FUKUDA DENSHI CO., LTD.
6960・Standard Market・Electric Appliances
Physiological Testing Equipment Division
Diagnostic equipment segment centered on Electrocardiographs & ECG-related Equipment and Ultrasound Diagnostic Imaging Systems. Accounts for approximately 19% of consolidated net sales.
| Period | Current | Previous | Change |
|---|---|---|---|
| Net Sales (Full Year) | ¥26,943 million | ¥28,549 million | ↓ |
| Segment Profit (Full Year) | ¥4,376 million | ¥4,782 million | ↓ |
| Segment Assets (Fiscal Year-End) | ¥18,896 million | ¥19,822 million | ↓ |
| Depreciation (Full Year) | ¥608 million | ¥533 million | ↑ |
| Increase in Property, Plant and Equipment and Intangible Assets (Full Year) | ¥2,135 million | ¥887 million | ↑ |
| Domestic Net Sales (Full Year) | ¥26,581 million | ¥28,165 million | ↓ |
| Overseas Net Sales (Full Year) | ¥361 million | ¥384 million | ↓ |
| Share of Consolidated Net Sales | 19.3% | 20.5% | ↓ |
Business Details
This segment manufactures and sells physiological function measurement devices, including ECG Monitors, Blood Pressure Pulse Wave Testing Devices, Ultrasound Diagnostic Imaging Systems, and Automated Hematology Analyzers. Domestic sales account for the majority of segment revenue (in FY2026 (ending March 2026), domestic sales were ¥26,581 million and overseas sales were ¥361 million), with primary customers being medical institutions such as hospitals and clinics. The segment's share of consolidated net sales was 19.3% (FY2026 (ending March 2026)). ECG-related products, Automated Hematology Analyzers, and Blood Pressure Pulse Wave Testing Devices all declined, resulting in a 5.6% year-on-year decrease.
Recent Overview
All three core products—ECG-related, hematology analyzers, and blood pressure pulse wave testing—declined, resulting in net sales of ¥26,943 million, down 5.6% year on year.
In the Physiological Testing Equipment Division for FY2026 (ending March 2026), ECG-related products, Automated Hematology Analyzers, and Blood Pressure Pulse Wave Testing Devices all saw sales declines, resulting in net sales of ¥26,943 million (down ¥1,605 million, or 5.6%, year on year). Segment profit also declined to ¥4,376 million (down ¥406 million year on year). On the other hand, the increase in property, plant and equipment and intangible assets rose significantly to ¥2,135 million from ¥887 million in the prior year, indicating continued investment in future products and equipment. Dependence on domestic sales remains high (domestic ratio of approximately 98.7%), and the structure in which performance is influenced by capital expenditure trends at domestic medical institutions remains unchanged.
Key Products
Growth Drivers
- Demand for digitalization and networking of diagnostic equipment driven by the promotion of medical DX
- Product and system proposals responding to the functional differentiation and efficiency improvements of medical institutions under Regional Medical Care Visions
- Strengthening cost competitiveness through supply chain optimization (parts standardization and in-house production)
- Room for expansion of overseas sales (through FUKUDA DENSHI USA, Inc., Beijing Fukuda Denshi Medical Instrument Co., Ltd., etc.)
- Strengthening competitiveness of next-generation products and facilities through expanded fixed asset investment in the current fiscal year (¥2,135 million)
Risks
- Risk of medical institutions curbing capital expenditure due to revisions in medical fee schedules
- Loss of special demand following the winding down of infectious disease response supplementary budgets
- Intensifying competition and price competition in core products such as Ultrasound Diagnostic Imaging Systems, Blood Pressure Pulse Wave Testing Devices, and Automated Hematology Analyzers
- Risk of rising resource and material prices and foreign exchange fluctuations due to international conditions and trade friction
- High dependence on domestic sales (approximately 99% of net sales are domestic), a structure directly susceptible to domestic healthcare cost containment policies
- Risk of synchronized deterioration in demand cycles, as seen in the simultaneous decline of the three core products: ECG-related, hematology analyzers, and blood pressure pulse wave testing
Last updated: June 26, 2026