Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/terumo-corp" target="_blank" data-smartkarma-citation="entities:6708:1" rel="noopener">Terumo Corp (4543 JP)</a> has reported record high quarterly revenue and profit in Q1FY25, thanks to strong demand across all the business segments, effects of pricing measures, and favorable Fx.</li>
<li>With the steady progress in profit improvement measures, Q1FY25 gross profit margin (53.3%) reached to its highest level since Q2FY22. Operating and net profit growth outpaced that of revenue.</li>
<li>Amid currency uncertainties and inflation, Terumo has maintained its full-year FY25 guidance issued in May. Growth will be driven by US and Europe owing to the sustained increase in demand.</li>
</ul>



Terumo Corp (4543 JP) has reported record high quarterly revenue and profit in Q1FY25, thanks to strong demand across all the business segments, effects of pricing measures, and favorable Fx.
With the steady progress in profit improvement measures, Q1FY25 gross profit margin (53.3%) reached to its highest level since Q2FY22. Operating and net profit growth outpaced that of revenue.
Amid currency uncertainties and inflation, Terumo has maintained its full-year FY25 guidance issued in May. Growth will be driven by US and Europe owing to the sustained increase in demand.


Terumo Corp (4543 JP): Stellar Performance in Q1; Cost Control Measures Are Bearing Fruits

Equity Capital Markets

<ul>
<li>In FY25, <a href="https://www.smartkarma.com/entities/nihon-kohden-corp" target="_blank" data-smartkarma-citation="entities:7668:1" rel="noopener">Nihon Kohden (6849 JP)</a> guided for domestic revenue of ¥147B, up 3% YoY. The demand for patient monitors and treatment equipment is expected to remain steady.</li>
<li>Nihon Kohden expects North America business to report a revenue CAGR of 11% (fastest among all the other regions) during FY24–27, outpacing mid-single-digit growth of the market.</li>
<li>The company announced ¥10B buyback plan to repurchase up to 6M shares, representing 3.57% of total number of issued shares from August 5, 2024, to March 31, 2025.</li>
</ul>


In FY25, Nihon Kohden (6849 JP) guided for domestic revenue of ¥147B, up 3% YoY. The demand for patient monitors and treatment equipment is expected to remain steady.
Nihon Kohden expects North America business to report a revenue CAGR of 11% (fastest among all the other regions) during FY24–27, outpacing mid-single-digit growth of the market.
The company announced ¥10B buyback plan to repurchase up to 6M shares, representing 3.57% of total number of issued shares from August 5, 2024, to March 31, 2025.


Nihon Kohden (6849 JP): ¥10B Buyback Plan And Stock Split; Japan and US to Drive Business Growth

<ul>
<li>
<a href="https://www.smartkarma.com/entities/terumo-corp" target="_blank" data-smartkarma-citation="entities:6708:1" rel="noopener">Terumo Corp (4543 JP)</a> posted highest ever quarterly and YTD revenue and operating profit in Q3FY24. Double-digit growth in C&amp;V and TBCT businesses are the main revenue growth driver.</li>
<li>During 9MFY24, gross profit margin expanded 50bps YoY to 52%, while operating profit margin improved 40bps to 15.5%. Profitability improvement through price increases and cost reduction is on track.</li>
<li>Terumo has revised both FY24 revenue and profit upward to reflect continuing positive impacts from yen depreciation. The company is aiming for record high revenue and profit in FY24.</li>
</ul>



Terumo Corp (4543 JP) posted highest ever quarterly and YTD revenue and operating profit in Q3FY24. Double-digit growth in C&amp;V and TBCT businesses are the main revenue growth driver.
During 9MFY24, gross profit margin expanded 50bps YoY to 52%, while operating profit margin improved 40bps to 15.5%. Profitability improvement through price increases and cost reduction is on track.
Terumo has revised both FY24 revenue and profit upward to reflect continuing positive impacts from yen depreciation. The company is aiming for record high revenue and profit in FY24.


Terumo Corp (4543 JP): 3Q Result Beat Estimate; Currency Depreciation Led Full-Year Guidance Raise

<ul>
<li>On December 26, <a href="https://www.smartkarma.com/entities/nihon-kohden-corp" target="_blank" data-smartkarma-citation="entities:7668:1" rel="noopener">Nihon Kohden (6849 JP)</a> shares jumped ~15% as the company was a beneficiary of the ban on <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a>’s latest smartwatch models.</li>
<li>Nihon Kohden reported better-than-expected result in H1FY24. The company raised FY24 revenue forecast to ¥221.5B (+7% YoY) from ¥215.0B. The company has also raised FY24 operating and net profit guidance.</li>
<li>Currently consensus expects 2% YoY revenue growth for the company in FY25. With strong demand for existing products and new launches, the expectation seems to be conservative.  </li>
</ul>


On December 26, Nihon Kohden (6849 JP) shares jumped ~15% as the company was a beneficiary of the ban on Apple (AAPL US)’s latest smartwatch models.
Nihon Kohden reported better-than-expected result in H1FY24. The company raised FY24 revenue forecast to ¥221.5B (+7% YoY) from ¥215.0B. The company has also raised FY24 operating and net profit guidance.
Currently consensus expects 2% YoY revenue growth for the company in FY25. With strong demand for existing products and new launches, the expectation seems to be conservative.  


Nihon Kohden (6849 JP): Apart from Apple Smartwatch Ban, Three More Reasons to Buy Shares

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<li>
<a href="https://www.smartkarma.com/entities/olympus-corp" target="_blank" data-smartkarma-citation="entities:356:1" rel="noopener">Olympus Corp (7733 JP)</a> announced muted Q1FY24 result. Revenue increased 8% YoY to ¥208B, while operating profit declined 50% YoY to ¥22B. A one-time gain has inflated the net profit.</li>
<li>Revenue missed about 3% compared to the plan. Product shipment hold and parts supply shortages represented about 1.5% points out of the total miss of 3%.</li>
<li>Olympus has reiterated FY24 guidance and expects FY24 revenue of ¥914B (+4% YoY) and operating profit of ¥163B (-13% YoY). In FY23, the company missed operating profit guidance.</li>
</ul>



Olympus Corp (7733 JP) announced muted Q1FY24 result. Revenue increased 8% YoY to ¥208B, while operating profit declined 50% YoY to ¥22B. A one-time gain has inflated the net profit.
Revenue missed about 3% compared to the plan. Product shipment hold and parts supply shortages represented about 1.5% points out of the total miss of 3%.
Olympus has reiterated FY24 guidance and expects FY24 revenue of ¥914B (+4% YoY) and operating profit of ¥163B (-13% YoY). In FY23, the company missed operating profit guidance.


Olympus Corp (7733 JP): Slow Start of FY24; Unfavorable Macro Backdrop Continues to Hurt Business

Japan

SYSMEX CORPORATION manufactures reagents and equipment for clinical tests including hematologic (blood) and immune tests. The Company also develops, manufactures, and trades particle analyzers such as blood coagulation analyzer and related software. Manufacturing and sales outside Japan include the United States, EMEA, China and Asia Pacific regions.

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Sysmex Corp (6869 JP)

Terumo Corp (4543 JP): Stellar Performance in Q1; Cost Control Measures Are Bearing Fruits

Terumo announced buyback of 15K shares (~1% of total outstanding shares) for ¥30B. The company will also conduct a secondary offering of 73M shares...

Tina Banerjee

Nihon Kohden (6849 JP): ¥10B Buyback Plan And Stock Split; Japan and US to Drive Business Growth

Nihon Kohden has announced ¥10B buyback plan amid long-term growth prospect. The company guided for 3% and 11% revenue CAGR in Japan and North...

Tina Banerjee

Terumo Corp (4543 JP): 3Q Result Beat Estimate; Currency Depreciation Led Full-Year Guidance Raise

Terumo reports record high quarterly revenue and operating profit in Q3FY24. Double-digit growth in C&V and blood center business and continued...

Tina Banerjee

Nihon Kohden (6849 JP): Apart from Apple Smartwatch Ban, Three More Reasons to Buy Shares

Nihon Kohden reported strong H1FY24 results and raised its revenue and profit forecasts for FY24. The company has strong product line-up for the...

Tina Banerjee

Olympus Corp (7733 JP): Slow Start of FY24; Unfavorable Macro Backdrop Continues to Hurt Business

Q1FY24 revenue, operating profit, and profit from continuing operations represented 23%, 14%, and 12% of FY24 guidance, which calls for...

Tina Banerjee

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Terumo Corp (4543 JP): Stellar Performance in Q1; Cost Control Measures Are Bearing Fruits

Terumo announced buyback of 15K shares (~1% of total outstanding shares) for ¥30B. The company will also conduct a secondary offering of 73M shares...

Tina Banerjee

Nihon Kohden (6849 JP): ¥10B Buyback Plan And Stock Split; Japan and US to Drive Business Growth

​Nihon Kohden has announced ¥10B buyback plan amid long-term growth prospect. The company guided for 3% and 11% revenue CAGR in Japan and North...

Tina Banerjee

Terumo Corp (4543 JP): 3Q Result Beat Estimate; Currency Depreciation Led Full-Year Guidance Raise

Terumo reports record high quarterly revenue and operating profit in Q3FY24. Double-digit growth in C&V and blood center business and continued...

Tina Banerjee

Nihon Kohden (6849 JP): Apart from Apple Smartwatch Ban, Three More Reasons to Buy Shares

​Nihon Kohden reported strong H1FY24 results and raised its revenue and profit forecasts for FY24. The company has strong product line-up for the...

Tina Banerjee

Olympus Corp (7733 JP): Slow Start of FY24; Unfavorable Macro Backdrop Continues to Hurt Business

Q1FY24 revenue, operating profit, and profit from continuing operations represented 23%, 14%, and 12% of FY24 guidance, which calls for...

Tina Banerjee

Nihon Kohden has announced ¥10B buyback plan amid long-term growth prospect. The company guided for 3% and 11% revenue CAGR in Japan and North...

Nihon Kohden reported strong H1FY24 results and raised its revenue and profit forecasts for FY24. The company has strong product line-up for the...