Waqoo Inc.
4937・Growth Market・Chemicals
Business
Waqoo Inc. is a corporate group built around two core pillars: the D2C Business, which handles cosmetics through digital marketing, and the Medical Support Business, which engages in contract blood-derived processing and raw material sales in the regenerative medicine field. In addition to the D2C Business, which has a recurring-revenue foundation built on subscription-based purchasing models for its flagship brand "HADA NATURE" and the medicated hair growth agent "sodatel", the company develops raw materials and processing services for regenerative medicine, leveraging the manufacturing technology of its wholly owned subsidiary Cell Pro Japan Co., Ltd. Following its listing on the TSE Growth Market in 2021, the company became a consolidated subsidiary of SBC Medical Group Co., Ltd. in December 2025, transitioning to a structure capable of pursuing business synergies in the medical field. Main customers are general consumers for the D2C Business, and medical/beauty institutions such as clinics and beauty salons for the Medical Support Business.
Business Model
In the D2C Business, the Company adopts a subscription-based purchase service model, generating stock-type cash flow through customers' repeat purchases. While manufacturing is outsourced (OEM), the Company handles planning, development, sales, and CRM in-house, accumulating customer data to maximize LTV. In the Medical Support Business, under a "unified manufacturing and sales" structure that integrates Cellpro Japan's manufacturing technology with the Company's sales capabilities, the Company earns contract service fees for blood-derived processing as well as wholesale revenue from raw materials and cosmetics.
Company Strengths
In FY2025 (ended September 2025), Medical Support Business sales were ¥999 million (up 59.3% year on year), with segment profit of ¥216 million (up 237.7% year on year). Raw material sales revenue expanded sharply, up 82.2% year on year, and the number of affiliated hospitals for the blood-derived processing service also increased steadily. The business is functioning as a driving force for overall growth.
In FY2025 (ended September 2025), the D2C Business segment profit margin was 30.9% (profit of ¥294 million). Even amid restrained advertising investment, enhanced CRM measures maintained the repeat purchase rate of loyal customers and preserved average customer spending. The stable cash flow generation capability from the subscription model underpins the earnings base.
Wholly owned subsidiary Cell Pro Japan is advancing research and development in cell culture methods and culture supernatant production methods, new technology for high-concentration extraction of IL-1ra, and new ingredient formulation technology, among others, while pursuing patent acquisitions and applications. In FY2025 (ended September 2025), R&D expenses of ¥37,675 thousand were invested, continuing to strengthen technological differentiation.
ENVALITH's Perspective
Performance Trend
Revenue over the past five fiscal years peaked at ¥4,684 million in FY2021 and continued to contract, before bottoming out at ¥1,961 million in FY2025 and then reversing course. Cumulative revenue for the first half of FY2026 (ending September 2026) reached ¥1,133 million (versus ¥834 million in the same period of the prior year, up 35.8% year on year), demonstrating accelerating growth. On the profit side, the company achieved a turnaround from an operating loss of ¥52 million in the same period of the prior year to operating profit of ¥138 million. The rapid expansion of the Medical Support Business (revenue up 90.4%) was the main driver, while the D2C Business, despite shrinking revenue, contributed through improved profit margins. For the full fiscal year, the company forecasts revenue of ¥2,500 million (up 27.5% year on year) and operating profit of ¥400 million (up 165.0% year on year), representing substantial growth in both revenue and profit. As for the external environment, although sluggish growth in real income due to rising prices is affecting personal consumption, demand in the medical and beauty fields remains resilient.
Growth Strategy
Aiming to enhance corporate value through three pillars: expansion of Medical Support Business, LTV maximization in D2C, and overseas expansion
Achieved expansion exceeding the initial plan with 796 affiliated clinics (up 242 clinics year-on-year). In addition to expanding new partnerships, measures emphasizing improved utilization rates at existing partner clinics were deployed. The utilization rate stood at 60.1% (down 4 points year-on-year), reflecting a temporary decline due to the aggressive expansion of new clinics, but a return to a mid-term upward trend is expected.
The Raw Material Sales Business, centered on subsidiary Cell Pro Japan, has developed new business partners on the strength of high reliability in safety and quality. Cumulative raw material sales revenue for the second quarter of FY2026 (ending September 2026) expanded significantly to ¥268 million (compared to ¥176 million in the same period of the previous year), establishing itself as a pillar of revenue for the Medical Support Business.
Shifted focus away from new customer acquisition toward maximizing profitability from the existing customer base. Promoting efficiency through cross-sell reinforcement, focus on marketplace channels, and introduction of AI bots. Cumulative segment profit margin for the second quarter of FY2026 (ending September 2026) remained at a high level of 43.3%, functioning as a source of cash generation for the group as a whole.
Established the Overseas Business Division for the purpose of promoting global initiatives, driving the introduction of advanced overseas products and technologies to domestic medical institutions. Recorded cumulative revenue of ¥126 million and segment profit of ¥95 million (profit margin of 75.9%) for the second quarter of FY2026 (ending September 2026). Aiming to evolve into a platform-type revenue model that deploys multiple products and technologies across the board, leveraging the medical institution network and data assets as a foundation.
Business synergies with parent company SBC Medical Group (listed on NASDAQ, ticker: SBC) have begun to show concrete progress, with the seeds of measures to enhance corporate value for both group companies emerging. Realizing synergies such as expanding the number of affiliated clinics and introducing overseas products by leveraging the group's domestic and international medical institution network will be key to mid- to long-term growth.
Last updated: July 17, 2026