ENVALITH
株式会社リグア logo

Ligua Inc.

7090・Growth Market・Services

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株式会社リグア logo
Ligua Inc.7090

Business

RIGUA Inc. upholds the purpose of "DESIGNING WELLNESS LIFE" and operates two business segments: the Wellness Business, which targets approximately 50,924 orthopedic clinics nationwide as its main customers, and the Financial Business, which handles insurance agency and management support operations. In the Wellness Business, the company provides orthopedic clinics with a one-stop offering encompassing software, equipment and consumables, consulting, medical expense claim processing (billing agency), and health support products utilizing its proprietary material IFMC. In the Financial Business, the company has entered into business commission agreements with 23 life insurance companies and 9 non-life insurance companies to conduct insurance solicitation, and also engages in financial consulting and M&A brokerage. As of the end of March 2026, the number of orthopedic clinics with which the company has business transactions reached 5,550 (approximately 11% of the nationwide total).

Business Model

In the Wellness Business, the company builds long-term relationships with client orthopedic clinics by combining Billing Agency (Medical Expense Claim Processing, membership-based recurring revenue), various Consulting services (continuing contract-based), Equipment & Consumables (repeat product sales), and Health Support (IFMC. Products) (recurring sales to clinics that have adopted the system). In the Financial Business, the company earns insurance solicitation commissions through cross-selling that leverages the customer base of the Wellness Business. Revenue for FY2026 (ending March 2026) was ¥2,419 million, with the Wellness Business accounting for approximately 73% of the total.

Company Strengths

As of the end of March 2026, the number of orthopedic clinics with which the company has business relationships reached 5,550 (continuing to expand from 4,020 clinics as of the end of March 2022). Against the nationwide total of 50,924 clinics, this represents a business relationship rate of approximately 11%, and the product lineup enabling one-stop provision of software, equipment, consulting, billing agency services, and IFMC. supports the establishment of long-term customer relationships.

IFMC. (Integrated Functional Mineral Crystal) obtained patents in 2019 for three items: "increase in blood nitric oxide levels," "vasodilation," and "improvement of balance ability." The number of clinics adopting the company's proprietary brands "Dr.Supporter," "My.Supporter," and "SLEEPINSTANT" has expanded approximately six-fold, from 337 clinics as of the end of March 2022 to 2,035 clinics as of the end of March 2026, making it a differentiated product centered on proprietary materials that are difficult for other companies to imitate in a short period of time.

The medical expense claim processing (Billing Agency) service offered by the consolidated subsidiary Healthcare Fit Co., Ltd. is a recurring-charge service that addresses orthopedic clinics' need to reduce administrative burden. In FY2026 (ending March 2026), the number of members increased due to new customer acquisition, achieving sales of ¥402 million (up 6.4% year on year). The company maintained revenue growth despite a decline in the loan balance for the early payment service for medical expenses, forming a stable recurring revenue base.

ENVALITH's Perspective

Over the five fiscal periods from FY2022 to FY2026, the company recorded net losses in three periods—FY2023, FY2025, and FY2026—and the cumulative deficit in retained earnings widened to ¥929 million. Net assets at the end of FY2026 (ending March 2026) stood at ¥176 million, with the equity ratio falling to 7.1%, indicating a further increase in financial vulnerability. Total borrowings (short-term borrowings of ¥775 million, current portion of long-term debt of ¥351 million, and long-term borrowings of ¥494 million) amounted to ¥1,620 million, and the repayment burden is heavy given operating cash flow of only ¥263 million. There is no note regarding going-concern assumptions, but the lack of financial buffer remains the largest risk factor.

In FY2026 (ending March 2026), revenue was ¥2,419 million (down 15.8% year on year), marking the second consecutive year of decline, while operating loss narrowed from ¥154 million to ¥123 million. The main driver was a ¥314 million reduction in SG&A expenses, from ¥1,860 million to ¥1,546 million, and this progress in cost structure improvement is commendable. For FY2027 (ending March 2027), the company forecasts revenue of ¥2,608 million, operating profit of ¥71 million, and net income of ¥12 million, marking a return to profitability. However, this requires the simultaneous achievement of a full recovery in Health Support (IFMC. Products) revenue and profitability turnaround in the Financial Business, setting a high bar for achievement.

The transfer of shares in FP Design Co., Ltd. in August 2025 led to the withdrawal from the Financial Instruments Intermediary Business (IFA), establishing a structure focused on the Insurance Agency and Management Support businesses, which can be viewed positively as a rationalization of the business portfolio. On the other hand, on a non-consolidated basis, the company recorded extraordinary losses including a provision for allowance for doubtful accounts related to affiliated companies of ¥141 million and a valuation loss on shares of affiliated companies of ¥50 million, widening the non-consolidated net loss to ¥368 million. On a consolidated basis, a gain on sale of subsidiary shares of ¥59 million was recorded as extraordinary income, but the loss processing associated with the group restructuring weighed on the company's finances. The risk of additional loss recognition going forward appears to have diminished, but continued monitoring is warranted.

Growth Strategy

The company aims to recover profitability through three pillars: strengthening direct support for IFMC., expanding high-gross-margin products, and achieving profitability in the Financial Business

From the second half of FY2026 (ending March 2026), the company launched a project in which employees visit orthopedic clinic sites to directly support IFMC. product sales in cooperation with clinic practitioners. The number of clinics adopting IFMC. increased, but additional orders from existing adopting clinics have declined, making the acquisition of additional orders the next challenge. The company is also concurrently promoting the BtoB IFMC. processing business and product development for general consumers.

AI consulting services began in FY2026 (ending March 2026), and M&A brokerage fee revenue has also been generated. Sales in the Consulting segment grew 11.2% year on year to ¥410 million. The company aims to improve gross margin by expanding high-margin products, and together with reductions in selling, general and administrative expenses, aims to achieve operating profitability.

With the transfer of shares in FP Design Co., Ltd. in August 2025, the company withdrew from the IFA business and shifted to a structure specialized in the Insurance Agency, financial consulting, and M&A brokerage. The company continues to review its organizational structure and optimize selling, general and administrative expenses, and, leveraging cross-selling in cooperation with the Wellness Business, is prioritizing early return to profitability as its top issue. The segment operating loss for FY2026 (ending March 2026) was ¥86 million (narrowed from ¥125 million in the previous fiscal year).

Last updated: July 19, 2026