Financial / Achievements

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

Financial Highlights

Financial HighlightsGraph

Consolidated Financial Highlights

2018 2019 2020
Net Sales(Millions of yen) 14,807 16,728 18,083
Operating Income(Millions of yen) 2,045 2,234 2,644
Net Income(Millions of yen) 1,425 1,984 2,164
Total Assets(Millions of yen) 20,870 23,492 24,917
Stockholders’ Equity(Millions of yen) 13,263 15,233 16,993
Operating Profit ratio(%) 13.8 13.4 14.6
Net Income ratio(%) 9.6 11.9 12.0
Return on Stockholders’ Equity (ROE)(%) 11.2 14 13.5
Return on Assets (ROA)(%) 9.3 10 10.7
Equity ratio(%) 63.4 64.7 67.9
Earning Per Share (EPS)(yen) 53.99 75.17 82.02
1 Stockholders’ Equity per Share(yen) 501.24 575.30 641.61

Income Statement

Consolidated Statements of Income

Year 2018 2019 2020
Net Sales(Millions of yen) 14,807 16,728 18,083
Cost of Sales(Millions of yen) 4,166 4,916 5,278
Gross Profit(Millions of yen) 10,641 11,811 12,804
Selling General and Administrative Expenses(Millions of yen) 8,596 9,576 10,159
Operating Profit(Millions of yen) 2,045 2,234 2,644
Non Operating Income(Millions of yen) 65 104 32
Non Operating Expenses(Millions of yen) 146 131 95
Ordinary Income(Millions of yen) 1,964 2,208 2,581
Extraordinary Gains(Millions of yen) 103
Extraordinary Losses(Millions of yen) 232 39 69
Net Income Before Income Taxes(Millions of yen) 1,732 2,169 2,615
Income Taxes(Millions of yen) 294 172 428
Net Income(Millions of yen) 1,425 1,984 2,164

Balance Sheets

Consolidated Balance Sheets

Assets
year 2018 2019 2020
Current Assets(Millions of yen) 13,374 14,800 15,834
Notes and Accounts Receivable, Trade(Millions of yen) 4,406 4,575 4,428
Inventories(Millions of yen) 6,411 7,729 8,704
Other Current Assets(Millions of yen) 2,556 2,495 2,701
Fixed Assets(Millions of yen) 7,496 8,691 9,082
Tangible(Millions of yen) 6,498 7,362 7,526
Intangible(Millions of yen) 85 182 282
Investments and Other Asset(Millions of yen) 912 1,147 1,273
Total Assets(Millions of yen) 20,870 23,492 24,917
Liabilities
Year 2018 2019 2020
Current Liabilities(Millions of yen) 5,556 5,140 3,716
Notes and Accounts Payable, Trade(Millions of yen) 737 1,060 808
Short-term Bank Borrowings(Millions of yen) 3,683 2,885 1,692
Other Current Liabilities(Millions of yen) 1,134 1,194 1,215
Long-Term Liabilities(Millions of yen) 2,051 3,118 4,207
Long-term Bank Borrowings(Millions of yen) 710 1,519 2,337
Other Long-Term Liabilities(Millions of yen) 1,341 1,599 1,870
Total Liabilities(Millions of yen) 7,607 8,258 7,923
Stockholders’ Equity
Year 2018 2019 2020
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) 7,605 9,378 11,305
Unrealized Gains on Securities(Millions of yen)
Deferred Gains or Losses on Hedges(Millions of yen) 6 23 21
Adjustments on Foreign Currency Statement Translation(Millions of yen) 311 458 325
Remeasurements of defined benefit plans(Millions of yen) -203 -184 -202
Treasury Stocks(Millions of yen) -76 -76 -111
Minority Interests(Millions of yen) 29 44 65
Total Stockholders’ Equity(Millions of yen) 13,263 15,233 16,993
Total Liabilities and Stockholders’ Equity(Millions of yen) 20,870 23,492 24,917
Liabilities with interest(Millions of yen) 4,700 4,571 4,135

Cash Flows

Consolidated Statements of Cash Flows

Year 2018 2019 2020
Cash Flows From Operating Activities(Millions of yen) 2,562 2,367 2,731
Cash Flows From Investing Activities(Millions of yen) -1,016 -2,093 -1,789
Cash Flows From Financing Activities(Millions of yen) -1,875 -483 -678
Effect of Exchange Rate Changes on Cash and Cash Equivalents(Millions of yen) -5 13 -12
Net Increase/(Decrease) in Cash and Cash Equivalents(Millions of yen) -335 -196 251
Cash and Cash Equivalents at Beginning of Year(Millions of yen) 2,793 2,457 2,261
Cash and Cash Equivalents at End of Year(Millions of yen) 2,457 2,261 2,512

Segment Information

Consolidated Segment Information

Year 2018 2019 2020
Orthopedic trauma devices(Millions of yen) 3,182 3,599 3,760
Joint replacements(Millions of yen) 9,664 10,850 11,643
Spinal fixation devices(Millions of yen) 1,670 1,934 2,246
Ceramic artificial bone(Millions of yen) 198 215 249
Other medical devices(Millions of yen) 90 128 183
Total(Millions of yen) 14,807 16,728 18,083
Own-brand products sales(Millions of yen) 13,121 14,371 15,022
Overseas sales(Millions of yen) 5,262 6,566 7,161

Capital expenditures / R&D

Year 2018 2019 2020
Capital Expenditures(Millions of yen) 995 2,075 1,812
Share of sales(%) 6.7 12.4 10.0
Depreciation & Amortization(Millions of yen) 1,014 1,158 1,385
Share of sales(%) 6.9 6.9 7.7
R&D Expenses(Millions of yen) 594 484 470
Share of sales(%) 4 2.9 2.6