MRSO Inc.

Business Details

Centered on the health checkup and medical examination reservation site "MRSO.jp," the company operates services across three categories: reservations, advertising, and DX. It also provides a web reservation system for medical institutions, as well as DX solutions for corporations and government. Its mission is to extend healthy life expectancy by 8 years (realizing a +8Y healthy longevity society). In Q1 of FY2026 (ending December 2026), net sales were ¥291 million (up 3.6% year on year), maintaining a revenue growth trend, while operating loss improved year on year.

Recent Overview

In Q1 of FY2026 (ending December 2026), net sales increased and losses narrowed, with corporate reservation volume up significantly year on year

Net sales for Q1 (January to March) of FY2026 (ending December 2026) were ¥291 million (up 3.6% year on year). All three categories—reservations, advertising, and DX—exceeded the same period of the prior year. Operating loss improved to ¥10 million from ¥12 million in the same period of the prior year. Corporate reservation transaction volume, a leading indicator of sales, increased significantly year on year. There is no change to the full-year earnings forecast (net sales of ¥1,262 million and operating loss of ¥76 million), and expenses are expected to increase toward the second half due to continued strategic investment. Additionally, from this Q1, the method for calculating tax expenses was changed to the estimated effective tax rate method (the impact is minor).

Key Products

Growth Drivers

• Full-scale rollout of corporate reservations: the corporate base (number of health checkup subjects) is approximately 700,000 people, the corporate reservation market is approximately ¥600 billion—about 10 times the size of the individual reservation market—and corporate reservation transaction volume increased significantly year on year
• Continued expansion of the number of medical institutions listed on MRSO.jp: ongoing sales activities have increased the number of listed institutions (1,906 as of the end of December 2025)
• Full-scale provision of end-to-end DX services by MRSO Business, from health checkup reservations to health data management
• Expansion of advertising revenue: increased exposure of medical institutions through feature pages and promotions through partnerships with companies
• Strengthening of the business foundation through strategic investment such as personnel expansion toward FY2026 (ending December 2026) (full-year net sales growth of +17.1% is forecast)

Risks

• Risk of decline in organic traffic for individual reservations due to Google search algorithm updates and AI search (became apparent in FY2025 ending December 2025)
• Risk that monetization of corporate reservations will take time: an operating loss of ¥76 million is expected in FY2026 (ending December 2026) as well, with the strategic investment phase continuing
• Volatility risk in DX revenue: fluctuations in demand for systems for medical institutions and government (down 30.7% year on year in FY2025 ending December 2025)
• Change in revenue structure due to the effective discontinuation of vaccine revenue (integrated into DX revenue, having declined to a level of little financial significance)
• Risk of deterioration in economic conditions and the employment environment: demand for corporate health checkup arrangement services is linked to the employment environment
• Downward pressure on corporate capital expenditure sentiment and consumer sentiment stemming from shifts in US trade policy and the situations in the Middle East and Ukraine
• Challenges in securing and developing personnel within a small organization
• Management and security risks at the overseas subsidiary (MRSO ASIA Co., Ltd.)