Kitazato Corporation
368A・Prime Market・Precision Instruments
Kitazato Corporation
368A・Prime Market・Precision Instruments
Medical Devices Business
A single business segment supplying medical devices and reagents for infertility treatment worldwide
| Period | Current | Previous | Change |
|---|---|---|---|
| Net sales (consolidated, full year) | ¥10,947 million | ¥10,302 million | ↑ |
| Operating profit (consolidated, full year) | ¥5,858 million | ¥5,782 million | ↑ |
| Ordinary profit (consolidated, full year) | ¥5,903 million | ¥5,767 million | ↑ |
| Profit attributable to owners of parent (consolidated, full year) | ¥3,895 million | ¥3,788 million | ↑ |
| Gross profit | ¥7,214 million | ¥6,974 million | ↑ |
| Operating margin | 53.5% | 56.1% | ↓ |
| Equity ratio | 93.2% | 92.4% | ↑ |
| Overseas sales (full year) | ¥7,287 million | ¥6,805 million | ↑ |
| Domestic sales (full year) | ¥3,660 million | ¥3,496 million | ↑ |
| Cash and cash equivalents at end of period | ¥13,414 million | ¥11,460 million | ↑ |
| Earnings per share | ¥97.38 | ¥94.72 | ↑ |
| Net assets per share | ¥512.61 | ¥456.24 | ↑ |
Business Details
Develops, manufactures, and sells medical devices and reagents specialized in in vitro fertilization, micro-insemination, and cell cryopreservation. Its strength lies in integrated domestic production (Made in Japan) at its Shizuoka head office plant, with direct sales to domestic hospitals and clinics and overseas sales through a distributor network of approximately 80 companies worldwide. Main product categories are Media (Reagents), Cryodevice (Cryopreservation Products), Medical Devices, and Micro Tools (Micro-insemination Products), across four categories. Overseas sales account for approximately 66.6% of total sales.
Recent Overview
FY2026 (ending March 2026) saw increased sales and profit, but the operating margin declined due to higher SG&A expenses
For the full year of FY2026 (ending March 2026), net sales were ¥10,947 million (up 6.3% year on year), operating profit was ¥5,858 million (up 1.3%), and net profit was ¥3,895 million (up 2.8%), achieving increases at every profit stage. Europe (sales of ¥3,990 million, up 15.7%), the United States (¥1,120 million, up 9.6%), and India (¥593 million, up 26.9%) drove growth, while China declined to ¥672 million (down 22.5%) due to the reversal of spot sales. The operating margin fell to 53.5% (from 56.1% in the prior period) due to a rise in the cost ratio stemming from a deterioration in product mix and an increase in OEM products, as well as an increase in SG&A expenses (¥1,355 million, up 13.8% year on year) associated with strengthened overseas expansion, including academic conference exhibition costs, costs for obtaining certifications in various countries, and costs for maintaining listed company status. Recording of foreign exchange gains of ¥68 million supported ordinary profit. For FY2027 (ending March 2027), the company forecasts net sales of ¥11,346 million (up 3.6%), operating profit of ¥6,115 million (up 4.4%), and net profit of ¥4,059 million (up 4.2%).
Key Products
Growth Drivers
- Continued expansion of demand for Media and Cryodevice through new customer acquisition and new product rollout in Europe (Europe sales for FY2026 (ending March 2026) of ¥3,990 million, up 15.7% year on year)
- Increased sales through progress in customer development in the United States (US sales for FY2026 (ending March 2026) of ¥1,120 million, up 9.6% year on year)
- Continued rapid growth in India (India sales for FY2026 (ending March 2026) of ¥593 million, up 26.9% year on year)
- Achievement of year-on-year growth in all product categories other than Cryodevice (Media, Medical Devices, Micro Tools, and Others)
- Mid- to long-term market expansion through product lineup expansion, promotion of certification acquisition in various countries, and strengthening of the sales structure
- Steady trend in infertility treatment demand and mid- to long-term market growth (particularly overseas), driven by the trend toward later marriage and later childbirth
- Promotion of local certification acquisition and strengthening of distributors through a distributor network of approximately 80 companies worldwide
Risks
- The decline resulting from the reversal of the prior year's spot sales in China (China sales for FY2026 (ending March 2026) of ¥672 million, down 22.5% year on year) and the risk of delays in obtaining regulatory certifications
- A rise in the cost ratio due to an increase in OEM products and a deterioration in product mix (operating margin of 53.5%, down from 56.1% in the prior period)
- An increase in SG&A expenses associated with strengthened overseas expansion, including academic conference exhibition costs, certification acquisition costs in various countries, and costs for maintaining listed company status (SG&A expenses for FY2026 (ending March 2026) of ¥1,355 million, up 13.8% year on year)
- Continued recording of listing-related expenses (¥51 million recorded as non-operating expenses in FY2026 (ending March 2026))
- Foreign exchange fluctuation risk (overseas sales ratio of approximately 66.6%, pressure on earnings when the yen appreciates)
- Geopolitical risks, including US trade policy, and uncertainty in the international situation
- Continued competition with rival companies in the domestic market
Last updated: June 24, 2026