Industries›10 companies · latest full-year results
Industry involved in developing and manufacturing precision medical devices, consumables, and regenerative medicine products used in diagnosis and treatment.
The 10 medical equipment companies we cover had combined revenue of ¥4.2T (+4.0% year over year) and operating profit of ¥475.0B, an industry-wide operating margin of 11.4%.
Terumo leads on revenue (¥1.1T, a 27.1% share), and the top three hold 67% of industry sales. 6 grew both revenue and operating profit; 1 saw both fall.
Asahi Intecc has the highest operating margin (31.1%); average pay across the industry is ¥8.52M, highest at Olympus (¥10.5M).
Industry total
Medical Equipment · 10 companies
YoY compares companies with prior-year figures
StockShares are +6.5% over a year, behind the all-industry average (+14.9%) — #36 of 53 industries. Over the last month: +1.3%, +4.0pt against the market.Details
GuidanceCompany plans for FY2027 (10 companies combined): revenue +6.3%, operating profit +32.8%. Planned profit growth is above the all-industry plan (+13.0%).Details
Revisions2 raised and 1 cut this year's forecast. The biggest revision: Terumo (operating profit +14.7%).Details
Latest resultsYear to date through Q1, 6 companies combined: revenue +14.2%, operating profit +60.7% year over year. 2 are ahead of an even pace toward their full-year plan, 3 behind.Details
Disclosures9 TSE filings in the last 90 days (guidance revisions 2, litigation and governance 1, buybacks 1).Details
Earnings dates7 companies report within 30 days, starting with Sysmex on Nov 10 and Olympus on Nov 10.Details
| Company | Op. profit (last FY) | This year's plan | Plan change | Revision | Progress (Q1 cumulative) |
|---|---|---|---|---|---|
| ¥176.3B | ¥257.5B | +46.0% | Up +14.7% | 35% |
| ¥97.1B | ¥146.0B | +50.3% | Down −6.1% | 20% |
| ¥37.6B | ¥40.0B | +6.3% | Unchanged | 19% |
| ¥51.8B | ¥60.0B | +15.8% | Up +3.4% | 25% |
| ¥22.7B | ¥27.0B | +19.0% | Unchanged | 39% |
| ¥18.7B | ¥23.5B | +25.4% | Unchanged | -4% |
| ¥45.2B | ¥52.1B | +15.3% | - | - |
| ¥12.6B | ¥10.7B | −15.1% | Unchanged | 51% |
 | ¥2.9B | ¥3.1B | +5.2% | Unchanged | 52% |
 | ¥9.9B | ¥10.8B | +8.6% | - | - |
Plans are each company's forecast for the current year from its earnings release. Plan change compares with last year's results; revisions compare the latest forecast with the first one given for the year. Progress is cumulative operating profit ÷ the full-year plan, against an even pace of 25% after Q1, 50% after Q2 and 75% after Q3 (a rough guide for seasonal businesses).
| Change | 1M | 3M | 1Y |
|---|---|---|---|
| Medical Equipment | +1.3% | +3.9% | +6.5% |
| All industries | −2.7% | −0.9% | +14.9% |
| vs. market | +4.0pt | +4.8pt | −8.5pt |
Rank among industries:3M #16/531Y #36/53
Industry returns are an equal-weighted (geometric) average of member companies. Prices are split-adjusted closes for reference, not real-time.
Totals for the 5 covered companies with full-year results for every year from FY2022 to FY2026. The set is fixed, so adding or removing coverage doesn't move the figures.
Average salary is the reporting entity's figure (often a holding company) from its annual securities report. Holding companies with fewer than 50 staff are excluded.
Terumo: Book $97.5B Loss on CSL Deal Cut, Slashes Profit Outlook by Nearly 40 Percent
Olympus: FDA Warning Letter Issued for Six Facilities; No Earnings Impact
Olympus: FDA alert restricts U.S. imports, forecast unchanged
| Company | Revenue | YoY | Operating profit | Margin | Share | Average salary | Average age | Employees |
|---|---|---|---|---|---|---|---|---|
| 1 | ¥1.1T | +9.2% | ¥176.3B | 15.6% | 27.1% | ¥7.79M | 40.3 | 5,633 |
| 2 | ¥1.0T | +1.3% | ¥97.1B | 9.6% | 24.2% | ¥10.5M | 43.3 | 2,494 |
| 3 | ¥660.5B | +2.5% | ¥37.6B | 5.7% | 15.8% | ¥6.81M | 40.8 | 4,714 |
| 4 | ¥500.0B | −1.7% | ¥51.8B | 10.4% | 12.0% | ¥8.84M | 42.4 | 3,011 |
| 5 | ¥364.4B | +0.8% | ¥22.7B | 6.2% | 8.7% | ¥9.83M | 49.0 | 145 |
| 6 | ¥235.1B | +4.3% | ¥18.7B | 8.0% | 5.6% | ¥9.26M | 42.5 | 3,893 |
| 7 | ¥145.4B | +21.2% | ¥45.2B | 31.1% | 3.5% | ¥6.95M | 37.1 | 1,196 |
| 8 | ¥59.2B | +4.6% | ¥12.6B | 21.3% | 1.4% | ¥9.56M | 42.1 | 1,085 |
| 9 | ¥41.9B | +3.4% | ¥2.9B | 7.0% | 1.0% | ¥7.86M | 41.4 | 696 |
| 10 | ¥33.0B | +10.2% | ¥9.9B | 30.1% | 0.8% | ¥7.86M | 42.0 | 432 |
| Industry total / average | ¥4.2T | +4.0% | ¥475.0B | 11.4% | 100% | ¥8.52M | 42.1 | 23,299 |
Revenue and operating profit are from each company's latest full-year results. Green margins are at or above the industry margin. Financial institutions may not report operating profit.
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Terumo: Book $97.5B Loss on CSL Deal Cut, Slashes Profit Outlook by Nearly 40 Percent
