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Shimadzu (7701) · FactReframed

Growing Demand for High-End X-ray TV and Angiography Systems

First written in FY2017-Q3. 17 of 31 entries say "Restated". Latest entry: 2026-08-06.

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How it moved
ProgressHeldSoftenedWorseRestatedFY2017-Q3 – FY2019-Q3ReframedFY2024 – 2026-08-062017: 420172018: 220182019: 320192020: 420202021: 420212022: 420222023: 420232024: 320242025: 220252026: 12026
Same theme, other companies
Establishing Medical-Equipment Production Capabilities and Expanding OrdersA theme 13 companies write about · 0 as a headwind · 14 as a tailwind

Shimadzu moved to the "Worse" side of this theme in 2025.

The whole theme swung hardest in 2024: 1 of 7 companies on the "Worse" side.

0 other companies' latest entry also says "Reframed".

Ridges = years it wrote progress, valleys = years it wrote worse. Most hopeful companies at the back. Drag to turn, scroll to zoom, right-drag to pan. On a phone, two fingers turn and pinch to zoom; one finger scrolls the page.
Full recordFilings, disclosures and news, newest first
  1. 2026-08-06ReframedRevision of earnings forecasts

    「As a result of these initiatives, sales of general radiography systems, X-ray TV systems and angiography systems all increased. By region, sales in Japan declined due to the reduction of low-profitability products handled, while overseas sales increased substantially, partly due to the effect of new products.」

    The demand mix for medical systems was updated to reflect increases in all 3 product categories and overseas sales, alongside the scaling back of low-profitability products in Japan.
  2. FY2026-H1ReframedAnnual report

    「The Medical Systems business performed well, led by X-ray TV systems equipped with new software that improves patient safety, but overall revenue declined due to weak market conditions in Japan, Europe and China. Revenue increased in North America and other Asian regions as the effect of new products took hold.」

    The demand mix for medical systems has shifted to one combining strong performance by X-ray TV systems equipped with new software and the effects of new products in North America and other Asian markets with weak market conditions in Japan, Europe and China.
  3. FY2025ReframedAnnual report

    「Although Japan, China and Europe were affected by delays in the recovery of market conditions, X-ray TV systems increased in North America, where hospitals' operating environments improved, while X-ray TV systems and angiography systems increased in other parts of Asia, which is experiencing significant growth.」

    The demand mix for medical equipment has shifted to a combination of delayed recoveries in Japan, China, and Europe and increases in X-ray TV and angiography systems in North America and other parts of Asia.
  4. FY2025-H1ReframedAnnual report

    「The medical systems business was affected by delays in the recovery of market conditions in Japan and China. In North America, however, sales of X-ray TV systems increased as hospital operating conditions improved, while in other parts of Asia, sales of angiography systems increased as technical exchange meetings in the Philippines and elsewhere raised awareness.」

    While the delayed recovery in market conditions in China and Japan persists, the demand mix for medical equipment has shifted toward higher sales of X-ray TV systems in North America and angiography systems in Other Asia.
  5. FY2024ReframedAnnual report

    「As its core business in the MedTech sector, the medical equipment business pursued development of new products and recurring offerings, improved manufacturing efficiency and strengthened overseas expansion. However, a substantial decline in domestic revenue due to lower capital investment resulted in an overall revenue decline despite higher overseas revenue.」

    The demand mix for medical equipment was updated to reflect a combination of lower revenue due to reduced domestic capital investment and higher revenue from increased overseas sales of angiography systems.
  6. FY2024-Q3RestatedAnnual report

    「Revenue from the medical equipment business decreased in Japan but increased overseas. In Japan, sales of new angiography system products increased, but performance was affected by restrained investment by medical institutions amid rising prices, a decline in supplementary budgets and a decline following the completion of large projects. Overseas, sales of angiography systems increased.」

    The current structure continues, with revenue declining in Japan due to restrained investment by medical institutions and other factors, while angiography systems increased overseas.
  7. FY2024-Q2ReframedAnnual report

    「Medical equipment sales declined in Japan but increased overseas. In Japan, results were affected by healthcare institutions curbing investment amid rising prices, a decrease in supplementary budgets, and a reactionary decline following large projects. Overseas, angiography systems increased in the US and India, while sales also increased for a new X-ray TV system produced locally for the Chinese market.」

    The composition of demand for medical equipment has been updated to reflect lower domestic revenue due to rising prices, reduced supplementary budgets and the absence of large projects, while overseas demand increased for angiography systems in the United States and India and new products manufactured locally in China.
  8. FY2024-Q1ReframedAnnual report

    「Medical equipment sales declined in Japan but increased overseas. In Japan, X-ray TV systems and angiography systems increased, driven mainly by new products, but results were affected by a reactionary decline following the previous year's radiation therapy tracking systems and by healthcare institutions curbing investment. Overseas, angiography systems increased in the US and India, while sales also increased for a new X-ray TV system produced locally for the Chinese market.」

    The medical equipment business has shifted to a structure in which, in Japan, the decline in sales of new products is outweighed by the reversal of the previous year’s increase in tracking systems for radiation therapy and restrained investment by medical institutions, while overseas, angiography systems in the United States and India and new products manufactured locally in China have increased.
  9. FY2023RestatedAnnual report

    「The medical equipment business posted higher revenue both in Japan and overseas. As capital investment by medical institutions recovered, X-ray equipment contributed, including X-ray TV systems that are the industry's smallest and equipped with a wide range of functions, new angiography systems incorporating the world's first AI-based image-processing technology, and general radiography systems with power-assist functions.」

    Against a backdrop of recovering capital investment by medical institutions, growth in X-ray TV systems, angiography systems, general radiography systems and other products has continued in Japan and overseas.
  10. FY2023-Q3RestatedAnnual report

    「In the medical equipment business, X-ray equipment such as X-ray TV systems and motion-tracking systems for radiation therapy equipment increased as medical institutions recovered their capital investment.」

    Against the backdrop of a recovery in capital investment by medical institutions, the increase in X-ray equipment, including X-ray TV systems, and motion-tracking systems for radiation therapy equipment has continued.
  11. FY2023-Q2RestatedAnnual report

    「The medical equipment business increased sales of X-ray TV systems, angiography systems and motion-tracking systems for radiation therapy equipment as capital investment by medical institutions recovered.」

    The continuing recovery in capital investment by medical institutions has led to sustained growth in X-ray TV systems, angiography systems and motion-tracking systems for radiation therapy equipment.
  12. FY2023-Q1RestatedAnnual report

    「The medical equipment business posted higher revenue both in Japan and overseas as capital investment by medical institutions recovered. Despite supply constraints caused by shortages of components and materials and the impact of China's lockdowns, X-ray TV systems and angiography systems increased.」

    Against a backdrop of recovering capital investment by medical institutions, the increase in X-ray TV systems and angiography systems in Japan and overseas has continued.
  13. FY2022ReframedAnnual report

    「In Japan, market conditions recovered as medical institutions increased capital expenditure using supplementary budgets, resulting in growth in X-ray TV systems. Overseas, X-ray TV systems expanded in North America, a key focus market, but mobile X-ray systems used to diagnose COVID-19 pneumonia, which had increased in the previous year, declined in most regions.」

    While demand for mobile systems for infectious disease diagnosis continued to decline, a recovery in domestic capital investment driven by supplementary budgets and expansion of X-ray TV systems in North America were indicated.
  14. FY2022-Q3RestatedAnnual report

    「Demand for mobile X-ray imaging systems used to diagnose COVID-19 pneumonia, which increased overseas in the previous year, declined in most regions. In Japan, X-ray TV systems and X-ray imaging systems increased as capital investment using supplementary budgets progressed, while the aftermarket business also remained strong.」

    Demand for mobile units for infectious disease diagnosis declined, while capital investment under supplementary budgets in Japan and strong performance in X-ray TV, X-ray imaging systems, and the aftermarket continued.
  15. FY2022-Q2RestatedAnnual report

    「Capital investment by medical institutions is recovering, and demand is gradually returning, particularly in Japan. Demand for mobile X-ray systems used to diagnose pneumonia caused by the novel coronavirus declined except in some regions, while general radiography systems and X-ray TV systems increased.」

    While general radiography systems and X-ray TV systems are increasing as hospitals resume capital investment, the decline in demand for mobile systems for infectious disease diagnosis continues in all but some regions.
  16. FY2022-Q1ReframedAnnual report

    「As the number of new infections declined, demand for mobile X-ray imaging equipment used to diagnose novel coronavirus pneumonia decreased year on year. Meanwhile, the number of diagnoses and treatments at medical institutions returned to pre-pandemic levels, and X-ray TV systems and other products increased as capital investment that had been frozen the previous year resumed.」

    While demand for mobile equipment for infectious disease diagnosis declined, diagnostic and treatment volumes returned to pre-COVID levels, and the restart of previously frozen capital investment by medical institutions has shifted the mix toward higher sales of X-ray TV systems and other products.
  17. FY2021RestatedAnnual report

    「Although sales of mobile X-ray systems increased for use in diagnosing pneumonia caused by COVID-19, other models performed poorly, as medical institutions focused on COVID-19 measures and postponed or froze capital investment due to deteriorating profitability.」

    Growth in mobile units for infectious disease diagnosis and continued weakness caused by the postponement and freezing of capital investment in other medical equipment have continued.
  18. FY2021-Q3RestatedAnnual report

    「Mobile X-ray imaging systems increased, mainly overseas, for diagnosing pneumonia caused by COVID-19. Other models, however, performed poorly as capital investment was postponed or frozen because medical institutions prioritized measures against COVID-19 and their profitability deteriorated.」

    While overseas mobile examination equipment in the X-ray product line increased for infectious disease diagnostics, other models were affected by the postponement or freezing of capital expenditures by medical institutions.
  19. FY2021-Q2RestatedAnnual report

    「Mobile X-ray imaging systems increased, mainly overseas, for diagnosing pneumonia caused by COVID-19. Other models, however, performed poorly as capital investment was postponed or frozen because medical institutions prioritized measures against COVID-19 and their profitability deteriorated.」

    While overseas mobile X-ray equipment increased for pneumonia diagnosis, other models have been affected by medical institutions postponing or freezing capital investment.
  20. FY2021-Q1ReframedAnnual report

    「Mobile X-ray imaging systems expanded mainly overseas for use in diagnosing COVID-19 pneumonia, but other models remained weak as medical institutions focused on countermeasures against COVID-19 and their earnings deteriorated due to the spread of the virus.」

    Among X-ray products, overseas mobile X-ray imaging systems expanded for pneumonia diagnosis, while other models remained under pressure due to the impact of reduced capital investment and deteriorating earnings at medical institutions.
  21. FY2020ReframedAnnual report

    「In North America, angiography systems performed well, but X-ray imaging systems declined as the impact of demand running its course following digitalization-promotion initiatives continued. However, performance is recovering recently, partly due to the effects of new products such as new X-ray television systems.」

    In North America, the decline in X-ray imaging systems caused by the previous demand cycle reaching maturity continued, while a recovery trend in X-ray TV systems driven by new products has been newly reported.
  22. FY2020-Q3ReframedAnnual report

    「In Japan, X-ray TV systems, angiography systems, and X-ray imaging systems for clinics continued to perform well. In North America, however, X-ray imaging systems declined as the impact of demand peaking after digitalization-promoting initiatives continued. In Europe, multipurpose X-ray TV systems and angiography systems declined. In China, X-ray imaging systems declined amid intensified competition from locally manufactured products, in addition to project delays. In other parts of Asia, generic X-ray TV systems and angiography systems grew in India, but X-ray imaging systems declined in Southeast Asia, partly due to the reaction to large projects in the previous year.」

    The description has shifted from the previous emphasis on strong and recovering overseas sales of X-ray products to a structure indicating that Japan's X-ray TV, angiography and X-ray imaging systems for clinics are performing well, while demand in several overseas regions has peaked, projects have been delayed, competition has intensified, and sales have declined following the reversal of large projects.
  23. FY2020-Q2RestatedAnnual report

    「In Japan, X-ray TV systems, angiography systems and X-ray imaging systems for clinics performed well, supported in part by increased demand ahead of the consumption-tax increase.」

    The demand trend of strong performance in Japan for X-ray TV systems, angiography systems and X-ray imaging systems for clinics continues.
  24. FY2020-Q1ReframedAnnual report

    「In Japan, sales increased as angiography systems and X-ray radiography systems performed well. In North America and Europe, however, conditions remained difficult as demand for mobile units declined and multipurpose X-ray TV systems remained sluggish. In China, overall sales declined because sales of X-ray radiography systems fell amid intensifying competition with domestically manufactured products, compounded by project delays. In Southeast Asia, X-ray TV systems declined sharply, partly because of a reaction to the large projects recorded the previous year.」

    The discussion has changed from the previous description of strong performance in overseas X-ray TV, angiography and other products. X-ray angiography and imaging systems in Japan remain strong, while declining demand, competition, project delays and the reaction to large projects are indicated in several overseas regions.
  25. FY2019-Q3RestatedAnnual report

    「In Europe, a new mobile unit with excellent operability was well received, and X-ray imaging systems performed well. X-ray television systems and angiography systems also performed well. In Southeast Asia, angiography systems performed well, supported in part by large projects. In Japan, new angiography systems offering lower radiation exposure, high image quality, improved operability and greater examination efficiency remained firm, while X-ray imaging systems for clinics also performed well.」

    Demand and sales of mobile units, X-ray TV systems, angiography systems and X-ray imaging systems for clinics are described as strong or solid in Europe, Southeast Asia and Japan.
  26. FY2019-Q2RestatedAnnual report

    「In North America, multipurpose X-ray television systems performed well. In Europe, a new highly user-friendly mobile system was well received, and X-ray imaging systems performed well.」

    The Company explained that multipurpose X-ray TV systems, new mobile units and X-ray imaging systems performed well in North America and Europe, indicating continued demand for X-ray-related products.
  27. FY2019-Q1RestatedAnnual report

    「In North America, mobile systems remained solid due to the effect of new products, while multi-purpose X-ray television systems grew, resulting in strong performance. In Europe, mobile systems performed well due to the effect of new products, while X-ray television systems recovered and angiography systems increased.」

    Demand and sales of mobile systems, multipurpose X-ray TV systems and angiography systems overseas are strong, recovering or increasing.
  28. FY2018-Q2RestatedAnnual report

    「In China, X-ray imaging systems performed solidly, supported by recovering demand and an enhanced product lineup addressing customer needs.」

    X-ray imaging systems in China are described as performing steadily against a backdrop of recovering demand for medical equipment and a strengthened product lineup, and demand trends for X-ray products continue to be reported.
  29. FY2018-Q1RestatedAnnual report

    「In China, sales of multipurpose X-ray TV systems increased, but sales of X-ray radiography systems declined due to competition from domestically produced products, limiting the increase in sales to a marginal level.」

    While renewed confirmation has been provided that demand for multifunctional X-ray television systems in China has grown, X-ray imaging systems have declined due to competition.
  30. FY2017RestatedAnnual report

    「In North America, high-end X-ray TV systems capable of supporting multiple diagnoses performed well.」

    Strong demand for high-end X-ray TV systems in North America has also been confirmed for the full year.
  31. FY2017-Q3First statedAnnual report

    「In China, high-end X-ray TV systems capable of supporting multiple types of diagnosis remained firm, while angiography systems increased in North America and Europe.」

    Regional demand and sales trends for high-end X-ray TV systems in China and angiography systems in North America and Europe were identified as a theme for the first time.
Moved together

"Demand for Measurement and Analytical Instruments Driven by Pharmaceutical, Food Safety and Transportation-Related Projects" moved the same way as this thread, in the same document, in 11 of its 31 moves.

11109777★123456
  1. ★This thread
  2. 1Demand for Measurement and Analytical Instruments Driven by Pharmaceutical, Food Safety and Transportation-Related Projects11×
  3. 2Changes in the Financial Position Due to Lower Liabilities and Higher Net Assets10×
  4. 3Business Impact of Sluggish Demand and Weak Public-Sector Demand9×
  5. 4Lower Sales and Operating Profit but Higher Ordinary Profit and Net Income Amid Yen Appreciation7×
  6. 5Higher Sales and Operating Profit in the Measurement and Analytical Instruments Business7×
  7. 6Lower Operating Cash Flow and Higher Capital Expenditure7×

★ is this thread; numbers match the list above. The number on a line is how many documents both moved the same way in; lines between the other threads count the documents they moved together in too. Threads that move together often sit closer.

When this could move next
Shimadzu's next results are scheduled for 2026-11-06. Read the earnings preview It last moved in the Revision of earnings forecasts of 2026-08-06: "Reframed".
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Growing Demand for High-End X-ray TV and Angiography Systems | Shimadzu Corporation (7701) | Komori