ENVALITH
株式会社イメージワン logo

ImageONE Co., Ltd.

2667・Standard Market・Wholesale Trade

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株式会社イメージワン logo
ImageONE Co., Ltd.2667

Business

Image One Co., Ltd. is a company listed on the TSE Standard Market, founded in 1984. Its operations are centered on two segments: the "Healthcare Solutions Business" and the "Global Environment Solutions Business". The Healthcare business focuses on the sale and maintenance of medical information systems such as PACS, electronic medical records, and RIS, while also developing new products such as the medical image diagnostic AI "EIRL series" and the medical management system "ONE Viewer". The Global Environment business consists of three areas: sales of Pix4D's 3D image processing software (GEO Solutions), secondary trading of solar power plants (Energy), and sales of radiation-resistant cameras and continuous tritium measuring instruments (Nuclear-related). Its main customers are medical institutions, the surveying, construction, and civil engineering industries, and nuclear-related organizations.

Business Model

In the Healthcare business, the company builds a stable revenue base through initial sales and installation of medical information systems (PACS, electronic medical records, etc.) combined with recurring orders for maintenance contracts. The new product "ONE Viewer" adopts a subscription format, lowering adoption barriers with a 3-month free trial. In the Global Environment business, the company generates revenue through domestic distribution sales of Pix4D products, secondary sales/purchases of solar power plants, and an exclusive distribution agency agreement for nuclear-related products. The business model is that of a system integrator without in-house production facilities, providing added value by leveraging procurement and outsourcing.

Company Strengths

Against the backdrop of government- and Ministry of Health, Labour and Welfare-led promotion of medical DX, the segment centers on medical information systems such as PACS, electronic medical records, and RIS. In the healthcare business, sales for FY2025 (ending September 2025) increased substantially to ¥657 million (up 36.5% year on year), with orders received rising to ¥715 million (up 140.0% year on year). Continued receipt of maintenance contracts forms a stable earnings base.

Sales of Pix4D's 3D image processing software, including "PIX4Dmapper" and "PIX4Dmatic," have remained solid, driven mainly by the surveying and construction industries. "PIX4Dmatic" and "PIX4Dcatch RTK" are already registered with NETIS (New Technology Information System) of the Ministry of Land, Infrastructure, Transport and Tourism, and adoption in the public works field is expected to expand. Development of new markets such as land and building surveys and cultural property excavation surveys is also progressing.

The company has a track record of delivering two radiation-resistant CMOS sensor cameras manufactured by Mach Corporation to the IAEA, and has concluded an exclusive sales agency agreement with Shinsei Fukushima Advanced Technology Promotion Organization for a continuous tritium measurement device. Joint research on tritium separation technology with Keio University and So Innovation (extended through March 2026) is also ongoing.

ENVALITH's Perspective

Net sales for the six months ended September 2026 (interim period of FY2026, ending March... wait, FY ending September 2026) were ¥324 million (down 45.0% year on year), and operating loss widened to ¥257 million from ¥160 million in the same period of the prior year. The full-year forecast calls for net sales of ¥1,377 million and operating profit of ¥76 million, meaning the first-half progress rate against the full-year sales forecast was only 23.6%. The main cause is cited as the reversal effect from a large-scale electronic medical record-related project booked in the same period of the prior year, but the second half (April 2026–September 2026) would need to generate sales exceeding ¥1,052 million and achieve a swing to profitability, which appears highly difficult to attain.

In connection with the reused EV battery reuse/rental business, the company was subject to 11 lawsuits as of the end of the interim period, with total claims (excluding late payment damages) reaching approximately ¥777 million. On the balance sheet, advance payments of ¥374,329 thousand and suspense receipts of ¥565,367 thousand remain outstanding, and depending on the outcome of the litigation, there is a possibility that the burden could exceed the difference between suspense receipts and advance payments. Including the background of the surcharge (¥65,070 thousand recorded in the same period of the prior year) related to false statements in the Annual Securities Report, restoring confidence in corporate governance is a prerequisite for investment decisions.

During the interim period, the number of shares issued increased approximately 16.5%, from 13,035,700 shares to 15,191,900 shares, due to the exercise of stock acquisition rights. Net loss per share for the interim period improved to ¥11.17 (versus ¥23.21 in the same period of the prior year), but dilution progressed. The operating loss structure that has continued since FY2019 (ending September 2019) has not been resolved, and further consideration of equity finance and debt finance is suggested going forward. The reduction in capital stock and capital reserve (a capital reduction without compensation, effective May 26, 2026) will not result in any change to net assets, but the focus will be on whether the improvement in financial structure following the elimination of accumulated deficit is accompanied by a substantive improvement in earning power.

Growth Strategy

Following the withdrawal from unprofitable businesses, management resources are being concentrated in the medical AI, security, and nuclear-related fields.

Through deeper integration between the PACS "CLEVINO series" and LPixel Inc.'s "EIRL series," the company will expand high-value-added products in the medical AI field and strengthen cybersecurity/BCP solutions for medical institutions, promoting business development with profitability as the top priority.

The business transfer to Medical Trust Solutions Co., Ltd. was completed effective March 1, 2026, recognizing a gain on business transfer of ¥149,999 thousand. Of the consideration received, ¥137,500 thousand remains uncollected and is scheduled to be fully collected in the following fiscal year. The company has established a structure to concentrate the secured funds and human resources into growth areas.

The company is advancing improvements to the radiation-resistant CMOS sensor camera delivered to the IAEA, aiming for mass sales after passing durability tests. The continuous tritium measuring instrument has received high praise during inspections by representatives from IAEA member countries, and implementation discussions continue with the IAEA and domestic electric power companies.

In addition to the surveying and construction industries, the company is expanding sales channels for Pix4D products into new markets such as land and building surveys and archaeological excavation surveys. The decline in revenue caused by the manufacturer's change in sales policy is considered temporary, and recovery is expected given the steady trend in inquiries.

To cover the accumulated deficit of approximately ¥4,033 million in retained earnings, the company will reduce capital stock by approximately ¥1,936 million and capital reserve by approximately ¥549 million, transferring the amounts to retained earnings via other capital surplus. As this is a gratis capital reduction without repayment, there will be no change in the amount of net assets.

Last updated: July 17, 2026