MEDINET Co., Ltd.
2370・Growth Market・Services
Cell Processing Business
A revenue-generating segment centered on contract cell processing for medical institutions and companies
| Period | Current | Previous | Change |
|---|---|---|---|
| Revenue (six months) | ¥414 million | ¥405 million (prior six-month period) | ↑ |
| Segment loss (six months) | -¥174 million | -¥232 million (prior six-month period) | ↑ |
| Specified cell processing business revenue (six months) | ¥271 million | ¥301 million (prior six-month period) | ↓ |
| CDMO business revenue (six months) | ¥112 million | ¥51 million (prior six-month period) | ↑ |
| Value chain business revenue (six months) | ¥31 million | ¥53 million (prior six-month period) | ↓ |
Business Details
This segment consists of three business areas: contract manufacturing of specified cell processed products for medical institutions (specified cell processing business), contract cell processing for clinical and trial use for companies, universities, and research institutions (CDMO business), and operation and management of cell culture processing facilities, engineer dispatch, and provision of training systems, etc. (value chain business). The Shinagawa CPF near Haneda Airport serves as the main manufacturing base, with cumulative cell processing volume reaching approximately 200,000 cases since 1999. Major customers include Medical Corporation Koshikai and Janssen Pharmaceutical K.K., among others.
Recent Overview
CDMO technology transfer lump-sum payment substantially improved segment loss, while immune cell processing volume declined
In the six months ended March 2026 (October 2025 to March 2026), CDMO business revenue increased 118.4% year on year to ¥112 million due to the recognition of a technology transfer lump-sum payment related to a new investigational product manufacturing contract from T-CELL Nouveau Co., Ltd. In addition, gross profit increased substantially due to a review of cost allocation methods at cell processing facilities and efforts to reduce cost of sales, and the segment loss improved to ¥174 million (compared with ¥232 million in the prior six-month period). Meanwhile, the number of immune cell processing cases decreased due to a decline in overseas patients resulting from travel restrictions to Japan at certain partner medical institutions, and specified cell processing business revenue decreased 9.9% year on year to ¥271 million.
Key Products
Growth Drivers
- Acquisition of new CDMO projects (CDMO revenue up 118.4% year on year due to recognition of a technology transfer lump-sum payment from T-CELL Nouveau Co., Ltd.)
- Increase in cell processing volume for Shiseido-provided S-DSC® exceeding the prior year, with progress in expanding new menu offerings in the specified cell processing business
- Capability to handle a wide variety of cell processing at the Shinagawa CPF (holding both specified cell processed product manufacturing license and regenerative medicine product manufacturing business license)
- Profitability improvement through review of cost allocation methods at cell processing facilities and efforts to reduce cost of sales
- Room for expansion of contract volume through new cell processing menu offerings such as adipose-derived mesenchymal stromal cells (ASC)
Risks
- Risk of fluctuation in the number of foreign patients due to travel restrictions on overseas patients, etc. (materialized as a decrease in immune cell processing volume in the six months ended March 2026, FY2026 ending September 2026)
- Risk of a decline in revenue reaction if the CDMO technology transfer lump-sum payment, which is a one-time gain, is not followed by continued acquisition of new CDMO projects
- Downward trend in facility operation and management fee revenue in the value chain business (down 40.8% year on year)
- Risk of revenue concentration in major customers (dependence on Medical Corporation Koshikai and others)
- Risk of rising cost ratio due to upfront investment in preparing new cell processing contract systems
- Remaining risk of additional impairment (impairment loss on fixed assets was already recognized in the prior fiscal year)
Last updated: December 17, 2025