ENVALITH
株式会社JMDC logo

JMDC Inc.

4483・Prime Market・Information & Communication

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株式会社JMDC logo
JMDC Inc.4483

Business

JMDC holds the corporate mission of "Health and Prosperity for All" and operates two segments: Health Big Data and Telemedicine. In the Health Big Data segment, based on anonymized claims and health checkup data collected from health insurance associations and others, the company operates three businesses: data sales and analytics for pharmaceutical companies and insurers (for Industry), health program support and the PHR service "Pep Up" for insurers and consumers, and drug databases and medical fee factoring for healthcare providers. In the Telemedicine segment, its subsidiary DR.Net operates Japan's largest platform for radiology specialist physicians, matching medical institutions with radiologists for image interpretation. With Omron as its parent company, the company is also advancing collaboration in the device and global domains.

Business Model

Through continuous contracts with health insurance societies and others, the company continuously collects medical claims (receipt) and health checkup data, and after anonymization, monetizes it in multiple layers: ad hoc sales and database sales to pharmaceutical companies and insurance companies, SaaS-type health program support for insurers, and drug databases/factoring for medical institutions. Expansion in the volume and variety of data enhances service added value, creating a circular structure that leads to increased transaction value per customer (upsell/cross-sell). Telemedicine maintains high margins through a matching platform model that expands both contracted medical institutions and radiologists.

Company Strengths

The company holds claims and health checkup data covering 442 health insurance societies and 20.76 million enrollees, forming Japan's largest privately usable Health Big Data asset. It has strengths in tracking disease prevalence and treatment patterns over time by illness, forming a data asset with high barriers to entry that is widely utilized by pharmaceutical companies across drug discovery through post-marketing surveillance.

The number of issued IDs for the PHR service "Pep Up" expanded rapidly from 3.43 million at the end of March 2022 to 8.03 million at the end of March 2026. The Health & Productivity Management Alliance reached 525 companies and organizations as of the end of March 2026, continuously expanding the base of the ecosystem connecting insurers, companies, and consumers. These represent proprietary customer assets that will serve as the foundation for future data collection and service revenue.

Subsidiary Dr.Net operates Japan's largest platform specializing in radiology diagnostic physicians, with 1,255 contracted interpreting physicians and 1,665 contracted medical institutions. The segment EBITDA margin for FY2026 (ending March 2026) remained at a high level of 37.7%, generating stable earnings against a backdrop of structural demand stemming from the shortage of radiology diagnostic specialists (approximately 6,000 nationwide against roughly 110,000 medical institutions).

ENVALITH's Perspective

For FY2026 (ending March 2026), revenue reached ¥50,462 million (+20.9% year on year) and operating profit reached ¥10,521 million (+20.7% year on year), achieving increased revenue and profit on a continuing operations basis. However, profit attributable to owners of the parent decreased to ¥6,765 million (-7.0% year on year). This decline occurred because the prior period included a gain on sale from the Dispensing Pharmacy Support business (profit for the period from discontinued operations of ¥1,454 million), boosting that period's figures. Looking only at the underlying performance of continuing operations, steady profit growth is confirmed. Investors need to accurately assess the growth rate of continuing operations profit after excluding the discontinued operations impact (from ¥5,821 million in continuing operations in the prior period to ¥6,765 million in the current period, +16.2%).

Cash flow from operating activities for FY2026 (ending March 2026) decreased substantially to ¥8,594 million from ¥14,685 million in the prior period. The main causes were an increase in corporate income tax payments to ¥4,177 million (from ¥2,398 million in the prior period) and an increase in trade receivables of ¥3,064 million. In investing activities, the company made aggressive M&A investments, spending ¥10,556 million including ¥8,883 million for the acquisition of subsidiary shares. Goodwill balance expanded to ¥62,569 million (from ¥58,414 million in the prior period), a situation requiring ongoing monitoring of both the realization of acquisition synergies and impairment risk.

The company's forecast for FY2027 (ending March 2027) calls for revenue of ¥60,500 million (+19.9%), operating profit of ¥11,500 million (+9.3%), and EBITDA of ¥15,000 million (+13.8%). While the revenue growth rate is expected to be maintained, the operating profit growth rate is projected to slow from 20.7% in the current period to 9.3%. This reflects a structure in which continued upfront investment in the Health Big Data domain weighs on profit growth, requiring investors to assess the timing of returns on growth investments and the trajectory of margin improvement. As an external factor, progress in developing data utilization regulations such as the Next-Generation Medical Infrastructure Act could potentially expand business opportunities.

Growth Strategy

Sustainable growth through higher value-added data utilization, AI adoption, and overseas expansion, alongside continued upfront investment

The company is driving greater value-added in data utilization services for pharmaceutical companies, insurance companies, and others through the continuous increase in partner health insurance societies and the expansion of data types. Segment revenue for Health Big Data in FY2026 (ending March 2026) maintained high growth, reaching ¥44,070 million (+23.6% year on year), and further expansion is expected in subsequent periods.

The number of issued Pep Up IDs continued to expand during the fiscal year. The Health & Productivity Management Alliance reached 525 member companies and organizations as of the end of March 2026, and the company is advancing three initiatives: study sessions, health management assessments, and building an information platform. It aims to accelerate the creation of new business opportunities through the insurer ecosystem.

The company continues to add functions to AI-RAD, its diagnostic imaging AI engine platform, to strengthen the quality and differentiation of its remote radiology interpretation services. By expanding service offerings to medical institutions, it aims to improve ARPU and increase the number of contracted medical institutions.

The company continues to prepare for a full-scale business expansion into Asia within the Telemedicine segment. By deploying the expertise and technology of its domestically developed remote radiology interpretation platform into overseas markets, it aims to create medium- to long-term growth opportunities.

In FY2026 (ending March 2026), the company undertook active M&A, investing ¥8,883 million in the acquisition of subsidiary shares. In parallel with portfolio optimization through the divestment of the Dispensing Pharmacy Support business (Noah Medical), it is promoting business expansion in the healthcare data domain. Goodwill balance has expanded to ¥62,569 million, making early realization of acquisition synergies a key challenge.

Last updated: July 19, 2026