First-half revenue increased, but progress toward the full-year sales plan remains slow

Revenue for the first half of the fiscal year ending December 2026 was ¥104.321 million, up ¥74.901 million from ¥29.420 million in the same period of the previous year. This represented a 254.6% year-on-year increase, or approximately 3.5 times the prior-year level, driven by higher sales of various contract services related to 3D cell products, related consumables and existing devices. Based on the simple difference from first-quarter revenue of ¥28.479 million, second-quarter revenue alone was approximately ¥75.842 million, indicating a substantial buildup in sales even within the first half.

However, with the full-year revenue forecast at ¥278 million, progress in the first half was only 37.5%. On a calendar-year basis, the company had completed the first half, and needed to generate ¥173.679 million in the second half to achieve the full-year forecast. Although this is below the approximately ¥201.579 million in second-half revenue recorded in the fiscal year ended December 2025, the company still needs to achieve full-year revenue above the ¥230.999 million recorded in fiscal 2025. In FY2026-Q3, it will be important to confirm not only cumulative revenue through the third quarter, but also whether contract projects and product shipments in the second half are progressing as planned.

In the current earnings summary, revenue is presented only on a company-wide basis. Revenue by segment, product and region, as well as orders received and order backlog, has not been disclosed. The company is developing regenerative medicine, drug-discovery support and devices in parallel, but it is not possible to determine how much of the ¥104.321 million was contributed by human 3D mini-livers, disease models, CAP, bio 3D printers, contract manufacturing or consumables.

Accordingly, the key issue in Q3 is not simply the year-on-year growth rate, but the repeatability of the revenue increase. If the company maintains its ¥278 million full-year forecast, it will be important to show cumulative third-quarter revenue and the amount required in the remaining fourth quarter, and to explain whether sales are temporary and centered on contract services or are shifting toward recurring base revenue from FCD and devices.