GIMIC Co., Ltd
475A・Standard Market・Services
GIMIC Co., Ltd
475A・Standard Market・Services
Business
Gimmick Inc. was established in 2003 and listed on the Standard Market of the Tokyo Stock Exchange in December 2025 as a medical-specialized platform company. Its flagship service, Doctor's File, is a medical information website that has been offered since 2006, accumulating interview reports created through direct interviews with doctors and providing an information infrastructure that allows patients to compare and consider doctors and medical institutions. Centered on a monthly subscription-based matching service for clinics, the company also operates the medical information magazine "Tayoreru Doctor," the in-clinic operations DX app "Doctor's File medipathy," and HR-related services, comprehensively supporting the management challenges faced by medical institutions. Its main customers are clinics nationwide, with 7,594 customers as of the end of March 2026, and cumulative interview achievements reaching approximately 31,000 clinics.
Business Model
"Doctor's File" operates on a monthly subscription model starting at ¥35,000 per month, forming a stock-revenue base that maintains a low churn rate of 0.81% (FY2026 (ending March 2026)). This is cross-sold with "Tayoreru Doctor" (an annually published listing-fee product with a 75.7% renewal rate), and transaction value is further expanded by proposing peripheral services such as Doctor's File medipathy, the HR domain, and in-hospital operational DX to existing customers. ARR for FY2026 (ending March 2026) was ¥2,746 million.
Company Strengths
The net revenue churn rate for "Doctor's File" remained at a low level below 1%, at 0.81% as of the end of FY2026 (ending March 2026). ARR stood at ¥2,746 million, with 7,594 clients. Owing to its monthly subscription-based revenue structure, 70.7% of sales accumulate as recurring revenue, forming a stable earnings base that is less susceptible to economic fluctuations.
Since the service launch in 2006, the company has accumulated interviewing capability, content production capability, and sales know-how through direct interviews with a cumulative total of approximately 31,000 clinics (as of March 2026). In September 2025, the cumulative number of interview articles surpassed 30,000. The company recognizes that this accumulation of tacit knowledge functions as a barrier to entry against other patient-acquisition media.
In April 2025, the company introduced AI dedicated to "Doctor's File," shortening the average time required for content production from the previous 7 days to 2 days, a reduction of approximately 71%. This has kept the growth in cost of sales below the growth in net sales (cost of sales up 3.6% year on year versus net sales up 8.2%), contributing to an improvement in the gross profit margin (gross profit of ¥3,146 million in FY2026 (ending March 2026), up 9.3% year on year).
ENVALITH's Perspective
Performance Trend
In FY2026 (ending March 2026), the company achieved increased revenue and profit, with revenue of ¥3,842 million (up 8.2% year on year), operating profit of ¥465 million (up 70.8% year on year), and net income of ¥307 million (up 59.7% year on year). Gross profit margin remained at a high level of 81.9% (versus 81.1% in the prior period), and as the rate of revenue growth exceeded the rate of increase in SG&A expenses, the operating profit margin improved substantially to 12.1% (versus 7.7% in the prior period). However, listing-related expenses of ¥20 million and share issuance costs of ¥12 million were recorded as non-operating expenses in the current period, meaning that underlying profitability was even higher when these are excluded. For the following period, FY2027 (ending March 2027), the company expects revenue of ¥4,120 million (up 7.2% year on year), while anticipating a substantial decline in operating profit to ¥300 million (down 35.6% year on year) due to upfront costs from growth investments, clearly signaling a shift into an investment phase.
Growth Strategy
The company aims to evolve into medical infrastructure through a three-pronged approach: customer base expansion, cross-selling, and productivity improvement
The company will establish its brand position and expand the number of contracted facilities through continued rollout in priority areas and advertising investment. In FY2027 (ending March 2027), the company will step up upfront investment in advertising expenses to expand its medium- to long-term revenue base.
In FY2026 (ending March 2026), the company added Kagawa and Utsunomiya, establishing a 36-edition structure. Continued rollout into new areas will contribute to sales growth in the matching business area.
The company has built a track record of 2,275 installations centered on clinics, and has also established a track record of installations at advanced medical institutions and large hospitals. It aims to diversify revenue by expanding in the in-hospital operations DX area.
Using funds raised through the listing, the company is making upfront investments in personnel and development expenses. Combined with productivity improvement measures such as shortening the content production process (from an average of 7 days to 2 days) through the introduction of dedicated AI, the company aims to achieve sustained improvement in profitability.
In September 2025, the company held "Medical Alliance Day 2025" in Tokyo, demonstrating new possibilities in regional medical collaboration. It aims to actively promote various initiatives in the medical collaboration area to expand its sales scale.
Last updated: July 19, 2026