WIN-Partners Co., Ltd.

Business Details

Win Partners is a specialty wholesale group engaged in the sale of medical devices, focusing on ischemic heart disease, cardiac rhythm management, cardiovascular surgery, peripheral vascular disease, and neurosurgery-related products. Its customers are medical institutions such as hospitals, and the company differentiates itself not merely through device sales but by providing high value-added services such as support for resolving hospital challenges and promoting appropriate use of devices. The company positions the spread and expansion of minimally invasive medical care at the core of its strategy, and is also pursuing expansion of its sales area and business domains through M&A.

Recent Overview

Net sales for FY2026 (ending March 2026) reached a record high of ¥90,391 million (up 11.0% year on year)

All product categories saw increased sales, led by cardiac rhythm management-related products (up 22.1% year on year). In January 2026, the company made Plusten Medical Co., Ltd. (Hakodate area, Hokkaido) a wholly owned subsidiary, strengthening its customer base in the Hokkaido region. On the other hand, the equity ratio declined from 51.6% to 46.0% due to share buybacks (¥1,432 million). For FY2027 (ending March 2027), the company forecasts net sales of ¥100,000 million (up 10.6% year on year) and operating profit of ¥3,350 million (up 10.9% year on year), although the reduction in reimbursement prices for specified insured medical materials resulting from the June 2026 revision of medical service fees is expected to act as a downward pressure.

Key Products

Growth Drivers

• Growth in sales volume of cardiac rhythm management-related products (EP ablation, ICD, CRTD) (up 22.1% year on year in FY2026 (ending March 2026))
• Deepening of relationships with existing customers and acquisition of new customers through patient-referral support proposals for ischemic heart disease-related products (PTCA balloons, IVUS) (up 8.8% year on year)
• Expanded adoption of cardiovascular surgery-related products such as TAVI and stent grafts (up 5.1% year on year)
• Expansion of regional market share through M&A (January 2026: bringing Plusten Medical Co., Ltd. into the group in the Hakodate area of Hokkaido, acquisition price ¥1,453 million)
• Expansion of product lineup through stronger sales efforts outside the cardiovascular field (gastroenterology, diabetes-related, etc.) (Other category up 5.6% year on year)
• Deepening transactions with major customers (FS Uni Management Co., Ltd.: ¥11,349 million; MC Healthcare Co., Ltd.: ¥10,732 million)

Risks

• Risk of declining sales unit prices due to reduced reimbursement prices for specified insured medical materials resulting from the June 2026 revision of medical service fees
• Risk of curtailed capital investment by medical institutions due to deteriorating operating conditions (rising resource, material, and energy prices, and labor shortages)
• Risk of fluctuation in orders for large-scale medical equipment projects (sales volatility in the medical equipment-related category)
• Decline in equity ratio (from 51.6% to 46.0%) and reduced financial flexibility due to more active share buybacks
• Macroeconomic risks such as U.S. trade policy and exchange rate fluctuations, which could lead to economic downturn and higher costs for imported medical devices
• Impact on financial figures from the new lease accounting standard (Accounting Standards Board of Japan Statement No. 34) scheduled for application in FY2028 (ending March 2028) (currently under evaluation)