Amvis Holdings, Inc.
7071・Prime Market・Services
Business
ANiMS Holdings Co., Ltd. is a holding company centered on a hospice business that operates Ishinkan (Hospice-type Fee-based Nursing Home), a fee-based nursing home for individuals with high medical dependency, such as terminal cancer patients and those on ventilators. Founded in 2013, the company listed on the Tokyo Stock Exchange Prime Market in March 2023. As of the end of September 2025, it operates 130 facilities with a total capacity of 6,706 across 1 metropolis, 1 prefecture (Hokkaido), 1 urban prefecture (Kyoto), and 30 prefectures, having accepted a cumulative total of 45,365 residents. Its consolidated subsidiary, ANiMS Inc., is responsible for facility operations, while the holding company provides end-to-end support including facility opening strategy, sales, and billing management. The company consists of a single segment, the Ishinkan Business, but has also made a full-scale entry into the medical support business through its consolidated subsidiary, Ashita no Iryo Co., Ltd. ("Tomorrow's Medical Care").
Business Model
Revenue in the Ishinkan Business is composed of a three-tiered structure consisting of medical insurance reimbursements and long-term care insurance reimbursements received from review and payment institutions such as the National Health Insurance Federation, together with non-insurance sales such as rent, management fees, and meal fees collected from residents. By outsourcing physicians externally, the company concentrates human resources on its nursing framework, deploying nursing and care staff in numbers roughly equal to the number of residents (nursing staff ratio of 9.5:1). Funds for opening new facilities are procured through financial institution borrowings, while working capital is basically funded internally.
Company Strengths
Handled approximately 37,000 end-of-life care cases between May 2014 and September 2025. In the single year from October 2024 to September 2025 alone, approximately 11,000 end-of-life cases were handled, a scale exceeding the number of Ambis employees during the same period. Accumulated know-how and organizational knowledge (such as death conferences) form a barrier to entry for competitors.
Through a three-tiered revenue structure comprising medical insurance reimbursement, long-term care insurance reimbursement, and rent, the company earns revenue from both medical insurance and long-term care insurance, unlike typical nursing care facilities. Major customers are centered on public payment institutions, including the Kanagawa Prefecture National Health Insurance Federation (13.2% of net sales), the Tokyo National Health Insurance Federation (10.8%), and the Social Insurance Medical Fee Payment Fund (9.7%), resulting in high stability in the collection of trade receivables.
As of the end of September 2025, the equity ratio stood at 43.0%, significantly exceeding the company's own target of 30%. Total net assets amounted to ¥36,132 million, with cash and cash equivalents of ¥10,833 million secured. The company maintains sound financial health while continuing to invest aggressively in opening new facilities.
ENVALITH's Perspective
Performance Trend
Revenue achieved five consecutive periods of growth, rising from ¥15,334 million in FY2021 to ¥49,174 million in FY2025. In the first half of FY2026 (ending September 2026), revenue reached ¥25,600 million, up 7.5% year on year. On the other hand, operating profit, which peaked at ¥10,612 million in FY2024, deteriorated rapidly, falling to ¥6,162 million in FY2025 and to ¥2,804 million in the first half of FY2026 (down 25.1% year on year). The main causes were upfront personnel costs and ramp-up costs associated with the opening of new facilities, as well as a decline in occupancy rates due to the response to the Special Investigation Committee. The full-year forecast continues to anticipate a substantial profit decline, with revenue projected at ¥51,700 million (up 5.1% year on year) and operating profit at ¥3,800 million (down 38.3% year on year). As an external factor, labor shortages and wage increase pressures in the medical and nursing care fields continue to act as a factor squeezing profitability.
Growth Strategy
Evolution into a comprehensive medical company through nationwide expansion of Ishinkan and cultivation of the Comprehensive Medical Support business
Continuing aggressive new openings based on meticulous marketing and opening strategy. During the first half of FY2026 (ending September 2026), six locations were opened (Saitama, Chiba, Tokyo x2, Kanagawa, Mie), while selective operations were also carried out, including the business transfer of the low-profitability "Ishinkan Kurashiki".
Leveraging the know-how gained from operating Ishinkan, the company is expanding management support not only to rural and depopulated areas but also to a wide range of medical institutions, including general hospitals and backup support hospitals. During the current interim period, the number of institutions receiving management support increased by two, and expansion of services to existing supported institutions also progressed. Revenue reached ¥569 million and is growing rapidly.
Under the vision of becoming "the world's most exciting medical and healthcare company," the company aims to create new businesses following the Ishinkan Business, with the goal of becoming a company that lasts 100 years. The Comprehensive Medical Support business is positioned as the first step in this direction.
Last updated: July 17, 2026