Human Metabolome Technologies, Inc.
6090・Standard Market・Services
Business
Human Metabolome Technologies is a life science contract analysis company founded in 2003, based on technology originating from the Institute for Advanced Biosciences at Keio University. With metabolome analysis technology using capillary electrophoresis-mass spectrometry (CE-MS) as its core, the company operates three services: (1) Life Science Research Support Service (LSS), (2) Functional Materials Development Support Service (FDS), and (3) Bio-manufacturing Support Service (BMS). Its main customers are a wide range of life science-related companies, including pharmaceutical companies, universities, research institutions, food companies, and chemical companies. Centered on its domestic base in Tsuruoka City, Yamagata Prefecture, the company also expands overseas through its U.S. subsidiary, HMT-A. Revenue for FY2025 (ended June 2025) was ¥1,455 million, achieving 12 consecutive fiscal years of revenue growth.
Business Model
The basic revenue model is contract analysis: biological samples provided by customers are received, metabolome analysis is conducted using methods such as CE-MS, and an analysis report is delivered. Consultation by specialists is also provided as needed. In the Functional Materials Development Support Service, a one-stop service is offered that includes screening for promising candidates through support for large-scale clinical trials. In the Bio-manufacturing Support Service, culture process optimization and flux analysis are provided, capturing demand from the life science industry, where R&D investment remains robust.
Company Strengths
The CE-MS method developed at Keio University's Institute for Advanced Biosciences is groundbreaking in that it enables comprehensive and simultaneous measurement of ionic metabolites. The company continues its joint research agreement with the university (through March 2028), ensuring ongoing improvement of the technology. In FY2025 (ending June 2025), R&D expenses of ¥177 million were invested to advance high-throughput technology and metabolic simulation development.
From FY2021 (ending June 2021) to FY2025 (ending June 2025), revenue expanded from ¥1,124 million to ¥1,455 million, achieving 12 consecutive periods of revenue growth. Operating profit also improved from ¥39 million to ¥250 million over the same period. As of the end of FY2025 (ending June 2025), net assets stood at ¥1,909 million and cash and cash equivalents at ¥1,594 million, indicating a stable financial base.
The Healthcare Solutions Business recorded a segment loss of ¥90 million in FY2024 (ending June 2024), but turned profitable in FY2025 (ending June 2025) with revenue of ¥312 million (up 96.4% year on year) and segment profit of ¥65 million. This was driven by expanding demand from food, pharmaceutical, and chemical companies for the Functional Materials Development Support Service.
ENVALITH's Perspective
Performance Trend
Over the past five fiscal periods, the company had maintained a revenue growth trend (from ¥1,124 million in FY2021 to ¥1,455 million in FY2025), but the full-year forecast for FY2026 (ending June 2026) is ¥1,420 million (down 2.4% year-on-year), marking the first expected decline in revenue. Cumulative nine-month sales of ¥1,107 million (down 12.6% year-on-year) and operating profit of ¥208 million (down 41.1% year-on-year) were mainly attributable to the absence of large domestic academia projects and sluggish overseas sales. As an external factor, uncertainty over US trade policy and geopolitical risks may be contributing to more cautious R&D investment. The Bio-manufacturing Support Service (BMS) (cumulative nine-month sales of ¥107 million) is emerging as a new revenue source, but has not yet been sufficient to offset the decline in existing services.
Growth Strategy
Aiming for earnings recovery through three pillars: expansion of BMS, stability of existing services, and productivity improvement
BMS, launched in July 2025, exceeded its annual target of ¥100 million on a cumulative basis through the third quarter. Against the backdrop of policies promoting the bioeconomy, the company continues to capture demand from pharmaceutical, chemical, and food companies, and aims to develop it into its next core service.
Sales related to a large-scale clinical trial are scheduled to be recognized in the fourth quarter. While demand from food companies remains ongoing amid the spread of the Foods with Function Claims system, the third quarter was sluggish, down 16.1% year on year, due to a gap between projects. Realizing the fourth-quarter recognition is key to achieving the full-year forecast.
The company is introducing the latest measurement equipment (tools, instruments and fixtures increased by ¥34 million compared to the end of the previous fiscal year) to expand analysis capacity and reduce unit costs. To flexibly utilize limited personnel resources, the company has also already implemented an organizational restructuring into a single segment.
Last updated: July 17, 2026