Worth reading
78Important
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
6.7
% (year-on-year change in net sales for the fiscal year ended March 2026)Wording
Conditional
How definitive the wording is.Contents of this document
Supplementary materials to the earnings reportFull-year results for the fiscal year ended March 2026 and full-year forecasts for the fiscal year ending March 202714 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥110,698 million+6.7%
Operating profit¥12,838 million+10.7%
Ordinary income¥13,228 million+9.6%
Net income¥9,179 million+11.5%
Gross Profit Margin30.2%
Operating profit margin11.6%
Selling, general and administrative expenses¥20,627 million
Results for the three months of the current quarter
Net Sales
¥31,493 million+11.0%
Sales by field
Laboratory
¥20,052 million+12.9%
Industry
¥6,516 million+10.0%
Medical
¥4,761 million+4.8%
Total e-commerce sales
¥10,875 million+18.4%
Full-year earnings forecast
Net Sales
¥117,850 million
Gross profit
¥35,680 million
Operating profit
¥12,900 million
Ordinary income
¥13,350 million
Net income
¥8,970 million
Earnings per share
¥125.86
Annual dividend
¥66
Progress against full-year forecast 通期の予想に対して、いまどこまで進んだかの割合です。Consolidated and segment-level performance versus plan is shown, but progress against the full-year forecast is not explicitly stated
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Net sales, operating profit, ordinary profit and net income all exceeded the consolidated plan. By segment, Industry fell short of plan, while Laboratory and Medical exceeded planBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Change in gross profit
Impact of higher sales¥2,100 million
Gross margin improvement¥50 million
unit_2¥ million
National-brand products¥-400 million
unit_3¥ million
Web-only products¥130 million
unit_4¥ million
Private-label and imported products¥300 million
unit_5¥ million
Large orders¥20 million
unit_6¥ million
Main changes in SG&A expenses
Freight and warehouse operating costs¥190 million
Personnel Expenses¥253 million
unit_2¥ million
Advertising expenses¥-223 million
unit_3¥ million
Property rent¥242 million
unit_4¥ million
Other¥357 million
unit_5¥ million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
2026 medical fee revision3.09% increase
Transaction value processed through the Triumph21 purchasing agency systemMore than ¥17 billion, up 6.3% year on year
Laboratory sales growth rate+7.5%
Industry sales growth rate+7.5%
Medical sales growth rate+1.0%
New initiatives
- Launch of Mare’s, a centralized purchasing system for hospitals
- Launch of 4-Stock, a service that provides visibility into inventory across the entire supply chain
- Commencement of construction of a new rental and calibration center
- Expansion of Smart DC
- Expansion of the product range in the SHARED-DB product database
Key KPIsA metric the company considers important as a management benchmark.
- Total e-commerce sales¥38,259 millionYear on year against the same period last year+12.8%
- Product Range1,400 10,000 productsYear on year against the same period last year+12.9%
- Service revenue¥3,922 millionYear on year against the same period last year-2.0%
- Original-product sales¥35,721 millionYear on year against the same period last year+6.8%
- Overseas Revenue¥6,503 millionYear on year against the same period last year+15.9%
- Number of ocean connections643 companiesYear on year against the same period last year+49.2%
- Number of registered Wave users23,965 peopleYear on year against the same period last year+13.9%
Segment results
Laboratory
Net Sales¥69,387 million
Year on year against the same period last year+8.6%
Versus plan_pct¥1.7 million
Industry
Net Sales¥23,798 million
Year on year against the same period last year+7.3%
Versus plan_pct¥-0.9 million
Medical
Net Sales¥16,925 million
Year on year against the same period last year-1.0%
Versus plan_pct¥5.3 million
Medium-term management plan targets
ROETarget level under the medium-term management plan
Actual results13.3%, reaching the target level
Financial targets
ROE
Actual results13.3%
NotesReached the target level set out in the medium-term management plan
Risk amount incorporated into the outlookThe amount representing the range of variation the company expects in its forecast.
Extraordinary loss¥244 million
DetailsDemolition of the old rental and calibration center and consolidation of logistics facilities in the Kanto region
Impact of the situation in the Middle EastNot reflected in the earnings forecast because a reasonable estimate is difficult
Number of stores and locations
Construction has begun on a new rental and calibration center. The period-end number of stores and locations and the number of openings and closures are Not disclosedCapital expenditures
¥2,070 million total investment for the fiscal year ended March 2026
Forecast for the fiscal year ending March 20272,352
Annual Dividend
Fiscal year ending March 2026
Annual¥65 per share
Forecast for the fiscal year ending March 2027
Annual¥66 per share
Payout ratio
Fiscal year ending March 202650.6%
Total payout ratio61.5%
Dividend policyDividend of at least 50% of baseline profit plus dividend increases
Acquisition of treasury shares
Approximately ¥1 billion
| Item | Details |
|---|---|
| Document type | Supplementary materials to the earnings report |
| Fiscal Period Covered | Full-year results for the fiscal year ended March 2026 and full-year forecasts for the fiscal year ending March 2027 |
| Net Sales | ¥110,698 million (YoY +6.7%) |
| Operating profit | ¥12,838 million (YoY +10.7%) |
| Ordinary income | ¥13,228 million (YoY +9.6%) |
| Net income | ¥9,179 million (YoY +11.5%) |
| Gross Profit Margin | 30.2% |
| Operating profit margin | 11.6% |
| Selling, general and administrative expenses | ¥20,627 million |
| Results for the three months of the current quarter | Net Sales ¥31,493 million (YoY +11.0%) / Sales by field Laboratory ¥20,052 million (YoY +12.9%) / Industry ¥6,516 million (YoY +10.0%) / Medical ¥4,761 million (YoY +4.8%) / Total e-commerce sales ¥10,875 million (YoY +18.4%) |
| Full-year earnings forecast | Net Sales ¥117,850 million / Gross profit ¥35,680 million / Operating profit ¥12,900 million / Ordinary income ¥13,350 million / Net income ¥8,970 million / Earnings per share ¥125.86 / Annual dividend ¥66 |
| Progress against full-year forecast | Consolidated and segment-level performance versus plan is shown, but progress against the full-year forecast is not explicitly stated |
| Self-assessment against the plan | Net sales, operating profit, ordinary profit and net income all exceeded the consolidated plan. By segment, Industry fell short of plan, while Laboratory and Medical exceeded plan |
| Segment results | Laboratory Net Sales ¥69,387 million / yoy_pct ¥8.6 million / Versus plan_pct ¥1.7 million / Industry Net Sales ¥23,798 million / yoy_pct ¥7.3 million / Versus plan_pct ¥-0.9 million / Medical Net Sales ¥16,925 million / yoy_pct ¥-1 million / Versus plan_pct ¥5.3 million |
| Breakdown of Factors Affecting the Change | Change in gross profit Impact of higher sales ¥2,100 million / Gross margin improvement ¥50 million / unit_2 ¥ million / National-brand products ¥-400 million / unit_3 ¥ million / Web-only products ¥130 million / unit_4 ¥ million / Private-label and imported products ¥300 million / unit_5 ¥ million / Large orders ¥20 million / unit_6 ¥ million / Main changes in SG&A expenses Freight and warehouse operating costs ¥190 million / Personnel Expenses ¥253 million / unit_2 ¥ million / Advertising expenses ¥-223 million / unit_3 ¥ million / Property rent ¥242 million / unit_4 ¥ million / Other ¥357 million / unit_5 ¥ million |
| Key KPIs | Indicator name Total e-commerce sales / Value ¥38,259 million / Year on year against the same period last year ¥12.8 million, Indicator name Product Range / Value 1,400 10,000 products / Year on year against the same period last year 12.9 10,000 products, Indicator name Service revenue / Value ¥3,922 million / Year on year against the same period last year ¥-2 million, Indicator name Original-product sales / Value ¥35,721 million / Year on year against the same period last year ¥6.8 million, Indicator name Overseas Revenue / Value ¥6,503 million / Year on year against the same period last year ¥15.9 million, Indicator name Number of ocean connections / Value 643 companies / Year on year against the same period last year 49.2 companies, Indicator name Number of registered Wave users / Value 23,965 people / Year on year against the same period last year 13.9 people |
| Number of stores and locations | Construction has begun on a new rental and calibration center. The period-end number of stores and locations and the number of openings and closures are Not disclosed |
| Assumptions Underlying the Business Outlook | 2026 medical fee revision 3.09% increase / Transaction value processed through the Triumph21 purchasing agency system More than ¥17 billion, up 6.3% year on year / Laboratory sales growth rate +7.5% / Industry sales growth rate +7.5% / Medical sales growth rate +1.0% |
| Risk amount incorporated into the outlook | Extraordinary loss ¥244 million / Details Demolition of the old rental and calibration center and consolidation of logistics facilities in the Kanto region / Impact of the situation in the Middle East Not reflected in the earnings forecast because a reasonable estimate is difficult |
| Medium-term management plan targets | ROE Target level under the medium-term management plan / Actual results 13.3%, reaching the target level |
| Financial targets | ROE Actual results 13.3% / Notes Reached the target level set out in the medium-term management plan |
| Annual Dividend | Fiscal year ending March 2026 Annual ¥65 per share / Interim and Year-End Breakdown Not disclosed / Forecast for the fiscal year ending March 2027 Annual ¥66 per share / Interim and Year-End Breakdown Not disclosed |
| Payout ratio | Fiscal year ending March 2026 50.6% / Total payout ratio 61.5% / Dividend policy Dividend of at least 50% of baseline profit plus dividend increases |
| Acquisition of treasury shares | Amount Approximately ¥1 billion / Period Not disclosed / Number of Shares Not disclosed |
| Capital expenditures | ¥2,070 million (total investment for the fiscal year ended March 2026) |
| New initiatives | Launch of Mare’s, a centralized purchasing system for hospitals, Launch of 4-Stock, a service that provides visibility into inventory across the entire supply chain, Commencement of construction of a new rental and calibration center, Expansion of Smart DC, Expansion of the product range in the SHARED-DB product database |
Items this document does not state (5)
Unit price and quantity metricsNumber of employeesOrders received and order backlogMarket Size / ShareKey points of the Q&A
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.Performance in the fiscal year ended March 2026 benefited from growth in e-commerce sales, increased corporate purchasing activity, a recovery in the medical field, lower freight and warehouse operating costs resulting from logistics initiatives, and expense controls. In the fiscal year ending March 2027, the company expects higher costs related to the opening of a new rental and calibration center, expansion of Smart DC, personnel and logistics expenses, facilities, and IT investments.
How to read this page
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