GENOVA, Inc.
9341・Prime Market・Services
Business
GENOVA operates under the mission of "connecting people and healthcare to create a healthy society," running a total of five segments: the Medical Platform Business centered on the medical information media "Medical DOC"; the Smart Clinic Business, which supports operational efficiency at medical institutions through automated payment machines, AI chatbots, and other tools; and the Dental Distribution Business/DX Business, which provides wholesale distribution of dental equipment and materials along with cloud services. Its main customers are medical and dental clinics nationwide (approximately 173,000 clinics in total), and as of the end of March 2026, the company had accumulated approximately 17,000 existing customer sales contacts. It listed on the TSE Growth Market in December 2022 and transitioned to the Prime Market in September 2024.
Business Model
In the Medical Platform Business, the company receives paid referral article production fees from medical institutions, leveraging the traffic-generating power of "Medical DOC", which attracts approximately 16.74 million page views per month. In the Smart Clinic Business, in addition to hardware sales of the NOMOCa-Stand / NOMOCa-Regi series, the company builds up recurring revenue through software services such as CLINIC BOT and NOMOCa AI chat. In FY2026 (ending March 2026), the proportion of sales from existing customers reached 73.9%, and repeat business and upselling leveraging the accumulated customer base support the stability of earnings.
Company Strengths
As of the end of March 2026, Medical DOC is one of Japan's largest healthcare platforms, boasting 19,184 medical information articles and approximately 16.74 million monthly page views. Highly reliable articles supervised by physicians and medical advisors are also utilized as reference sources for generative AI (such as ChatGPT), and the sales network spanning 10 locations nationwide together with article production know-how compliant with medical advertising regulations form a barrier to entry.
The cumulative number of existing customers accumulated since FY2018 (ending March 2018) reached approximately 17,000 (as of the end of March 2026), and the ratio of sales from existing customers in FY2026 (ending March 2026) stood at 73.9%. The cumulative number of units installed in the Smart Clinic Business has reached 2,911 units (NOMOCa-Stand), with resales and upselling to existing customers forming a stable revenue base.
NOMOCa AI chat, launched in July 2023, achieved the No.1 ranking in three categories of clinic industry chatbots in a survey conducted in October 2025 by Mirai Trend Research Institute Co., Ltd. Including NOMOCa AI call, launched in Q3 of FY2024 (ending March 2024), the company has signed a total of 209 contracts, both free and paid, achieving results that have grown it into a core service of the Smart Clinic Business.
ENVALITH's Perspective
Performance Trend
Revenue increased for four consecutive periods, rising from ¥6,513 million in FY2023 to ¥8,683 million in FY2024, ¥10,006 million in FY2025, and ¥11,566 million in FY2026, though the growth rate has shown a decelerating trend. Meanwhile, operating profit peaked at ¥2,301 million in FY2024, then rapidly deteriorated to ¥2,026 million in FY2025 and just ¥400 million in FY2026. Net income for FY2026 also declined significantly to ¥275 million, down from ¥1,413 million in the previous period. The expansion of upfront investments (staff reinforcement, expansion of business locations, and business acquisitions) is considered the primary cause of the increase in expenses. As for external factors, demand for DX among medical institutions remains solid, but rising recruitment costs and intensifying competition are acting as factors squeezing profitability. On the cash flow side, restated operating cash flow was ¥196 million, investing cash flow was -¥952 million, and the period-end balance of cash and cash equivalents was ¥5,317 million.
Growth Strategy
Pursuing growth along four axes: expanding the client base, enhancing AI services, business acquisitions, and strengthening human resources
Against a backdrop of increasing monthly page views, the company continues to expand the number of client business locations and contracts. It is strengthening new customer acquisition through the launch of new products such as clinic tour reports. In FY2026 (ending March 2026), the segment maintained high profitability with segment sales of ¥5,035 million and a profit margin of 35.4%, establishing its position as the core business.
The company is rolling out NOMOCa AI call and NOMOCa AI chat, promoting upselling and cross-selling to approximately 16,000 existing customers. Strengthening of the partner sales network is also underway through a master distributor agreement with APOSTRO Inc. The profit contribution from AI services remains limited at present, and the timing of a full-scale profit contribution is a key focus for evaluation.
In FY2026 (ending March 2026), the company made expenditures of ¥675,714 thousand (post-correction) for business acquisitions, expanding the Dental Distribution Business, DX Business, and others. The Dental Distribution Business recorded sales of ¥2,391 million, but posted a segment loss of ¥141 million, with profitability remaining a challenge. The outlook for investment recovery is an important point in the medium-term performance evaluation.
The company is advancing the hiring and development of 50 new graduates, aiming to improve productivity per sales employee. In FY2026 (ending March 2026), personnel expenses increased significantly as an upfront investment, weighing on profitability. As personnel retention and skill development progress, a medium-term recovery in profitability is expected, but the risk of sales personnel turnover confirmed in the third quarter remains an ongoing challenge.
Last updated: July 19, 2026