THE BEST QUALITY IN THE WORLD, TO THE WORLD
FY2026 2Q Financial Results and ForecastsDirector, President and Representative Executive Officer Masaya Watanabe
April 14, 2026
FY2026 2Q Financial Results
FY26 2Q: Highlights
- Business Recovery of "MANI DIA-BURS" in China
- Progress on the Dental Restorative Materials Business (MMG)
- Progress in New Product Development
FY2026 2Q Financial Results
FY24 | FY25 | FY26 | ||||
Full-Year | Full-Year | 1Q | 2Q | 2H | Full-Year | |
Results | Results | Results | Results | Forecast | Forecast | |
China Dental (Index) | 3,939 (100%) | 2,467 (63%) | 740 (60%) | 1,121 (136%) | 1,600 (85%) | 3,461 (88%) |
Dia-burs sales (Index) | 2,553 (100%) | 1,497 (59%) | 298 (37%) | 831 (156%) | 930 (77%) | 2,059 (81%) |
Business Recovery of "MANI DIA-BURS" in China
Background
In March 2025, a voluntary recall of certain MANI DIA-BURS began due to incomplete product registration information with Chinese authorities.
The recall was mostly completed by August.
Regulatory approval for the recalled products was obtained in October, and sales resumed from November.
(¥ million)
Voice of Customer
During the supply suspension of dia-burs, I tried products from other manufacturers; however, differences in tactile feel in the hand and inconsistent quality led me to choose MANI again.
I have been using dia-burs continuously since my postgraduate training after university, marking 40 years this year. They offer excellent cutting performance and durability, and the supply service has always been reliable.
Based on the philosophy of preserving natural teeth, it is important for patients to retain as much dentin as possible. MANI's dia-burs offer a wide range of product variations, making minimally invasive treatment highly practical and easy to perform.
Sales progressed smoothly after the recall
Progressing ahead of schedule against the original plan to recover 90% of pre-recall sales over two years
Sales of MANI DIA-BURS are expected to reach approximately 90% by August 2026.
Repurchase Rate by Customer Segment
Major public hospitals: 87%
Clinics: 80%
Distributors: 100%
Index: Ratio to FY24 results for the relevant period
FY2026 2Q Financial Results
Progress on the Dental Restorative Materials Business (MMG*)
MANIFill
Dental filling materials
MANIBond
Dental bonding materials
MANIShine
Dental whitening materials
Leverage our R&D capabilities to further expand the new product lineup
FY29
Target
Turn around from a loss-making situation and get back on the growth track
FY29: Sales ¥4.0 billion, Operating income margin 10%
Key Measures
Selection and focus on the OEM business
Review and revise transaction terms with approximately 80 OEM customers
Focus on customers with both growth potential and profitability through co-creation
Transition to a MANI-branded product-centric business
Launch three new products
Commenced sales in the DACH region from September 2025
Leverage MANI's sales network to expand globally
Ensure profitability and standardize production and supply chain
management
Establish a European sales hub for MANI dental products
Transfer the direct trade business previously handled by Japan (46 customers yearly, annual sales ¥1.0 billion)
Progress Outlook
Accelerate revenue growth by strengthening customer engagement
Narrowed down losses in FY26 1H ⇒ Outlook for full-year profitability
FY29 sales target: ¥5.5 billion (including the impact of key measure No. 3)
FY2026 2Q Financial Results
Foster JIZAI and vitreous forceps as main products FY29 sales target for new products: ¥3.0 billion
Surgical
Eyeless
Needle
Dental + MMG
Vitreous forceps Trabeculotomy hook for glaucoma
Microsurgery
Robotic surgery
JIZAI
Launch a new product development project
Vitreous forceps
Launched in April 2023; product improvements implemented based on customer feedback
- Added type 25G and improved grip design to enhance usability
Commence phased global launch of the improved product from April 2026
Begin full-scale mass production with automation at the Hanaoka Factory from August 2028
MANIFill MANIBond MANIShine
Dental restorative materials
Burs & Files
Eyeless needles
JIZAI
Sales are primarily focused on Japan, India, and Vietnam.
- FY25: 400,000 pcs → FY26 1H: 180,000 pcs
Chinese regulatory approval is expected to be obtained in May 2026.
FY27 sales outlook in China: 200,000 pcs
Expansion of the product lineup
Launch of JIZAI-2 scheduled from September 2026
Progress in New Product Development
Beyond 2029
Develop and launch next-generation products
Enhancement of existing products
（adding
product lineup）
Ophthalmic knives
Trocar
FY2026 2Q Financial Results
FY2026 2Q Financial Results
Consolidated Financial Results Summary (¥ million)
Achieved revenue and profit growth in 2Q, with quarterly record highs in sales and operating income
Key Factors (revenue growth):
1) Sales growth in China (resumption of dia-bur sales and GPO contracts for eyeless needles), 2) Positive FX impact (EUR and CNY),
3) Continued growth across all segments, including the new customer acquisition for the Eyeless Needle segment in Asia
Key Factors (profitability): 1) Increase in gross profit, 2) Improvement in product mix, 3) Improvement in SG&A ratio
FY25 1H Results (A) | FY26 1H Results (B) | Changes in Amount (C=B-A) | Changes in % (C/A) | FY26 1H Forecasts (D) | Progress Rate (B/D) | |
Net sales | 14,810 | 16,106 | +1,295 | +8.7% | 15,850 | 101.6% |
Cost of sales [%] | 5,317 [35.9%] | 5,382 [33.4%] | +65 | +1.2% [(2.5%)] | 5,500 [34.7%] | 97.9% |
SG&A expenses [%] | 5,321 [35.9%] | 5,626 [34.9%] | +304 | +5.7% [(1.0%)] | 6,050 [38.2%] | 93.0% |
Operating income [%] | 4,172 [28.2%] | 5,097 [31.7%] | +925 | +22.2% [+3.5%] | 4,300 [27.1%] | 118.5% |
Ordinary income | 4,277 | 5,619 | +1,341 | +31.4% | 4,150 | 135.4% |
Net income | 2,940 | 3,898 | +958 | +32.6% | 3,000 | 129.9% |
FY2026 2Q Financial Results
Operating Income to Profit Before Income Taxes (Details)
(¥ million)
FY25 1H Results | FY26 1H Results | YoY | 備考 | |
Operating income | 4,172 | 5,097 | +925 | |
Non-operating income | 187 | 794 | +606 | |
Foreign exchange gains | 20 | 564 | +544 | Increase due to yen depreciation |
Interest income | 103 | 151 | +48 | |
Non-operating expenses | 82 | 273 | +191 | |
Unoperated land-related costs | 67 | 256 | +189 | Increase in depreciation related to Hanaoka Factory before operation |
Ordinary income | 4,277 | 5,619 | +1,341 | |
Extraordinary income | 10 | 19 | +9 | |
Extraordinary losses | 16 | 0 | (16) | |
Profit before income taxes | 4,271 | 5,637 | +1,366 |
FY2026 2Q Financial Results
Net Sales Status by Segment
(¥ million)
Increase in sales YoY +¥1,295 million [+8.7%]
Higher sales driven by the resumption of dia-bur sales in China (Dental)
Higher sales driven by GPO contracts in China (Eyeless needle)
All segments achieved sales growth even excluding FX impact
+491
FX impact (weaker yen)
14,810
+25
Surgical
Europe led revenue growth.
In China, customer shipments were flat, while MANI sales declined due to inventory adjustments.
+136
Eyeless Needle
Driven by GPO contracts in China and key customers in Thailand and India.
+644
Dental
MANI Dental +624 Strong growth from the resumption of dia-bur sales in China.
MMG +20 16,106
Increased orders in by a major customer in North American.
FY25 1H FY26 1H
FY2026 2Q Financial Results
Net Sales Status by Region
(¥ million)
Achieved steady global sales growth
Asia: Growth driven by resumption of dia-bur sales in China and Eyeless needle sales in India and Thailand
Americas: Impacted by shipment timing shifts in North and Latin America
+335 +1,050
(13)
(132)
+56
Other regions Americas
Japan Europe Asia
China +641
India +257
Thailand +236
Others (84)
Russia (87)
Others +74
North America (74)
Central and South America
(58)
14,810 16,106
FY2026 2Q Financial Results
Operating Income Status
(¥ million)
Increase in operating income YoY +¥925 million [+22.2%]
Gross profit expanded in line with higher sales
Cost ratio improved due to improvement in product mix and cost reductions at the Vietnam factory
SG&A expenses were largely in line with the plan, excluding R&D expenses related to some OEM projects deferred to 2H
FX
Gross profit
SG&A expenses
+175
(397)
+516
+338
+293
FX impact
(weaker yen)
Sales
Volume increase
Cost ratio
improvement
Elimination of
previous performance-linked bonuses (temporary factor)
•
Strengthening the
U.S. structure
Business transformation in MMG
Strategic investment
4,172
5,097
FY2026 2Q Financial Results
Surgical Segment - Results Analysis
(¥ million)
FY24 | FY25 | FY26 | ||||||||||
Item | 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | YoY | QoQ |
Net sales | 1,945 | 1,841 | 2,214 | 2,151 | 2,442 | 2,276 | 2,257 | 2,298 | 2,446 | 2,434 | 107% | 99％ |
Operating income | 651 | 592 | 748 | 647 | 838 | 804 | 718 | 718 | 827 | 899 | 112% | 109% |
Operating income margin | 34% | 32% | 34% | 30% | 34% | 35% | 32% | 31% | 34% | 37% | +2pt | +3pt |
Overview
2Q | YoY | QoQ | ||
Japan | 674 | 104% | 95% | |
Asia | 550 | 86% | 88% | |
China | 371 | 84% | 94% | |
India | 33 | 122% | 120% | |
Europe | 736 | 123% | 100% | |
North America | 211 | 103% | 119% | |
Others | 261 | 143% | 128% | |
Total | 2,434 | 107% | 100% | |
Our global market share in ophthalmic knives has continued to increase to 36% (according to our survey).
In China, customer shipments increased year on year by 3%; however, sales from MANI declined due to the continued inventory adjustments by customers.
The number of cataract surgeries is expected to increase from approximately 4.0 million annually to around 7.0 million in the mid-to long term.
Improvement in profitability
(price increases and manufacturing cost reductions)
Future Key Measures
Strengthening in Europe through a capital alliance with iRIS EYE
Promote alliance with MST in the U.S.
Focus on marketing in Southeast Asia (Indonesia, Malaysia)
Sales by region
FY2026 2Q Financial Results
Eyeless Needle Segment - Results Analysis
(¥ million)
FY24
FY25
FY26
Item
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
YoY
QoQ
Net sales
2,520
2,454
2,855
2,392
2,844
2,711
2,776
2,850
3,006
2,875
106%
96%
Operating income
966
945
1,069
890
1,046
1,022
976
957
1,106
1,260
123%
114%
Operating income margin
38%
39%
38%
37%
37%
38%
35%
34%
37%
44%
+6pt
+7pt
Overview
2Q | YoY | QoQ | ||
Japan | 248 | 108% | 107% | |
Asia | 1,536 | 117% | 98% | |
China | 960 | 115% | 103% | |
India | 139 | 181% | 76% | |
Europe | 470 | 118% | 109% | |
North America | 250 | 62% | 70% | |
Others | 369 | 103% | 89% | |
Total | 2,875 | 106% | 96% | |
A major GPO contract (covering 23 provinces) was awarded to one of MANI's customers in China
The profit contribution from this contract is expected to materialize from FY26 2H
New purchases were secured in Thailand and India
In North America, sales declined due to shipment timing shifts to a specific OEM customer
Improvement in profitability (manufacturing cost reductions)
Future Key Measures
Expand sales by taking advantage of our special needles' product superiority
(e.g. micro-surgery needles, black needles)
Shipments of the resin tray are scheduled to begin in September 2026.
Countermeasures against emerging market competitors
Sales by region
FY2026 2Q Financial Results
FY24
FY25
FY26
Item
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
YoY
QoQ
Net sales
2,648
2,498
2,631
2,360
2,368
2,167
2,435
2,538
2,375
2,967
137%
125%
Operating income
605
435
482
355
222
237
267
382
322
681
287%
212%
Operating income margin
23%
17%
18%
15%
9%
11%
11%
15%
14%
23%
+12pt
+9pt
Dental Segment - Results Analysis
Overview
The resumption of dia-bur sales in China made a significant contribution to both revenue and profit
MMG: losses narrowed year on year, reflecting steady progress in key measures
2Q Sales ¥510 million, operating income (¥90 million) (YoY Sales +¥90 million, operating income +¥50 million)
Increased orders from a major customer in North American
Improvement in profitability due to better product mix
Sales of dia-burs contributed to overall revenue growth
Future Key Measures
Expansion of JIZAI sales
Chinese regulatory approval is expected in May 2026.
Sales of JIZAI-2 are scheduled to begin in September 2026.
Advancing key measures at MMG
2Q | YoY | QoQ | ||
Japan | 251 | 98% | 110% | |
Asia | 1,951 | 165% | 140% | |
China | 1,121 | 251% | 152% | |
India | 391 | 130% | 118% | |
Europe | 384 | 114% | 93% | |
North America | 201 | 126% | 78% | |
Others | 178 | 76% | 228% | |
Total | 2,967 | 137% | 125% | |
Sales by region
(¥ million)
FY2026 2Q Financial Results
Balance Sheet Status
(¥ million)
Maintained strong equity capital
Assets +¥3,499 million: Increase in cash and deposits due to increased free cash flow
Net assets +¥3,100 million: Retained earnings increased due to the recording of net income and an increase in foreign currency translation adjustments
Assets Liabilities and Net Assets
3,832
22,840
6,584
57,987
18,424
61,487
Cash & deposits
57,987
4,425
61,487
4,825
Liabilities
6,337
5,217
28,009 28,230
Inventories
Other current assets
Non-current assets
53,561 56,661
Net assets
As of
As of
As of
As of
FY2026 2Q Financial Results
Cash Flow Status
(¥ million)
Entering a phase of free cash flow generation
Operating cash flow: Cash inflows from increased operating profit and refunds of consumption tax receivables
Investing cash flow: Decrease in CAPEX due to the completion of ophthalmic knives and JIZAI equipment investments at the Hanaoka Factory
FCF (Operating + Investing)
3,625 4,184 4,011
3,005
1,436
6,324
5,783
537 631 (1,573)
(541)
(2,097) (1,606) (2,292) (1,603) (2,297)
(3,088) (3,553)
(4,579)
(2,575)
FY24 1H
FY24 2H
FY25 1H
FY25 2H
FY26
1H 16
FY2026 Financial Forecasts
FY2026 2Q Financial Results
Progress in Plan (¥ million)
1H results outperformed the plan, with operating profit reaching 55.4% of the full-year forecast.
2H outlook: Monitoring the impact from the situation in the Middle East and others (FY25 Sales ¥820 million, sales ratio 2.7%)
FY26 1H Plan | FY26 1H Results | Progress Rate (1H) | FY26 Forecast | Progress Rate (Full year) | |
Net sales | 15,850 | 16,106 | 101.6% | 32,800 | 49.1% |
Cost of sales [%] | 5,500 [34.7%] | 5,382 [33.4%] | 97.9% | 11,400 [34.8%] | 47.2% |
SG&A expenses [%] | 6,050 [38.2%] | 5,626 [34.9%] | 93.0% | 12,200 [37.2%] | 46.1% |
Operating income [%] | 4,300 [27.1%] | 5,097 [31.7%] | 118.5% | 9,200 [28.0%] | 55.4% |
Ordinary income | 4,150 | 5,619 | 135.4% | 8,950 | 62.8% |
Net income | 3,000 | 3,898 | 129.9% | 6,450 | 60.4% |
FY2026 2Q Financial Results
Capital investment and R&D investment (FY2026)
(¥100 million)
Capital investment & Depreciation
R&D investment
Orders for investments at the China Factory (¥10 billion) planned to begin from 2H
Hanaoka Factory: Mass production roadmap
JIZAI: From September 2026
Ophthalmic knives: From 2027 onward
1H performance: Below plan
OEM projects: Some projects deferred to 2H
New product development project launched
Exploring new devices utilizing precision microfabrication capabilities
76.8
Ratio to consolidated sales
8.9% 8.8% 8.5%
66.7
22.7
24.7
30.6
23.7
12.1
7.9
23.9
26.2
12.1
28
FY24 FY25 FY26
Forecast
FY24 FY25 FY26
Forecast
19
FY2026 2Q Financial Results
Dividends (FY2026)
(Unit: ¥)
Execute growth investments and shareholder returns based on the mid-term capital allocation plan
- FY2026: Pay an interim dividend of ¥17 per share and a year-end dividend of ¥24 per share (as originally planned)
1株当たり配 当金
Dividend Per Share
Dividend payout ratio
配当性 向
65.0% 61.1%
52.8% 55.8% 57.9%
82.7%
62.6%
30.1%
32.9% 33.6% 36.5%
14
32.3%
20
35
30
22 23
41
39 39
17
9 10 11
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
FY2026 2Q Financial Results
Publication of the Integrated Report 2025(Japanese Version)
Key Features
Top Message
Top Management × Institutional Investor Dialogue
Medium-Term Management Plan 2029
Outside Directors' Roundtable
※The English version of the Integrated Report is scheduled to be published in May 2026.
FY2026 2Q Financial Results
Quarterly Consolidated Performance
(¥ million)
FY24 | FY25 | FY26 | ||||||||
Item | 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q | 1Q | 2Q |
Net sales | 7,114 | 6,793 | 7,702 | 6,903 | 7,655 | 7,155 | 7,469 | 7,687 | 7,828 | 8,277 |
Operating income | 2,223 | 1,974 | 2,300 | 1,893 | 2,107 | 2,064 | 1,963 | 2,057 | 2,255 | 2,841 |
Operating income margin | 31.3% | 29.1% | 29.9% | 27.4% | 27.5% | 28.9% | 26.3% | 26.8% | 28.8% | 34.3% |
USD/JPY | 149.10 | 146.75 | 153.14 | 154.14 | 149.03 | 154.11 | 146.18 | 146.33 | 151.50 | 155.95 |
EUR/JPY | 159.30 | 159.46 | 165.44 | 167.57 | 161.99 | 160.51 | 162.03 | 169.93 | 176.38 | 183.33 |
CNY/JPY | 20.47 | 20.43 | 21.16 | 21.29 | 20.88 | 21.12 | 20.14 | 20.38 | 21.28 | 22.37 |
INR/JPY | 1.79 | 1.77 | 1.84 | 1.84 | 1.77 | 1.79 | 1.70 | 1.69 | 1.71 | 1.72 |
FY2026 2Q Financial Results
Quarterly Sales by Region (Consolidated) (¥ million)
FY24 | FY25 | FY26 | |||||||||
1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | ||
Japan | 1,105 （16%） | 937 (14%) | 1,060 (14%) | 1,102 (16%) | 1,152 (15%) | 1,134 (16%) | 1,148 (15%) | 1,436 (19%) | 1,167 (15%) | 1,174 (14%) | |
Asia | 3,653 (51%) | 3,195 (47%) | 3,766 (49%) | 3,278 (47%) | 3,440 (45%) | 3,138 (44%) | 3,395 (45%) | 3,451 (45%) | 3,591 (46%) | 4,038 (49%) | |
China | 2,449 (34%) | 1,888 (28%) | 2,352 (31%) | 1,952 (28%) | 2,151 (28%) | 1,724 (24%) | 1,889 (25%) | 1,793 (23%) | 2,063 (26%) | 2,453 (30%) | |
India | 392 (6%) | 422 (6%) | 412 (5%) | 457 (7%) | 445 (6%) | 405 (6%) | 481 (6%) | 486 (6%) | 542 (7%) | 564 (7%) | |
Europe | 1,276 (18%) | 1,443 (21%) | 1,488 (19%) | 1,351 (20%) | 1,500 (20%) | 1,332 (19%) | 1,534 (21%) | 1,353 (18%) | 1,577 (20%) | 1,591 (19%) | |
North America | 655 (9%) | 707 (10%) | 763 (10%) | 661 (10%) | 760 (10%) | 773 (11%) | 564 (8%) | 811 (11%) | 796 (10%) | 663 (8%) | |
Others | 422 (6%) | 508 (7%) | 623 (8%) | 510 (7%) | 800 (10%) | 776 (11%) | 826 (11%) | 634 (8%) | 696 (9%) | 809 (10%) | |
Total | 7,114 (100%) | 6,793 (100%) | 7,702 (100%) | 6,903 (100%) | 7,655 (100%) | 7,155 (100%) | 7,469 (100%) | 7,687 (100%) | 7,828 (100%) | 8,277 (100%) | |
FY2026 2Q Financial Results
Quarterly Sales by Regions (Surgical Segment) (¥ million)
FY24 | FY25 | FY26 | |||||||||
1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | ||
Japan | 636 (33%) | 529 (29%) | 642 (29%) | 653 (30%) | 643 (26%) | 648 (28%) | 669 (30%) | 673 (29%) | 707 (29%) | 674 (28%) | |
Asia | 547 (28%) | 499 (27%) | 606 (27%) | 540 (25%) | 660 (27%) | 642 (28%) | 678 (30%) | 453 (20%) | 624 (26%) | 550 (23%) | |
China | 424 (22%) | 351 (19%) | 436 (20%) | 377 (18%) | 508 (21%) | 439 (19%) | 484 (21%) | 278 (12%) | 394 (16%) | 371 (15%) | |
India | 29 (2%) | 24 (1%) | 30 (1%) | 30 (1%) | 28 (1%) | 27 (1%) | 32 (1%) | 28 (1%) | 28 (1%) | 33 (1%) | |
Europe | 450 (23%) | 517 (28%) | 609 (27%) | 595 (28%) | 682 (28%) | 596 (26%) | 655 (29%) | 652 (28%) | 732 (30%) | 736 (30%) | |
North America | 83 (4%) | 133 (7%) | 172 (8%) | 177 (8%) | 151 (6%) | 205 (9%) | 42 (2%) | 292 (13%) | 176 (7%) | 211 (9%) | |
Others | 228 (12%) | 161 (9%) | 186 (8%) | 184 (9%) | 305 (12%) | 182 (8%) | 211 (9%) | 227 (10%) | 204 (8%) | 261 (11%) | |
Total | 1,945 (100%) | 1,841 (100%) | 2,215 (100%) | 2,151 (100%) | 2,442 (100%) | 2,276 (100%) | 2,257 (100%) | 2,298 (100%) | 2,446 (100%) | 2,434 (100%) | |
FY2026 2Q Financial Results
Quarterly Sales by Regions (Eyeless Needle Segment) (¥ million)
FY24 | FY25 | FY26 | |||||||||
1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | ||
Japan | 190 (8%) | 204 (8%) | 219 (8%) | 222 (9%) | 222 (8%) | 229 (8%) | 250 (9%) | 251 (9%) | 232 (8%) | 248 (9%) | |
Asia | 1,227 (49%) | 1,221 (50%) | 1,395 (49%) | 1,228 (51%) | 1,351 (48%) | 1,317 (49%) | 1,343 (48%) | 1,625 (57%) | 1,568 (52%) | 1,536 (53%) | |
China | 790 (31%) | 711 (29%) | 873 (31%) | 738 (31%) | 878 (31%) | 836 (31%) | 705 (25%) | 958 (34%) | 928 (31%) | 960 (33%) | |
India | 101 (4%) | 115 (5%) | 105 (4%) | 135 (6%) | 116 (4%) | 76 (3%) | 126 (5%) | 172 (6%) | 183 (6%) | 139 (5%) | |
Europe | 481 (19%) | 383 (16%) | 424 (15%) | 404 (17%) | 445 (16%) | 398 (15%) | 428 (15%) | 370 (13%) | 431 (14%) | 470 (16%) | |
North America | 441 (18%) | 450 (18%) | 432 (15%) | 307 (13%) | 433 (15%) | 407 (15%) | 358 (13%) | 337 (12%) | 360 (12%) | 250 (9%) | |
Others | 180 (7%) | 194 (8%) | 386 (14%) | 229 (10%) | 391 (14%) | 359 (13%) | 395 (14%) | 266 (9%) | 413 (14%) | 369 (13%) | |
Total | 2,520 (100%) | 2,454 (100%) | 2,856 (100%) | 2,392 (100%) | 2,844 (100%) | 2,711 (100%) | 2,776 (100%) | 2,850 (100%) | 3,006 (100%) | 2,875 (100%) | |
FY2026 2Q Financial Results
Quarterly Sales by Regions (Dental Segment) (¥ million)
FY24 | FY25 | FY26 | |||||||||
1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | ||
Japan | 279 (11%) | 204 (8%) | 200 (8%) | 226 (10%) | 287 (12%) | 255 (12%) | 228 (9%) | 511 (20%) | 227 (10%) | 251 (8%) | |
Asia | 1,878 (71%) | 1,474 (59%) | 1,766 (67%) | 1,509 (64%) | 1,428 (60%) | 1,179 (54%) | 1,373 (56%) | 1,372 (54%) | 1,398 (59%) | 1,951 (66%) | |
China | 1,234 (47%) | 825 (33%) | 1,042 (40%) | 837 (35%) | 763 (32%) | 447 (21%) | 699 (29%) | 556 (22%) | 740 (31%) | 1,121 (38%) | |
India | 261 (10%) | 282 (11%) | 278 (11%) | 292 (12%) | 300 (13%) | 300 (14%) | 322 (13%) | 285 (11%) | 331 (14%) | 391 (13%) | |
Europe | 345 (13%) | 542 (22%) | 455 (17%) | 350 (15%) | 373 (16%) | 337 (16%) | 450 (19%) | 331 (13%) | 412 (17%) | 384 (13%) | |
North America | 130 (5%) | 123 (5%) | 160 (6%) | 176 (7%) | 175 (7%) | 160 (7%) | 163 (7%) | 181 (7%) | 259 (11%) | 201 (7%) | |
Others | 14 (1%) | 153 (6%) | 51 (2%) | 97 (4%) | 103 (4%) | 234 (11%) | 219 (9%) | 140 (6%) | 78 (3%) | 178 (6%) | |
Total | 2,648 (100%) | 2,498 (100%) | 2,631 (100%) | 2,360 (100%) | 2,368 (100%) | 2,167 (100%) | 2,435 (100%) | 2,538 (100%) | 2,375 (100%) | 2,967 (100%) | |
FY2026 2Q Financial Results
Cumulative Consolidated Performance (¥ million)
FY24 | FY25 | FY26 | ||||||||
Item | 1Q 3M | 2Q 6M | 3Q 9M | 4Q 12M | 1Q 3M | 2Q 6M | 3Q 9M | 4Q 12M | 1Q 3M | 2Q 6M |
Net sales | 7,114 | 13,908 | 21,610 | 28,513 | 7,655 | 14,810 | 22,280 | 29,968 | 7,828 | 16,106 |
Operating income | 2,223 | 4,197 | 6,498 | 8,392 | 2,107 | 4,172 | 6,135 | 8,193 | 2,255 | 5,097 |
Operating income margin | 31.3% | 30.2% | 30.1% | 29.4% | 27.5% | 28.2% | 27.5% | 27.3% | 28.8% | 31.7% |
USD/JPY | 149.10 | 147.92 | 149.66 | 150.78 | 149.03 | 151.57 | 149.77 | 148.91 | 151.50 | 153.73 |
EUR/JPY | 159.30 | 159.38 | 161.40 | 162.94 | 161.99 | 161.25 | 161.51 | 163.62 | 176.38 | 179.85 |
CNY/JPY | 20.47 | 20.45 | 20.68 | 20.84 | 20.88 | 21.00 | 20.71 | 20.63 | 21.28 | 21.82 |
INR/JPY | 1.79 | 1.78 | 1.80 | 1.81 | 1.77 | 1.78 | 1.76 | 1.74 | 1.71 | 1.72 |
FY2026 2Q Financial Results
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
FY2026 2Q Financial Results
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
¥30 billion
※As of August 31, 2025
Asia
¥13.43 billion (44.8%)
83.7%
Ophthalmic knives global share approx.35％
FY2026 2Q Financial Results
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.
Japan (Tochigi)
MANI, INC.
Headquarters
China (Beijing)
MANI Medical Beijing Co., Ltd.
Sales base
China (Foshan)
MANI China (Foshan) Co., Ltd.
Production base
Vietnam (Hanoi)
Production base
Malaysia (Kuala Lumpur)
MANI ASIA SDN. BHD.
Sales base
MANI MEDICAL HANOI CO., LTD MANI HANOI CO., LTD.
Production base and sales base
Laos（Vientiane）
MANI VIENTIANE SOLE CO., LTD.
Production base
FY2026 2Q Financial Results
History
Since our foundation, MANI has consistently worked on the development, production, and sales of consumer
healthcare products and expanding its 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
¥300 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 33
FY2026 2Q Financial Results
Achieving Long-Term Growth
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)
Net sales
Operating income margin
285
300
328
(¥ million)
245
39% 41% 39%
35% 37%
32%
37% 38% 37% 36%
32% 34%
138
201
166 172
183
32%
204
172
152
76 82
67
56
47
88 93 94 95 97 93
114
30%
26% 25% 25%
29% 31% 30% 30%
29% 27% 28%
COVID-19
Lehman's collapse
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
34
35