LEOCLAN Co.,Ltd.
7681・Standard Market・Wholesale Trade
Business
Leocran Co., Ltd. is a medical specialty trading company group founded in 2001. In its core Medical Total Solution Business, the company provides one-stop support—from the planning stage through to opening—for medical equipment, medical facilities, and medical information systems (electronic medical records, etc.) for new construction, relocation, and reorganization/integration projects at medical institutions and welfare facilities. In addition, the company operates a Remote Diagnostic Imaging Service Business (image interpretation by specialist radiologists) through its consolidated subsidiary Kyoto Promed Co., Ltd., and a cook-chill-style food service business for nursing care and welfare facilities through Gate Co., Ltd. In October 2025, the company made Fasukia Holdings Co., Ltd. a subsidiary, further expanding the scale of the group. Listed on the Standard Market of the Tokyo Stock Exchange.
Business Model
As a 'hunting-type' trading company, the company leverages a nationwide network of information on hospital new construction and relocations, deploying consulting-based sales that approach customers from the design stage. It secures large-scale projects through Comprehensive Medical Equipment Sales (Total Pack System)—the bulk sale of medical equipment, facilities, and information systems—which generates the majority of revenue. Even after project completion, the company secures recurring revenue through Maintenance & Supply Services covering medical materials and consumables. The Remote Diagnostic Imaging Service Business provides stock-type revenue linked to the volume of image interpretations, while the Food Service Business contributes stable, complementary revenue through facility outsourcing contracts.
Company Strengths
In FY2025 (ending September 2025), Comprehensive Medical Equipment Sales (Total Pack System) totaled 12 deals with sales of ¥8,120 million (up 50.6% year on year). This included large-scale deals nationwide, comprising one deal of ¥2 billion or more (¥3,768 million) and one deal of ¥1 billion to under ¥2 billion (¥1,302 million). Early approaches leveraging a nationwide network of information on new hospital construction and relocations, combined with management's personal connections, are a source of competitive advantage.
Since its establishment, consolidated subsidiary Kyoto Promed Co., Ltd. has secured a stable supply of radiology specialists through collaboration with the Kyoto University Faculty of Medicine. It operates an image interpretation center with 5 to 6 specialists constantly on-site, maintaining a system capable of responding to emergencies as well. In FY2025 (ending September 2025), sales in the Remote Diagnostic Imaging Service Business were ¥822 million (up 5.7% year on year), remaining firm due to an increase in the number of image interpretation diagnoses.
At the end of FY2025 (ending September 2025), cash and deposits stood at ¥4,776 million. Against total assets of ¥10,869 million, net assets were ¥5,819 million (equity ratio of approximately 53.5%), indicating a solid financial foundation. In addition, the company has entered into a commitment line agreement with financial institutions (undrawn balance of ¥1,500 million), securing liquidity to respond to sudden funding needs.
ENVALITH's Perspective
Performance Trend
Consolidated net sales for the interim period of FY2026 (ending March 2026) (October 2025 to March 2026) expanded sharply to ¥24,280 million (up 87.6% year on year), but this was largely attributable to the consolidation of Fascia HD (new contributions of ¥10,189 million from the Minimally Invasive Medical Equipment Sales Business and ¥317 million from the Rental Business). Operating profit saw only a modest increase to ¥526 million (up 6.0% year on year), while ordinary profit declined to ¥507 million (down 1.1% year on year), and interim net profit attributable to owners of the parent fell to ¥235 million (down 31.5% year on year). In the core Medical Total Solution Business, operating profit dropped sharply to ¥304 million (down 32.7% year on year) due to a decrease in high-margin large-scale projects. Comparing this to the trend over the past five periods (¥576 million in FY2021 → ¥178 million in FY2024 → ¥288 million in FY2025), the absolute level of operating profit remains on a path to recovery, but a structure in which M&A costs, interest expenses, and goodwill amortization weigh on profits appears to be becoming entrenched.
Growth Strategy
Three pillars: continued acquisition of large-scale projects, M&A synergy creation, and group diversification
Through collaboration with Faskia HD (acquisition cost ¥6,898 million), which became a subsidiary in October 2025, the company aims to mutually leverage medical equipment sales networks centered on the Tokai region and expand revenue through intra-group cross-selling. With goodwill of ¥1,372 million being amortized evenly over 10 years, early realization of excess earning power is required.
The top priority is recovering orders for high-margin Comprehensive Medical Equipment Sales (Total Pack System) projects associated with new construction, relocation, and reorganization/integration of medical institutions. In the first half of FY2026 (ending September 2026), operating profit in this business fell sharply, down 32.7% year on year, and building up projects in the second half is key to achieving the full-year forecast.
For the Minimally Invasive Medical Equipment Sales Business (interim net sales of ¥10,189 million, operating profit of ¥183 million) and the Rental Business (¥317 million, ¥37 million), newly added as reporting segments, the company will expand its revenue base through specialized proposal-based sales, new customer development, and expansion with existing business partners.
Last updated: July 17, 2026