Financial / Achievements
- Financial Highlights
- Income Statement
- Balance Sheets
- Cash Flows
- Segment Information
- Capital expenditures / R&D
Financial Highlights
Consolidated Financial Highlights
| 2023 | 2024 | 2025 | |
|---|---|---|---|
| Net Sales(Millions of yen) | 21,307 | 23,177 | 25,114 |
| Operating Profit(Millions of yen) | 2,024 | 1,746 | 1,555 |
| Net Profit(Millions of yen) | 1,423 | 1,271 | -461 |
| Total Assets(Millions of yen) | 29,434 | 31,485 | 33,667 |
| Stockholders’ Equity(Millions of yen) | 23,292 | 25,603 | 24,741 |
| Operating Profit ratio(%) | 9.5 | 7.5 | 6 |
| Net Income ratio(%) | 6.7 | 5.5 | -2 |
| Return on Stockholders’ Equity (ROE)(%) | 6.4 | 5.2 | -2 |
| Return on Assets (ROA)(%) | 7.2 | 6.1 | 5 |
| Equity ratio(%) | 78.7 | 81.0 | 73 |
| Earning Per Share (EPS)(yen) | 54.03 | 48.31 | -18 |
| 1 Stockholders’ Equity per Share(yen) | 880.64 | 968.74 | 937 |
Income Statement
Consolidated Statements of Income
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Net Sales(Millions of yen) | 21,307 | 23,177 | 25,114 |
| Cost of Sales(Millions of yen) | 7,315 | 8,415 | 9,467 |
| Gross Profit(Millions of yen) | 13,992 | 14,762 | 15,646 |
| Selling General and Administrative Expenses(Millions of yen) | 11,967 | 13,015 | 14,090 |
| Operating Profit(Millions of yen) | 2,024 | 1,746 | 1,555 |
| Non Operating Income(Millions of yen) | 146 | 213 | 77 |
| Non Operating Expenses(Millions of yen) | 127 | 116 | 144 |
| Ordinary Profit(Millions of yen) | 2,043 | 1,842 | 1,488 |
| Extraordinary Gains(Millions of yen) | 25 | – | – |
| Extraordinary Losses(Millions of yen) | 299 | 206 | 1,831 |
| Net Income Before Income Taxes(Millions of yen) | 1,769 | 1,636 | -342 |
| Income Taxes(Millions of yen) | 334 | 331 | 126 |
| Net Profit(Millions of yen) | 1,423 | 1,271 | -461 |
Balance Sheets
Consolidated Balance Sheets
Assets
| year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Current Assets(Millions of yen) | 19,975 | 21,582 | 23,866 |
| Notes and Accounts Receivable(Millions of yen) | 5,270 | 5,915 | 6,130 |
| Inventories(Millions of yen) | 11,605 | 13,092 | 13,886 |
| Other Current Assets(Millions of yen) | 3,098 | 2,574 | 3,849 |
| Fixed Assets(Millions of yen) | 9,459 | 9,902 | 9,800 |
| Tangible(Millions of yen) | 7,744 | 8,320 | 7,947 |
| Intangible(Millions of yen) | 263 | 219 | 430 |
| Investments and Other Asset(Millions of yen) | 1,451 | 1,363 | 1,422 |
| Total Assets(Millions of yen) | 29,434 | 31,485 | 33,667 |
Liabilities
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Current Liabilities(Millions of yen) | 3,627 | 4,030 | 7,258 |
| Notes and Accounts Payable, Trade(Millions of yen) | 979 | 1,403 | 1,330 |
| Short-term Bank Borrowings(Millions of yen) | 1,046 | 1,162 | 3,142 |
| Other Current Liabilities(Millions of yen) | 1,601 | 1,464 | 2,785 |
| Long-Term Liabilities(Millions of yen) | 2,515 | 1,851 | 1,667 |
| Long-term Bank Borrowings(Millions of yen) | 732 | 259 | 109 |
| Other Long-Term Liabilities(Millions of yen) | 1,783 | 1,591 | 1,557 |
| Total Liabilities(Millions of yen) | 6,142 | 5,882 | 8,925 |
Stockholders’ Equity
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Common Stock(Millions of yen) | 3001 | 3001 | 3,001 |
| Capital Surplus(Millions of yen) | 2,587 | 2,587 | 2,591 |
| Retained Earning(Millions of yen) | 15,656 | 16,583 | 15,751 |
| Unrealized Gains on Securities(Millions of yen) | – | – | – |
| Deferred Gains or Losses on Hedges(Millions of yen) | 30 | 47 | 80 |
| Adjustments on Foreign Currency Statement Translation(Millions of yen) | 2,163 | 3,614 | 3,496 |
| Remeasurements of defined benefit plans(Millions of yen) | -74 | -157 | -76 |
| Treasury Stocks(Millions of yen) | -202 | -165 | -165 |
| Minority Interests(Millions of yen) | 130 | 92 | 62 |
| Total Stockholders’ Equity(Millions of yen) | 23,292 | 25,603 | 24741 |
| Total Liabilities and Stockholders’ Equity(Millions of yen) | 29,434 | 31,485 | 33667 |
| Liabilities with interest(Millions of yen) | 1,871 | 1,494 | 3286 |
Cash Flows
Consolidated Statements of Cash Flows
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Cash Flows From Operating Activities(Millions of yen) | 2,186 | 2,104 | 1,046 |
| Cash Flows From Investing Activities(Millions of yen) | -1,481 | -1,804 | -1,666 |
| Cash Flows From Financing Activities(Millions of yen) | -514 | -840 | 1,490 |
| Effect of Exchange Rate Changes on Cash and Cash Equivalents(Millions of yen) | 24 | 57 | -9 |
| Net Increase/(Decrease) in Cash and Cash Equivalents(Millions of yen) | 214 | -483 | 860 |
| Cash and Cash Equivalents at Beginning of Year(Millions of yen) | 2,590 | 2,804 | 2,321 |
| Cash and Cash Equivalents at End of Year(Millions of yen) | 2,804 | 2,321 | 3,182 |
Segment Information
Consolidated Segment Information
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Orthopedic trauma devices(Millions of yen) | 4,322 | 4,563 | 4,653 |
| Joint replacements(Millions of yen) | 13,649 | 15,074 | 16,686 |
| Spinal fixation devices(Millions of yen) | 3,226 | 3,354 | 3,574 |
| Ceramic artificial bone(Millions of yen) | ◆ | ◆ | ◆ |
| Other medical devices(Millions of yen) | 354 | 390 | 407 |
| Sales deduction※(Note)(Millions of yen) | 244 | 204 | 208 |
| Total(Millions of yen) | 21,307 | 23,177 | 25,114 |
| Own-brand products sales(Millions of yen) | 17,378 | 18,749 | 20,445 |
| Overseas sales(Millions of yen) | 8,951 | 10,173 | 11,479 |
◆ Ceramic artificial bone will be included in Other medical devices from 2023.
※(Note)As a result of the adoption of the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020) from the beginning of the fiscal year under review, rebates, which were previously included as part of promotion expenses in Japan, have been deducted from net sales. As the amount of such deduction cannot be reasonably prorated by item, it is shown in a lump sum as “Sales deduction” in the table above.
Capital expenditures / R&D
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Capital Expenditures(Millions of yen) | 1,317 | 1,916 | 1,668 |
| Share of sales(%) | 6.2 | 8.3 | 7 |
| Depreciation & Amortization(Millions of yen) | 1,549 | 1,595 | 1,671 |
| Share of sales(%) | 7.3 | 6.9 | 7 |
| R&D Expenses(Millions of yen) | 662 | 874 | 959 |
| Share of sales(%) | 3.1 | 3.8 | 4 |