Consolidated Financial Highlights
for the First Quarter of FY2026
ending March 31, 2027
Consolidated Financial Results for FY2026 1Q
Topics
Forecast for FY2026
(Securities Code: 6849)
August 6, 2026
© Copyright NIHON KOHDEN CORPORATION All Rights Reserved
1) Executive Summary
FY2026 1Q
Overall sales YoY -5.2%; Domestic sales -15.0%, Excluding impact of Abbott products +0.3%,
Overseas sales +10.3%, On a local currency basis +1%
Operating loss ¥0.9 bn (Operating income of ¥1.4 bn in FY25 1Q)
Sales:
Domestic sales remained flat on a comparable basis excluding impact of discontinuation of Abbott products.
Sales of in-house products increased. Sales of Abbott products and locally purchased products decreased.
Overseas sales achieved double-digit growth especially in Europe and Asia & Other. Sales in North America and Latin America
decreased on a local currency basis.
Operating loss was recorded due to lower domestic sales and higher SG&A expenses caused by wage increases.
FY2026 Forecast
Unchanged
Sales: ¥232.5 bn
Domestic sales: +8% on a comparable basis excluding impact of discontinuation of Abbott products and consolidation of DOWELL.
Focusing on selling in-house products, consumables, and services
Overseas sales: +9% on a yen basis, +9% on a local currency basis. Aiming at sales growth in all regions
Operating income: ¥23.5 bn
• Gross margin is expected to improve supported by a favorable product mix, while sales will decrease due to discontinuation
of Abbott products
• SG&A expenses are expected to increase due to wage increases and higher depreciation related to investments in internal
IT systems
• Continuing implementation of measures in three key areas of the reform of the profit structure
© Copyright NIHON KOHDEN CORPORATION All Rights Reserved
The financial results summary is shown above.
Domestic sales remained flat on a comparable basis excluding the impact of the
discontinuation of Abbott products. Sales of in-house products increased, while
sales of Abbott products and locally purchased products decreased.
Overseas sales achieved double-digit growth, especially in Europe and Asia &
Other. Sales in North America and Latin America decreased on a local currency
basis.
Due to lower domestic sales and higher SG&A expenses caused by wage
increases, an operating loss of ¥0.9 billion was recorded. In its original forecast, the
Company expected that operating income would decrease, but due to lower-thanexpected domestic sales and gross margin, it ultimately recorded an operating loss.
The Company reaffirmed its full-year forecast, as the performance improvement
was originally expected to be realized mainly in the 2nd half of FY2026.
© Copyright NIHON KOHDEN CORPORATION All Rights Reserved
1
1
2) Consolidated Operating Results for FY2026 1Q
FY2025
1Q
FY2026
1Q
YoY
(%)
Net sales
50,020
47,405
Domestic sales
30,686
26,080
Overseas sales
19,334
21,325
10.3
Gross profit
26,316
25,459
(Gross margin)
52.6%
53.7%
SG&A expenses
24,915
26,442
(SG&A ratio)
49.8%
55.8%
Operating income
1,400
(Operating margin)
2.8%
―
Ordinary income
473
―
Income attributable to
owners of parent
137
―
Average exchange rate (yen)
1 USD/1 EUR
146.3/162.7
+0.3% on a comparable basis excluding
impact of discontinuation of Abbott products
+1% on a local currency basis
6.1
―
Foreign exchange gains/losses:
¥1.0 bn losses → ¥0.5 bn gains
159.4/185.4
© Copyright NIHON KOHDEN CORPORATION All Rights Reserved
(Amounts of less than ¥1 million are rounded down)
2
The operating results are shown above.
© Copyright NIHON KOHDEN CORPORATION All Rights Reserved
2
3) Breakdown of Operating Income
(Amounts of less than ¥1 million are rounded down)
FY2025 1Q
1,400
Increase in gross
profit from actual
increase in sales
+106
Decrease in gross
profit of Abbott
products
-830
Main reasons for impact of selling prices and cost
• Increase in cost including tariff impact
and indirect cost
-¥0.87 bn
• Increase in inventory devaluation
-¥0.21 bn
• Higher selling prices of in-house products +¥0.33 bn
Items of increase/decrease in
SG&A expenses*
• Salaries
• Legal welfare expenses
• Depreciation
• R&D expenses
Increase
in SG&A*
-626
Impact of
selling prices
and cost
-1,245
+¥0.97 bn
+¥0.24 bn
+¥0.23 bn
+¥0.20 bn
Currency
effect
+212
Benefit from
the reform of
the profit
structure
Approx.
1.2%pt
FY2026 1Q
-983
*Increase in SG&A indicates the amount as a factor of increase/decrease of operating income excluding the currency effect.
Items of increase/decrease in SG&A expenses indicate major components of increased/decreased SG&A expenses on a yen basis.
© Copyright NIHON KOHDEN CORPORATION All Rights Reserved
The analysis of the reasons for the operating loss is shown above.
Increase in gross profit from actual increase in sales was ¥0.1 billion. Decrease in
gross profit of Abbott products was ¥0.8 billion.
The impact of selling prices and costs was a negative factor worth ¥1.2 billion, due
to higher costs and increased inventory devaluation, partially offset by higher selling
prices of in-house products.
SG&A expenses were a negative factor worth ¥0.6 billion, mainly due to wage
increases.
Currency effect had a positive impact of ¥0.2 billion.
© Copyright NIHON KOHDEN CORPORATION All Rights Reserved
3
3
4) Domestic Sales (excl. Abbott products)
Sales of in-house/
third-party products
Sales by market
Universities
Private hospitals
Other
(¥100 million)
250
200
Public hospitals
Clinics
233
240
240
39
46
51
40
42
38
56
54
54
150
100
50
0
In-house products
(¥100 million)
250
200
60
58
58
36
37
37
FY2024 1Q
FY2025 1Q
FY2026 1Q
(Sales, millions of yen)
Third-party products
240
Domestic sales
FY2026
YoY
233
240
FY2025
excl. Abbott products
1Q
1Q
(%)
55
50
43
Physiological Measuring Equipment
3,990
4,276
7.2
Patient Monitors
8,482
8,997
6.1
Treatment Equipment
5,272
4,697 - 10.9
150
100
Sales by product category
178
190
197
Other Medical Equipment
6,280
6,122 - 2.5
Total sales
24,027
24,093
0.3
Medical Devices
9,328
9,907
6.2
Consumables and Services
14,698
14,186 - 3.5
(Reference)
50
FY2024 1Q
FY2025 1Q
FY2026 1Q
[ Markets ] Sales in the university, public hospital, and private hospital markets remained flat. Sales in the clinic market decreased.
[ Products ] In-house/third-party products: Sales of in-house products increased due to favorable sales of clinical information systems and
diagnostic information systems. Sales of third-party products decreased due to lower sales of imaging systems and locally
purchased products.
Physiological Measuring Equipment: Sales of diagnostic information systems achieved double-digit growth. Sales of ECGs and
neurology products also increased.
Patient Monitors: Sales of clinical information systems increased significantly. Sales of transmitters increased favorably thanks to
the launch of new products.
Treatment Equipment: Sales of AEDs decreased compared to the strong growth in FY25 1Q.
Other Medical Equipment: Sales of imaging systems and locally purchased products decreased. Sales of hematology instruments
and reagents increased favorably.
© Copyright NIHON KOHDEN CORPORATION All Rights Reserved
Domestic sales remained flat on a comparable basis excluding the impact of the
discontinuation of Abbott products.
Sales in the university, public hospital, and private hospital markets remained flat,
while sales in the clinic market decreased.
Sales of in-house products increased due to favorable sales of clinical information
systems and diagnostic information systems. Sales of third-party products
decreased due to lower sales of imaging systems and locally purchased products.
Sales of Physiological Measuring Equipment and Patient Monitors increased
favorably, while sales of Treatment Equipment and Other Medical Equipment
decreased.
In Physiological Measuring Equipment, sales of diagnostic information systems
achieved double-digit growth. Sales of ECGs and neurology products also
increased.
In Patient Monitors, sales of clinical information systems increased significantly.
Sales of transmitters also increased favorably thanks to the launch of new products.
In Treatment Equipment, sales of AEDs decreased in line with our original
expectations, compared with the strong growth in the 1st quarter of FY2025.
In Other Medical Equipment, sales of imaging systems and locally purchased
products decreased. Sales of hematology instruments and reagents increased
favorably.
© Copyright NIHON KOHDEN CORPORATION All Rights Reserved
4
4
(Ref.) Domestic Sales (incl. Abbott products)
Sales of in-house/
third-party products
Sales by market
(¥100 million)
300
250
Universities
Private hospitals
Other
294
Public hospitals
Clinics
150
100
(¥100 million)
306
40
47
260
42
45
52
77
39
200
77
60
82
50
80
300
250
294
Third-party products
260
116
116
63
150
64
178
190
(Sales, millions of yen)
Domestic sales
incl. Abbott products
306
200
100
197
55
43
FY2024 1Q
FY2025 1Q
FY2026 1Q
FY2025 1Q
YoY
(%)
5,652 - 33.4
Patient Monitors
8,482
8,997
Treatment Equipment
7,430
5,307 - 28.6
Other Medical Equipment
6,280
6,122 - 2.5
Total sales
30,686
26,080 - 15.0
9,911
10,097
20,774
15,982 - 23.1
6.1
(Reference)
Medical Devices
FY2026 1Q
FY2026
1Q
8,492
Consumables and Services
FY2024 1Q
FY2025
1Q
Physiological Measuring Equipment
50
51
0
In-house products
Sales by product category
Sales of Abbott products
FY2025
1Q
FY2026
1Q
1.9
YoY
(%)
Physiological Measuring Equipment
4,501
1,376 - 69.4
Treatment Equipment
2,157
610 - 71.7
Total sales
6,658
1,986 - 70.2
582
190 - 67.3
6,076
1,795 - 70.4
(Reference)
[Transfer of operations for Abbott products]
Completed approx. 80% as of Jun. 30, 2026
Planned to complete approx. 95% as of Sep. 30, 2026
Medical Devices
Consumables and Services
© Copyright NIHON KOHDEN CORPORATION All Rights Reserved
5
Domestic sales including Abbott products are shown above.
The transfer of operations for Abbott products, sales of which will be discontinued at
the end of December 2026, has been progressing as planned.
© Copyright NIHON KOHDEN CORPORATION All Rights Reserved
5
5) Overseas Sales
Overseas sales: YoY +10%
Overseas sales ratio
(on a local currency basis：+1%)
FY2025
1Q
FY2026
1Q
38.7%
Sales by region
(¥100 million)
193
200
167
150
37
100
26
9
50
92
43
29
10
110
Sales by product category
213
48
YoY
38
9
116
Local currency
basis
Asia &
Other
+10%
+4%
Europe
+32%
+18%
Latin
America
-6%
-12%
North
America
+6%
-3%
0
FY2024 1Q
FY2025 1Q
FY2026 1Q
45.0%
(Sales, millions of yen)
FY2025
FY2026
YoY
(%)
Local
currency
basis (%)
1Q
1Q
Physiological Measuring
Equipment
4,108
4,229
2.9
-4
Patient Monitors
7,883
8,358
6.0
-3
Treatment Equipment
5,628
6,905
22.7
12
Other Medical Equipment
1,713
1,831
6.9
-0
Total sales
19,334
21,325
10.3
1
Medical Devices
11,945
12,722
6.5
-3
Consumables and Services
7,388
8,602
16.4
8
(Reference)
[ Region ]
Sales in Europe increased significantly and sales in Asia & Other also increased favorably. Sales in North America and Latin America
decreased on a local currency basis.
[ Products ] Physiological Measuring Equipment: Sales in Europe and Latin America increased significantly. Sales in Asia & Other decreased
and sales in North America also decreased on a local currency basis.
Patient Monitors: Sales in Europe increased significantly. Sales in North America, Latin America, and Asia & Other decreased on a
local currency basis.
Treatment Equipment: Sales in Europe and Asia & Other increased significantly, as well as double-digit growth in North America.
© Copyright NIHON KOHDEN CORPORATION All Rights Reserved
Overseas sales achieved double-digit growth on a yen basis and a 1% growth on a
local currency basis. The overseas sales ratio increased to 45%.
In Treatment Equipment, sales in Europe and Asia & Other increased significantly
and sales in North America achieved double-digit growth. Sales of Other Medical
Equipment also increased. Sales of Patient Monitors and Physiological Measuring
Equipment increased on a yen basis and decreased on a local currency basis.
© Copyright NIHON KOHDEN CORPORATION All Rights Reserved
6
6
5.1) Sales in North America
Increased on yen basis and decreased on local currency basis
Decline in sales of AEDs, patient monitors, and neurology products on local currency basis.
Significant growth of ventilators
YoY
+6%
(Local currency basis -3%)
(¥100 million)
120
100
110
116
92
Physiological Measuring Equipment: mid-single-digit decline
Decline in sales of neurology products compared to favorable growth in
FY25 1Q
Patient Monitors:
mid-single-digit decline
Decline in sales of medical devices.
Double-digit growth of consumables such as sensors
80
60
Treatment Equipment:
low-single-digit growth
Significant growth of ventilators; Strong growth of mask-type / intubated
type ventilators. Decline in sales of AEDs
40
20
0
[ Product Category ] * YoY on a local currency basis
FY24 1Q
FY25 1Q
FY26 1Q
© Copyright NIHON KOHDEN CORPORATION All Rights Reserved
Sales in North America increased on a yen basis and decreased on a local currency
basis.
In Physiological Measuring Equipment, sales of neurology products decreased
compared to the strong growth in the 1st quarter of FY2025. Demand for EEGs and
home sleep recorders as well as Ad-Tech products remained steady.
Sales of Patient Monitors decreased due to the deferred delivery and installation of
large orders. Sales in the 2nd quarter of FY2026 and beyond are expected to
increase as orders increased favorably.
Sales of consumables such as sensors achieved double-digit growth.
In Treatment Equipment, sales of ventilators increased significantly and sales of
AEDs decreased.
© Copyright NIHON KOHDEN CORPORATION All Rights Reserved
7
7
5.2) Sales in Latin America
Decreased, mainly in Guatemala and Paraguay compared to strong growth in FY2025 1Q,
while significant growth in Mexico
YoY
-6%
(Local currency basis -12%)
(¥100 million)
Physiological Measuring Equipment: high-20% growth
Significant growth of neurology products. Decline in sales of ECGs
12
10
[ Product Category ] * YoY on a local currency basis
9
10
9
8
Patient Monitors:
high-40% decline
Decline mainly in Peru, Brazil, and Guatemala
compared to strong growth in FY25 1Q
Treatment Equipment:
10% decline
Decline in sales of defibrillators and ventilators. Growth of AEDs
6
4
Other Medical Equipment:
low-20% growth
Growth of maintenance services for medical devices in Mexico
2
0
FY24 1Q
FY25 1Q
FY26 1Q
© Copyright NIHON KOHDEN CORPORATION All Rights Reserved
Sales in Latin America decreased, mainly in Guatemala and Paraguay, where sales
had shown strong growth in the 1st quarter of FY2025, while sales in Mexico
increased significantly.
Sales of Patient Monitors and Treatment Equipment decreased, while sales of
Physiological Measuring Equipment and Other Medical Equipment increased
favorably.
The fiscal year-end of our subsidiaries in Latin America is December 31. Sales in
Latin America are expected to result in double-digit growth in the 2nd quarter, driven
by favorable sales in Mexico and Brazil.
© Copyright NIHON KOHDEN CORPORATION All Rights Reserved
8
8
5.3) Sales in Europe
Increased significantly thanks to large orders in Greece and Poland, as well as strong growth in the
Netherlands and Germany
YoY
+32%
(Local currency basis +18%)
(¥100 million)
38
40
35
30
25
26
[ Product Category ] * YoY on a local currency basis
Physiological Measuring Equipment: high-30% growth
Significant growth of ECGs thanks to large orders in Greece
Patient Monitors:
low-teen growth
Strong growth especially in Poland thanks to large orders as well as
favorable growth in Germany
29
20
Treatment Equipment:
mid-30% growth
Significant growth of AEDs mainly in the Netherlands
15
10
Other Medical Equipment:
high-40% decline
Decline in sales of hematology instruments and reagents
5
0
FY24 1Q
FY25 1Q
FY26 1Q
© Copyright NIHON KOHDEN CORPORATION All Rights Reserved
Sales in Europe increased significantly, thanks to large orders in Greece and
Poland, as well as strong growth in the Netherlands and Germany.
Sales of Physiological Measuring Equipment and Treatment Equipment increased
significantly. Sales of Patient Monitors also achieved double-digit growth. Sales of
Other Medical Equipment decreased.
© Copyright NIHON KOHDEN CORPORATION All Rights Reserved
9
9
5.4) Sales in Asia & Other
Double-digit growth mainly in the Middle East & Africa such as Saudi Arabia, Egypt, and UAE, and in
India
YoY
+10%
(Local currency basis +4%)
(¥100 million)
48
50
43
45
40
37
[ Product Category ] * YoY on a local currency basis
Physiological Measuring Equipment: high-20% decline
Decline in sales of neurology products and ECGs
compared to strong growth in FY25 1Q
Patient Monitors:
low-single-digit decline
Decline mainly in Thailand compared to strong growth in FY25 1Q
35
30
Treatment Equipment:
low-20% growth
Significant growth of defibrillators thanks to large orders in Saudi Arabia.
Favorable growth of AEDs and ventilators
25
20
15
10
Other Medical Equipment:
5
mid-teen growth
0
FY24 1Q
FY25 1Q
FY26 1Q
© Copyright NIHON KOHDEN CORPORATION All Rights Reserved
Sales in Asia & Other achieved double-digit growth, mainly in the Middle East &
Africa and India. The impact of conflicts in the Middle East on sales in these areas
was limited in the 1st quarter of FY2026, while there were reductions in government
budgets and capital expenditure due to higher oil prices in some countries in
Southeast Asia.
Sales of Treatment Equipment and Other Medical Equipment achieved double-digit
growth. Sales of Physiological Measuring Equipment and Patient Monitors
decreased compared to the strong growth in the 1st quarter of FY2025.
© Copyright NIHON KOHDEN CORPORATION All Rights Reserved
10
10
(Ref.) Sales / Gross Margin by Product Category
(Sales, millions of yen)
Physiological Measuring
Equipment
Patient Monitors
Treatment Equipment
Other
Medical Equipment
Total sales
FY2025
FY2026
YoY
excl. Abbott
1Q
1Q
(%)
products (%)
12,600
9,882
(45%)
(50%)
16,366
17,356
(66%)
(63%)
13,058
12,213
(44%)
(45%)
7,994
7,954
(50%)
(52%)
50,020
47,405
(53%)
(54%)
21,856
22,820
Consumables and
Services
(55%)
(54%)
28,163
24,585
(51%)
(54%)
(FY2025 1Q FY2026 1Q)
5.0
6.0
―
6.4
―
Sales
4.7
¥47.4
4.4
6.4
3.2
(Reference)
Medical Devices
Sales composition
by product category
Third-party
products
27.4 ⇒ 18.4%
billion
In-house products
Medical Devices
72.6 ⇒ 81.6%
43.7 ⇒ 48.1%
Consumables
and Services
56.3 ⇒ 51.9%
*The figures in parentheses in the table are gross margins.
© Copyright NIHON KOHDEN CORPORATION All Rights Reserved
Sales and gross margin by product category are shown above.
Sales of Patient Monitors increased favorably. On a comparable basis excluding the
impact of the discontinuation of Abbott products, sales of Physiological Measuring
Equipment and Treatment Equipment also increased favorably.
© Copyright NIHON KOHDEN CORPORATION All Rights Reserved
11
11
(Ref.) Breakdown of Sales by Product Category
(Sales, millions of yen)
Physiological Measuring Equipment
FY2025 FY2026
1Q
1Q
YoY
(%)
Treatment Equipment
FY2025 FY2026
1Q
1Q
YoY
(%)
Neurology Products
3,747
3,695
Defibrillators
(for Hospital and Ambulance)
1,839
2,075
12.8
ECGs (Electrocardiographs)
1,419
1,494
5.3
AEDs (Automated External Defibrillator)
6,229
6,418
3.0
Polygraphs for Cath Lab **
4,764
1,623
Ventilators
2,329
2,862
22.9
Diagnostic Information Systems
1,223
1,363
11.4
Pacemakers / ICDs **
731
243
Other Physiological Measuring
Equipment *
1,445
1,706
18.0
Other Treatment Equipment
1,929
614
YoY
(%)
Other Medical Equipment
*Includes products of other companies.
Patient Monitors
FY2025 FY2026
1Q
1Q
Patient Monitors
16,366 17,356
Clinical Information Systems
773
1,460
FY2025 FY2026
1Q
1Q
YoY
(%)
6.0
Hematology Instruments
3,018
3,311
9.7
88.8
Imaging Systems and Others *
4,976
4,642
*Includes consumables, installation and maintenance services which are not part of
other categories.
**Includes Abbott products scheduled to be discontinued at the end of December 2026.
© Copyright NIHON KOHDEN CORPORATION All Rights Reserved
12
A breakdown of sales by product category is shown above.
© Copyright NIHON KOHDEN CORPORATION All Rights Reserved
12
6) Topics
Enhance product competitiveness
Growth
New products and services
in FY2025/FY2026
Number of new contract hospitals
that utilize alarm reports
(Japan only)
NEW!
Advanced alarm
management
250
202
179
200
168
177
On-site alarm analytics
software QP-841N
Launched in the U.S. in FY25 2Q
Launched in Japan in FY25 4Q
Planned to launch in Europe in FY26
150
100
NEW!
AlarmSense
alarm solutions
• Analyzes and displays
alarm trends across the
hospital
84
50
• Analyzes real-time
alarm status and causes
for each patient
Contributing
to easing
medical staff
workload
0
FY21
FY22
FY23
FY24
FY25
Number of unit sales of products
connected to MD Linkage
(Worldwide)
Spread remote
monitoring systems
- Connected models: hematology instruments,
ventilators, central monitors, and defibrillators
800
600
675
670
713
745
566
NEW!
+D-dimer license QL-131W
for automated hematology analyzer and
clinical chemistry analyzer MEK-1303
Launched in Japan in FY26 1Q
• Enables simultaneous measurement
of D-dimer1 and CBC2
400
*1 D-dimer: A useful marker for assessing possible thrombus formation
*2 CBC: Complete Blood Count
200
Expanding
Services
Business
Securing
stable and
consistent
revenue base
0
FY21
FY22
FY23
FY24
FY25
© Copyright NIHON KOHDEN CORPORATION All Rights Reserved
(Ref.) The results for FY2025 were updated in July 2026.
https://www.nihonkohden.com/sustainability/nk_sustainability/materiality.html 13
To enhance product competitiveness, Nihon Kohden has launched some new
products and services as shown above. The Company has also disclosed progress
against KPIs related to solving medical issues as part of its sustainability
management.
The number of facilities that have adopted alarm reports for patient monitors has
steadily increased. The Company launched a locally developed alarm solution in
the U.S. and started to provide new alarm software in Japan that analyzes alarms
for each patient in real time. We believe these solutions will contribute to easing
medical staff workload.
The number of connected models and units for MD Linkage, a medical device
remote monitoring system, has also increased. In Japan, the Company launched a
new license that enables D-dimer measurement for hematology instruments with
the highest number of MD Linkage connections.
The number of business negotiations with clinics for this license is increasing,
because D-dimer measurement is a useful marker for assessing possible thrombus
formation in the body.
© Copyright NIHON KOHDEN CORPORATION All Rights Reserved
13
Enhance product competitiveness
Growth
New products and services
in FY2025/FY2026
Number of hospitals that have
newly introduced DX products
(Japan only)
NEW!
Promote DHS vision
Admission and discharge
management software QP-842N
- Dashboard software for monitoring patient condition,
Remote ICU systems, and products with cloud services
300
256
250
200
150
149
194
191
FY23
FY24
166
Launched in Japan in FY25 4Q
100
50
0
FY21
FY22
FY25
• Automatically acquires,
aggregates, and visualizes
information necessary for hospital
bed management, including
information on admissions,
discharges, and transfers
Dashboard software for
RemoteSense
monitoring patient condition
remote monitoring solution
QH-101N
Launched in the U.S. in FY24
Launched in Japan in FY24
• Monitors vital signs of
patients at multiple hospitals
via a web browser
• Calculation and display of
early warning scores based on
patients’ vital signs for general
wards or critical care units
Introduced in 4 hospitals
in the U.S. in FY25
NEW!
Introduced in 4 hospitals
in Japan in FY25
© Copyright NIHON KOHDEN CORPORATION All Rights Reserved
PrimeBridge
clinical assistant service
Launched laboratory plan in Japan in FY24
Added ward plan and anesthesia record
integration plan in Japan in FY25 4Q
• Centralizing management of patient
data from medical devices for
reference inside/outside hospitals,
Enabling plan selection based on
customer needs
Introduced in 19 hospitals
in Japan in FY25
Contributing
to easing
medical staff
workload
• Improving
hospital bed
occupancy
rate
• Reducing
length of
hospital stays
• Optimizing
hospital
management
• Improving
economics of
medical care
Expanding
Solution
Business
Securing
stable and
consistent
revenue base
(Ref.) The results for FY2025 were updated in July 2026.
© Copyright NIHON KOHDEN CORPORATION All Rights Reserved
14
https://www.nihonkohden.com/sustainability/nk_sustainability/materiality.html
As the Company promotes its DHS Vision, the number of facilities that have
introduced products contributing to medical DX has also increased significantly. The
DHS products launched in recent years have also been installed both in Japan and
internationally. Recently, we have added new plans for wards and anesthesia record
integration to PrimeBridge, a clinical assistant service for small and medium-sized
hospitals, in addition to the existing plan for laboratories.
By accelerating our transition to solution-based business models both in Japan and
internationally, we aim to contribute to resolving global healthcare challenges, for
example by easing the workload of medical staff and improving hospital
management.
© Copyright NIHON KOHDEN CORPORATION All Rights Reserved
14
Profitability
Implement the reform of the profit structure
OPM
FY2026
FY2026
Target improvement
Target
5%pt
Improvement: 80 bps in FY2024 300 bps (YoY +220 bps) in FY2025
Expected 450 bps (YoY +150 bps) in FY2026
Continuing to implement measures in three key areas to improve profitability
Improving personnel productivity
Conventional
Sales
activity
plan
Proposal
Negotiation
After-sales
services
• Time required to confirm
and share customer
information across
multiple systems
• Different negotiation
process and information
updates vary by individual
• Reliance on experience
and skill of sales reps
• Fragmented customer
information b/w each
department
• Managing inquiry histories
across multiple systems
Future
In-house developed
generative AI applications
Started operation of new CRM*
Improving operational
efficiency
FY26 Target:
Japan, July 2026
Centralized management of
customer information
Daily Report Analysis App
KPI Dashboard
60k hours/year
Improving quality of
sales targeting
Visualization and analysis of sales data
Daily Report Voice Input App
• Reduction of verification time
for customer information
• Simplification of data entry
procedures
Efficiency in creating daily reports
Sharing knowledge, skill,
and expertise within teams
High-quality customer value
propositions
Consolidation and accumulation
of customer service history
Accelerating
service response
Sales Support App
Efficiency in creating quotations
Sales Role-Playing App
Support for improving proposal skills
Product Q&A Chatbot
Quick response to requests for product
information
Improving customer experience
together with sales & services team and customer center
• Simplification and efficiency
of information sharing b/w
each division
Improving accuracy
of demand forecasting
• Consistent registration,
updating, and sharing of
negotiation information
• Improving accuracy of sales
forecasting
- CRM: Customer Relationship Management including Sales Force Automation function
© Copyright NIHON KOHDEN CORPORATION All Rights Reserved
In the reform of the profit structure, the Company is pursuing business process
reform aimed at improving personnel productivity. In July 2026, the Company has
introduced a new CRM system in Japan.
The Company aims to strengthen its sales proposal capabilities and improve the
quality and speed of after-sales support by centralizing and sharing customer
information that has previously been managed separately by individual division
such as sales and service divisions, and customer centers. The Company also aims
to improve operational efficiency and reduce man-hours equivalent to 60k hours per
year by utilizing in-house developed AI applications to create daily reports and
quotations. In addition, the Company will improve the accuracy of demand
forecasting by consistent registration, updating, and sharing of business negotiation
information.
© Copyright NIHON KOHDEN CORPORATION All Rights Reserved
15
15
7) Financial Position
(Amounts of less than ¥1 million are rounded down)
FY2025
FY2026
1Q
Current assets
177,808
167,306 - 10,502 Current liabilities
Inventories
55,992
56,174
182
Property, plant & equipment
32,250
31,654
Intangible assets
27,222
Change
FY2025
42,056
50
50
―
- 596 Non-current liabilities
27,286
26,811
27,016
22,388
21,750
924 Net assets
179,824
177,291
256,538
246,158 - 10,380
Interest-bearing debt
19,256
20,181
Total assets
256,538
246,158 - 10,380 Total liabilities & net assets
5.9
Change
49,428
Interest-bearing debt
Investments & other assets
Inventory turnover (months)
FY2026
1Q
6.0
[Reasons for decrease of current assets]
Notes and accounts receivable decreased by
¥16.1 bn.
Equity ratio
70.1%
72.0%
[Reasons for decrease of current liabilities]
Notes and accounts payable decreased by ¥3.5 bn.
Provision for bonuses decreased by ¥3.1 bn.
© Copyright NIHON KOHDEN CORPORATION All Rights Reserved
© Copyright NIHON KOHDEN CORPORATION All Rights Reserved
© Copyright NIHON KOHDEN CORPORATION All Rights Reserved
16
16
8) Cash Flows
(Amounts of less than ¥1 million are rounded down)
FY2025
1Q
FY2026
1Q
Ⅰ. Net cash flows from
operating activities
5,911
8,141
2,229
Ⅱ. Net cash flows from
investing activities
831
Free cash flows
4,750
7,812
3,061
Ⅲ. Net cash flows from
financing activities
Effect of exchange rate change
on cash and cash equivalents
374
1,391
Net increase (decrease) in cash
and cash equivalents
1,151
4,993
3,841
Cash and cash equivalents
at end of period
44,213
50,630
6,417
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Change
(Billions of yen)
FY25 1Q
FY26 1Q Change
Income before income taxes
0.4
-0.3
-0.7
Decrease (increase) in accounts receivable
13.7
15.9
+2.1
Decrease (increase) in inventories
-2.8
0.3
+3.1
Increase (decrease) in accounts payable
-1.0
-3.9
-2.8
Income taxes paid
+2.6
-3.5
-0.9
FY25 1Q
Cash dividends paid
-2.5
FY26 1Q
Change
-2.5
+0
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17
Cash and cash equivalents at the end of the period were ¥50.6 billion.
© Copyright NIHON KOHDEN CORPORATION All Rights Reserved
17
9) Capital Investment and R&D Expenses
FY2025
1Q
FY2026
1Q
(Amounts of less than ¥1 million are rounded down)
Change
FY2025
Actual
FY2026
Plan
859
395
7,807
6,000
Depreciation
1,060
1,281
220
4,757
6,000
R&D expenses
1,585
1,791
206
7,453
7,700
Capital investment
FY2026 capital investment plan
Molds for new products, measuring equipment and jigs, products for demonstration, production equipment,
and introduction of new CRM1
PLM/MES2 systems
Capital Investments: approx. ¥3.0 bn
Tsurugashima Production Center
Total investments: approx. ¥11.0 bn
FY22: ¥0.3 bn, FY23: ¥0.5 bn, FY24: ¥0.9 bn
FY25: ¥0.9 bn, FY26 : ¥0.3 bn ~
PLM: Started operation in Sep. 2025
MES: Started operation in Nov. 2025
FY22: ¥2.3 bn (Acquisition of the site)
~FY24: ¥4.1 bn, FY25: ¥2.9 bn
(Building and facilities)
FY26: ¥0.3 bn (Facilities) ~
Construction: Started in July 2024
Completed in Oct. 2025
Operation: Started in Mar. 2026
*1 CRM: Customer Relationship Management including Sales Force Automation function *2 PLM: Product Life-cycle Management, MES: Manufacturing Execution System
© Copyright NIHON KOHDEN CORPORATION All Rights Reserved
18
There are no changes to our forecasts for full-year capital investments,
depreciation, and R&D expenses, respectively.
© Copyright NIHON KOHDEN CORPORATION All Rights Reserved
18
10) Forecast for FY2026
FY2025
Actual
FY2026
Forecast
YoY
(%)
Net sales
235,099
232,500
Domestic sales
144,406
133,500
Overseas sales
Gross profit
90,693
121,726
99,000
129,000
9.2
6.0
(Gross margin)
51.8%
55.5%
102,981
105,500
43.8%
45.4%
Operating income
18,745
23,500
(Operating margin)
8.0%
10.1%
Ordinary income
22,544
23,500
Income attributable to
owners of parent
14,513
15,000
Overseas sales ratio
38.6%
SG&A expenses
(SG&A ratio)
Average exchange rate (yen)
1 USD/1 EUR
150.5/174.2
2.4
(Amounts of less than ¥1 million are rounded down)
+8% on a comparable basis excluding
impact of discontinuation of Abbott
products and consolidation of DOWELL
+9% on a local currency basis
Overseas sales by region
FY2025 FY2026
Actual Forecast
25.4
YoY
(%)
North America
49,808
56,300
13.0
4.2
Latin America
5,613
6,200
10.4
3.4
Europe
13,649
13,800
1.1
Asia & Other
21,621
22,700
5.0
Total
90,693
99,000
9.2
42.6%
150/175
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© Copyright NIHON KOHDEN CORPORATION All Rights Reserved
The Company reaffirms its forecast for FY2026. As the volume of sales is usually
not high in the 1st quarter, the Company aims at a recovery in the 2nd quarter and
beyond.
In the 1st half of FY2026, domestic sales are expected to be low-single-digit growth
on a comparable basis excluding the impact of the discontinuation of Abbott
products. Overseas sales are expected to be high-single-digit growth on a local
currency basis.
In Japan, capital expenditure by medical institutions is expected to recover from the
end of the 1st half to the 2nd half of FY2026, supported by supplementary budgets
and revision of medical treatment fees in June 2026. The Company will reallocate
employees with clinical expertise engaged in the Abbott business and focus on
enhancing sales activities and receiving orders for medical equipment and IT
systems that contribute to improving the quality and efficiency of medical care.
Internationally, sales in North America and Latin America are expected to be
double-digit growth and demand for medical equipment is also expected to remain
steady in Europe, while the impact of conflicts in the Middle East should be
monitored carefully in Asia & Other.
Operating income in the 1st half of FY2026 is expected to be lower than the same
period of FY2025, mainly due to the discontinuation of Abbott products. The
Company strives to improve gross margin and restrain the increase of SG&A
expenses by implementing each measure in its reform of the profit structure of the
entire Group.
The Company continues to aim at achieving its full-year forecast.
© Copyright NIHON KOHDEN CORPORATION All Rights Reserved
19
19
(Ref.) Consolidated Forecast for FY2026 by Product Category /
Effect of Exchange Rates
FY2025
Actual
FY2026
Forecast
Composition
ratio (%)
YoY
(%)
(Amounts of less than ¥1 million are rounded down)
Physiological Measuring Equipment
53,636
41,200
17.7
- 23.2 +6% excl. impact of discontinuation of Abbott products
Patient Monitors
84,258
92,300
39.7
9.5 +8% excl. impact of consolidation of DOWELL
Treatment Equipment
56,286
54,900
23.6
- 2.5 +10% excl. impact of discontinuation of Abbott products
Other Medical Equipment
40,918
44,100
18.9
7.8
Total
235,099
232,500
100.0
Medical Devices
115,996
126,500
54.4
9.1
Consumables and Services
119,103
106,000
45.6
(Reference)
- 11.0 +7% excl. impact of discontinuation of Abbott products
Estimated exchange rate fluctuations for full fiscal year
US Dollar
0.52 bn yen
Operating
income
0.18 bn yen
EURO
0.06 bn yen
0.02 bn yen
Sales
© Copyright NIHON KOHDEN CORPORATION All Rights Reserved
© Copyright NIHON KOHDEN CORPORATION All Rights Reserved
© Copyright NIHON KOHDEN CORPORATION All Rights Reserved
20
20
Disclaimer:
The contents of this document are based on the Company’s
best judgments at the time it was prepared and do not constitute a
guarantee or promise that the Company will achieve its numerical targets or
implement the measures described therein.
Information on products (including products under development) in this
document is not intended to make any advertisement or promotion.
These documents have been translated from Japanese originals for
reference purposes only. In the event of any discrepancy between these
translated documents and the Japanese originals, the originals shall prevail.
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© Copyright NIHON KOHDEN CORPORATION All Rights Reserved
