MRT Inc.

Business Details

Established based on a mutual aid organization for physicians affiliated with the University of Tokyo Hospital. Operates a medical information platform business as a single segment, centered on locum and full-time physician referral services (Gaikin/career), and also offering allied healthcare professional referrals, the groupware service Net Ikyoku®, and online medical consultation service Door. Medical staffing services account for approximately 71% of revenue, with the remaining approximately 29% coming from other services. The company's main customers are domestic medical institutions and physicians, and it is also pursuing overseas expansion into markets such as Vietnam.

Recent Overview

Revenue declined 9.0% year on year, but the operating loss narrowed compared to the prior-year period, indicating improving profitability

Revenue for Q1 FY2026 (ending December 2026) (January to March) was ¥907 million (down 9.0% year on year). Medical staffing services remained resilient at ¥641 million (down 1.0% year on year), while other revenue declined sharply to ¥266 million (down 23.8% year on year). Nonetheless, thanks to reductions in selling, general and administrative expenses, the operating loss improved to ¥119 million from ¥160 million in the same period of the prior year. Medical staffing service revenue for April 2026, excluding COVID-19-related temporary operations, reached a record high. In March, the company entered into a strategic business alliance with Quick Corporation, which operates an AI service specialized in emergency medicine, and launched an AI triage × medical staffing BPO service for local governments. The full-year earnings forecast (revenue of ¥4,300 million, operating profit of ¥170 million) remains unchanged.

Key Products

Growth Drivers

• Medical staffing service revenue for April 2026, excluding COVID-19-related temporary operations, reached a record high, reflecting expanding underlying demand in the physician referral business
• Continued growth of the full-time physician referral service is lifting the overall medical staffing service business
• Improved profit and loss driven by reductions in selling, general and administrative expenses (down approximately 10.5% year on year, from ¥786 million to ¥703 million)
• New rollout of an AI triage × medical staffing BPO service for local governments through a strategic business alliance with Quick Corporation
• Construction of new healthcare infrastructure through expanded functionality of the Medical DX Platform "Door." and the introduction of online medical consultations to "COCOPiTA," the app for the Japan PTA National Council's approximately 7 million member households
• Acceleration of overseas expansion of the "All Japan" model through the Memorandum of Cooperation signed between MRT Vietnam and FUJIFILM Vietnam / VJM
• Rising demand for medical staffing driven by progress in physician work-style reform, the launch of electronic medical record information-sharing services, preferential treatment for the My Number health insurance card, and other medical DX initiatives
• Expanding demand for reorganization of the medical care delivery system in line with progress in formulating new regional medical care plans looking ahead to 2040

Risks

• Other revenue declined sharply, down 23.8% year on year, making the establishment of alternative revenue sources following the end of COVID-19-related temporary operations a key challenge
• Cash and cash equivalents declined by ¥431 million from the prior fiscal year-end to ¥1,239 million at quarter-end, and operating cash flow remained negative at -¥258 million, indicating continued deterioration in liquidity
• The number of physician members remains at approximately 100,000 (about 29% of Japan's approximately 340,000 physicians nationwide), making expansion of the platform's scale a challenge
• Risk of dispersion of management resources across the full-time and locum referral businesses
• Risk of rising talent acquisition costs amid worsening regional and specialty-based maldistribution of medical personnel
• Risks related to local regulations, foreign exchange fluctuations, and business operations in overseas businesses (Vietnam, etc.)
• System failure and information security risk (due to dependence on an internet technology-based business infrastructure)
• Achieving the full-year earnings forecast (revenue of ¥4,300 million) will require a significant recovery in revenue from Q2 onward, as the Q1 progress rate stood at only about 21%