FINDEX Inc.
3649・Prime Market・Information & Communication
Medical Business
The Company's largest segment, centered on DX support for medical institutions, accounting for approximately 92% of sales and serving as its profit pillar
| Period | Current | Previous | Change |
|---|---|---|---|
| Net sales (Q1 FY2026, ending December 2026) | ¥1,822 million | ¥1,742 million (Q1 FY2025, ending December 2025) | ↑ |
| Operating profit (Q1 FY2026, ending December 2026) | ¥778 million | ¥740 million (Q1 FY2025, ending December 2025) | ↑ |
| Operating margin (Q1 FY2026, ending December 2026) | 42.7% | 42.5% (Q1 FY2025, ending December 2025) | ↑ |
| Orders received (Q1 FY2026, ending December 2026) | ¥1,117 million | 103.6% year-on-year | ↑ |
| Order backlog (end of Q1 FY2026, ending December 2026) | ¥1,530 million | 146.9% year-on-year | ↑ |
Business Details
In addition to on-premise products such as the image filing system "Claio," the medical record documentation system "C-Note," and the document creation system "DocuMaker," the segment has expanded cloud services including the "PiCls" series and "CocktailAI." Its main customers are hospitals and clinics, primarily acute-care hospitals, and it maintains a stable customer base with a recent retention rate exceeding 98%. In the first quarter of FY2026 (ending December 2026), 21 new or additional installations were carried out for hospital projects and 24 for clinic projects, along with system upgrades.
Recent Overview
Achieved increased sales and profit, with order backlog expanding significantly to 146.9% year-on-year
In the first quarter of FY2026 (ending December 2026), net sales increased 4.6% year on year to ¥1,822 million, and operating profit increased 5.2% year on year to ¥778 million, resulting in higher sales and profit. In addition to increased sales driven by stable system upgrade demand and new user acquisition, gross margin improved due to the expansion of maintenance and cloud services, a higher proportion of high-value-added products, and a decline in the cost ratio resulting from lower purchase costs. The order backlog expanded to ¥1,530 million, or 146.9% year on year, and is expected to contribute to future sales. In the digital domain, the Company strengthened information dissemination via its official X (formerly Twitter) account and newly launched an Instagram account to strengthen its approach to the clinic segment.
Key Products
Growth Drivers
- Increased sales driven by stable system upgrade demand and new user acquisition (21 hospital projects and 24 clinic projects in Q1)
- Improved gross margin due to expansion of maintenance and cloud services and a rising proportion of high-value-added products
- Lower cost ratio due to reduced purchase costs
- Increased number of installations of cloud services such as the "PiCls" series and "CocktailAI"
- Accumulation of conversions to paid plans for "DocuMaker Cloud"
- A stable customer base supported by a high retention rate exceeding 98% recently
- Improved visibility of future sales due to a significant expansion of the order backlog (146.9% year on year)
- Expansion of industry-wide demand driven by government-led promotion of medical DX (spread of My Number health insurance cards and electronic prescriptions)
Risks
- Risk of restrained investment due to the challenging management environment faced by medical institutions
- Risk of profit pressure from increased SG&A expenses associated with human capital investment
- Information security risk from increasingly sophisticated and diversified cyberattacks (given the large volume of patient information handled by medical institutions)
- Temporary changes in sales recognition timing associated with the transition to cloud services
- Period-to-period fluctuations in sales due to variability in the system upgrade cycles of large hospitals
Last updated: March 25, 2026