The FY2027 sales plan is significantly behind schedule as of Q1, with China sales and the manufacturing transfer the key H1 focus

FY2026 sales fell 66.4% to ¥323 million from ¥961 million in FY2025. By contrast, FY2027 sales are forecast at ¥1,038 million, an anticipated 221.0% increase year on year. The company’s plan therefore assumes a sharp recovery from FY2026, when overseas sales recorded in prior periods did not materialize, driven by the rebuilding of overseas sales, including sales to China, and its manufacturing structure.

However, FY2027-Q1 sales were only ¥92 million, roughly in line with the same period a year earlier. Progress against the full-year forecast was 8.9%, 16.1 percentage points below the 25% implied if sales were generated evenly each quarter. Meeting the full-year forecast requires ¥946 million in sales over the remaining 3 quarters from Q2 onward, or approximately ¥315 million per quarter on a simple average basis. Unless a ramp-up in sales is confirmed during the first half, including Q2, reliance on the second half will increase further.

The company attributed the FY2026 decline to overseas sales recorded in the previous fiscal year not being recorded in the current year. In the past, it made an initial shipment to the Hainan Medical Special Zone in China in March 2025, and treatment of head and neck cancer began at a local BNCT center in March 2026. However, the performance disclosures available at present do not separately identify sales to China, sales by region, the number of treatments in Hainan or drug consumption per treatment.

At the next earnings announcement, it will be necessary to confirm not only whether the full-year forecast is maintained, but also cumulative FY2027-Q2 sales, the amount and ratio of overseas sales, and the number of treatments or shipment volumes in China. If these are not disclosed, whether the start of treatment in China is translating into an actual recovery in sales will have to be assessed solely from the single company-wide figure of ¥92 million in sales.