)
+13.8%
8,152 9,274
10,222 11,183 10,139 9,509
FY24 FY25 FY24 FY25
FY24 FY25
YoY
+16.6%
32.4% 33.2%
37.9%
YoY
+3.4%
35.8%
YoY (40.9%)
Operating income
(Operating income margin)
2,640
3,080
3,872 4,002
18.5%
1,878
11.7%
1,110
Surgical Segment - Results Analysis
Overview of Business Results
(¥ million)
6,001
6,976
8,152 9,274
Net sales
Operating income / %
4Q Highlights:
Strong sales in North America due to the partnership with MST
Decline in China due to the impact of private hospital cases
Full-Year Highlights:
Sales growth: +13.8% YoY
Sales growth was driven by ophthalmic knives, particularly in Europe, Asia (mainly China), Japan, and North America
Profitability improved due to price optimization and cost reductions
33.2% 33.9% 32.4% 33.2%
1,992 2,362
2,640
3,080
Sales by region
3Q 4Q
9,274
8,152
2,586
3Q
Sales ratio by region
Japan
28%
4Q
Europe
28%
Future Key Measures
Europe Asia
North America
Others
2,171
2,193 2,433
566 692
760 927
¥9,274 million
（FY25 results）
Others
10%
United States: Alliance with MST will serve as a core pillar of future overseas growth strategy
China: By establishing a production base in China (FY28), we will strengthen our response to domestic production.
Europe: Expand success in high-share regions (Germany, UK, etc.) to other markets
Asia: Focus on marketing in Southeast Asia (Indonesia, Malaysia)
Asia
Japan
2,460 2,635
FY24 FY25
North America
7%
26%
（China 18%、India 1%）
11
Eyeless Needle Segment - Results Analysis
Net sales
Operating income / %
Overview of Business Results
(¥ million)
10,222 11,183
7,830 8,332
3,872
4,002
2,982 3,045
4Q Highlights:
In China, sales increased due to large GPO orders from customers, while North America and Europe experienced a slowdown due to inventory adjustments
Full-Year Highlights:
Sales growth: +9.4% YoY
China achieved growth driven by strategic partnerships and positive contributions from GPO
Although gross profit margin improved, operating income margin deteriorated due to higher SG&A expenses
38.1% 36.5% 37.9% 35.8%
3Q 4Q 3Q 4Q
Sales by region
Sales ratio by region
10,222
Europe
Asia
11,183
Japan
9%
Others
13%
¥11,183 million
Europe
15%
Future Key Measures
North America
Others
North America
14%
（FY25 Results）
Expand sales by taking advantage of our special needles' product superiority
(e.g. micro-surgery needles, black needles)
Countermeasures against emerging market competitors
Sales expansion through acquisition of new customers
Achieve fundamental reduction of manufacturing costs
Asia
50%
Japan
954
835
989
1,413
1,693
5,072
1,630
1,642
5,637
1,536
FY24 FY25
（China 30%, India 4%）
Net sales
Dental Segment - Results Analysis
Operating income / %
Overview of Business Results
(¥ million)
FY24 Results
7,778 6,970
9,509
10,139
1,523
728
1,110
19.6%
10.4%
18.5%
1,878
11.7%
3Q 4Q 3Q 4Q
Sales by region
Sales ratio by region
1,697
6,627
315
1,282
910
1,493
5,354
681
697
10,139
Europe
Asia
North America
Others Japan
588
9,509
4Q Highlights:
Japan performed strongly, due to enhanced marketing efforts
Full-Year Highlights:
Sales growth: (6.2)YoY
Significant decline in revenue due to the voluntary recall of dia-burs in China
Other regions (Russia and Japan) showed growth of +20% YoY
MMG is undergoing structural reforms for profitability
FY25: Sales are ¥1.9 billion, Profit is (¥320 million)
Decline in orders from major customers ⇒ Need to deepen engagement with Tier 2 customers
Non-current asset impairment recorded in FY25
JIZAI shipped 340,000 units cumulatively in FY25 (+56% YoY), achieving the initial plan.
Others 7%
North America
7%
Japan
13%
¥9,509 million
（FY25 Results）
Europe
16%
Asia
56%
Recovery from the voluntary recall of dia-burs in China (resumption of sales from FY26 2Q)
Promote turnaround of MMG
Continue expansion of the JIZAI series and development of JIZAI-2
Future Key Measures
FY24 FY25
（China 26%, India 13%）
Balance Sheet Status
（¥ million）
Maintained strong equity capital
Cash & deposits decreased due to investments related to the Hanaoka Factory
Non-current assets +¥3,324 million: While an impairment loss occurred at Germany MMG, there was an increase in buildings and structures at the Hanaoka Plant
Net assets +¥1,781 million: Due to an increase in retained earnings and foreign currency translation adjustments
Assets Liabilities and Net Assets
5,217
18,424
6,337
57,177
58,537
57,177
58,537
21,644
6,362
3,935
25,235 28,559
Cash & deposits
Inventories
Other current assets
Non-current assets
4,846 4,425
52,330 54,111
Liabilities
Net assets
As of
As of
As of
As of
Cash Flow Status
（¥ million）
Investments related to the Smart Factory have been largely completed in FY25 (August) with the completion of the Hanaoka Factory
FCF (Operating + Investing)
8,026
7,810
6,384
6,559
7,017
4,385
4,010
2,945
1,941
1,903
1,168
(137)
(38)
(2,133)
(2,232)
(2,173)
(2,444)
(3,438)
(3,251)
(4,016)
(3,703)
(3,895)
(6,642) (7,154)
FY20 FY21 FY22 FY23 FY24 FY25
FY2026 Financial Forecasts
Consolidated Financial Forecasts (FY2026)
（¥ million）
Recovery from the voluntary recall of dia-burs in China: Full-lineup sales to resume from FY26 2Q
First year of the new mid-term plan: Aiming for FY29 targets of ¥45 billion in sales and 32% operating income margin, with a focus on growth strategies and business reinforcement.
Strategic initiatives: Business investments (e.g., U.S. operations, new product development) and strengthening the management foundation (e.g., regulatory affairs, SCM, BPR/DX)
FY25 Results | FY26 Forecasts | Changes in Amount (C=B-A) | Changes in % (C/A) | ||
Net sales | 29,968 | 32,800 | 2,832 | +9.4% | |
Cost of sales | 10,650 | 11,400 | 750 | +7.0% | |
[%] | [35.5%] | [34.8%] | [(0.7%)] | ||
SG&A expenses | 11,124 | 12,200 | 1,076 | +9.7% | |
[%] | [37.1%] | [37.2%] | [+0.1%] | ||
Operating income | 8,193 | 9,200 | 1,007 | +12.3% | |
[%] | [27.3%] | [28.0%] | [+0.7%] | ||
Ordinary income | 8,271 | 8,950 | 679 | +8.2% | |
Net income | 5,167 | 6,450 | 1,283 | +24.8% |
FY26 Forecasts | 1USD=¥143.00 | 1EUR=¥161.00 | 1CNY=¥20.00 | 1INR＝¥1.70 |
FY25 Results | 1USD=¥148.91 | 1EUR=¥163.62 | 1CNY=¥20.63 | 1INR＝¥1.74 |
17
Financial Forecasts by Segments (FY2026)
(¥ million)
Items | FY25 Results | FY26 Forecasts | Changes in Amount | Changes in % | ||||
Surgical Products | Net sales | 9,274 | 10,150 | +876 | +9.4% | |||
Operating income | 3,080 | 3,350 | +270 | +8.8% | ||||
Operating income margin | 33.2% | 33.0% | - | (0.2%) | ||||
Eyeless Needle Products | Net sales | 11,183 | 11,600 | +417 | +3.7% | |||
Operating income | 4,002 | 4,150 | +148 | +3.7% | ||||
Operating income margin | 35.8% | 35.8% | - | 0.0% | ||||
Dental Products | Net sales | 9,509 | 11,050 | +1,541 | +16.2% | |||
Operating income | 1,110 | 1,700 | +590 | +53.1% | ||||
Operating income margin | 11.7% | 15.4% | - | +3.7% |
CAPEX and R&D Investment Forecast (FY2026)
(¥ 100 million)
CAPEX and Depreciation
R&D Expense
76.8
8.9% 8.8% 8.5%
Ratio to
26.2
23.9
66.7
30.6
22.7
24.7
23.7
Consolidated sales 28
FY24 FY25 FY26
Forecast
FY24 FY25 FY26
Forecast
配当性 向
1株当たり配 当金
Dividends Forecast (FY2026)
(Unit: ¥)
No change from the FY25 dividend forecast. Steady dividend increases will be executed based on the financial management policy set in the FY29 mid-term plan.
FY2025 Year-end dividend: decided to pay ¥23 (Annual dividend: ¥39 per share)
FY2026 Annual dividend forecast is ¥41 per share (interim dividend: ¥17, year-end dividend: ¥24)
Dividend
Per Share
Dividend
Payout Ratio
74.3%
65.0%
61.1%
62.6%
52.8%
55.8%
57.9%
39
39
41
30.1%
32.9%
33.6%
36.5%
32.3%
35
30
20
22
23
9
10
11
14
FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26
Forecast 20
THE BEST QUALITY IN THE WORLD, TO THE WORLDThis presentation contains forward-looking statements that were prepared based on available information and rational judgements by MANI, Inc. Readers are asked not to rely completely on the performance forecasts and understand that results may differ from such forecasts due to a variety of risks and uncertainties.
《Inquiry》
MANI, INC.
Corporate Planning Group 8-3 Kiyohara Industrial Park, Utsunomiya, Tochigi TEL：+81 28-667-1811
21
Email：ir@mani.inc HP：https://www.mani.co.jp/en/
Appendix
Exchange Rate (Average Rate for the Period)
FY24 | FY25 | FY26 | |||||||
1Q (3M) | 2Q (6M) | 3Q (9M) | 4Q (12M) | 1Q (3M) | 2Q (6M) | 3Q (9M) | 4Q (12M) | Full year | |
USD/JPY | 149.10 | 147.92 | 149.66 | 150.78 | 149.03 | 151.57 | 149.77 | 148.91 | 143.00 |
EUR/JPY | 159.30 | 159.38 | 161.40 | 162.94 | 161.99 | 161.25 | 161.51 | 163.62 | 161.00 |
CNY/JPY | 20.47 | 20.45 | 20.68 | 20.84 | 20.88 | 21.00 | 20.71 | 20.63 | 20.00 |
INR/JPY | 1.79 | 1.78 | 1.80 | 1.81 | 1.77 | 1.78 | 1.76 | 1.74 | 1.70 |
Segment Results (Details) （¥ million）
Item | FY24 Results | FY25 Results | Changes in Amount | |||||||
Surgical Products | Net sales | 8,152 | 9,274 | +1,122 | ||||||
Operating income | 2,640 | 3,080 | +439 | |||||||
Operating income margin | 32.4% | 33.2% | - | |||||||
Eyeless Needle Products | Net sales | 10,222 | 11,183 | +961 | ||||||
Operating income | 3,872 | 4,002 | +129 | |||||||
Operating income margin | 37.9% | 35.8% | - | |||||||
Dental Products | Net sales | 10,139 | 9,509 | (629) | ||||||
Operating income | 1,878 | 1,110 | (768) | |||||||
Operating income margin | 18.5% | 11.7% | - |
FY2025 Financial Results & Forecasts
Sales Status by Regions (Details)
（¥ million）
Europe
Asia North America
Japan
6,627
5,354
5,072
5,637
2,193
2,433
13,894
13,426
5,563
1,697
1,693
2,171
5,721
1,493
1,642
2,586
4,206
910
835
2,460
4,871
1,282
954
2,635
2,785 2,909
588
681
566
1,630
692
1,536
FY24 FY25
FY24 FY25
FY24 FY25
FY24 FY25
Other Asian Countries
India China
7,558
3,939
2,467
3,114
3,380
1,589
1,710
3,566
1,574
1,678
490
1,501
1,765
606
8,643
Other regions
※South America, Russia, Australia, etc.
113
1,113
1,209
456
116
492
1,684 1,817
4,050
2,064
989
760
697
315
1,413
927
3,038
Product Segments
Surgical Eyeless Needle Dental
Surgical instruments, such as ophthalmic knives and skin staplers
Competitive advantages:
Superior sharpness and microfabrication technology that adapts to surgical miniaturization and precision
Contribution to shortening operation time, reducing the burden on the human body, and preventing postoperative complications
Surgical suture needles, needles for surgical sutures (OEM production)
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)
Dental instruments, dental restoration materials
Competitive advantages：
Dental endodontic instruments' excellent durability and centering ability towards root canal
Dental restorative materials that do not contain environmental hormones and are easy for dentists to use
Dia-burs and reamers/files have high market shares (Top market share in Asia)
Ophthalmic Knives (used for cataract surgery)
Skin stapler
Dental Endodontic Instruments (Reamers/Files)
Dental Rotary and Cutting Instruments (Dia-burs)
Eyeless Needle
Eyed Needle
Dental Restoration Material
Company Overview
Company Name | MANI, INC. | Representative | CEO Masaya Watanabe |
Stock code | 7730 | Employees | 432 (consolidated: 4,140) （as of August 31, 2025） |
Established | 1956 | Capital | ¥1,087 million（as of August 31, 2025） |
Head Office 8-3 Kiyohara Industrial Park, Utsunomiya, Tochigi | |||
THE BEST QUALITY IN THE WORLD, TO THE WORLD Sales region
North America
Others
¥3.03 billion (10.1%)
Japan
¥4.87 billion (16.3%)
Over120 countries/regions
Overseas sales ratio
¥2.91 billion(9.7%)
Europe
¥5.72 billion (19.1%)
Consolidated sales
¥29.9 billion
※As of August 31, 2025
Asia
¥13.43 billion (44.8%)
83.7%
Ophthalmic knives global share approx.30％
Global Network
Germany (Frankfurt)
MANI MEDICAL GERMANY GmbH (formally GDF)
R&D base, production base and sales base India（Delhi）
America (California)
MANI MEDICAL AMERICA, INC.
Sales base
MANI MEDICAL INDIA
PRIVATE LIMITED
Sales base
Myanmar (Yangon)
MANI YANGON LTD.
Production base
Malaysia (Kuala Lumpur)
MANI MEDICAL DEVICE MALAYSIA SDN. BHD.
Sales base
Japan (Tochigi)
MANI, INC.
Headquarters
China (Beijing)
MANI Medical Beijing Co., Ltd.
Sales base
Vietnam (Hanoi)
MANI MEDICAL HANOI CO., LTD MANI HANOI CO., LTD.
Production base and sales base
Laos（Vientiane）
MANI VIENTIANE SOLE CO., LTD.
Production base
History
Since our foundation, MANI has consistently worked on the development, production, and sales of consumer healthcare products and expanding business
1996: Established production base in Vietnam
2010 onward: Established overseas sales bases (Vietnam ⇒ China ⇒ India ⇒ Malaysia ⇒ USA)
2015: Acquired German company (MMG) in the dental field, also seeking business synergies
（¥ 100 million）
350
300
1979
Launched reamers/files
1993
Launched skin staplers
2020
2023
Launched vitreous forceps for treating internal ocular diseases
2025
¥299 million
250
World Share
2015
Started sales of endodontic rotary
instruments using highly flexible nickel titanium
200
150
1961
Manufactured the world's first rust-proof and unbreakable stainless-steel needles
1976
Launched stainless-steel dental broaches
30％
1988
Launched dia-burs
Began supplying composite resin with the acquisition of GDF (currently MMG)
1998
Launched our core product
ophthalmic knives
100
50
World Share
20％
World Share
15％
World Share
30％
0
1960 1970 1980 1990 2000 2010 2020 29
Strategy Planning Criteria "Off-Limits" Management
① We only deal in medical devices
② We only aim for the best quality in the world
③ We only deal in products with a long product life
➃ We only enter niche markets
(annual global market of around ¥500 billion or less)
30