WIN-Partners Co., Ltd.
3183・Prime Market・Wholesale Trade
Business
Win Partners Corporation is a holding company for specialized medical device wholesaling, established in April 2013 through a joint share transfer between Win International Co., Ltd. and Tesco Co., Ltd. The company handles medical devices across six categories centered on the cardiovascular field: ischemic heart disease-related products (PTCA balloons, IVUS, etc.), cardiac rhythm management-related products (EP ablation, ICD, CRT-D, etc.), cardiovascular surgery-related products (TAVI, stent grafts, etc.), peripheral vascular/neurosurgery-related products, medical equipment-related products (X-ray angiography systems, CT, MRI, etc.), and others (insulin pumps, continuous glucose monitors, etc.). Major customers are FS Uni Management Co., Ltd. (12.6% of net sales) and MC Healthcare Co., Ltd. (11.9% of net sales). The company operates locations centered on the Greater Tokyo area and the Tohoku region, and is promoting nationwide expansion through M&A.
Business Model
A wholesale model that purchases products from medical device manufacturers (procurement performance of ¥80,228 million in FY2026 (ending March 2026)) and sells them to medical institutions. Beyond simple product supply, the company provides high value-added services such as patient acquisition support proposals, hospital issue resolution support, and appropriate usage support, aiming to deepen relationships with existing customers and acquire new customers. Through group expansion via M&A, the company expands its sales area and product lineup, pursuing economies of scale and synergies.
Company Strengths
Built a specialized wholesale distribution system for cardiovascular products spanning five fields: ischemic heart disease, cardiac rhythm management, cardiovascular surgery, peripheral vascular, and neurosurgery. In FY2026 (ending March 2026), cardiac rhythm management-related sales grew 22.1% year on year (¥25,365 million) and ischemic heart disease-related sales grew 8.8% year on year (¥20,135 million), with core categories expanding across the board, as proposal capabilities backed by specialized expertise contributed to customer acquisition.
Since 2017, the company has carried out multiple M&A transactions, including Tesco Akita Hanbai, MCI, Tosei Medical, Tritech, and Plusten Medical. Most recently, in January 2026, it brought Plusten Medical Co., Ltd., which is based in the Hakodate area of Hokkaido, into the group for an acquisition price of ¥1,453 million, continuing to achieve regional market share expansion.
As of the end of FY2026 (ending March 2026), interest-bearing debt (excluding lease obligations) stood at zero, making the cash flow to interest-bearing debt ratio unnecessary to calculate. The company held cash and deposits of ¥15,931 million (including ¥5,000 million in time deposits), securing financial capacity for M&A and business expansion. The equity ratio remained at a healthy 46.0%.
ENVALITH's Perspective
Performance Trend
Revenue increased 36% over five periods, from ¥66,392 million in FY2022 (ended March 2022) to ¥90,391 million in FY2026 (ending March 2026). The revenue growth rate in FY2026 accelerated to 11.0% from 5.6% in the prior period. Growth was driven by cardiac rhythm management-related products (+22.1%), ischemic heart disease-related products (+8.8%), and peripheral vascular disease-related products (+9.1%), with an additional three-month contribution from Plasten Medical. The operating margin declined slightly to 3.3% from 3.4% in the prior period, but the absolute amount of ¥3,021 million marked a record high. As external factors, demand for capital investment by medical institutions associated with work-style reforms for physicians and the expanding adoption of minimally invasive medicine have served as tailwinds for the market environment. Operating cash flow improved significantly to ¥2,931 million from ¥2,058 million in the prior period.
Growth Strategy
Deepening expertise in minimally invasive medicine, nationwide expansion through M&A, and expansion beyond the cardiovascular field
Continuing to expand sales volume of arrhythmia treatment devices such as EP ablation, ICD, and CRT-D, as well as minimally invasive surgical devices such as TAVI and stent grafts. The company aims to deepen relationships with existing customers and acquire new customers through value-added proposals such as patient referral support and appropriate-use support. In FY2026 (ended March 2026), cardiac rhythm management-related sales achieved high growth of 22.1% year on year.
Continuing to promote market share expansion through acquisitions of regional medical device distributors. In January 2026, the company acquired Plusten Medical, based in the Hakodate area of Hokkaido, for ¥1,453 million, achieving geographic complementarity with existing subsidiaries. In parallel, the company is generating synergies through intra-group mergers (the absorption of MCI by Tesco).
The company is strengthening sales activities toward clinical departments outside cardiovascular medicine, such as gastroenterology and diabetes-related fields (insulin pumps, continuous glucose monitors, etc.), aiming to expand the range of products handled at customer medical institutions. In FY2026 (ended March 2026), the “other” category grew steadily to ¥11,734 million (13.0% of composition), up 5.6% year on year.
The company's basic policy is to maintain stable dividends with a payout ratio of 30% or more, combined with total return measures including share buybacks. The dividend was ¥54 per share (payout ratio 71.1%) in FY2026 (ended March 2026), with ¥55 planned for FY2027 (ending March 2027). During the fiscal year under review, the company conducted share buybacks totaling ¥1,432 million, and treasury shares now account for 9.8% of shares issued.
Last updated: July 19, 2026