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