- 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 |