Welby Inc.
4438・Growth Market・Information & Communication
Business
Welby Inc. has set forth "Empower the Patients" as its business mission, developing PHR (Personal Health Record) platform services across multiple disease areas, ranging from lifestyle diseases such as diabetes and hypertension to cancer and autoimmune diseases. Its main services are built on two pillars: the "Disease Solution Service" for pharmaceutical companies (approximately 80% of revenue) and the self-operated "Welby MyKarte Service" (approximately 20% of revenue). It functions as a data infrastructure connecting patients, medical institutions, pharmaceutical companies, insurers, and local governments, and as of the end of December 2025, the cumulative number of app downloads has reached approximately 1.23 million, with 33,010 registered primary care medical institutions. Listed on the Tokyo Stock Exchange Growth Market.
Business Model
In the Disease Solution Service, the company receives PHR platform construction fees (development fees) and operational usage fees from pharmaceutical companies. In the Welby MyKarte Service, it provides OEM offerings and charges monthly usage fees to health insurance associations, local governments, medical institutions, and healthcare-related companies. Cost of sales stood at ¥187,057 thousand, with a high gross margin of approximately 70.6%, but SG&A expenses reached ¥901,495 thousand due to upfront investment-oriented spending, resulting in a continuing operating loss structure.
Company Strengths
Develops and operates apps for more than 20 disease areas, including lifestyle-related diseases, cancer, autoimmune diseases, mental illness, and rare diseases. As of the end of December 2025, cumulative downloads reached approximately 1.23 million, and the number of registered primary care institutions reached 33,010, building a foundation for accumulating real-world clinical data.
Concluded capital and business alliances with Nippon Life Insurance Company, Chubu Electric Power, NTT DOCOMO, Suzuken, Fukuda Denshi, and others. In FY2025, Nippon Life Insurance Company accounted for 16.1% of net sales (¥102,187 thousand) and Chubu Electric Power accounted for 15.8% (¥100,350 thousand), demonstrating a visible revenue contribution via major partners.
Began integration with Mynaportal in August 2023, enabling acquisition and viewing of vaccination history, medication information, and specific health checkup data. In 2025, Welby MyKarte underwent a full renewal to comply with HL7 FHIR, establishing the "WPDP" data portability infrastructure compliant with international standards.
ENVALITH's Perspective
Performance Trend
Revenue over the past five fiscal years has remained at low levels, moving from ¥1,139 million in FY2021 → ¥575 million in FY2023 → ¥636 million in FY2025, while the operating loss peaked at ¥654 million in FY2024 before narrowing to ¥453 million in FY2025. In 1Q FY2026 (January–March 2026), revenue was ¥133 million (+10.7% year on year) and the operating loss was ¥157 million (improved from ¥161 million in the same period a year earlier), continuing the trend of narrowing losses. The Disease Solution Service drove growth, up 80.5% year on year, while the MyKarte Service declined 41.7% year on year due to timing shifts. The full-year forecast calls for revenue of ¥1,466 million (+130.5% year on year) and an operating loss of ¥30 million, a substantial improvement, but given the strong second-half-weighted seasonality, achieving this target hinges on booking large-scale projects from 2Q onward. Upfront investment in 1Q totaled ¥35 million (for MyKarte platform development).
Growth Strategy
Expansion of the PHR platform into new disease and customer domains, accelerating social implementation through partner collaboration
Continuing expansion beyond lifestyle-related diseases into autoimmune diseases, oncology, and other areas. Demand from pharmaceutical companies for new drug symptom and side-effect monitoring is emerging, and increased use of PHR in real-world clinical practice and clinical research is expected. In Q1 FY2026, high growth of +80.5% year-on-year was achieved.
Provides reliable medical information as a one-stop service through linkage with PMDA drug information references and collaboration with specialized companies. A new revenue source that integrates with Welby's PHR services to function as an "information concierge" optimized to patients' life logs.
Aiming to realize community-based integrated care utilizing PHR by strengthening functions that address the entire patient journey and forming a PHR network covering community facilities. Jointly promoting healthcare DX for pharmaceutical companies, insurers, and local governments.
Promoting commercialization of solutions for health insurance societies, municipal national health insurance, mutual aid associations, and the Japan Health Insurance Association. Participation by multiple health insurance societies and local governments has already been decided, and collaboration on online medical consultation support and medication guidance with Minacolor, a subsidiary of NTT DOCOMO, is also underway.
Strengthening data linkage with continuous glucose monitoring (CGM) systems, and implementing health guidance and health checkup packages utilizing PHR × FreeStyle Libre in collaboration with partners such as health checkup outsourcing providers, while rolling out model projects and merchandise sales business for local governments and insurers.
Last updated: July 17, 2026