Amvis Holdings, Inc.

Business Details

A hospice business that organically combines the fee-based nursing home "Ishinkan" operated by AMBIS Holdings Co., Ltd. with home-visit nursing, home-visit care, and home care support offices co-located on the same premises. The business actively accepts individuals with high medical care needs, such as terminal-stage cancer patients and those requiring ventilator support, providing 24-hour, 365-day nursing and care services. Revenue is structured in a three-tier manner, consisting of medical insurance reimbursements, long-term care insurance reimbursements, and rent. This segment serves as the core business of the group.

Recent Overview

Revenue increased, but profit declined sharply by 32.5% year-on-year due to increased personnel costs and other factors

During the first half of FY2026 (ending September 2026) (October 2025 to March 2026), the company newly opened six offices (one in Saitama Prefecture, one in Chiba Prefecture, two in Tokyo, one in Kanagawa Prefecture, and one in Mie Prefecture), while transferring "Ishinkan Kurashiki" as a business transfer. Revenue rose to ¥25,033 million (up 6.1% year-on-year) due to progress in the ramp-up of occupancy at facilities opened in the previous fiscal year, but gross profit margin declined due to a temporary drop in facility occupancy rates from the impact of responding to the special investigation committee and other matters, as well as increased personnel costs associated with advance staffing and talent acquisition for newly opened facilities. As a result, segment profit came to ¥2,479 million (down 32.5% year-on-year).

Key Products

Growth Drivers

• Expanding end-of-life care needs driven by the advancing super-aging and mass-death society (annual deaths exceeded 1.6 million in 2024, an all-time high)
• National medical policy promoting a shift from hospitals to home care (shortening of hospital stays and promotion of return home through medical fee reimbursement revisions)
• Addressing the shortage of post-discharge care destinations for individuals with high medical care needs (the issue of becoming "medical care refugees")
• Expansion of business scale through active opening of new offices (six offices opened in H1 of FY2026 (ending September 2026))
• Stable revenue base supported by a three-tier revenue structure of medical insurance, long-term care insurance reimbursements, and rent

Risks

• Decline in gross profit margin due to advance staffing and increased personnel costs associated with new facility openings
• Temporary decline in facility occupancy rates due to the impact of responding to the special investigation committee, among other factors
• Risk of difficulty securing medical and care personnel such as nurses, and rising personnel costs
• Risk of revisions to medical and long-term care fee reimbursement schedules (impact on revenue structure due to policy changes)
• Increase in interest-bearing debt due to reliance on borrowing for funding new facility openings (interest rate rise risk)