Management Policies

Message from Leadership

The continued impact of changes in the Chinese market environment resulted in lower sales and profits.

Net sales declined, as strong performance in the Americas and EMEA was insufficient to offset lower sales in China.

Operating profit also decreased, reflecting lower gross profit, as well as the impact of additional U.S. tariffs

Feb. 2026

Kaoru Asano
President

In the first nine months of the fiscal year ending March 31, 2026, the Americas and EMEA continued to deliver solid performance. However, the impact of changes in the Chinese market environment persisted, resulting in a year-on-year decrease in both net sales and profits. Profit attributable to owners of the parent was in line with expectations our plan due to factors including the impact of foreign exchange rates and tax effects associated with the liquidation of affiliated companies, but was down year on year.
As a result, net sales were down 1.6% year on year, operating profit was down 27.7%, and profit attributable to owners of the parent was down 20.9%.

By region, both instruments and reagents in the hematology^*1 and urinalysis fields continued to perform steadily in the Americas and EMEA. In EMEA, major countries continued to deliver strong performance, and we continued to secure large tenders in the hemostasis field, achieving double-digit growth in Q3 alone. In the AP region, although some large tenders planned in India were deferred, other countries and regions performed well, resulting in higher sales overall.

In contrast, sales declined in China, owing to the increased impact of government-led policies aimed at controlling healthcare costs, together with ongoing distributor inventory adjustments. In Japan, sales fell in reaction to strong instrument sales in the hematology field in the previous fiscal year, as well as to the impact of extraordinary one-off factors in the first quarter.

In the medical robotics business, cumulative installations reached 100 units, and we are working to further expand market penetration and increase the number of surgeries.

Regarding our full-year forecast for the fiscal year ending March 31, 2026, in light of the greater-than-expected impact of changes in the Chinese market environment and current conditions in each region, we have revised our forecast downward to net sales of ¥500.0 billion, operating profit of ¥62.0 billion, and profit attributable to owners of the parent of ¥41.0 billion.

Although the impact from China remains significant and the environment for current fiscal year remains challenging, we are steadily moving forward with new product launches. In Japan, we have introduced multiple immunochemistry reagents, as well as a compact hemostasis analyzer. In the Americas, we have launched a hemostasis transport system incorporating a touch-free concept in the hematology field. In addition, for Alzheimer’s disease–related testing reagents, we are progressing with the development of multiple markers as part of panel testing and are working to enhance our presence through presentations at international conferences.
Furthermore, several growth drivers that will support future growth—such as a full-scale rollout in the hemostasis field in Europe and the United States, and business expansion in emerging markets—are steadily gaining momentum. By steadily advancing these initiatives, we will further strengthen the foundation for our next mid-term management plan and achieve sustainable growth over the medium to long term.

I would like to ask our stakeholders for your continued support.

■Financial forecast for the fiscal year ending March 31, 2026 (Billions of yen)

	Net sales	Operating profit	Profit attributable to owners of the parent
Announced February 2026	500.0	62.0	41.0
Announced November 2025	510.0	76.0	45.0
(Reference) Results for fiscal year ended March 31, 2025	508.6	87.5	53.6

■Assumed exchange rates for the fiscal year ending March 31, 2026 (Yen)

	1USD	1EUR	1CNY
Announced February 2026	150.0	174.6	21.1
Announced November 2025	148.5	171.5	20.8
(Reference) Results for fiscal year ended March 31, 2025	152.6	163.8	21.1

*1: Hematology field: The field of in vitro diagnostics that determines whether precise testing is necessary by analyzing the number, type and size of red, white and other blood cells.

Back to "Management Policies"