Fundely Co., Ltd.

Business Details

The MFD (Medical Food Delivery) business operates the 'Meal Time' health food delivery service, targeting patients with lifestyle-related diseases as its primary customer base. The business differentiates itself by distributing catalogs through a referral network of medical institutions and dispensing pharmacies nationwide, and by offering free counseling from registered dietitians and nutritionists as well as a 'dietitian-recommended subscription' service. In FY2026 (ending March 2026), external customer revenue was ¥2,024 million, accounting for 77.1% of total company revenue, making this the core segment, which also has a mutually complementary relationship with the Marketing business.

Recent Overview

Absorbed the decline in subscription customers through the effect of price revisions, achieving higher revenue and profit

In FY2026 (ending March 2026), although the number of subscription customers declined year-over-year, the implementation of price revisions, combined with the fact that the change in order volume due to the price revisions was minimal, resulted in revenue of ¥2,024 million (up 2.7% year-over-year) and segment profit of ¥308 million (up 6.0% year-over-year), achieving both higher revenue and higher profit. The company worked to raise awareness and acquire new customers through seasonal product rotations, sales of 'My Osechi,' and the implementation of the 'Meal Time Dietitian Skill-Up Seminar.' Active promotion of migration to the 'dietitian-recommended subscription' service was placed at the center of the sales strategy.

Key Products

Growth Drivers

• Market expansion driven by the year-on-year increase in the number of patients with lifestyle-related diseases and the increase in households consisting solely of elderly people aged 65 and over
• Improvement in average customer spending through price revisions (confirmed by actual results to have had minimal impact on order volume)
• Securing subscription customers through active promotion of migration to the 'dietitian-recommended subscription' service
• Strengthened sales activities toward medical institutions and referral network expansion through a three-location structure (head office, Osaka branch, Kanagawa branch)
• Deepening of the referral network and increased brand awareness through initiatives such as the 'Meal Time Dietitian Skill-Up Seminar'
• Structural expansion of demand for delivery and frozen foods driven by the increase in dual-income households, aging population, and diversifying lifestyles

Risks

• Declining trend in the number of subscription customers (decline continued year-over-year in the current period as well)
• Profit margin pressure from rising procurement costs, raw material costs, and logistics costs
• Intensifying competition from an increasing number of new entrants into the meal delivery market
• Risk that fluctuations in outpatient numbers at medical institutions directly affect the inflow of new customers
• Dependence on a single primary manufacturing subcontractor (Tokatsu Foods Co., Ltd.), accounting for 56.6% of purchases
• Risk of reputational damage from incidents or accidents related to food safety and security
• Risk of declining member acquisition capability if referral network expansion measures do not proceed as planned