MRSO Inc.
5619・Growth Market・Information & Communication
Business
MRSO, Inc. is a HealthTech company that promotes the digitalization of preventive medicine, centered on its health checkup and medical examination reservation site "MRSO.jp". Based on its platform, which lists the largest number of medical institutions in Japan (1,906 as of the end of December 2025), the company offers reservation and advertising services for individuals, as well as DX services for medical institutions, corporations, and government entities. The company serves a wide range of customers, from individuals to corporations and government, through partnerships with major life insurance companies such as Sumitomo Life, Meiji Yasuda Life, and Fukoku Life to provide reservation functions, as well as corporate reservations (with a corporate user base of approximately 700,000 people), which began in earnest in April 2025. The company listed on the Tokyo Stock Exchange Growth Market in December 2023.
Business Model
The core reservation revenue is a performance-based model in which medical institutions pay a service fee based on the examination amount when examinees make reservations and receive checkups via MRSO.jp. Advertising revenue secures stable income through increased exposure for medical institutions and support for corporate promotions. DX revenue is recurring (stock-type) revenue generated by providing web reservation systems for medical institutions, corporations, and government entities. In FY2025 (ending December 2025), the revenue composition was 56.5% reservation, 28.2% advertising, and 15.2% DX.
Company Strengths
The number of medical facilities listed on MRSO.jp reached 1,906 as of the end of December 2025 (up 229 from the previous period). Covering everything from national and public hospitals to major group hospitals and clinics, the service has been recognized as No. 1 among the top 3 individual health checkup reservation sites in a survey conducted by Do House Inc.
The company provides reservation functionality through business alliances with major life insurance companies including Sumitomo Life, Meiji Yasuda Life, Sony Life, Fukoku Mutual Life, Asahi Mutual Life, and Hanasaku Life. For corporate reservations launched in April 2025, the corporate base (the number of health checkup targets at contracted organizations) has already expanded to approximately 700,000 people.
In 2016, the company obtained and renewed ISMS (ISO27001) and QMS (ISO9001) certifications, and in 2017 also obtained the Privacy Mark (P Mark). As a platform handling sensitive medical and health information, the company has established an institutional foundation of trust.
ENVALITH's Perspective
Performance Trend
Revenue declined sharply for three consecutive periods, from ¥1,809 million in FY2023 to ¥1,333 million in FY2024 to ¥1,078 million in FY2025. The main causes were the fade-out of special demand from the vaccination business and SEO-related impacts on individual reservations. In Q1 of FY2026 (ending December 2026), revenue turned to a slight increase of ¥291 million (up 3.6% year-on-year), showing signs that the decline is bottoming out. In terms of profitability, the company fell into an operating loss of ¥34 million in FY2025, and the operating loss in Q1 of FY2026 (ending December 2026) narrowed to ¥10 million (versus ¥12 million in the same period of the prior year). The full-year forecast calls for revenue of ¥1,262 million (up 17.1%) and an operating loss of ¥76 million, reflecting continued losses due to upfront investment. In terms of the external environment, growing interest in health and preventive medicine and a stable employment environment are supporting demand for corporate health checkups, while persistently high prices and geopolitical risks could exert downward pressure on consumer and corporate sentiment.
Growth Strategy
Transforming the earnings structure through full-scale entry into the corporate reservation market (approx. ¥600 billion) and expansion of DX services
Centered on health checkup arrangement services for corporations and health insurance societies, the company is expanding corporate reservation transaction volume by leveraging its base of approximately 700,000 corporate health checkup recipients. In Q1 of FY2026 (ending December 2026), transaction volume achieved a significant year-on-year increase, and the company aims to accelerate penetration into the approximately ¥600 billion corporate reservation market.
Through ongoing sales activities, the company is expanding the number of listed medical institutions, strengthening the foundation for reservation revenue and advertising revenue. As of the end of December 2025, the number reached 1,906 facilities, and increasing the number of facilities directly contributes to enhancing the platform's ability to attract users.
Centered on the MRS (Web Reservation System for Medical Institutions) for medical institutions, government bodies, and corporations, the company is deploying an integrated DX service covering everything from health checkup reservations to health data management. The company is also expanding its scope of provision to government entities, primarily municipalities, aiming for a steady accumulation of DX-related revenue.
Toward FY2026 (ending December 2026), the company is accelerating strategic investment including workforce expansion. Selling, general and administrative expenses are on an increasing trend, and the company's policy is to prioritize building a medium- to long-term earnings foundation while accepting a short-term expansion of losses. Ample cash on hand (¥1,637 million) underpins the capacity for investment.
Last updated: July 17, 2026