DAIKEN MEDICAL CO.,LTD.
7775・Standard Market・Precision Instruments
DAIKEN MEDICAL CO.,LTD. (single segment: manufacture and sale of medical devices, etc.)
A research and development-oriented medical device manufacturer specializing in anesthesia and hospital infection prevention-related products (top domestic market share)
| Period | Current | Previous | Change |
|---|---|---|---|
| Net sales (full-year results) | ¥10,290 million | ¥9,951 million | ↑ |
| Operating profit (full-year results) | ¥1,277 million | ¥1,512 million | ↓ |
| Ordinary profit (full-year results) | ¥1,274 million | ¥1,510 million | ↓ |
| Net income (full-year results) | ¥922 million | ¥1,097 million | ↓ |
| Gross profit margin | 38.4% | 41.2% | ↓ |
| Operating profit margin | 12.4% | 15.2% | ↓ |
| Ordinary profit margin | 12.4% | 15.2% | ↓ |
| Equity ratio (period-end) | 68.2% | 66.9% | ↑ |
| Cash flow from operating activities | ¥567 million | ¥1,120 million | ↓ |
| Net income per share | ¥32.12 | ¥38.21 | ↓ |
| Annual dividend per share | ¥20.00 | ¥23.00 | ↓ |
| Dividend payout ratio | 62.3% | 60.2% | ↑ |
Business Details
DAIKEN MEDICAL is a research and development-oriented medical device manufacturer engaged in the planning, development, manufacturing, and sale of anesthesia-related and hospital infection prevention-related products. Its core products include suction device-related products (Fit Fix, Cue in Pot) and injector-related products (Syrinjector, Coordec Amy PCA). The company employs a vertically integrated business model, conducting everything from basic research to manufacturing in-house, and maintains a quality control system based on ISO standards (EN ISO 13485:2016). Over 90% of sales are domestic, and the company holds the top share in the domestic suction device field.
Recent Overview
Net sales increased, but operating profit fell 15.5% due to rising material costs and higher personnel expenses, resulting in higher revenue but lower profit
In FY2026 (ending March 2026), net sales reached ¥10,290 million (up 3.4% year on year), achieving an increase in revenue. However, gross profit declined due to rising material costs (gross profit margin of 38.4%, down from 41.2% in the prior year), and SG&A expenses increased (¥2,673 million, up from ¥2,584 million in the prior year) due to higher personnel and R&D expenses. As a result, operating profit fell sharply to ¥1,277 million (down 15.5% year on year). For the next fiscal year, FY2027 (ending March 2027), the company expects net sales of ¥10,500 million (up 2.0%), while planning for a further decline in operating profit to ¥840 million (down 34.3%) due to continued upfront investments including rising raw material costs, human capital investment, R&D investment, and expenses related to obtaining European MDR certification. The annual dividend will be maintained at ¥20, with the expected dividend payout ratio rising to 97.4%.
Key Products
Growth Drivers
- Sales growth driven by focused expansion of Coordec Amy PCA into acute care medical institutions and the home care market
- Stable sales volumes maintained for Fit Fix, the Syrinjector PCA Set, Balloonjector PCA Set, and Cue in Pot, supported by the steady trend in the number of surgical procedures
- Creation of new markets through the start of overseas (European) expansion of Coordec Amy PCA via European MDR certification acquisition
- Growth in new product categories driven by a substantial increase in production volume of electric pump-related products (up 58.0% year on year)
- Overall growth of the medical device market driven by the advancing aging population and medical DX
Risks
- Continued pressure on gross profit margin due to rising product costs from increased material costs (higher raw material procurement costs due to Middle East tensions and higher purchase prices due to yen depreciation)
- Risk of a significant decline in profit due to increased upfront investments including personnel expenses, R&D expenses, supply chain sophistication investments, and expenses related to obtaining European MDR certification (next fiscal year operating profit forecast down 34.3%)
- Deterioration in the operating environment of medical institutions due to healthcare cost containment policies and intensifying price competition with competitors
- Delay in overseas expansion plans due to delays in obtaining European MDR certification
- Risk of medical institutions curbing capital investment due to chronic labor shortages among healthcare workers
- Concern over the ability to maintain dividends in the event of a downturn in performance, given the extremely high projected dividend payout ratio of 97.4% relative to profit for the next fiscal year
Last updated: June 17, 2026