JMS Co., Ltd. (7702): FY2025 Results Summary — Overseas Blood Management Decline and Korea Restructuring Costs Drive Net Loss

This article is based on publicly available IR materials and is not a recommendation to buy or sell any specific securities.

Note: JMS Co., Ltd.’s results presentation labels the period from April 1, 2025 to March 31, 2026 as the fiscal year ended March 31, 2026 (“FYE Mar. 2026”); this article follows this site’s convention of referring to the most recently completed full fiscal year as FY2025.

JMS Co., Ltd. reported lower sales and profit for the fiscal year ended March 31, 2026. Although the domestic Oncological Therapy and Nutrition fields continued to grow, overseas sales decreased due to a decline in the Blood Management & Cell Therapy field, resulting in lower sales. Despite the effects of cost reductions and lower selling, SG&A expenses, profits decreased due to the impact of lower sales of the company’s main overseas products. The company recorded a net loss due to posting business restructuring losses as extraordinary losses at its production facility in South Korea as part of the reorganization of overseas production facilities being pursued as part of structural reforms.

Consolidated Results (Full-Year Actual)

Net sales came to 65,845 million yen, down 3,904 million yen (-5.6%) year on year. Operating profit was 381 million yen, down 491 million yen (-56.3%). Ordinary profit was 356 million yen, down 158 million yen (-30.8%). Profit attributable to owners of parent swung to a loss of 783 million yen, a decrease of 873 million yen from the prior year’s profit of 89 million yen.

Item	Apr. – Mar. 2025 Results	Apr. – Mar. 2026 Results	Year-over-Year Diff.	Year-over-Year %
Net sales	69,749	65,845	(3,904)	(5.6)%
Operating profit	872	381	(491)	(56.3)%
Ordinary profit	514	356	(158)	(30.8)%
Profit attributable to owners of parent	89	(783)	(873)	ー

Segment Results

By geographical segment, sales decreased in Japan, Singapore, China, Philippines and Germany, while Others increased. In Japan, although Closed Drug Mixing/Infusion Systems and Dysphagia-related products performed well, sales decreased due to a decline in Hemodialysis Machines and Acute Blood Purification Systems for China; profit decreased due to increases in commission fees and R&D expenses. In Singapore (which includes the Indonesian subsidiary), sales decreased due to a decline in Apheresis Kits for North America and Blood Bags for Africa and Asia, but the ordinary loss narrowed due to lower commissions and reduced foreign exchange losses.

Region	Metric	Apr. – Mar. 2025	Apr. – Mar. 2026	Year-over-Year Diff.	Year-over-Year %
Japan	Sales	46,030	44,759	(1,271)	(2.8)%
Japan	Ordinary profit	1,483	949	(533)	(36.0)%
Singapore	Sales	26,539	23,726	(2,812)	(10.6)%
Singapore	Ordinary profit	(200)	(47)	152	ー
China	Sales	4,163	3,985	(177)	(4.3)%
China	Ordinary profit	(28)	87	116	ー
Philippines	Sales	3,661	3,335	(326)	(8.9)%
Philippines	Ordinary profit	(415)	(727)	(312)	ー
Germany	Sales	4,469	3,956	(513)	(11.5)%
Germany	Ordinary profit	454	473	18	4.1%
Others	Sales	5,048	5,929	881	17.5%
Others	Ordinary profit	(385)	24	409	ー

By business segment, net sales were: Infusion & Nutrition 24,002 million yen (24,075 million yen in the prior year), Dialysis 21,380 million yen (21,798 million yen), Cardiovascular 5,362 million yen (5,472 million yen), and Blood Management & Cell Therapy 13,380 million yen (16,812 million yen). Although AV Fistula Needles for North America and Europe performed well in Dialysis, Hemodialysis Machines for China decreased. In Blood Management & Cell Therapy, Apheresis Kits for North America and Blood Bags for Africa and Asia decreased. By customer location, sales in Japan were 40,192 million yen (61.0% of sales, +0.9% year on year), Asia 10,206 million yen (15.5%, -17.2%), North America 5,383 million yen (8.2%, -25.2%), Europe 7,998 million yen (12.1%, +3.9%), and Others 2,065 million yen (3.1%, -23.7%).

Business Segment	Metric	Apr. – Mar. 2025	Apr. – Mar. 2026
Infusion & Nutrition	Net sales	24,075	24,002
Dialysis	Net sales	21,798	21,380
Cardiovascular	Net sales	5,472	5,362
Blood Management & Cell Therapy	Net sales	16,812	13,380

FY2026 Forecast

For the fiscal year ending March 31, 2027 (“FYE Mar. 2027”), the company forecasts net sales of 66,000 million yen (+0.2%), operating profit of 1,000 million yen (+162.1%), ordinary profit of 900 million yen (+152.4%), and profit attributable to owners of parent of 600 million yen, returning to profitability from the prior year’s loss. In Japan, although some products will be discontinued, sales are expected to increase due to expanding demand for Closed Drug Mixing/Infusion Systems resulting from medical service fee revisions. Overseas, although there will be decreased revenue due to reduced product offerings in South Korea, sales are expected to increase due to strong sales growth in AV Fistula Needles for North America and Europe, and recovery in demand for Apheresis Kits. The company aims to increase profits through enhanced sales of main and strategic products while ensuring profitability through price transfers, cost reductions, and streamlining SG&A expenses in response to soaring raw material and energy prices amid heightened tensions in the Middle East. The forecast assumes exchange rates of 1 USD = 150 yen, 1 EUR = 175 yen, and 1 SGD = 117 yen.

Item	Apr. – Mar. 2026 Result	FYE Mar. 2027 Forecast	Year-over-Year %
Net sales	65,845	66,000	0.2%
Operating profit	381	1,000	162.1%
Ordinary profit	356	900	152.4%
Profit attributable to owners of parent	(783)	600	ー

Shareholder Returns

The company set an annual dividend of JPY 17 per share for the fiscal year, including an interim dividend of JPY 8.5 per share. This cannot be confirmed from the materials for the dividend forecast for the following fiscal year.

Medium-Term Plan / Topics

Under the Medium-term Management Plan 2027 (“Change and Challenge to Create the Future”), the company’s company-wide management targets for the fiscal year ending March 2027 are operating profit of 2.5 billion yen and ROIC of 3.5% or more. The plan’s basic policy centers on four pillars: Business Portfolio Management, Strengthening of Management Foundation, Global Expansion, and Direct Marketing and Product Development, aimed at enhancing corporate value through economic and social value creation.

In the plan’s second-year review, JMS Korea transitioned from a manufacturing facility to a sales company specializing in local marketing and sales of Group products, and the company recorded approximately 900 million yen as extraordinary losses for structural reform expenses, covering disposal and impairment of manufacturing equipment as well as personnel optimization. In growth areas, the company is expanding the market for its Closed Drug Mixing/Infusion System “NEOSHIELD,” and anticipates demand expansion following the addition of reimbursement for anticancer drug administration in the Reiwa 8 (2026) medical service fee revision. In the new Home Therapy area, JMS Teijin Home Medical Care Ltd. commenced operations in April 2025, promoting peritoneal dialysis therapy, and peritoneal dialysis-related sales reached record high levels.

Other topics during the period included: the May 2025 launch of the long-term ECG recorder 110e, jointly developed with Toray Industries, Inc., capable of 14-day continuous measurement; the June 2025 expansion of home healthcare support functions for peritoneal dialysis therapy using smartphones; the February 2026 launch of a joint distribution initiative among four medical manufacturers through the “Medical Distribution Measures Research Group”; a February 2026 partnership with the women’s softball team Citrine SHIMANE; and recognition in March 2026 as a 2026 Health and Productivity Management Outstanding Organization by the Ministry of Economy, Trade and Industry.

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.