FY2025 3Q Financial Results & Forecasts MANI, INC.
THE BEST QUALITY IN THE WORLD, TO THE WORLD
July 9, 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. As a result, we conducted a voluntary recall in March 2025.
The recall has been progressing smoothly and is expected to be completed by the end of August 2025.
Compared to the initial outlook as of April 9, 2025, the volume of recalled burs has increased (from 1.5 million burs to 3.75 million burs).
Impact amount（YoY） | FY25 3Q | FY25 full year | |
Sales reduction | (1,330) | (1,520) | |
(1,080) | (1,190) | ||
Returned amount | *(250) | (370) | |
Impact on profit | (1,040) | (1,200) | |
Impact on Business Performance
（¥ million）
*This includes the impact amount of June 2025, which is ¥80 million.
Business in China: Outlook
Previous
（¥ million）
Expect full recovery in sales
CAGR21％
(Local currency basis 14%)
FY25
Only di-burs with no registration issues has been sold.
Steady sales growth of both surgical and eyeless needle
segments.
Expect approval of the amendment application bu the Chinese regulatory authorities by March 2026, and resume sales for the full line up of "MANIDIA-BURS" full
8,643
8,000
↓ 7,700
8,300 9,500
growth during the FY26. FY25 will serve as the bottom line.
4,623
5,341
6,656
3,251
3,939
Dental Eyeless
3,282
2,033
818
2,963
2,721
1,175 1,560
2,397
3,114
1,589
Needle Surgical
432 728 818 1,009
FY20 FY21 FY22 FY23 FY24
1CNY=¥15.37 1CNY=¥16.38 1CNY=¥18.68 1CNY=¥19.69 1CNY=¥20.83
FY25
Forecasts
FY26
Forecasts
1CNY=¥21.00
FY27
Forecasts
Revised Full-Year Forecast for FY2025
| ||||||
Previous Forecasts （A） | Revised Forecasts （B） | Changes in Amount (C=B-A) | Changes in % (C/A) | （¥ million） (Reference) Results of FY2024 | ||
Net sales | 30,200 | 29,600 | (600) | (2.0%) | 28,513 | |
Cost of sales | 10,500 | 10,800 | ＋300 | +2.9% | 10,616 | |
[%] | (34.8%) | (36.5%) | (37.2%) | |||
SG&A expenses [%] | 10,800 (35.8%) | 10,900 (36.8%) | +100 | +0.9% | 9,505 (33.3%) | |
Operating income [%] | 8,900 (29.5%) | 7,900 (26.7%) | (1,000) | (11.2%) | 8,392 (29.4%) | |
Ordinary | 8,850 | 7,800 | (1,050) | (11.9%) | 8,464 | |
income | ||||||
Net income | 6,350 | 5,450 | (900) | (14.2%) | 6,286 | |
FY2025 3Q Financial Results
*External disclosure figures are rounded down. However, some of the components in this document are rounded to the nearest whole number, and the sum of each component is adjusted to the total.
Consolidated Financial Results
(¥ million)
| ||||||
FY24 3Q Results （A） | FY25 3Q Results （B） | Changes in Amount (C=B-A) | Changes in % (C/A) | FY25 Revised Forecasts （D) | Forecast Progress Rate (B/D) | |
Net sales | 21,610 | 22,280 | +670 | +3.1% | 29,600 | 75.3% |
Cost of sales [%] | 8,001 (37.0%) | 8,031 (36.0%) | ＋29 | +0.4% | 10,800 (36.5%) | 74.4% |
SG&A expenses [%] | 7,110 (32.9%) | 8,113 (36.4%) | +1,003 | +14.1% | 10,900 (36.8%) | 74.4% |
Operating income [%] | 6,498 (30.1%) | 6,135 (27.5%) | △363 | △5.6% | 7,900 (26.7%) | 77.7% |
Ordinary income | 7,125 | 6,028 | △1,097 | △15.4% | 7,800 | 77.3% |
Net income 5,082 4,254 △828 △16.3% 5,450 78.1% 6
Operating Income to Profit Before Income Taxes (Details)
（¥ million）
FY24 3Q Results | FY25 3Q Results | YoY | Notes | |
Operating income | 6,498 | 6,135 | (363) | |
Non-operating income | 658 | 211 | (446) | |
Foreign exchange gains | 447 | ー | (447) | Foreign exchange gains decreased due to yen appreciation |
Interest income | 140 | 136 | (4) | |
Non-operating expenses | 31 | 318 | +287 | |
Foreign exchange losses | ー | 114 | +114 | |
Depreciation | ー | 126 | +126 | Increase in depreciation related to Hanaoka Factory (Smart Factory) before operation |
Ordinary income | 7,125 | 6,028 | (1,097) | |
Extraordinary income | 3 | 12 | +9 | Gain on sale of non-current assets (sale of a subsidiary's production equipment) |
Extraordinary losses | 4 | 17 | +13 | Loss on retirement of non-current assets |
Profit before income taxes | 7,124 | 6,023 | (1,101) |
Net Sales Status by Segment
（¥ million）
Increase in sales YoY +670 million [+3.1%]
- Excluding the impact of the voluntary recall of dia-burs, net sales in each segment increased.
(7)
(1,330)
+971 ＋495 +541
Foreign
exchange
Impact of the
voluntary recall of "MANI DIA-BURS" in
China
Surgical
Eyeless
Needle
Dental
MANI Dental +636
•
21,610
Sales increased mainly in other regions, including Russia and India
MMG (95)
Sales by major customers in Europe are declining
22,280
FY24 3Q FY25 3Q
Net Sales Status by Region
（¥ million）
Sales grew across all global regions, excluding China
Growth in other regions, including Central and South America, Russia and Egypt (Eyeless Needle and Dental segments)
Sales in Japan rose due to enhanced sales and marketing efforts in collaboration with dental distributors.
Japan
Europe
Americas
Central and South America +434
North America (28)
•
•
•
Other
regions
Russia +184
Egypt +97
Others +133
•
•
•
Asia
China (926)
India
+104
Others ＋181
•
21,610
22,280
+331
+159
+406
+414
(640)
Operating Income Status
（¥ million）
Operating income declined YoY (¥363 million) [(5.6%)]
Temporary factors: Voluntary recall of dia-burs in China, performance-linked bonuses from the previous fiscal year
Aside from the temporary factors, business performance remained largely in line with the original plan
Gross profit impact
+1,725
SG&A expenses impact (791)
(45)
(1,040)
+1,466 +259 (791)
Foreign exchange
Improvement
(212)
in the cost of SG&A expenses
sales ratio
Impact of the
voluntary recall linked bonuses
Performance-
of "MANI DIA-
Increase in sales
6,498
BURS" in China special factors
and other
Mainly due to an increase in personnel expenses, sales and marketing expenses
6,135
(10.4%)
Financial Results by Segment （¥ million）
Surgical
Eyeless Needle
Dental
+6.4%
Net sales
(Sales to external customers)
+16.2%
6,001
6,976
7,830 8,332
7,778 6,970
+2.1%
+18.5%
FY24 3Q FY25 3Q FY24 3Q FY25 3Q FY24 3Q FY25 3Q
33.2%
33.9%
38.1% 36.5%
(52.2%)
2,982 3,045
Operating income
(Operating income margin)
2,362
1,992
19.6%
1,523
10.4%
728
Surgical Segment - Results Analysis
Sales growth: +16% YoY.
Robust performance in ophthalmic knives across global markets, especially in Europe, Asia (mainly China) and Japan.
Profitability: Profit improved due to price optimization and cost reductions.
Overview of Business Results
（¥ million）
Net sales
Operating income / %
6,976
6,001
4,718
3,786
34.8%
32.9%
33.2%
33.9%
1,992
2,362
1,643
1,244
Sales by region
Sales ratio by region
2Q 3Q
2Q 3Q
Future Key Measures
Europe Asia
North America
Others
6,976
6,001
1,934
1,576
1,653 1,980
389 399
575 699
Japan
28%
Others
10%
¥6,976 million
（FY25 3Q Results）
Europe
Continue global sales expansion through strengthened sales and marketing.
U.S.: Launch a strategic alliance with MST.
Europe: Expanding success from high-market share regions (Germany, UK etc.) to other areas
Asia: Achieved high market share in Malaysia; focus shifting to Indonesia
28%
Asia
Japan
1,807 1,961
North
28%
FY24 3Q FY25 3Q
America
6%
(China 21, India 1%)
12
Eyeless Needle Segment - Results Analysis
Net sales
Operating income / %
Overview of Business Results
（¥ million）
7,830 8,332
4,974 5,556
Sales Growth: +6% YoY, exceeding overall market growth
China: Growth driven by strategic partnerships and positive impact from GPO initiatives
Profitability: Gross profit margin improved, but operating income margin declined due to increased SG&A expenses
Includes the effect of product price increases
38.4% 37.2% 38.1% 36.5%
1,912 2,068
2,982
3,045
Europe
2Q 3Q
Japan
702
613
760
1,146
1,288
3,844
1,323
1,272
4,012
1,199
Sales by region
7,830 8,332
2Q
Sales ratio by region
Japan 9%
Others
14%
3Q
Europe
15%
Future Key Measures
Asia North America
Others
North America
14%
¥8,332 million
（FY25 3Q Results）
Expand sales by taking advantage of our special needles' product superiority
(e.g. micro-surgery needles, black needles)
Counter against emerging market competitors
Deploy finely tuned account strategies
Achieve fundamental reductions in manufacturing costs
Enhance customer production support through resin tray offerings
Asia
48%
FY24 3Q FY25 3Q
(China 29%, India 4%)
Net sales
Dental Segment - Results Analysis
Operating income / %
Sales and operating profit dropped sharply due to the voluntary recall of dia-burs in China. However、sales increased by +15% YoY in regions outside China
(excluding MMG).
MMG undergoing structural reforms for profitability
FY25 3Q: Sales are ¥1.42 billion, Profit is −¥240
million
Decline in orders from major customers ⇒ Need to deepen engagement with Tier 2 customers
Cost Reform Initiatives
JIZAI's cumulative shipments reached 280,000 units in FY25/3Q, marking a +66% YoY increase. Sales are progressing nearly as planned.
Overview of Business Results
（¥ million）
FY24 Results
6,970
5,147
4,535
7,778
10.2%1,523 10.4%
1,041
460
728
20.2%
19.6%
2Q 3Q 2Q 3Q
Sales by region
Sales ratio by region
Europe
7,778 6,970
Japan 11%
Others 8%
Europe
17%
Future Key Measures
North America
7%
¥6,970 million
（FY25 3Q Results）
Recovery from the voluntary recall of dia-burs in China.
Turnaround for MMG.
Sales expansion of JIZAI and Development of JIZAI-2.
Respond to large-scale U.S. inquiries
Asia
57%
1,161
Asia
3,981
Others Japan
414
499
557
770
683
1,343
5,118
219
FY24 3Q FY25 3Q
(China 27%, India 13%)
Balance Sheet Status
（¥ million）
Maintained strong equity capital
Cash & deposits decreased due to investments related to the Hanaoka Factory, while non-current assets increased.
Inventory efficiency: Inventory turnover improved, with holding days reduced from 81 to 77
Liabilities (¥331 million): Current liabilities decreased due to lower accrued corporate taxes..
57,177 | 57,183 | 57,177 | 57,183 | |
4,846 | 4,515 | Liabilities |
Assets Liabilities and Net Assets
6,362
3,935
Cash & deposits
4,735
6,323
17,169
21,644
Inventories
Other current assets
52,330 52,667
Net assets
As of August 31, 2024
25,235 28,954
Non-current assets
As of August 31, 2024
As of May 31, 2025
As of August 31, 2024
As of May 31, 2025
As of August 31, 2024
As of
As of May 31, 2025
May 31, 2025 15
Topics
16
Topic #1 Business Progress in the North American Market
Sept. 2024 Established Sales Subsidiary (MMA) in the U.S
Entered a strategic partnership with Microsurgical
Technology (MST)
Hired a local manager and are currently strengthening our local sales structure
Sales trend in the North American region
Net sales | FY23 Results | FY24 Results | FY25 Forecasts |
Surgical | 365 | 566 | 600 |
Eyeless Needle | 1,140 | 1,631 | 1,500 |
Dental | 528 | 590 | 700 |
Total | 2,033 | 2,787 | 2,800 |
(¥ million)
Future Key Measures
Through strategic priority investments, we aim to expand sales (increase our ophthalmic knife market share from 10% to 30%) and build a market-in business model that is closely aligned with the medical field's needs.
Surgical segment:
Enter the U.S. kit business, which is a common commercial practice.
Maximize collaboration opportunities through a strategic alliance with MST.
Launch new products (vitreous forceps and hooks) to expand into a broader
business domain.
Measures toward President Trump's tariff policy :
Promoting changes in distribution channels:
Shifting from MHC (factory in Vietnam) → MMA → customer.
Engaging in detailed and careful negotiations with B-to-B customers.
Eyeless Needle segment
Creating new opportunities by deepening relationships with existing OEM clients.
"American Society of Cataract and Refractive Surgery (ASCRS)" held in April 2025
17
Topic #2 PPA Services at the Hanaoka Factory
•
•
From April 2025, the Hanaoka Factory has commenced the PPA (Power Purchase Agreement) services.
MANI will continue to promote activities to reduce environmental impact through solar power generation in cooperation with regional financial institutions(*) to achieve both sustainable growth and a sustainable society.
The Hanaoka Factory (as of March 2025)
(*) TOCHIGI BANK, LTD.'s subsidiary CLEAN ENERGY SOLUTIONS, INC.
【Business Scheme of PPA】
*PPA: Abbreviation for Power Purchase Agreement. A system whereby a company that owns and manages solar power generation equipment (PPA provider) installs solar power generation.
18
Notice
The next Medium-Term Management Plan will be announced on October 8, 2025 (scheduled date to announce full-year earnings of FY25).19
THE BEST QUALITY IN THE WORLD, TO THE WORLD
This 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
Email：ir@mani.inc
20
HP：https://www.mani.co.jp/en/
Appendix
Exchange Rate (Average Rate for the Period)
FY24 | FY25 | |||||||
1Q (3M) | 2Q (6M) | 3Q (9M) | 4Q (12M) | 1Q (3M) | 2Q (6M) | 3Q (9M) | 4Q (12M) | |
USD/JPY | 149.10 | 147.92 | 149.66 | 150.78 | 149.03 | 157.57 | 149.77 | - |
EUR/JPY | 159.30 | 159.38 | 161.40 | 162.94 | 161.99 | 161.25 | 161.51 | - |
CNY/JPY | 20.47 | 20.45 | 20.68 | 20.84 | 20.88 | 21.00 | 20.71 | - |
INR/JPY | 1.79 | 1.78 | 1.80 | 1.81 | 1.77 | 1.78 | 1.76 | - |
MYR/JPY | 31.95 | 31.35 | 31.78 | 32.28 | 34.36 | 34.47 | 34.11 | - |
Segment Results (Details) （¥ million）
Item | FY24 3Q Results | FY25 3Q Results | Changes in Amount | |||||
Surgical Products | Net sales | 6,001 | 6,976 | +974 | ||||
Operating income | 1,992 | 2,362 | +369 | |||||
Operating income margin | 33.2% | 33.9% | - | |||||
（SG&A expenses） | 2,082 | 2,536 | +454 | |||||
Eyeless Needle Products | Net sales | 7,830 | 8,332 | +502 | ||||
Operating income | 2,982 | 3,045 | +62 | |||||
Operating income margin | 38.1% | 36.5% | - | |||||
（SG&A expenses） | 2,015 | 2,344 | +328 | |||||
Dental Products | Net sales | 7,778 | 6,970 | (807) | ||||
Operating income | 1,523 | 728 | (795) | |||||
Operating income margin | 19.6% | 10.4% | - | |||||
（SG&A expenses） | 3,012 | 3,232 | +220 |
FY2025 3Q Financial Results & Forecasts
Sales Status by Regions (Details)
（¥ million）
Europe
Asia North America
Japan
5,118
3,981
10,615 9,974
1,343
1,288
1,576
613
1,807
683
702
1,961
770
4,208 4,367
1,161 | 3,844 | 4,012 | |
1,272 | |||
1,934 | 1,653 | 1,980 |
2,126 2,098
3,104 3,435
389 1,323
414
499
399
1,199
FY24 3Q FY25 3Q
FY24 3Q FY25 3Q
FY24 3Q FY25 3Q
FY24 3Q FY25 3Q
Other Asian Countries
India China
3,102
5,764
1,910
2,375
2,422
1,212
1,432
6,690
Other regions
※South America, Russia, Australia, etc.
1,226 1,331
2,698 2,878
2,403
83 821
321
88
923
319
357
1,193
1,146
1,147
460
1,271
1,555
760
575
219
1,146
699
557
FY24 3Q FY25 3Q
FY24 3Q FY25 3Q
FY24 3Q FY25 3Q
FY24 3Q FY25 3Q 24
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 | 403 (consolidated: 4,154) （as of August 31, 2024） |
Established | 1956 | Capital | ¥1,087 million（as of August 31, 2024） |
Head Office 8-3 Kiyohara Industrial Park, Utsunomiya, Tochigi | |||
THE BEST QUALITY IN THE WORLD, TO THE WORLD Sales region
North America
Others
¥2.05 billion (7.2%)
Japan
¥4.22 billion (14.8%)
Over120 countries/regions
Overseas sales ratio
¥2.78 billion(9.8%)
Europe
¥5.56 billion (19.5%)
Consolidated sales
¥28.5 billion
※As of August 31, 2024
Asia
¥13.89 billion (48.7%)
85.2%
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）
300
1979
Launched reamers/files
1993
Launched skin staplers
2020
2023
Launched vitreous forceps for treating internal ocular diseases
2024
¥285 million
250
World Share
2015
Started sales of endodontic rotary instruments using highly flexible nickel titanium
200
150
100
50
1961
Manufactured the world's first rust-proof and unbreakable stainless-steel needles
World Share
20％
1976
Launched stainless-steel dental broaches
30％
1988
Launched dia-burs
World Share
15％
Began supplying composite resin with the acquisition of GDF (currently MMG)
1998
Launched our core product
ophthalmic knives
World Share
30％
0
1960 1970 1980 1990 2000 2010 2020 28
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)
29
Achieving Long-Term Growth （1）
Achieve both sales growth and high profit margins
Business model that has resilience in the recession period (high income margin even in the event of the Lehman shock and COVID-19 shock)
(¥ million)
35% 37%
Net sales
Operating income margin
39% 41% 39%
37% 38% 37% 36%
138
165 171
201
183
152
171
204
244
285
296
32%
56
47
87
76 81
66
32% 34%
30%
114
92 94 94 96 93
26%
25% 25%
32%
29%
31% 30% 30%
29%
27%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
COVID-19
Lehman Shock
30