Worth reading
55In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Improvement
Direction inferred from the company’s description.Scale
21.5
%Wording
Conditional
How definitive the wording is.Results for this period
First quarter1 April 2026 to 30 June 2026ConsolidatedJapanese GAAPNet Sales7,868¥ millionYear on year +21.5%Progress 20.7%
Operating profit521¥ millionProgress 17.4%
Ordinary income1,433¥ millionYear on year +177.9%Progress 23.9%
Net income attributable to owners of the parent1,064¥ millionYear on year +308.6%Progress 30.4%
The width of the band at each stage is based on revenue. The narrower it becomes toward the bottom, the smaller the proportion of revenue that remains as profit. The dotted outline is the full-year forecast and the band inside it is the result for this period. The progress rate is the result divided by the forecast.
Net income per share¥25.55
Financial position at period-end
Total assets100,208¥ million
of which net assets 42,265 ¥ millionEquity ratio 41.6%vs. prior year-end +0.6pt
塗りつぶした部分が自己資本比率です。総資産のうち、返済のいらない自前の資金がどれだけかを表します。The thin vertical line indicates the level at the end of the previous fiscal year.
Segment revenue
CRO Business7,53795.6%+22.0%
Translational research business590.7%
Medipolis Business2373.0%+12.8%
U.S. Real Estate490.6%
Segment profit
CRO Business1,538+200.0%
Translational research business-966
Medipolis Business16
U.S. Real Estate-28
Outlook and shareholder returns
Full-year earnings forecast
Net Sales¥38,000 million (YoY +16.8%)
Operating profit¥3,000 million (YoY +13.0%)
Ordinary income¥6,000 million (YoY +2.9%)
Net income¥3,500 million (YoY -23.4%)
Revision to Earnings ForecastNot disclosed → Net Sales 17,154 / Operating profit 1,240 / Ordinary income 2,988 / Net income 1,917
Annual Dividend Forecast¥50 → ¥50（0.0%）
Shareholder Return PolicyAims for a payout ratio of 30–40%
Factors Behind Changes in Business Performance
The core CRO business led performance, while the completion of several large projects originally expected to generate revenue during the previous fiscal year was delayed and revenue was recognized in the first quarter under review. The reduction in Satsuma's operating loss, increased equity-method investment income and increased foreign exchange gains also contributed.
Disclosure regarding the going concern assumption
No applicable matters.
Change in accounting policy
基準改正に伴う変更 Noそれ以外の変更 No見積りの変更 No修正再表示 No
Changes in the scope of consolidationNew 0 / Excluded 0 / Company name None
Impairment loss¥0 thousand
Breakdown of extraordinary income (loss)Extraordinary income Gain on sale of non-current assets ¥1,127 thousand / Extraordinary loss Loss on Disposal of Fixed Assets ¥26,031 thousand, Impairment Losses ¥0 thousand
Depreciation and amortization¥760,556 thousand
Orders received and order backlogOrders received ¥9,961 million / Order backlog ¥44,060 million
Availability of Supplementary Financial Results MaterialsYes
Availability of Financial Results BriefingYes (for analysts and institutional investors)
Issued Shares at Period-End41,632,400 shares
Treasury Shares at Period-End586 shares
| Item | Details |
|---|---|
| Fiscal Period Classification | First quarter |
| Accounting standards | Japanese GAAP |
| Consolidated / non-consolidated | Consolidated |
| Period Covered | 1 April 2026 to 30 June 2026 |
| Net Sales | ¥7,868 million (YoY +21.5%) |
| Operating profit | ¥521 million |
| Ordinary income | ¥1,433 million (YoY +177.9%) |
| Profit attributable to owners of the parent | ¥1,064 million (YoY +308.6%) |
| Net income per share | ¥25.55 |
| Equity ratio | End of the current fiscal period 41.6 / End of previous period 41 |
| Total assets | ¥100,208 million |
| Net assets | ¥42,265 million |
| Full-year earnings forecast | Net Sales ¥38,000 million (YoY +16.8%) / Operating profit ¥3,000 million (YoY +13.0%) / Ordinary income ¥6,000 million (YoY +2.9%) / Net income ¥3,500 million (YoY -23.4%) |
| Revision to Earnings Forecast | Not disclosed → Net Sales 17,154 / Operating profit 1,240 / Ordinary income 2,988 / Net income 1,917 |
| Annual Dividend Forecast | ¥50 → ¥50（0.0%） |
| Shareholder Return Policy | Aims for a payout ratio of 30–40% |
| Segment revenue | CRO Business ¥7,537 million (YoY +22.0%) / Translational research business ¥59 million / Medipolis Business ¥237 million (YoY +12.8%) / U.S. Real Estate ¥49 million |
| Segment profit | CRO Business ¥1,538 million (YoY +200.0%) / Translational research business ¥-966 million / Medipolis Business ¥16 million / U.S. Real Estate ¥-28 million |
| Orders received and order backlog | Orders received ¥9,961 million / Order backlog ¥44,060 million |
| Depreciation and amortization | ¥760,556 thousand |
| Impairment loss | ¥0 thousand |
| Breakdown of extraordinary income (loss) | Extraordinary income Gain on sale of non-current assets ¥1,127 thousand / Extraordinary loss Loss on Disposal of Fixed Assets ¥26,031 thousand, Impairment Losses ¥0 thousand |
| Disclosure regarding the going concern assumption | No applicable matters. |
| Change in accounting policy | Changes due to revisions to standards No / Other changes No / Change in accounting estimate No / Restatement No |
| Changes in the scope of consolidation | New 0 / Excluded 0 / Company name None |
| Availability of Supplementary Financial Results Materials | Yes |
| Availability of Financial Results Briefing | Yes (for analysts and institutional investors) |
| Issued Shares at Period-End | 41,632,400 shares |
| Treasury Shares at Period-End | 586 shares |
| Factors Behind Changes in Business Performance | The core CRO business led performance, while the completion of several large projects originally expected to generate revenue during the previous fiscal year was delayed and revenue was recognized in the first quarter under review. The reduction in Satsuma's operating loss, increased equity-method investment income and increased foreign exchange gains also contributed. |
Items this document does not state (8)
Operating MarginCash flows from operating activitiesCash flows from investing activitiesCash flows from financing activitiesCash and cash equivalents at end of periodPayout ratioRegional salesMaterial subsequent events
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.In addition to the strong performance of the core CRO business, the completion of several large projects originally expected to be recognized as revenue during the previous fiscal year was delayed and revenue was recognized in the first quarter under review. This was the main reason for the substantial improvement in operating profit.
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