SHIP HEALTHCARE HOLDINGS,INC.
3360・Prime Market・Wholesale Trade
Total Pack Produce Business
High-value-added business centered on comprehensive order-taking and engineering services for medical institutions
| Period | Current | Previous | Change |
|---|---|---|---|
| Sales (external customers) | ¥136,604 million | ¥133,167 million | ↑ |
| Segment profit (operating profit) | ¥10,812 million | ¥12,017 million | ↓ |
| Segment profit margin | 7.9% | 9.0% | ↓ |
| Segment assets | ¥130,495 million | ¥131,227 million | ↓ |
| Goodwill balance | ¥4,232 million | ¥4,317 million | ↓ |
| Depreciation expense | ¥3,239 million | ¥3,252 million | — |
| Increase in tangible and intangible fixed assets | ¥2,423 million | ¥1,996 million | ↑ |
Business Details
Deploys the "Total Pack" model, undertaking comprehensive orders for planning and management, medical equipment consulting, medical equipment sales, facility construction, and maintenance in connection with the construction, relocation, and renovation/extension of medical institutions. Its main customers are university-affiliated hospitals and regional core hospitals, and the segment also encompasses a wide range of stock businesses such as Medical Information Systems, Heavy-ion Cancer Therapy Facility Operation, and Real Estate Leasing & Comprehensive Building Management. It is a core segment accounting for approximately 19.0% of the Group's total sales.
Recent Overview
Sales increased, but profit fell 10.0% year on year due to one-time expenses, absence of completed projects, and material delays
Sales for FY2026 (ending March 2026) were ¥136,604 million (up 2.6% year on year), securing an increase in sales, but segment profit fell sharply to ¥10,812 million (down 10.0% year on year). The main causes were the drop-off of the completion and sale revenue from the Senior Condominium Business recognized in the prior period, a decline in profit margin due to delays in material delivery for energy-saving-related construction work in renovation projects, rising parts prices and some production delays at manufacturer subsidiaries, and the recognition of one-time expenses such as M&A fees. On the other hand, the performance contribution of the ODA specialty trading company that joined the Group in May 2025 and the steady performance of the medical information-related solutions business were positive factors.
Key Products
Growth Drivers
- Continued medium- to long-term demand for new construction, relocation, and renovation/extension at university-affiliated hospitals and regional core hospitals
- Expanding demand for medical information-related solutions business against the backdrop of the promotion of medical DX
- Increase in the number of treatments at heavy-ion cancer therapy facilities due to the expansion of insurance coverage
- Revenue recognition from the completion and sale of the second and third Senior Condominium Business projects (from the next period onward)
- Establishment of a new revenue source and accumulation of know-how through entry into the Overseas ODA Business
- Group synergies through new product development and new system construction by manufacturer subsidiaries
Risks
- Risk of fluctuations in period profit and loss due to delays in the completion timing of large-scale projects (such as senior condominiums)
- Risk of declining profit margins due to delivery delays and rising prices of materials for energy-saving-related construction work in renovation projects
- Risk of rising parts prices and production delays at manufacturer subsidiaries
- Risk of profit pressure from the recognition of one-time expenses such as M&A fees
- Risk of postponed medical equipment replacement and capital investment due to a deteriorating hospital management environment
- Increasing complexity of risk management associated with overseas expansion and new business investment
- Rising business operating costs due to continued inflation and rising labor costs
Last updated: June 25, 2026