WIN-Partners (3183): FY2025 Results Summary — Sales Top ¥90 bn on Record Highs

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WIN-Partners Co., Ltd., a medical-device distributor specializing in cardiovascular and related fields, reported higher sales and profits year on year for the fiscal year ended March 2026. Sales exceeded ¥90 billion, and both sales and gross profit marked all-time highs. Results also came in above the company’s initial forecast on every profit line.

Consolidated Results (Full-Year Actual)

Sales rose 11.0% year on year to ¥90,391 million, exceeding the initial forecast by 8.3%. Operating profit increased 7.6% to ¥3,020 million and net profit grew 4.9% to ¥2,118 million, both above forecast. The gross profit margin was 11.8% (-0.4 pp YoY) as the sales mix shifted toward higher-unit-price, lower-margin devices, while SG&A expenses rose 7.8% YoY.

Item (¥ mil.)	Mar 2025	Mar 2026	YoY (%)	Forecast	vs. Forecast (%)
Sales	81,410	90,391	+11.0	83,500	+8.3
Operating profit	2,808	3,020	+7.6	3,000	+0.7
Recurring profit	2,837	3,060	+7.9	3,030	+1.0
Net profit	2,019	2,118	+4.9	2,050	+3.3
EPS (yen)	70.45	75.98
BPS (yen)	841.88	846.95

Segment Results

The number of clinical cases increased year on year in major segments. The cardiac rhythm segment (CRS) led growth, with sales up 22.1% in value on higher sales of PFA (pulsed field ablation) devices and lead-less pacemakers, plus new customer gains. Diabetes mellitus segment (DMS) value sales rose 20.1%, while medical equipment and non-vascular also expanded.

Segment	Sales (¥ mil.)	Value YoY (%)	% of sales
Percutaneous coronary intervention (PCI)	20,135	+8.8	22.3
Cardiac rhythm segment (CRS)	25,365	+22.1	28.1
Cardiac vascular segment (CVS)	15,425	+5.1	17.1
Percutaneous peripheral intervention (PPI)	5,127	+11.0	5.7
Neurovascular	4,195	+6.9	4.6
Non-vascular	3,829	+7.2	4.2
Diabetes mellitus segment (DMS)	5,529	+20.1	6.1
Medical equipment	8,407	+7.8	9.3
Others	2,374	-19.0	2.6
Total	90,391	+11.0	100.0

Forecast (FY Ending March 2027)

For the fiscal year ending March 2027, WIN-Partners forecasts sales of ¥100,000 million (+10.6% YoY), operating profit of ¥3,350 million (+10.9%), recurring profit of ¥3,380 million (+10.4%), and net profit of ¥2,210 million (+4.3%). The gross profit margin is expected to improve to 12.0% (+0.2 pp YoY), with the group employee count rising from 653 to 729.

Item (¥ mil.)	Forecast (FY Ending Mar 2027)	YoY (%)
Sales	100,000	+10.6
Operating profit	3,350	+10.9
Recurring profit	3,380	+10.4
Net profit	2,210	+4.3
EPS (yen)	80.37
DPS (yen)	55.00

Shareholder Returns

For the fiscal year ending March 2027, the company plans a dividend of ¥55 per share, with a prospective payout ratio of 68.4%.

Topics

During the year the company completed the M&A of Plusten Medical and advanced digital-transformation initiatives, including RFID use at WIN Heart Gate and higher operational efficiency using generative AI. Growth-strategy pillars include WIN Heart Gate (RFID-based digital management of hospital assets) and Shinzo-kun (digital management of medical materials and devices).

This article is an analysis based on publicly available information and is not a recommendation to buy or sell any specific securities. Investment decisions are your own responsibility.