MRT Inc.
6034・Growth Market・Services
Business
MRT Inc. was founded in 2000, originating from a physicians' mutual aid organization affiliated with the University of Tokyo Hospital, Faculty of Medicine, and operates as a medical information platform company. Centered on locum and full-time physician referrals (Gaikin and career), it offers a diverse range of services including referrals for nurses and other co-medical staff, the physicians' groupware "Net Ikyoku®," online medical consultation services "Pocket Doctor" and "Door.," pharmaceutical promotion support, BPO services for local governments, well-being services, and the medical equipment platform "Medikiki.com." The company has a cumulative track record of over 2 million locum physician placements, with approximately 100,000 registered physician members. It is listed on the TSE Growth Market. Its main customers are medical institutions and physician/co-medical talent nationwide.
Business Model
The company registers both physicians and medical institutions as members, enabling matching for locum and full-time physician referrals. Revenue is primarily driven by referral fees received from medical institutions seeking to hire, adopting a single-sided billing model that does not charge physicians. By leveraging the internet and an app (MRT WORK), the company achieves nationwide coverage with a small staff, maintaining a high-margin structure with a gross profit margin of 67.9% (FY2025). Medical talent services account for approximately 73% of revenue, with the remainder comprised of DX, BPO, and other services.
Company Strengths
Since its founding in 2000, the company has built a foundation of trust rooted in a physician mutual aid organization affiliated with the University of Tokyo Hospital, achieving cumulative locum physician referrals exceeding 2 million as of May 2023. The number of registered physician members has reached approximately 100,000, and the presence of many repeat, continuous users provides a stable base for the business.
The gross profit margin for FY2025 was 67.9% (gross profit of ¥2,845 million). Due to the termination and downsizing of municipal BPO operations, the cost of sales ratio declined 2.2 percentage points year on year to 32.1%. The low-headcount operating model enabled by internet utilization supports a high-margin structure, and the specialized nature unique to medical talent placement functions as a barrier to entry.
Domestically, the company has begun offering online medical consultations through the Japan PTA National Council's "COCOPiTA" (covering approximately 7 million households) and has launched joint development of digital content for physicians with pharmaceutical manufacturers. Overseas, in Vietnam, the company has fully launched "MRT HUB" based on a capital and business alliance with Lea Bio and collaboration with the Hoan My Group, with the number of registered physicians, medical institutions, and job listings continuing to expand.
ENVALITH's Perspective
Performance Trend
Revenue peaked at ¥8,738 million in FY2022 before falling sharply, bottoming out at ¥4,191 million in FY2025. The full-year forecast for FY2026 (ending December 2026) calls for a modest recovery to ¥4,300 million (up 2.6% year-on-year). Q1 results, at ¥907 million (down 9.0% year-on-year), got off to a slow start; the medical staffing services segment (¥641 million, down 1.0% year-on-year) held firm, but other businesses (¥266 million, down 23.8% year-on-year) weighed on results. Operating loss was ¥119 million, an improvement from ¥160 million in the same period a year earlier, aided by reductions in SG&A expenses (down approximately ¥83 million year-on-year). In terms of the external environment, the entrenchment of physicians' work-style reforms and the promotion of medical DX are medium- to long-term demand drivers. The company achieved a turnaround to profitability in FY2025 (operating profit of ¥96 million), and for the full year of FY2026 it aims for operating profit of ¥170 million (up 77.3% year-on-year).
Growth Strategy
Domestic deepening of medical talent × medical DX and revenue diversification through ASEAN expansion
Continuously expanding the physician member base while strengthening integration with locum and full-time referral services to enhance matching precision. Medical talent service revenue for April 2026 renewed its all-time high on a basis excluding COVID-19-related temporary operations, confirming expansion of underlying demand.
Promoting the social implementation of the Medical DX Platform, including its use for the Ministry of Health, Labour and Welfare's post-vaccination health status survey and the introduction of online medical consultations into "COCOPiTA," a service offered to approximately 7 million households through the National Federation of PTAs of Japan. Aiming to monetize the platform as a new healthcare infrastructure.
Concluded a strategic business alliance agreement in March 2026 with Quick Corporation, which operates AI services specialized in emergency medicine. The alliance provides local governments with BPO services combining AI triage and medical talent, representing a new business area supporting the alleviation of pressure on emergency medical sites and optimal allocation of medical resources.
The number of registered physicians, healthcare institutions, and job postings on "MRT HUB," Vietnam's largest medical talent platform, continues to grow steadily. In February 2026, concluded a memorandum of cooperation with FUJIFILM Vietnam and VJM, initiating the construction of an "All Japan" model that includes remote medical consultations by Japanese specialist physicians and referrals to medical institutions in Japan.
Last updated: July 17, 2026