Financial / Achievements

  • Financial Highlights
  • Income Statement
  • Balance Sheets
  • Cash Flows
  • Segment Information
  • Capital expenditures / R&D

Financial Highlights

Consolidated Financial Highlights

2019 2020 2021
Net Sales(Millions of yen) 16,728 18,083 16,738
Operating Income(Millions of yen) 2,234 2,644 2,168
Net Income(Millions of yen) 1,984 2,164 1,664
Total Assets(Millions of yen) 23,492 24,917 25,193
Stockholders’ Equity(Millions of yen) 15,233 16,993 18,713
Operating Profit ratio(%) 13.4 14.6 13.0
Net Income ratio(%) 11.9 12.0 9.9
Return on Stockholders’ Equity (ROE)(%) 14.0 13.5 9.4
Return on Assets (ROA)(%) 10.0 10.7 8.5
Equity ratio(%) 64.7 67.9 73.9
Earning Per Share (EPS)(yen) 75.17 82.02 63.09
1 Stockholders’ Equity per Share(yen) 575.30 641.61 706.07

Income Statement

Consolidated Statements of Income

Year 2019 2020 2021
Net Sales(Millions of yen) 16,728 18,083 16,738
Cost of Sales(Millions of yen) 4,916 5,278 5,319
Gross Profit(Millions of yen) 11,811 12,804 11,418
Selling General and Administrative Expenses(Millions of yen) 9,576 10,159 9,249
Operating Profit(Millions of yen) 2,234 2,644 2,168
Non Operating Income(Millions of yen) 104 32 17
Non Operating Expenses(Millions of yen) 131 95 60
Ordinary Income(Millions of yen) 2,208 2,581 2,125
Extraordinary Gains(Millions of yen) 103
Extraordinary Losses(Millions of yen) 39 69 91
Net Income Before Income Taxes(Millions of yen) 2,169 2,615 2,034
Income Taxes(Millions of yen) 172 428 353
Net Income(Millions of yen) 1,984 2,164 1,664

Balance Sheets

Consolidated Balance Sheets

Assets
year 2019 2020 2021
Current Assets(Millions of yen) 14,800 15,834 16,312
Notes and Accounts Receivable, Trade(Millions of yen) 4,575 4,428 4,477
Inventories(Millions of yen) 7,729 8,704 9,243
Other Current Assets(Millions of yen) 2,495 2,701 2,591
Fixed Assets(Millions of yen) 8,691 9,082 8,880
Tangible(Millions of yen) 7,362 7,526 7,450
Intangible(Millions of yen) 182 282 254
Investments and Other Asset(Millions of yen) 1,147 1,273 1,176
Total Assets(Millions of yen) 23,492 24,917 25,193
Liabilities
Year 2019 2020 2021
Current Liabilities(Millions of yen) 5,140 3,716 2,834
Notes and Accounts Payable, Trade(Millions of yen) 1,060 808 584
Short-term Bank Borrowings(Millions of yen) 2,885 1,692 998
Other Current Liabilities(Millions of yen) 1,194 1,215 1,251
Long-Term Liabilities(Millions of yen) 3,118 4,207 3,645
Long-term Bank Borrowings(Millions of yen) 1,519 2,337 2,020
Other Long-Term Liabilities(Millions of yen) 1,599 1,870 1,624
Total Liabilities(Millions of yen) 8,258 7,923 6,479
Stockholders’ Equity
Year 2019 2020 2021
Common Stock(Millions of yen) 3,001 3,001 3,001
Capital Surplus(Millions of yen) 2,587 2,587 2,587
Retained Earning(Millions of yen) 9,378 11,305 12,705
Unrealized Gains on Securities(Millions of yen)
Deferred Gains or Losses on Hedges(Millions of yen) 23 21 2
Adjustments on Foreign Currency Statement Translation(Millions of yen) 458 325 475
Remeasurements of defined benefit plans(Millions of yen) -184 -202 -32
Treasury Stocks(Millions of yen) -76 -111 -111
Minority Interests(Millions of yen) 44 65 84
Total Stockholders’ Equity(Millions of yen) 15,233 16,993 18,713
Total Liabilities and Stockholders’ Equity(Millions of yen) 23,492 24,917 25,193
Liabilities with interest(Millions of yen) 4,571 4,135 3,089

Cash Flows

Consolidated Statements of Cash Flows

Year 2019 2020 2021
Cash Flows From Operating Activities(Millions of yen) 2,367 2,731 2,599
Cash Flows From Investing Activities(Millions of yen) -2,093 -1,789 -1,345
Cash Flows From Financing Activities(Millions of yen) -483 -678 -1,313
Effect of Exchange Rate Changes on Cash and Cash Equivalents(Millions of yen) 13 -12 12
Net Increase/(Decrease) in Cash and Cash Equivalents(Millions of yen) -196 251 -46
Cash and Cash Equivalents at Beginning of Year(Millions of yen) 2,457 2,261 2,512
Cash and Cash Equivalents at End of Year(Millions of yen) 2,261 2,512 2,466

Segment Information

Consolidated Segment Information

Year 2019 2020 2021
Orthopedic trauma devices(Millions of yen) 3,599 3,760 3,697
Joint replacements(Millions of yen) 10,850 11,643 10,056
Spinal fixation devices(Millions of yen) 1,934 2,246 2,596
Ceramic artificial bone(Millions of yen) 215 249 213
Other medical devices(Millions of yen) 128 183 174
Total(Millions of yen) 16,728 18,083 16,738
Own-brand products sales(Millions of yen) 14,371 15,022 13,369
Overseas sales(Millions of yen) 6,566 7,161 5,674

Capital expenditures / R&D

Year 2019 2020 2021
Capital Expenditures(Millions of yen) 2,075 1,812 1,418
Share of sales(%) 12.4 10.0 8.5
Depreciation & Amortization(Millions of yen) 1,158 1,385 1,386
Share of sales(%) 6.9 7.7 8.3
R&D Expenses(Millions of yen) 484 470 466
Share of sales(%) 2.9 2.6 2.8