CellSource Co., Ltd., The Current Fiscal Year Ordinary Profit Revised Downward by 49%

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Thu Sep 12, 2024 3:00 pm JST Earnings

4880 CellSource Co., Ltd. 【J-GAAP】

Earnings Report

CellSource Co., Ltd. <4880> [TSE-P] announced its financial results after the market closed on September 12th (15:00). The ordinary profit (non-consolidated) for the cumulative third quarter of the fiscal year ending October 2024 (November 2023 to July 2024) significantly dropped by 52.4% from the same period last year to 495 million yen.

The full-year ordinary profit has downwardly by 49.2%, from the previous forecast of 1.03 billion yen to 527 million yen (compared to 1.19 billion yen in the previous period), leading to an increase in the profit decline rate from 13.1% to 55.9%.

Based on the full-year plan announced by the company after the downward revision, our estimate of the ordinary profit for the May to October period (second half) has downwardly by 78.6%, from the previous forecast of 649 million yen to 139 million yen (compared to 544 million yen in the same period of the previous year). This changes the outlook from an anticipated profit increase to a projection of a 74.4% decrease in profit.

In the most recent three-month period, from May to July (3Q), the ordinary profit significantly dropped to 107 million yen, a 72.5% decrease compared to the same period last year. The operating profit margin sharply declined from 31.1% in the same period last year to 9.6%.

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Actual Results

Accumulated Results 3rd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Nov - Jul, 2021	2,872	938	946	589	31.6	59.8	Sep 13, 2022	J-GAAP
Nov - Jul, 2022	3,406	1,043	1,039	675	36.0	87.0	Sep 13, 2023	J-GAAP
Nov - Jul, 2023	3,341	388	495	374	18.9	93.9	Sep 12, 2024	J-GAAP
YoY	-1.9%	-62.8%	-52.4%	-44.6%	-47.5%

Guidance Update

Second Half Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
May - Oct, 2024 Prev	3,141	722	649	420	21.2	5	Jun 13, 2024	J-GAAP
May - Oct, 2024 New	2,147	139	139	118	6.0	5	Sep 12, 2024	J-GAAP
Revision Rate	-31.6%	-80.7%	-78.6%	-71.9%	-71.9%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Oct, 2024 Prev	5,368	1,003	1,037	719	36.3	5	Dec 15, 2023	J-GAAP
Oct, 2024 New	4,374	420	527	417	21.1	5	Sep 12, 2024	J-GAAP
Revision Rate	-18.5%	-58.1%	-49.2%	-42.0%	-42.0%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
May - Oct, 2023	2,340	562	544	513	27.2	20	Dec 15, 2023	J-GAAP
May - Oct, 2024 Guidance	2,147	139	139	118	6.0	5	Sep 12, 2024	J-GAAP
YoY	-8.2%	-75.3%	-74.4%	-77.0%	-78.1%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Oct, 2022	4,273	1,571	1,583	1,017	54.5	0	Dec 14, 2022	J-GAAP
Oct, 2023	4,510	1,221	1,194	923	48.9	20	Dec 15, 2023	J-GAAP
Oct, 2024 Guidance	4,374	420	527	417	21.1	5	Sep 12, 2024	J-GAAP
YoY	-3.0%	-65.6%	-55.9%	-54.8%	-56.9%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
May - Jul, 2023	1,236	384	389	265	14.1	31.1	Sep 13, 2023	J-GAAP
Aug - Oct, 2023	1,104	178	155	248	13.1	16.1	Dec 15, 2023	J-GAAP
Nov - Jan, 2023	1,173	205	208	143	7.3	17.5	Mar 11, 2024	J-GAAP
Feb - Apr, 2024	1,054	76	180	156	7.9	7.2	Jun 13, 2024	J-GAAP
May - Jul, 2024	1,114	107	107	75	3.8	9.6	Sep 12, 2024	J-GAAP
YoY	-9.9%	-72.1%	-72.5%	-71.7%	-73.2%