ENVALITH
株式会社ファインデックス logo

FINDEX Inc.

3649・Prime Market・Information & Communication

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株式会社ファインデックス logo
FINDEX Inc.3649

Business

FINDEX Inc. is a medical IT company that focuses primarily on systems and services for medical institutions while expanding into the public sector and HealthTech domains. The company began its medical system development business in 1994 and transitioned to the Prime Market of the Tokyo Stock Exchange in 2022. In its core Medical Business, it provides the image filing system "Claio," the document creation system "DocuMaker," the electronic medical record system "REMORA," and other products to hospitals and clinics nationwide. In its Public Sector Business, it offers the SaaS-based electronic approval and official document management system "DocuMaker Office (for Local Governments)" to administrative departments of local governments and medical institutions. In its HealthTech Business, the company promotes domestic and overseas sales of the "GAP (Gaze Analyzing Perimeter)" series of gaze-analysis perimeters, as well as its Medical Data Platform Business, which is built on the "Certified Medical Information Handling Contractor" certification obtained in September 2025.

Business Model

In the Medical Business, in addition to initial system installations at hospitals and clinics, the company builds up recurring revenue through maintenance contracts and cloud services (PiCls Series, DocuMaker Cloud, etc.). A continuation rate of over 99% supports stable revenue. The Public Sector Business is provided as SaaS, building a customer base with zero cancellations. The HealthTech Business is nurturing medical device sales and the Medical Data Platform Business. With zero interest-bearing debt, operating cash flow is the main funding source.

Company Strengths

In FY2025 (ending December 2025), the Medical Business maintained a usage continuation rate of over 99%. Deeply embedded as an indispensable system in medical settings, the stable customer base—comprising hospital clients centered on acute care hospitals and clinic clients in financially stable medical departments—forms the foundation of recurring revenue.

In FY2025 (ending December 2025), the Medical Business segment achieved net sales of ¥5,691 million, operating income of ¥1,895 million, and an operating margin of 33.3%. A rising proportion of high-value-added products and a lower cost ratio due to reduced purchasing costs pushed up the gross margin, absorbing the increase in SG&A expenses from personnel investment and achieving a 14.6% year-on-year increase in profit.

As of September 30, 2025, the company received official certification from the Cabinet Office as a "Certified Medical Information Handling Contractor" under the Next Generation Medical Infrastructure Act. This certification serves as proof of the highest level of security management measures in Japan, and in November 2025 the company newly established the Medical Data Platform Business. The company is advancing the development of a system that consistently handles everything from the management of medical information to support for its utilization.

ENVALITH's Perspective

In the first quarter of FY2026 (ending December 2026), revenue increased to ¥1,989 million (up 2.0% year on year), securing revenue growth. However, operating profit came to ¥803 million (down 2.4% year on year) and profit attributable to owners of parent came to ¥563 million (down 2.6% year on year), with both profit measures falling below the prior-year period. The main cause was an increase in personnel expenses driven by strategic headcount additions, primarily in the HealthTech Business segment, which the company describes as "progressing as planned." Against the full-year earnings forecast (revenue of ¥6,209 million, operating profit of ¥1,829 million), the first-quarter achievement ratio stood at a high 32.0% for revenue and 43.9% for operating profit, suggesting a high likelihood that the full-year forecast will be achieved.

Public Sector Business posted revenue of ¥103 million (down 45.7% year on year) and operating profit of ¥32 million (down 75.9% year on year), a substantial decline. However, this was due to the reversal of a large project's contribution recorded in the prior-year period, and recurring stock-type revenue continued to trend above the prior-year level. Cumulative operational deployments reached 64 for local governments and 14 for medical institutions, with total users reaching approximately 48,000, and the track record of zero cancellations continued. During the first quarter, the company secured 3 direct-sales orders and 2 through distribution partners, indicating that the structural growth trajectory remains intact.

HealthTech Business revenue expanded sharply to ¥64 million (up 224.5% year on year), and the operating loss narrowed significantly to ¥7 million (versus a loss of ¥50 million in the prior-year period). Consulting and contracted development work within the Medical Data Platform Business contributed to this result. However, upfront investments continue, including costs to prepare a medical device application for the MCI testing device and personnel expenses for the AI analytics team, and the company has not disclosed a timeline or scale outlook for the segment's standalone profitability. While expanding demand for the utilization of medical data represents a tailwind from the external environment, confirming progress toward commercialization remains a key point to monitor going forward.

Growth Strategy

Accelerating growth through four pillars: deepening medical DX, expanding public-sector SaaS, commercializing medical data business, and overseas expansion

Expanding cloud services such as the PiCls Series, CocktailAI (generative AI-powered medical document creation), and DocuMaker Cloud to drive a shift from on-premise dependence to SaaS-based recurring revenue. Cloud service sales in Q1 FY2026 (ending December 2026) totaled ¥40 million (recorded for the first time under the new segment classification). Order backlog expanded 146.9% year-on-year to ¥1,530 million, improving visibility into future revenue.

Continued expansion of packages for local governments (64 cumulative installations) and packages for medical institutions (14 cumulative installations), building up recurring revenue while maintaining zero cancellations. In Q1, the company secured 3 direct sales and 2 agency-based orders, with multiple new deals under discussion for installation in the current and following fiscal years. Total number of users has reached approximately 48,000.

As a certified operator under the Next Generation Medical Infrastructure Act, the company is advancing the provision of an environment in which anonymized and pseudonymized clinical data from medical institutions are collected and integrated for use by medical research institutions and companies in R&D, drug discovery support, and policy formulation. Revenue recognition within the HealthTech Business segment began in Q1 FY2026 (ending December 2026), with ¥64 million recorded from consulting and contracted development.

Expanded the network of overseas sales agents to 72 companies, including in Asia and South America, and made progress in establishing shipment systems for Argentina, Chile, and Mexico. Domestically, the company began offering maintenance plans and introduced incentive plans for sales agents to strengthen its sales promotion framework. Medical device sales in Q1 FY2026 (ending December 2026) were sluggish at ¥15 million (77.0% of the same quarter of the previous year), but a gradual expansion in sales is anticipated.

Preparations for the medical device application for the mild cognitive impairment (MCI) testing device are underway. In parallel, the company is expanding its AI analytics team that analyzes medical vital data, positioning itself in an upfront investment phase aimed at developing higher value-added products and services in the future. Commercialization following application and approval is expected to strengthen the revenue base of the HealthTech Business.

Last updated: July 17, 2026