Kusurinomadoguchi, Inc.
5592・Growth Market・Information & Communication
Kusurinomadoguchi, Inc. (Single Segment)
Single-segment business operating an IT platform for pharmacies, healthcare, and long-term care
| Period | Current | Previous | Change |
|---|---|---|---|
| Net sales (consolidated full-year results) | ¥12,330 million | ¥11,199 million | ↑ |
| Operating profit (consolidated full-year results) | ¥2,681 million | ¥1,953 million | ↑ |
| Ordinary profit (consolidated full-year results) | ¥2,666 million | ¥1,940 million | ↑ |
| Profit attributable to owners of parent (consolidated full-year results) | ¥2,952 million | ¥2,034 million | ↑ |
| Operating profit margin | 21.8% | 17.4% | ↑ |
| Return on equity (ROE) | 29.8% | 27.5% | ↑ |
| Total assets (consolidated, fiscal year-end) | ¥17,816 million | ¥12,157 million | ↑ |
| Net assets (consolidated, fiscal year-end) | ¥11,464 million | ¥8,516 million | ↑ |
| Equity ratio | 63.7% | 69.5% | ↓ |
| Earnings per share (EPS) | ¥263.23 | ¥184.89 | ↑ |
| Book value per share (BPS) | ¥990.75 | ¥753.05 | ↑ |
| Cash flow from operating activities | ¥2,947 million | △¥5,326 million | ↑ |
| Cash and cash equivalents at fiscal year-end | ¥5,237 million | ¥2,104 million | ↑ |
| Annual dividend per share | ¥38.00 | ¥27.00 | ↑ |
Business Details
With dispensing pharmacies, medical institutions, and long-term care facilities as its main customers, the company operates a multi-layered range of services centered on the prescription online reception portal "EPARK Kusurinomadoguchi," including pharmaceutical procurement support, dead-stock trading, and core systems (dispensing receipt computer systems, electronic medical records, and long-term care records). The company positions itself as a "platform connecting medical care, pharmacies, long-term care, and individual users," generating revenue through a combination of recurring (stock) revenue and one-time (shot) revenue. In January 2026, the company made Medi-Web a wholly owned subsidiary through a share exchange, accelerating its full-scale entry into the market for medical institutions.
Recent Overview
FY2026 (ending March 2026) saw net sales up 10.1% and operating profit up 37.3%, marking substantial profit growth, alongside active M&A activity
Consolidated results for FY2026 (ending March 2026) showed net sales of ¥12,330 million (up 10.1% year on year), operating profit of ¥2,681 million (up 37.3% year on year), and profit attributable to owners of parent of ¥2,952 million (up 45.1% year on year), achieving substantial profit growth. Selling, general and administrative expenses were reduced from ¥4,521 million to ¥4,288 million, contributing to margin improvement. In January 2026, the company made Medi-Web (operator of EPARK Clinic / Hospital) a wholly owned subsidiary through a share exchange, marking its full-scale entry into the market for medical institutions. As a subsequent event, effective May 1, 2026, the company made Techno Network (ORCA implementation support and electronic medical records) and its subsidiary Caring wholly owned subsidiaries at an acquisition cost of ¥950 million. For FY2027 (ending March 2027), the company forecasts net sales of ¥14,400 million (up 16.8% year on year) and operating profit of ¥3,100 million (up 15.6% year on year).
Key Products
Growth Drivers
- Continued increase in reservation volume through improved brand recognition of online prescription reception in the media business
- Expansion of pharmaceutical distribution amount through promotion of dispensing pharmacy and medical institution development in the Minna no Okusuribako business
- Increase in the number of user facilities through strengthened system and data integration among subsidiaries in the core systems business
- Full-scale entry into the medical institution market and expansion of the customer base through making Medi-Web a wholly owned subsidiary
- Expansion into ORCA implementation support and electronic medical records through the acquisition of Techno Network and Caring (subsequent event), supported by medical DX policy tailwinds
- Structural expansion of demand for core systems driven by the government's promotion of medical DX (policy to standardize electronic medical record information by 2030)
- Value creation and stable accumulation of recurring revenue through strengthened integration of data accumulated across each business
Risks
- Risk of deterioration in customer profitability environment due to medical system changes such as drug pricing and dispensing fee revisions
- Risk of fluctuation in one-time (shot) revenue as demand normalizes following the peak of subsidy- and add-on-eligible services
- Risk of intensified competition from similar services offered by competitors, including those from other industries
- Risk of scheme changes in the Minna no Okusuribako business due to changes in business partnerships, among other factors
- Risk of increased goodwill and intangible fixed assets due to active M&A, and associated future impairment risk (goodwill balance of ¥870 million)
- Financial risk associated with increased interest-bearing debt from new short-term borrowings of ¥2,000 million and a decline in the equity ratio (from 69.5% to 63.7%)
- Risk that the recoverability of deferred tax assets (¥1,631 million) depends on estimates of future taxable income
- Collection risk related to long-term loans receivable (¥499 million) extended for the transfer of treasury shares to officers and employees
Last updated: June 26, 2026