ENVALITH
株式会社日本動物高度医療センター logo

Japan Animal Referral Medical Center Co..,Ltd.

6039・Growth Market・Services

Official website
株式会社日本動物高度医療センター logo
Japan Animal Referral Medical Center Co..,Ltd.6039

Business

Nihon Doubutsu Koudo Iryou Center Co., Ltd. (JARMeC) is an animal medical care group that opened Japan's first private fully referral-based secondary veterinary care facility for small animals in 2007. It currently operates Secondary Veterinary Care Services at four locations—Kawasaki Head Hospital, Tokyo Hospital, Nagoya Hospital, and Osaka Hospital—and, together with its consolidated subsidiaries CAMIC Co., Ltd. (diagnostic imaging services at three locations in the greater Tokyo area) and Telcom Co., Ltd. (rental and sales of veterinary medical and health management equipment), forms a three-company structure responsible for advancing the sophistication of animal medical care. Its main customers are 4,779 affiliated primary care facilities nationwide (as of the end of March 2026) and pet owners, and it has established a partnership-based model that does not compete with primary care veterinarians.

Business Model

The company adopts a fully referral-based system in which referrals from primary veterinary care facilities are the sole channel for attracting patients, and it collects secondary veterinary care fees, diagnostic imaging fees, and equipment rental fees directly from pet owners. No referral fees are paid to primary veterinary care facilities; instead, the company maintains and expands its collaborative relationships by providing added value such as academic information sharing and case feedback. Sales are composed of Secondary Veterinary Care Services at ¥4,515 million (73%), home care equipment rental/sales at ¥1,018 million (16%), and diagnostic imaging at ¥648 million (10%), with revenue growth driven by increases in both the number of treatment cases and the unit price per case.

Company Strengths

In 2007, the company opened Japan's first privately-run, fully referral-based secondary veterinary care facility, building a comprehensive hospital system with 12 specialized departments. The number of affiliated (referring) hospitals reached 4,779 facilities (up 132 facilities from the previous fiscal year-end), reflecting a referral network with primary care facilities nationwide accumulated over many years. The company possesses first-mover advantage and economies of scale that are difficult for competitors to replicate in a short period.

In FY2026 (ending March 2026), the number of first-visit cases reached 10,953 (up 9.2% year on year), total consultations reached 37,985 (up 8.6% year on year), and the number of surgeries reached 3,404 (up 11.0% year on year), reflecting expanding treatment volume. Case volume continued to increase even after the June 2025 price revision, with net sales of ¥6,192 million (up 17.3% year on year) and operating profit of ¥1,150 million (up 59.5% year on year), marking record highs for the second consecutive period.

The three businesses—secondary veterinary care (JARMeC itself), diagnostic imaging (CAMIC), and home care equipment rental/sales (Telcom)—share a common customer base of primary care facilities, enabling the group to complete the entire process from diagnosis to treatment and home care for animals within the group. The company holds the top share in each field, and has a structure that allows for deepening its customer base through cross-group CRM integration and enhanced mutual collaboration.

ENVALITH's Perspective

In FY2026 (ending March 2026), the company posted net sales of ¥6,192 million (up 17.3% year on year), operating profit of ¥1,150 million (up 59.5%), and net income of ¥833 million (up 60.0%), setting new record highs across all key metrics. Demand has persistently exceeded medical treatment capacity, and against this backdrop, the aggressive investment of ¥2,349 million in property, plant and equipment acquisition—including land purchases—can be judged reasonable. Structural tailwinds from the growing humanization and aging of pets as family members also continue in the external environment.

At the end of FY2026 (ending March 2026), short-term borrowings of ¥2,038 million were newly incurred, expanding total current liabilities by ¥2,184 million year on year to ¥3,738 million. The equity ratio declined from 47.4% to 43.1%. Cash flow from investing activities (¥-2,486 million) expanded to roughly 2.5 times the prior-year level (¥-994 million), driven mainly by land acquisitions (up ¥1,989 million from the prior year-end). Operating cash flow remained stable at ¥1,396 million, but continued monitoring of financial soundness is warranted should borrowing-dependent investment continue.

The company's forecast for FY2027 (ending March 2027) calls for net sales of ¥6,600 million (up 6.6% year on year) and operating profit of ¥1,270 million (up 10.4%), projecting continued increases in both revenue and profit, though the growth rate represents a significant deceleration from FY2026 (ending March 2026) (net sales up 17.3%, operating profit up 59.5%). This appears to reflect conservative assumptions incorporating risks of parts procurement and manufacturing delays stemming from the situation in the Middle East, as well as a postponed release timing for next-generation products. Given that the company itself has indicated that underlying business conditions remain on an expansionary trend, the possibility that actual results will exceed the forecast cannot be ruled out. However, it should be noted that increased upfront costs from hiring specialized personnel and expanding compensation may constrain the extent of any upside to profit.

Growth Strategy

Pursuing sustainable growth along four axes: expansion of medical care capacity, DX, group-wide collaboration, and human capital investment.

To resolve the persistent situation in which demand exceeds treatment capacity, the company is implementing aggressive capital investment, including land acquisition (up ¥1,989 million from the previous fiscal year-end). In FY2027 (ending March 2027), this will continue alongside human capital investment (strengthening recruitment of specialized personnel and improving compensation).

The introduction of a next-generation electronic medical record system currently under development is expected to not only improve operational efficiency but also optimize treatment operations and further enhance the quality of medical care through advanced utilization of data. ¥137 million has been recorded as software in progress, and development is ongoing.

The company is promoting the integration of group-wide CRM (customer relationship management) and mutual collaboration in sales and service between the Diagnostic Imaging Services and rental/sales businesses. In FY2026 (ending March 2026), results have been confirmed, with the number of examinations up 9.0% year on year and the number of rental contracts up 6.1% year on year.

Hospital facility DX, expansion of AI utilization scope, and verification and service development of advanced technologies such as pet tech are positioned as priority areas. The company also plans to concurrently promote IT infrastructure development and expansion of the development scope of peripheral systems for the new electronic medical record system.

The number of affiliated hospitals reached 4,779 facilities at the end of FY2026 (ending March 2026) (up 132 facilities from the previous fiscal year-end). The company will continue marketing investment to improve brand recognition and promotional efforts to strengthen collaboration with primary care facilities, aiming for a stable increase in the number of referrals.

Last updated: July 19, 2026