ENVALITH
株式会社ユカリア logo

EUCALIA Inc.

286A・Growth Market・Services

株式会社ユカリア logo
EUCALIA Inc.286A

Business

Yukaria Inc. upholds a vision of the "industrialization of healthcare" and operates its core Comprehensive Healthcare Management Support business, providing an integrated suite of management consulting, financial support, and DX support for medical institutions. Beyond this, the group runs four segments in total: the Senior-related business, which operates elderly care facilities, residential placement consulting, and home healthcare services; the Highly Controlled Medical Devices business, engaged in the manufacture and sale of contact lenses; and Other businesses, encompassing treatment outcome data analytics and a preventive healthcare platform. Across the group as a whole—including 17 consolidated subsidiaries and 1 equity-method affiliate—the company aims to build an holistically optimized healthcare ecosystem that achieves mutual benefit ("sanpo-yoshi") for medical institutions, care facilities, patients, and users alike. Consolidated net sales for FY2025 (ending December 2025) were ¥24,735 million.

Business Model

In the core business, the company sources medical institutions through a regional bank network covering 65 of Japan's 96 regional banks, generating recurring monthly revenue by providing an integrated package of management consulting, financing, factoring, real estate sale-and-leaseback, and DX support. In the Senior-Related Business, the company combines the operation of senior care facilities (13 facilities) with move-in consultation and referral services (success-fee based). In the Highly Controlled Medical Devices Business, the company secures B2C revenue through the manufacture and sale of contact lenses. In Other Businesses, the company is cultivating a new revenue source through a data analysis service for pharmaceutical companies utilizing electronic medical record data.

Company Strengths

As of the end of December 2025, the company has established a stable sourcing network in collaboration with 65 of 96 regional banks nationwide, covering 40 prefectures. With the start of repayments on COVID-19 emergency loans, consultations from financial institutions regarding business support have increased, and the number of affiliated hospitals expanded from 26 in FY2024 (ended December 2024) to 31 in FY2025 (ended December 2025).

In FY2025 (ended December 2025), the Comprehensive Medical Management Support segment recorded segment sales of ¥7,734 million and segment profit of ¥2,449 million, representing a profit margin of 31.7%. The company has also secured orders for large-scale and public hospital projects, including Toranomon Hospital and Matsudo City General Hospital, advancing revenue diversification through external consulting.

In FY2025 (ended December 2025) alone, the company made subsidiaries of Zero Medical (IT consulting), Medistep (home healthcare), Epigno (HRM solutions), and Gplus (real estate consulting). It also newly established Remedica (BPO), building a structure that covers the entire medical and long-term care value chain within the group.

ENVALITH's Perspective

Revenue for Q1 FY2026 (ending December 2026) was ¥6,484 million (up 38.6% year on year), maintaining high growth. However, selling, general and administrative expenses increased by ¥688 million year on year, causing operating profit to fall sharply to ¥75 million (down 79.0% year on year). Gross profit increased by ¥406 million year on year (up 19.7%), showing continued growth, but the pace of expense increase outpaced it, making the timing and scale of recovery on upfront investments the focal point of investment judgment. Achieving the full-year operating profit forecast of ¥2,864 million (up 21.1% year on year) will require a substantial profit improvement over the remaining three quarters.

Loss before income taxes for the current Q1 was ¥13 million, but income tax adjustment was ¥-455 million (reflecting recognition of deferred tax assets), securing quarterly net income attributable to owners of the parent of ¥369 million. In the same period last year, extraordinary income including ¥111 million in gain on sale of fixed assets and ¥138 million in gain on debt forgiveness supplemented ordinary profit, but these have disappeared this period. The underlying reality of ordinary profit of ¥19 million (down 92.9% year on year) is severe, and recovery in the level of ordinary profit that does not rely on tax effects will be the proof of sustainable earning power.

Goodwill amortization increased 68.5% year on year, from ¥43 million in the same period last year to ¥73 million this period, reflecting expanding cost burden associated with more active M&A. In addition, ¥32 million in response costs for a cyberattack suffered by consolidated subsidiary Cynthia Group was recorded as an extraordinary loss. Zero Medical Co., Ltd. recorded an operating loss amid ongoing management integration, and the structure in which post-M&A integration costs pressure near-term profit continues. As an external factor, the revision of medical treatment fees and long-term care fees in June 2026 could improve the hospital management environment, and this is worth watching as a potential tailwind for securing new partnerships.

Growth Strategy

Areal expansion of the healthcare value chain through growth in the number of partner hospitals, promotion of M&A, and development of BPO/DX operations

The 5 hospitals partnered in the previous fiscal year have gradually begun contributing to earnings, and accumulation of recurring revenue is underway. While no new partnerships were formed in Q1 of the current fiscal year, dialogue with multiple medical corporations is ongoing. Improvement in hospital management conditions resulting from the June 2026 revision of medical service fee schedules is expected to serve as a catalyst for acquiring new partnerships.

Building on a track record of achieving a 30% reduction in medical administration department workload, the business has been effectively operating since the latter half of last fiscal year. The number of inquiries continued to increase in Q1, and although still small in scale at this stage, the business is being actively promoted as a future focus area. Personnel recruitment is underway as forward-looking investment in anticipation of business expansion.

A new base was opened in Fukuoka Prefecture in March 2026, establishing a framework for deepening collaboration with regional medical institutions and government bodies. The Company views the growing need for regional medical support in the Kyushu region as a business expansion opportunity and will promote detailed, tailored support.

The business segment of Medistep Co., Ltd. was changed from "Senior-related Business" to "Comprehensive Medical Management Support Business," establishing a framework for integrated promotion of home medical care and collaboration with medical institutions. The number of users (annual cumulative total) is treated as a key indicator, and this figure increased in Q1 of the current fiscal year.

Rirful Co., Ltd. was newly consolidated in Q1 of the current fiscal year. The Company continues to consider deals with high affinity to existing businesses as well as deals that would expand into adjacent areas. Zero Medical Co., Ltd. recorded an operating loss during the ongoing management integration process, and creating synergies after the integration is completed remains a challenge.

The Company offers a low-cost, short-duration brain examination service that promotes effective utilization of advanced medical equipment such as MRI at medical institutions. Through the accumulation and utilization of examination data, the Company is pursuing initiatives that contribute to the prediction and prevention of brain disease, aiming to evolve from a mere examination service into a preventive medicine platform. In Q1 of the current fiscal year, the segment recorded a loss of ¥16 million, reflecting the ongoing investment stage.

Last updated: July 17, 2026