DVx Inc.
3079・Standard Market・Wholesale Trade
Business
DVx Inc. is a medical device sales company specializing in the cardiovascular disease field, established in 1986. Centered on its Arrhythmia business (81.6% of net sales), the company operates as a sales agent, wholesaling cardiac pacemakers, ablation catheters, ICDs, and other devices to medical institutions. In its Ischemia business, the company acts as the exclusive domestic distributor, supplying medical institutions nationwide through a network of sales agents, and also holds its own proprietary product, the "RAQUOS Injection System." Its Other segment covers structural heart-related products such as TAVI, as well as a clinical testing business (through its subsidiary, Sogo Medical Service Co., Ltd.). Its main customers are medical institutions across Japan, and consolidated net sales for FY2026 (ending March 2026) were ¥55,989 million.
Business Model
Business model in which the company purchases products from domestic and overseas medical device manufacturers and import trading companies and sells them wholesale to medical institutions (hospitals, etc.) to earn gross profit. The arrhythmia business operates as a sales agency centered on the Kanto region, while the ischemia business operates as a national exclusive distributorship via sales agents nationwide. The cost-of-sales ratio is high at approximately 90.4%, reflecting a low-margin, high-volume structure. The company aims to enhance added value through in-house product development and strengthening its exclusive import distributor function.
Company Strengths
Since its establishment in 1986, the company has built its business exclusively in the cardiovascular disease field, expanding sales offices to major cities nationwide from Hokkaido to Okinawa. It has already completed nationwide rollout in the ischemic disease business, and is leveraging its existing network of offices to promote nationwide expansion of the arrhythmia business as well.
The company holds a marketing authorization holder certification in Japan for its proprietary contrast media injection system, the "RAQUOS Injection System," and is working to promote its adoption domestically. It has also begun preparations to start exports overseas, giving it a foundation for a proprietary product business that goes beyond pure sales agency operations.
As of the end of FY2026 (ending March 2026), outstanding borrowings stood at ¥18,735 thousand, maintaining a virtually debt-free management structure. Financial safety remains at a high level, with an equity ratio of 35.4%, a current ratio of 142.4%, and a quick ratio of 118.6%. The company has also secured a ¥3,300,000 thousand overdraft facility with its main banks, providing capacity to respond to strategic funding needs.
ENVALITH's Perspective
Performance Trend
Revenue increased 11.3% from ¥50,322 million in FY2025 to ¥55,988 million in FY2026, maintaining an upward trend. However, operating profit decreased 45% from ¥537 million (non-consolidated) in FY2025 to ¥294 million (consolidated) in FY2026, with the operating margin declining to 0.5%. The main causes were a decline in gross profit due to suppressed reimbursement prices for the PF Ablation Catheter, increased personnel expenses, and expanded strategic expenditure. As an external factor, concerns over rising energy and raw material costs stemming from the deterioration of the Middle East situation at the end of February 2026 (the blockade of the Strait of Hormuz) may affect future medical supply procurement costs. Operating cash flow was negative ¥1,168 million, as increases in trade receivables and inventories strained cash flow. The cash and cash equivalents balance at fiscal year-end stood at ¥4,313 million.
Growth Strategy
Sustainable growth through nationwide expansion and new product penetration in the arrhythmia business, along with diversification of the business portfolio
PF ablation catheters, recognized for their safety and effect of shortening procedure time, reached FY2026 (ending March 2026) sales of ¥7,582 million (approximately 16.6% of the arrhythmia business), and are positioned as a mainstay product for future cardiac surgery. Although sales volume is increasing, reimbursement price suppression is squeezing gross margin, and the company aims to maximize its contribution to earnings through scale effects from volume expansion.
The company is promoting the expansion of sales bases from a customer base centered on the Kanto region to major cities nationwide. It is pursuing both deepening relationships with existing customers and developing new customers through proposal-based sales leveraging advanced specialized expertise. For FY2027 (ending March 2027), net sales are expected to increase 3.1%, with strengthened sales activities functioning as a key growth driver in the plan.
In the first quarter of FY2026 (ending March 2026), the company made Sogo Iryo Service Co., Ltd. a subsidiary, incorporating the clinical testing business into its consolidated results. Goodwill of ¥192,193 thousand arose (with a period-end balance of ¥164,737 thousand). The 'Other' segment recorded net sales of ¥6,277 million and segment profit of ¥782 million, contributing to securing revenue sources beyond medical device sales.
The company is focusing on the development and sale of proprietary products with relatively high gross margins, aiming to move away from a thin-margin structure centered on distributor sales. In the ischemia business, it is advancing domestic penetration of its proprietary product 'RAQUOS Injection System' and preparing for overseas exports, seeking to improve its earnings structure. The operating profit margin target for FY2027 (ending March 2027) is approximately 0.83% (¥480 million ÷ ¥57,750 million).
Last updated: July 19, 2026