CE Holdings Co.,Ltd.
4320・Standard Market・Information & Communication
Business
CE Holdings Co., Ltd. is a medical information IT company founded in 1996 and listed in 2001. Its core business is the development and sale of electronic medical record systems centered on its proprietary package product, the MI・RA・Is Series, with more than 950 installations mainly at small and medium-sized hospitals. The group, consisting of the Company and five subsidiaries, operates two segments: Healthcare Solutions (approximately 97% of net sales) and Marketing Solutions. Building on its electronic medical record systems as a starting point, the Company is expanding into peripheral services that broaden the "time axis and spatial axis," including Contracted Development & Operation Management of Medical Information Systems, a Deferred Payment System for Medical Institutions, and the smartphone service Doctor Connect.
Business Model
The company sells its core electronic medical record system, the MI・RA・Is Series (Electronic Medical Record System), to small and medium-sized hospitals, and generates recurring revenue through post-implementation maintenance and operation management services. Replacement demand from existing users upgrading to the latest version, MI・RA・Is V, is driving revenue growth. The company aims to increase the proportion of its stock-type business by expanding cloud services, deferred medical payment services, and system maintenance. It supplements its sales network through collaboration with sales and SI partners nationwide, and is also pursuing business scope expansion through M&A while utilizing fundraising methods (stock acquisition rights).
Company Strengths
In the electronic medical record market, where new entry is difficult, the company has accumulated over 25 years of development and sales track record since completing its first commercial product in 1999, securing over 950 installations and a top-3 industry share position. Stable replacement demand for the "MI・RA・Is V" system among existing users forms a stable revenue base.
In FY2025 (ending September 2025), consolidated net sales were ¥15,831 million (up 8.8% year on year), operating profit was ¥1,411 million (up 22.9% year on year), and ordinary profit was ¥1,426 million (up 23.6% year on year), with all profit stages except gross profit reaching record highs. Order backlog also reached a record ¥16,142 million (up 14.7% year on year).
Under the "Honebuto Policy 2025" (Basic Policy on Economic and Fiscal Management and Reform) and the "Priority Plan for Realizing a Digital Society," the government has explicitly set a target of introducing electronic medical records at essentially all medical institutions by 2030. Revisions to medical service fees (the Medical DX Promotion System Development Add-on) and subsidies are also encouraging system investment by medical institutions, providing direct policy tailwinds to the company's core market.
ENVALITH's Perspective
Performance Trend
Revenue has been on a four-consecutive-period growth trend, rising from ¥12,285 million in FY2021 to ¥15,831 million in FY2025. In the first half of FY2026 (ending March 2026), revenue accelerated to ¥10,877 million (up 18.2% year on year). However, the primary driver of this growth was the simultaneous go-live of two large-scale electronic medical record projects and the front-loaded launch of projects originally scheduled for the third quarter onward—representing a temporary boost from project concentration rather than a structural acceleration. The operating profit margin declined to 12.9% (down from 13.4% in the same period of the previous year), weighed down by increased SG&A expenses (¥1,178 million, up 11.9% year on year). Net profit remained roughly flat year on year at ¥708 million due to the recognition of an impairment loss of ¥148 million as an extraordinary loss. In terms of the external environment, medical DX policy and the revision of medical service fees continue to support demand, and the medium- to long-term market expansion trend remains intact.
Growth Strategy
Deepening healthcare IT through expansion of electronic medical records along time and space axes, and AI and next-generation system development
Continuing to promote upgrades among existing users to the latest version launched in January 2024. In the interim period of FY2026 (ending September 2026), early operation of large-scale projects was realized, and order intake reached a record high of ¥7,908 million. The upgrade cycle is a core initiative supporting stable earnings growth.
Promoting initiatives toward compatibility with the National Medical Information Platform and the spread of the electronic medical record information sharing service. Capturing demand for system investment among medical institutions by leveraging medical fee add-ons (the Medical DX Promotion System Development Add-on) and government supplementary budgets.
Expanding the scope of AI services that support efficiency improvements at medical sites, promoting deepening among existing users and acquisition of new users. Also advancing research on next-generation electronic medical record systems in parallel, aiming for further improvements in efficiency, safety, and convenience.
Promoting the expansion of service areas to before and after hospital visits (time axis) and to examination rooms, lobbies, patients' homes, and pharmacies (space axis). The smartphone service Doctor Connect recorded an impairment loss and has effectively been discontinued, but the direction of expanding along the time and space axes continues.
Strengthening cooperation with sales partners to promote the acquisition of new users in the market for small and medium-sized hospitals. Order intake has renewed its record high for an interim period, and expansion of orders through the partner network has been confirmed.
Last updated: July 17, 2026