Company Overview
Japan's #2 electronic medical records (EMR) provider, serving hospitals and clinics nationwide. Listed on TSE Standard Market under ticker 3733.
Source (kabutan): 医療機関向けに電子カルテや情報伝達システムを開発。保守サービスなども。
- Q1 FY2026 weakness is noise: product mix shift (low-margin hardware surged, high-margin software fell) + one-time ¥240M dormitory demolition cost. Underlying business is accelerating.
- Order backlog +75% (¥18.6bn = ~2 quarters of revenue) — demand exceeds implementation capacity
- Government DX mandates (全国医療情報プラットフォーム, 電子カルテ標準化, 診療報酬DX) create multi-year policy-driven demand; largely immune to economic cycle
- Osaka office rebuild (April 2027 completion) = engineer capacity expansion → backlog conversion will accelerate
- Founder Miyazaki ~40% ownership (incl. foundation); Ship Healthcare HD 10.7% strategic shareholder — strong distribution channel into hospitals
- No debt, equity ratio 82%, profitable since founding — high quality balance sheet
- Thesis: High-quality medical IT compounder. Buy on weakness; watch software revenue recovery in Q2/Q3.