DATA HORIZON CO.,LTD.
3628・Growth Market・Information & Communication
Business
Data Horizon Co., Ltd. is a healthcare data company founded in 1982 and headquartered in Hiroshima City. Centered on a database of approximately 110,000 illness and medical procedure dictionary entries accumulated since 1996, along with roughly 750 million annual claims analysis records, the company operates two core business pillars: Data Health-related Services for insurers (municipal national health insurance programs, wide-area unions for medical care for the elderly, health insurance associations, etc.) and Data Utilization Services for pharmaceutical companies, academia, and local governments. In 2022, the company became a consolidated subsidiary of DeNA and made DeSC Healthcare, Inc., which operates the health management app "kencom," its subsidiary. The company operates as a single segment, the Healthcare Business (Single Segment).
Business Model
The company receives claims and specific health checkup data entrusted by insurers, and generates recurring order-based revenue by providing health program support services such as support for creating data health plans, health guidance, notification mailing, and the health management app "kencom". In parallel, leveraging anonymized processed information for which usage consent has been obtained from insurers, the company is building a high-growth second revenue pillar through Data Utilization Services, which provide evidence-generation support solutions to pharmaceutical companies, academia, and others, expanding both the number of client companies and unit prices.
Company Strengths
The company holds a disease/medical treatment dictionary database of approximately 110,000 records and a disease/pharmaceutical check database of approximately 5.7 million records, accumulated since 1996, along with annual claims analysis information covering approximately 750 million records. By combining three proprietary patented technologies—medical cost decomposition, disease management systems, and claims analysis systems—the company has built a highly precise analytical platform that is difficult for competitors to replicate in a short period.
The number of client companies for Data Utilization Services expanded from 69 in the same period of the previous year to 94, and the transaction value per customer among the top 20 customers, including pharmaceutical companies, increased by 25% year on year. The company has a cumulative track record of over 400 academic presentations and papers, and continues to see strong inquiries from academia and pharmaceutical companies. The number of contracted customers for Data Health-related Services also reached 697 (with a balance of 584), reflecting a robust customer base centered on local governments.
In 2022, the company became a consolidated subsidiary of DeNA, which made kencom, operated by DeNA, a subsidiary. Through the rollout of kencom for local governments, the company is expanding its business scope to health support for younger generations outside the middle-aged demographic. A revolving credit facility agreement with DeNA enables flexible working capital procurement, and in FY2026 (ending March 2026), the company received a debt waiver of ¥330 million from DeNA, illustrating how capital ties with its parent company contribute to financial stability.
ENVALITH's Perspective
Performance Trend
Revenue trended as follows: ¥2,990 million in FY2022 → ¥4,410 million in FY2023 → ¥5,007 million in FY2024 → ¥3,853 million in FY2025 (a 9-month irregular fiscal period) → ¥5,141 million in FY2026. FY2026 saw a substantial year-on-year revenue increase versus the previous consolidated fiscal year, with both Data Utilization Services (up ¥296 million year-on-year) and Data Health-related Services (up ¥144 million) contributing. Operating profit turned positive at ¥22 million in FY2026, marking a shift from the operating losses that had continued since FY2022. This was mainly driven by fixed-cost reductions, operational efficiency improvements, and a reduced amortization burden following the prior-period impairment charge. EBITDA improved to a positive ¥425 million (versus ¥95 million in the prior period). However, net income of ¥267 million depends on an external factor—a ¥330 million gain on debt forgiveness from DeNA—and on an ordinary profit basis, the figure was only ¥10 million. For FY2027, the company forecasts revenue of ¥6,000 million and operating profit of ¥400 million.
Growth Strategy
Expansion of both the Data Health-related Services and Data Utilization Services businesses, combined with a fundamental improvement in the earnings structure through AI utilization
Strengthen the existing customer base through stable order growth for municipal national health insurance programs and accelerated rollout of kencom to local governments. In FY2026 (ending March 2026), an increase of ¥144 million year-on-year was achieved, and the company will continue to build up the number of orders received.
Achieved 94 client companies and a 25% year-on-year increase in transaction value per customer among the top 20 clients. Through the expansion of structural strengths via AI and partner collaboration, the company aims to deepen the provision of high-value-added solutions to pharmaceutical companies and others, pursuing sustainable growth.
Drive transformation of the business structure by fundamentally reviewing operational systems through AI utilization, thereby raising per-capita productivity. In FY2026 (ending March 2026), the company achieved a turnaround to operating profit through fixed cost reduction and operational efficiency improvements, and targets operating profit of ¥400 million in FY2027 (ending March 2027).
Based on a resolution at the June 2025 shareholders' meeting, the company reduced common stock by ¥2,106 million and capital surplus by ¥837 million, transferring the amounts to retained earnings to compensate for accumulated deficit. This has compressed the cumulative deficit in retained earnings to ¥699 million, improving the company's financial condition.
Last updated: July 19, 2026