The first inflection point is whether revenue reaches plan in the first half and whether profit continues to lead.

First-quarter revenue for the fiscal year ending March 2027 was ¥2,149 million, compared with a full-year forecast of ¥8,928 million, for a progress rate of 24.1%. Quarterly seasonality has not been disclosed, so 25% cannot be treated as a strict achievement benchmark, but the figure is close to a simple even quarterly allocation. For the first half, ¥4,464 million, equivalent to 50% of the full-year forecast, should be used as a mechanical reference point for revenue and assessed in light of actual seasonality.

On the profit side, first-quarter operating profit was ¥66 million, compared with a full-year forecast of ¥159 million, for a progress rate of 41.5%. Profit before tax was ¥59 million, or 46.1% of the ¥128 million full-year forecast, while profit for the quarter attributable to owners of the parent was ¥11 million, reaching 157.1% of the ¥7 million full-year forecast. Operating profit and profit before tax are progressing well ahead of revenue, and profit attributable to owners of the parent has already exceeded the full-year forecast. Accordingly, the key issue in the first-half results is whether profit accumulation will continue or whether expenses and losses will be concentrated in the second half.

In the first quarter, the company left unchanged its full-year forecasts of ¥8,928 million in revenue, ¥159 million in operating profit, ¥128 million in ordinary profit and ¥7 million in net profit. However, its explanation of the factors behind the increase in profit remained qualitative, citing steady performance in the SES business, the acquisition of a subsidiary, an increase in prescription volume and reductions in selling, general and administrative expenses. It did not disclose the profit increase attributable to each factor or its quarterly profit plan. In the first half, the ¥4,464 million revenue, ¥79.5 million operating profit and ¥64 million profit before tax simple 50% benchmarks will be used as references, while checking for revisions to the full-year forecast, maintenance of profit margins and the potential to achieve the remaining ¥93 million of full-year operating profit.