Artra Group Corporation
6029・Standard Market・Services
Business
Artra Group Inc. operates under the corporate philosophy of "wanting to make people around the world healthy," running two segments: the A-COMS Business, a management support platform for acupuncture and osteopathic clinics, and the Toy Sales Business (Pelican Co., Ltd.). In the A-COMS Business, centered on its proprietary core system A-COMS, the company provides multi-layered services to acupuncture and osteopathic clinics, including medical expense billing agency services (Artra Billing Service), a retail and reservation platform (HONEY-STYLE), Equipment & Consumables Sales, a franchise chain (Honetsugi Chain), and Nursing Care Support (Honetsugi Day Service). Against the backdrop of structural industry changes such as declining medical expense reimbursements, the company aims to establish itself as infrastructure supporting the expansion of out-of-pocket treatments and enhanced retail sales.
Business Model
In the A-COMS Business, monthly membership revenue from the medical expense claim proxy service (Artra Billing Service) serves as a stable foundation, on top of which the company builds up franchise fees and monthly royalties (¥100 thousand per month) from the Honetsugi Chain, usage fees from clinics using HONEY-STYLE, Equipment & Consumables Sales, and financial income from A-COMS Finance (early cash conversion of medical expense claims). The Toy Sales Business consists of physical store sales operated by Pelican Co., Ltd. By adding services that leverage the scalability of A-COMS, the company aims to lock in customers and diversify revenue.
Company Strengths
The in-house developed core system for acupuncture and osteopathic clinics, A-COMS, centralizes treatment fee billing, patient management, business analysis, fraud prevention, and out-of-pocket treatment management. Sales of the Artra Billing Service increased 11.3% year on year to ¥605,739 million, with the acquisition of switchers from other companies' systems accelerating, making it highly difficult to replace as business infrastructure.
The company provides multiple services to the same customer base, including the Honetsugi Chain (sales of ¥522,741 million, up 8.3% year on year), HONEY-STYLE (sales of ¥99,066 million, up 29.0% year on year), equipment sales, nursing care support, and A-COMS Finance. Each service refers customers to and collaborates with the others, creating a structure that maximizes revenue per clinic.
In FY2025 (ending December 2025), operating profit was ¥140,812 million (up 2,377.6% year on year), and net income attributable to owners of parent turned positive at ¥258,292 million (versus a net loss of ¥36,736 million in the prior period). Total liabilities also decreased by ¥246,021 million year on year to ¥2,431,663 million, reflecting continued improvement in the company's financial structure.
ENVALITH's Perspective
Performance Trend
Revenue trended from ¥3,158 million to ¥3,927 million from FY2021 to FY2025, but the full-year forecast for FY2026 (ending December 2026) is ¥2,400 million, reflecting a significant expected decline due to the sale of the Toy Sales Business. On the other hand, profitability is on an improving trend: in Q1 of FY2026 (ending December 2026), revenue was ¥970 million (down 1.0% year on year), yet operating profit was ¥17 million and ordinary profit was ¥20 million, marking a return to profitability for the first time in seven years. The gross profit margin improved from 33.1% in the same period of the previous year to 34.9%, aided also by reductions in selling, general and administrative expenses. The net loss of ¥113 million was due to a one-time factor—a loss of ¥130 million on the sale of Pelican shares—and underlying ordinary-profit-based earning power is steadily improving. In terms of financial position, total assets stood at ¥3,379 million and the equity ratio was 46.8%, maintaining sound financial health.
Growth Strategy
Strengthening its position as acupuncture and osteopathic clinic infrastructure through the enhancement of A-COMS functionality and expansion into adjacent markets
Accelerating new sign-ups from newly opened clinics and the acquisition of switch-over contracts from competitors' systems. In the first quarter of FY2026 (ending December 2026), Artra Billing Service grew 4.4% year-on-year and HONEY-STYLE grew 40.5% year-on-year, continuing high growth, with the stable subscription-based revenue base steadily expanding.
On March 31, 2026, the company transferred all shares of Pelican Co., Ltd., completing its selection and concentration strategy. By separating out the chronically loss-making segment, the structure has shifted so that the profitability of the A-COMS Business directly drives group performance. A loss on sale of affiliate shares of ¥130 million was recorded, but the structural reform has been completed.
Leveraging the scalability of the A-COMS platform, the company is promoting business expansion into the regenerative medicine, dentistry, relaxation, and beauty salon markets. It has stated its policy of accelerating the diversification of revenue opportunities by incorporating cutting-edge technologies, positioning itself as a "reverse aging" management support platform.
Against the backdrop of a declining trend in medical treatment expense reimbursements, the shift toward out-of-pocket (non-insurance) treatments has become an industry-wide challenge. The company continues to support clinic management through the expanded sale of equipment for out-of-pocket treatments and the holding of seminars. In the first quarter of FY2026 (ending December 2026), sales of Equipment & Consumables Sales decreased slightly by 2.6% year-on-year, but the company is focusing on expanding sales through sales activities and seminars.
Last updated: July 17, 2026