Worth reading
74In 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
325
Hundreds of millions of yenWording
Conditional
How definitive the wording is.Items stated in the management plan
Partially revised (upward revision)Net Sales+18.1%
基準 180Target212.5Hundreds of millions of yen
Operating profit+34.9%
基準 50.4Target68Hundreds of millions of yen
Operating profit margin+4.0pt
基準 28Target32％
ROE+4.0pt
基準 16Target20％
ROIC+3.0pt
基準 16Target19％
Each line is the climb from the baseline the document states to the target it sets. The slope is scaled against the largest climb in this document. For metrics expressed as percentages, differences are shown in percentage points (pt).The increase shown by the dotted line is calculated from the two reported figures because the company did not provide the amount of growth.
What happened to the previous plan¥100 billion → ¥145.4 billion (actual for the fiscal year ending June 2026)（+45.4% (calculated)）+1,926.0%Calculated from the two disclosed figures
Investment amount by sectorField Capital Expenditure / Amount Approximately ¥53.0 billion, Field R&D investment / Amount Approximately ¥90.0 billion, Field M&A or share buybacks / Amount Approximately ¥130 billion
Statements about the use of capital
Payout ratio / DOE policyDividend payout ratio of 35% plus a commemorative dividend (over the five-year plan period)The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Treasury share acquisition policyApproximately ¥130.0 billion will be allocated to M&A or share buybacks. Of this amount, ¥10.0 billion has already been used for share buybacks.
Cost of capitalWACC: 6.29% for the fiscal year ended June 2024, 6.74% for the fiscal year ended June 2025 and 7.40% for the fiscal year ending June 2026. Disclosed capital costs are 6.3%, 6.7% and 7.4%, respectively.The cost of capital is the minimum rate of return expected by shareholders and banks from the company.
Key initiatives
01Build a business portfolio to reaccelerate growth in global markets
02Maintain and strengthen the global niche-top position in the cardiovascular field
03Strengthen sales strategies and the product portfolio with the aim of becoming a global niche leader in non-cardiovascular fields
04Create new businesses and enter the market for high-value-added therapeutic devices
05Build a strong management platform and strengthen earnings capacity to achieve sustainable growth
06Strengthen research and development and production systems optimized for global expansion
07Initiatives to improve productivity
08Build a management platform aligned with business strategies
Plan assumptionsThe assumed exchange rates have been changed. Under the medium-term management plan, the assumptions were US dollar: ¥143.00, euro: ¥165.00, Chinese yuan: ¥20.00 and Thai baht: ¥4.60. Following the revision, they are US dollar: ¥155.00, euro: ¥179.00, Chinese yuan: ¥22.00 and Thai baht: ¥4.90.
Non-financial targetsIndicator New Products / Target value +7 products / Timing Not disclosed, Indicator CDP climate change score / Target value Maintain a B score / Timing 2026
Risks identified by the company
Risk of delays in launching new products due to tighter regulations under the MDR
Risk of a significant decline in prices due to centralized procurement systems and other factors in China
Risk relating to obtaining regulatory approval for HARBOR because approval for sale in Japan has not yet been obtained
Risks and uncertainties relating to future business performance
Reason for revision or withdrawal
Market share expansion in each region and business has progressed steadily, making it likely that net sales will exceed the initial plan ahead of schedule. Productivity improvements at overseas factories have progressed beyond the initial assumptions. The assumed exchange rates used in formulating the plan have been changed in light of exchange-rate trends. The medium-term management plan's target figures have been reviewed to align them with the medium- to long-term growth profile that the Group aims to achieve.
| Item | Details |
|---|---|
| Plan name | New Medium-Term Management Plan “Building the Future 2030” ～Unlocking Sustainable Growth～ |
| Plan period | Fiscal years ending June 2026 to June 2030 (five years to accelerate the growth strategy) |
| Progress against the plan | Partially revised (upward revision) |
| Sales Target | ¥180 billion → ¥212.5 billion（+18.1% (calculated)） |
| Operating profit target | ¥50.4 billion → ¥68.0 billion（+34.9% (calculated)） |
| Operating profit margin target | 28.0％ → 32.0％（+14.3% (calculated)） |
| ROE target | 16.0％ → 20.0％（+25.0% (calculated)） |
| ROIC target | 16.0％ → 19.0％（+18.8% (calculated)） |
| Payout ratio / DOE policy | Dividend payout ratio of 35% plus a commemorative dividend (over the five-year plan period) |
| Treasury share acquisition policy | Approximately ¥130.0 billion will be allocated to M&A or share buybacks. Of this amount, ¥10.0 billion has already been used for share buybacks. |
| Cost of capital | WACC: 6.29% for the fiscal year ended June 2024, 6.74% for the fiscal year ended June 2025 and 7.40% for the fiscal year ending June 2026. Disclosed capital costs are 6.3%, 6.7% and 7.4%, respectively. |
| Investment amount by sector | Field Capital Expenditure / Amount Approximately ¥53.0 billion, Field R&D investment / Amount Approximately ¥90.0 billion, Field M&A or share buybacks / Amount Approximately ¥130 billion |
| Non-financial targets | Indicator New Products / Target value +7 products / Timing Not disclosed, Indicator CDP climate change score / Target value Maintain a B score / Timing 2026 |
| Plan assumptions | The assumed exchange rates have been changed. Under the medium-term management plan, the assumptions were US dollar: ¥143.00, euro: ¥165.00, Chinese yuan: ¥20.00 and Thai baht: ¥4.60. Following the revision, they are US dollar: ¥155.00, euro: ¥179.00, Chinese yuan: ¥22.00 and Thai baht: ¥4.90. |
| Key initiatives | Build a business portfolio to reaccelerate growth in global markets, Maintain and strengthen the global niche-top position in the cardiovascular field, Strengthen sales strategies and the product portfolio with the aim of becoming a global niche leader in non-cardiovascular fields, Create new businesses and enter the market for high-value-added therapeutic devices, Build a strong management platform and strengthen earnings capacity to achieve sustainable growth, Strengthen research and development and production systems optimized for global expansion, Initiatives to improve productivity, Build a management platform aligned with business strategies |
| Results under the previous plan | ¥100 billion → ¥145.4 billion (actual for the fiscal year ending June 2026)（+45.4% (calculated)） |
| Reason for revision or withdrawal | Market share expansion in each region and business has progressed steadily, making it likely that net sales will exceed the initial plan ahead of schedule. Productivity improvements at overseas factories have progressed beyond the initial assumptions. The assumed exchange rates used in formulating the plan have been changed in light of exchange-rate trends. The medium-term management plan's target figures have been reviewed to align them with the medium- to long-term growth profile that the Group aims to achieve. |
| Risks identified | Risk of delays in launching new products due to tighter regulations under the MDR, Risk of a significant decline in prices due to centralized procurement systems and other factors in China, Risk relating to obtaining regulatory approval for HARBOR because approval for sale in Japan has not yet been obtained, Risks and uncertainties relating to future business performance |
| Publication date | 14 August 2026 |
Items this document does not state (6)
Net income targetSelf-assessment of PBR and share priceTotal investment planSegment targetSize of the Target MarketDate of board resolution
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.Market share expansion in each region and business has progressed steadily, making it likely that net sales will exceed the initial plan ahead of schedule. Productivity improvements at overseas factories have progressed beyond the initial assumptions. The assumed exchange rates used in formulating the plan have been changed in light of exchange-rate trends. The long-term vision has been revised to align it with the review of the medium-term management plan's target figures and the medium- to long-term growth profile that the Group aims to achieve.
How to read this page
This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.