ENVALITH
株式会社くすりの窓口 logo

Kusurinomadoguchi, Inc.

5592・Growth Market・Information & Communication

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株式会社くすりの窓口 logo
Kusurinomadoguchi, Inc.5592

Business

Kusurinomadoguchi, Inc. is an IT platform company specializing in the healthcare sector, whose main customers are dispensing pharmacies, medical institutions, nursing care facilities, and health insurance associations. The company began operations in 2015 as the dispensing pharmacy division of EPARK, and now operates four businesses: online prescription reception (Media Business), pharmaceutical distribution support (Minna no Okusuribako Business), core systems for medical, pharmacy, and nursing care providers (Core Systems Business), and a preventive healthcare (Mibyo) business. With 12 consolidated subsidiaries and 1 affiliated company, the company aims to build a digital platform connecting healthcare professionals with individual users (patients), centered on more than 60,000 dispensing pharmacies nationwide.

Business Model

Revenue is divided into shot-based sales (initial consulting, equipment installation, etc.) and stock-based sales (monthly system usage fees, prescription reception commissions, pharmaceutical distribution commissions, maintenance fees, etc.). This is a network-effect-type model in which increases in the number of client facilities and usage frequency directly translate into accumulation of stock-based sales, and expansion of the number of member facilities also contributes to strengthened price negotiation power and increased transaction opportunities. In FY2026 (ending March 2026), net sales reached ¥12,330 million, with an operating margin of approximately 21.7%.

Company Strengths

In FY2026 (ending March 2026), the number of net prescription reception cases reached 7.26 million (120% year-on-year), with both the number of facilities held and reception cases per store increasing. The company has implemented, through in-house development, a repeat-usage promotion function linked with the EPARK Okusuri Techo app, accumulating customer touchpoints and usage data that competitors will find difficult to replicate in a short period.

The group of subsidiaries holds a suite of systems covering the core operations of medical-related facilities, ranging from receipt computer (recesecon) and medication history systems for dispensing pharmacies, to electronic medical record and medical accounting systems for medical institutions, and electronic nursing care record systems for nursing care facilities. As of the end of March 2026, the number of facilities held under the core system business reached 8,439 (105% year-on-year), forming a recurring revenue base with high customer dependence on operations.

The company maintains an in-house system development division and continuously develops and launches proprietary functions such as AI reception terminals, e-order systems, and inter-store inventory sharing functions. Of the ¥1,619,427 million in capital expenditure in FY2026 (ending March 2026), the majority was software development expense, and the in-house development structure that can promptly reflect customer needs in services serves as a source of competitive advantage.

ENVALITH's Perspective

In FY2026 (ending March 2026), revenue increased 10.1% while selling, general and administrative expenses decreased by approximately ¥232 million, from ¥4,521 million to ¥4,288 million, resulting in a sharp improvement in operating margin from 17.4% to 21.8%. This appears to reflect not only the drop-off of the large one-time expenses incurred in the prior period (such as a significant decrease in accounts payable) but also the emerging effect of fixed-cost absorption driven by the accumulation of recurring (stock-type) revenue. Whether this structural change proves sustainable will be the key evaluation criterion going forward.

Following the full consolidation of Medi-Web as a wholly owned subsidiary (January 2026), the company rapidly executed further M&A, acquiring Techno Network King (May 2026, acquisition cost of ¥950 million). While the full-fledged entry into the healthcare institution market can be viewed as a medium- to long-term growth opportunity, goodwill on the balance sheet increased from ¥507 million to ¥870 million, and may expand further depending on future acquisitions. The timing of realizing integration synergies and the level of integration costs are important points to watch, as they will determine whether the earnings forecast can be achieved.

The company's forecast for FY2027 (ending March 2027) calls for revenue of ¥14,400 million (up 16.8% year on year), operating profit of ¥3,100 million (up 15.6%), and net profit attributable to owners of the parent of ¥3,100 million (up 5.0%). While revenue and operating profit growth are accelerating, the fact that net profit growth is limited to 5.0% is presumed to be mainly due to the drop-off of the tax effect from the reversal of deferred tax assets recorded in the prior period (income taxes—deferred of −¥574 million). As for the external environment, the tailwind continues, as the narrowing of drug price margins resulting from drug price revisions is structurally increasing the need for operational efficiency at dispensing pharmacies, thereby boosting demand for the company's services; however, policy change risk continues to warrant close monitoring.

Growth Strategy

Full-scale entry into the medical institution market and M&A aimed at expanding the customer base to 100,000 facilities

The company continues initiatives to raise awareness of its online prescription reception service, aiming to build up the number of dispensing pharmacies onboarded and the number of reservations. This functions as a foundation for stable expansion of stock-type revenue and contributed to revenue growth in FY2026 (ending March 2026) as well.

The company is promoting the spread of its pharmaceutical distribution platform among dispensing pharmacies and medical institutions. It is pursuing both new customer acquisition and increased distribution value from existing customers in parallel, aiming to lift stock-type earnings.

The company is strengthening system and data integration across group companies, including Medi-Web (made a wholly owned subsidiary in January 2026) and Techno Network / K-Ing (acquired in May 2026), to establish a framework for providing one-stop IT solutions to medical institutions.

In January 2026, the company made Medi-Web, which operates EPARK Clinic / Hospital, a wholly owned subsidiary through a share exchange. In addition to its existing pharmacy-oriented market, the company has now made a full-scale entry into the medical institution market, expanding its business domain. Incorporation into the scope of consolidation has been completed.

Effective May 1, 2026, the company acquired shares of Techno Network (ORCA implementation support and electronic medical record sales) and its wholly owned subsidiary K-Ing at an acquisition cost of ¥950 million. By incorporating this company, which has a track record of implementation at over 1,200 medical institutions mainly in the Kyushu region, the company aims to achieve growth leveraging the tailwind from the government's promotion of medical DX (the policy to standardize electronic medical records by 2030).

Last updated: July 19, 2026