Strong start to FY2027 ending March 2027 against full-year plan

In the first quarter of the fiscal year ending March 2027, revenue was ¥286 million, operating profit was ¥117 million, ordinary profit was ¥120 million and net profit attributable to owners of the parent was ¥100 million. Year on year, revenue rose 35.2%, operating profit 116.5%, ordinary profit 108.7% and net profit 64.5%, showing strong growth in both revenue and earnings. The fact that operating profit growth substantially outpaced revenue growth is the biggest positive factor heading into FY2027-H1.

The full-year plan calls for revenue of ¥1,087 million, operating profit of ¥322 million, ordinary profit of ¥322 million and net profit of ¥347 million. First-quarter progress was approximately 26.3% for revenue, 36.6% for operating profit, 37.3% for ordinary profit and 28.8% for net profit. On a simple comparison with one-quarter of the year elapsed, revenue was broadly on plan while earnings were ahead. However, the timing of the company's product sales can vary because of factors such as bulk antibody sales and overseas bulk orders. Caution is therefore needed before viewing the first-quarter earnings lead as a full-year upside.

If FY2027-H1 were to achieve exactly half of the full-year plan, the reference levels would be revenue of ¥543.5 million, operating profit of ¥161 million, ordinary profit of ¥161 million and net profit of ¥173.5 million. Since operating profit had already reached ¥117 million by the end of the first quarter, the interim results should distinguish between the level of profit generated in the second quarter alone and whether sales of high-margin products are continuing. In particular, even if first-half operating profit exceeds ¥161 million, the full-year assessment will differ depending on whether this reflects sustained growth in sales volume or one-off large orders.

The next results announcement is scheduled for 11 November 2026. The key issue will not simply be whether the full-year forecast is left unchanged, but management's assessment of whether first-half results were progressing smoothly against plan and the level of revenue and operating profit expected to be required in the second half. Although first-quarter progress against the full-year forecast has been disclosed, management's own assessment of progress toward the plan and the assumptions for the remaining 9 months have not yet been provided.