Mental Health Technologies Co.,Ltd.

Business Details

The business offers Sangyoi Cloud, its flagship service, which packages service provision by industrial physicians, public health nurses, and other professionals together with the cloud-based mental healthcare service "ELPIS," while also operating mental clinic management support (healthcare DX). Subsidiaries Avenir, Meishokai Occupational Health Consultants, and Mirai Sangyoi provide these services. Effective March 31, 2026, the Company made Include Inc., which operates a rework business (support for returning to work), a subsidiary, establishing an integrated system covering everything from prevention of mental health issues to early detection and return-to-work support. The business has built a stock-type revenue model backed by the legal obligation under the Industrial Safety and Health Act to appoint industrial physicians.

Recent Overview

Acquisition of Include as a subsidiary brought the rework field into the fold, with both revenue and profit increasing

Effective March 31, 2026, the Company acquired all shares of Include Inc., which operates a rework business (support for returning to work), making it a consolidated subsidiary. This established an integrated system covering everything from prevention of mental health issues to early detection and return-to-work support. In the current first quarter, segment revenue was ¥823 million (up 16.2% year on year) and segment profit was ¥239 million (up 17.9% year on year), representing increases in both revenue and profit. Mirai Sangyoi Office is achieving greater efficiency through consolidation of administrative operations into Avenir, and Healthcare DX's clinic management support business is also strengthening its revenue base through the expansion of supported clients. Note that the ¥294 million of goodwill related to the Include acquisition is a provisional figure, as the allocation of acquisition cost has not yet been finalized.

Key Products

Growth Drivers

• Expanding demand for occupational health services amid growing corporate interest in human capital management and health management
• Acquisition of new ENT clients (companies with 1,000 or more employees) and unit price improvement through additional proposals to existing customers
• Entry into the rework (return-to-work support) field through the acquisition of Include as a subsidiary, and establishment of an integrated service system
• Emergence of Group synergies among Avenir, Meishokai Occupational Health Consultants, and Mirai Sangyoi
• Expansion of clients supported by Healthcare DX's mental clinic management support service
• Underlying demand support from tightening regulations such as mandatory stress checks and work-style reform related laws

Risks

• Declining trend in ENT contract unit prices (¥641 thousand as of end of December 2025, versus ¥702 thousand as of end of 2024)
• Rising cost of service provision due to difficulty securing industrial physicians, public health nurses, and other professionals
• Risk of deteriorating profitability due to price competition with other companies
• Impact on service credibility from the risk of leakage of personal information and health information
• Risk of impairment of goodwill (consolidated total of ¥1,988 million, of which ¥294 million related to Include is a provisional figure) and customer-related assets
• Risk of cancellation due to consolidation of business sites or reduction in employee headcount at some clients