Wellness Communications Corporation
366A・Growth Market・Services
Wellness Communications Corporation
366A・Growth Market・Services
Business
Wellness Communications was founded in 2006, with the purpose statement "Creating the future with wellness data." In its core Health Checkup Solutions Business, the company has partnered with 2,204 medical institutions nationwide, providing a one-stop Network Health Checkup Service (NW Kenshin) for large corporations and health insurance societies. In its Health Management Cloud Business, the company operates the SaaS-based "Growbase," which centrally manages health checkup results, stress check data, and employment data. As of the end of March 2026, the company had transactions with 4,943 companies, with an average contract renewal rate of 99.9% across both businesses. The company listed on the TSE Growth Market in June 2025, and in February 2026 made Ashita no Team Co., Ltd. a consolidated subsidiary, thereby beginning expansion into the mid-sized and small-to-medium enterprise market.
Business Model
In the Health Checkup Solutions Business, the annual service fee per examinee (health checkup fee + i-Wellness fee) is charged on a stock basis, achieving a stock revenue ratio of 98.5% and a contract renewal rate of 100%. The Health Management Cloud Business operates on a subscription model linked to the number of Growbase IDs, delivering high revenue stability with a stock revenue ratio of 90.6%, NRR of 107%, and a churn rate of 0.20%. The combined stock revenue ratio across both businesses is 94.5%. The cross-sell structure, which links health checkup data to Growbase, simultaneously improves customer unit price and suppresses cancellations.
Company Strengths
The company has continued to develop business exclusively for large enterprises since its founding, and as of the end of March 2026, it had transactions with 4,943 companies, mainly those with 1,000 to 50,000 employees. The contract renewal rate is extremely high, at 100% for the Health Checkup Solutions Business and 99.8% for the Health Management Cloud Business, and the long-term customer relationships and accumulated health checkup data serve as barriers to entry for competitors.
The operating margin of the Health Management Cloud Business in FY2026 (ending March 2026) was 50.3% (net sales of ¥1,523 million, operating profit of ¥767 million). With an NRR of 107%, a churn rate of 0.20%, and a recurring revenue ratio of 90.6%, the structure is such that the natural increase in the number of IDs among existing customers boosts revenue. The agency network, including ITOCHU Techno-Solutions Corporation and SOMPO Health Support, also supports new customer acquisition.
The company holds a patented information processing method (Patent No. 7304604, acquired in June 2023) that utilizes AI-OCR in the process of digitizing health checkup result data. It achieves approximately 6,000 types of error checks and standardization/validation to unified criteria across all medical institutions, enabling delivery approximately four weeks after the checkup. This proprietary technology and operational system represent a unique strength of the company that is difficult for competitors to imitate in a short period of time.
ENVALITH's Perspective
Performance Trend
From FY2025 (ending March 2025, non-consolidated) sales of ¥14,058 million and operating profit of ¥1,109 million, FY2026 (ending March 2026, first year of consolidation) increased to sales of ¥14,778 million (+5.1% year-on-year), operating profit of ¥1,186 million (+7.0% year-on-year), and net income of ¥822 million (+5.9% year-on-year). The improvement in the earnings structure, in which profit growth exceeds revenue growth, continues. As an external factor, the mandatory disclosure of human capital information and rising corporate interest in health management are supporting demand. The consolidated contribution from Ashita no Team is limited (only one month, as the deemed acquisition date is March 1, 2026), with full-scale contribution expected from FY2027 (ending March 2027) onward. Operating cash flow remained stable at ¥1,099 million, maintaining steady cash generation.
Growth Strategy
Dual-axis growth through Growbase platform development and M&A-driven expansion into the mid-sized and small-to-medium enterprise market
In FY2027 (ending March 2026), the company plans to launch a new plan and implement a price revision for "Growbase," aiming to improve customer unit price. By commencing delivery of health checkup result data on Growbase, the company will promote cross-selling of the cloud business to health checkup customers, expanding platform value.
Leveraging the customer base of over 4,000 companies and partner channels such as regional banks and labor and social security attorney offices held by Ashita no Team Co., Ltd., which became a consolidated subsidiary in February 2026, the company will fully roll out health management support for the mid-sized and small-to-medium enterprise market, which had previously been underserved.
The company is promoting systemization investment utilizing generative AI, aiming to achieve operational excellence in the health checkup result data conversion process. It will simultaneously pursue improved profitability in the Health Checkup Solutions Business and enhanced added value through implementation of data and AI functions in Growbase.
From FY2027 (ending March 2026), the Health Checkup Solutions Business will be reorganized as the "Solutions Business," and the Health Management Cloud Business as the "Cloud Business." This will clarify the scope expansion of each business, with targets of ¥17,500 million in net sales and ¥1,600 million in operating profit (+34.9% year on year).
Last updated: July 19, 2026