ENVALITH
株式会社ジェイ・エム・エス logo

JMS CO., LTD.

7702・Standard Market・Precision Instruments

Official website
株式会社ジェイ・エム・エス logo
JMS CO., LTD.7702

Business

JMS Co., Ltd., founded in 1965, is a medical device and pharmaceutical manufacturer that operates four core business segments: Infusion and Nutrition Products, Dialysis Products, Surgical Treatment, and Blood/Cell Products. Domestically, the Company itself handles manufacturing and sales, while overseas, local subsidiaries cover their respective regional markets: Singapore and Indonesia (Blood/Cell), China (Dialysis-related), Philippines (Blood Bags), Germany (European dialysis sales), and the United States, South Korea, Thailand, and others. The group consists of 10 consolidated subsidiaries and 2 affiliated companies, with consolidated net sales of ¥65,845 million in FY2026 (ending March 2026). Major customers are medical institutions such as hospitals, dialysis clinics, and blood centers, and the Company has an established track record of transactions with major medical institutions and medical device distributors, including the Japanese Red Cross Society and HAEMONETICS CORPORATION.

Business Model

Domestically, the company sells medical devices and pharmaceuticals manufactured at its own factories (Miyoshi, Izumo, Chiyoda, etc.), with a portion also handled as purchased goods for resale. Overseas, the group primarily adopts an intra-group production allocation system, manufacturing Blood Bags and other products in Singapore and Philippines for sale to Africa, Asia, and North America. The German subsidiary expands into the European dialysis market under a purchased-goods resale model that keeps fixed costs low. The structure secures earnings through continued investment in capital expenditure and R&D, combined with expansion of the product lineup and price pass-through and cost reduction efforts.

Company Strengths

As the only manufacturer in Japan handling both hemodialysis (HD) and peritoneal dialysis (PD) systems, the company contributes to raising patient awareness of treatment options. It has a track record of continuously expanding digital functionality, including the addition of a BV monitor to the HD-use Hemodialysis Device "GC-X01" and a PD diary function to the PD-use "APD Device PD-Relaxa".

The Closed System for Drug Preparation and Administration, centered on the closed drug transfer system "NeoShield," continued to see growth in domestic sales in FY2026 (ending March 2026), and continues to grow as a focus business. Furthermore, the same technology has been adopted for JAXA's cell culture research in the space environment, with the technology's versatility and reliability being recognized by an external institution.

Beginning with the establishment of a Singapore base in 1979, the company progressively built overseas operations in China (1988), Germany (1993), and Philippines (2014), establishing a multi-regional presence covering Africa, Asia, Europe, and North America. In FY2026 (ending March 2026), total overseas segment sales (to external customers) reached ¥24,093 million, accounting for approximately 36.6% of consolidated group sales.

ENVALITH's Perspective

The net loss attributable to owners of the parent of ¥783 million in FY2026 (ending March 2026) was mainly attributable to a business restructuring loss of ¥934 million (extraordinary loss) associated with the reorganization of the South Korea production base. On an operating profit basis, the company secured a profit of ¥381 million, and ordinary profit also remained positive at ¥356 million. However, the reorganization of overseas production bases may involve additional costs going forward, and it is necessary to continuously monitor the timing of completion of structural reforms and whether additional losses will occur.

The Philippines segment recorded a loss of ¥727 million in FY2026 (ending March 2026), an expansion from the ¥415 million loss in the previous fiscal year, while the Singapore segment also posted a loss of ¥47 million. The main causes were lower capacity utilization and higher labor costs resulting from decreased sales of Blood Bags and Apheresis Blood Donation Circuits. As an external factor, the timing of demand recovery in North America, Africa, and Asia holds the key to earnings improvement. The company's forecast for FY2027 (ending March 2027) assumes a recovery in overseas demand, and whether this materializes represents the greatest uncertainty.

The company forecasts operating profit of ¥1,000 million (+162.1% year on year) for FY2027 (ending March 2027), premised on a recovery in overseas demand, promotion of price pass-through, thorough cost reduction, and stability of exchange rates (1 US dollar = ¥150, 1 euro = ¥175). There are multiple downside factors, including rising raw material and logistics costs due to geopolitical risk, the risk of losing major customers, and downward pressure on selling prices, and the probability of achieving the forecast needs to be carefully assessed.

Growth Strategy

As the final year of the Medium-Term Management Plan 2027, the company is pursuing both the realization of structural reform outcomes and the expansion of sales of growth products as twin pillars.

The Closed System for Drug Preparation and Administration, positioned as a focus business, continued to see domestic sales growth in FY2026 (ending March 2026). Against the backdrop of medical safety needs, the company aims to continue expanding domestic market share while accelerating overseas expansion to achieve mid- to long-term earnings contributions.

The restructuring of the South Korea production base was implemented in FY2026 (ending March 2026), with a business restructuring loss of ¥934 million recorded as an extraordinary loss. Liabilities related to retirement benefits also decreased (from ¥574 million to ¥197 million). For the loss-making Philippines and Singapore bases, efforts to improve utilization rates and reduce costs are continuing.

Sales of Feeding and Swallowing Related Products, for which demand is expanding against the backdrop of population aging, continued to grow in FY2026 (ending March 2026) as well. The company aims to capture the domestic market environment characterized by aging and increasing chronic diseases through its own product lineup and cultivate this as a stable revenue source.

Sales of AVF Needles (Hemodialysis Needles) performed well for Europe (Germany segment) and North America (Others segment). In FY2026 (ending March 2026), the Others segment achieved a 17.5% year-on-year increase in revenue and returned to profitability. Against the backdrop of expanding global dialysis demand, the company will continue to strengthen sales across multiple regions.

At the Board of Directors meeting on April 17, 2026, the company decided to construct a new head office building at its head office location in Kako-machi, Naka-ku, Hiroshima City. Construction is planned to begin in February 2027, with completion planned for August 2031 (December 2029 for the new building alone). The purpose is to strengthen R&D functions, upgrade head office functions, reduce environmental impact, and improve disaster resilience. The impact on business performance is currently under review.

Last updated: July 19, 2026