Medical Data Vision Co.,Ltd.
3902・Prime Market・Information & Communication
Business
Medical Data Vision Co.,Ltd. (Single Segment) collects and accumulates medical and health data through the provision of management support systems for medical institutions, and provides this data to pharmaceutical companies and research institutions, operating a medical data network business as a single segment. Its main services are organized into three categories: data network services centered on hospital management support systems (MDV Act, EVE, and Medical Code); data utilization services centered on a data analysis tool for pharmaceutical companies (MDV analyzer) and ad hoc surveys; and other services such as medical video distribution. Its main customers are acute-care hospitals, pharmaceutical companies, and research institutions, and it also offers services for patients and consumers through its PHR system, "Karteko." Net sales for FY2025 (ending December 2025) were ¥6,539 million.
Business Model
By providing hospitals with management support systems (such as MDV Act), the company collects and accumulates medical information including DPC data, building the large-scale clinical database "Sakura DB," which covers more than 55 million patients. Leveraging this database, the company generates revenue by offering MDV analyzer and ad hoc survey services to pharmaceutical companies and research institutions. This is a circular model in which the expansion of the data collection infrastructure directly enhances the value of the data utilization services; in FY2025 (ending December 2025), sales of data utilization services amounted to ¥4,622 million, accounting for approximately 71% of total sales.
Company Strengths
急性期病院を中心に全国から収集したDPCデータを核とする「Sakura DB」は5,500万人超の診療データを保有し、日本最大級の規模を誇る。加えてDeNA・日本システム技術とのアライアンスで構築した保険者データベースも2,500万人超に達しており、データの規模・多様性において競合が短期間で模倣困難な差別化優位性を形成している。
DPC分析ベンチマークシステム「EVE」は2025年12月末時点で579病院に導入されており、全国の急性期病院との強固な信頼関係に基づくネットワークを構築している。このネットワークがデータ提出病院の確保とデータ収集基盤の維持に直結しており、新規参入者が短期間で構築困難な参入障壁となっている。
当社グループは銀行借入に依存しない経営を継続しており、設備投資・運転資金ともに内部資金で賄っている。2025年12月期末の純資産残高は3,111百万円、現金及び現金同等物残高は1,713百万円であり、財務の安全性を維持しながら配当（連結配当性向20%以上を目途）を継続している。
ENVALITH's Perspective
Performance Trend
Revenue grew from ¥5,672 million in FY2021 to ¥6,419 million in FY2023, then fell to ¥5,907 million in FY2024, before reaching a new record high of ¥6,539 million in FY2025. Operating profit remained at a high level of ¥1,594-1,771 million during FY2021-FY2023, but plunged to ¥4 million in FY2024, before recovering to ¥349 million in FY2025. The deterioration in FY2024 was driven by expanded upfront investments such as advertising expenses and R&D expenses, along with an increase in non-operating losses. In FY2025, the combination of reduced SG&A expenses (down 2.9% year on year) and revenue growth led to improvement. However, the ordinary profit margin remained at only 5.5%, still in the process of recovering from 26.5% in FY2023.
Growth Strategy
Expanding the Sakura DB, centralizing data, driving new businesses, and expanding market share in the medical data market through M&A and alliances
Expand the customer base and data acquisition infrastructure by broadening MDV Act's target beyond DPC hospitals. Diversify information sources through partnerships with medical institutions other than acute care hospitals and various other organizations, aiming for further scale expansion of the database, which already exceeds 55 million people, and improved real-time capability.
In addition to clinical data from acute care hospitals, integrate and accumulate health checkup data, clinic data, off-site pharmacy data, long-term care data, imaging/vital data, and more, and establish an integrated database operating environment under a high-security setup.
Restructured the installation and deployment framework for the cloud-based health checkup system "Alpha Salus," with revenue recognition starting from the fourth quarter of FY2025 (ending December 2025). Build a health checkup data collection infrastructure through deployment to health checkup facilities, strengthening the revenue base of data network services.
Through the reinforcement and enhancement of sales personnel, organically expand sales of MDV analyzer and ad hoc research services for pharmaceutical companies and research institutions. In FY2025 (ending December 2025), data utilization service sales reached a record high.
To drastically advance database expansion, data centralization, and new business development, actively promote the planning and execution of M&A and alliance strategies, while advancing the utilization of cutting-edge information processing technologies including AI. Existing initiatives include collaborations with SBI Holdings and Sensing Inc.
Last updated: July 17, 2026