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MEDICAL SYSTEM NET, First Half Ordinary Profit Unexpectedly Revised Upward by 19%

Fri Nov 7, 2025 3:30 pm JST Earnings

4350 MEDICAL SYSTEM NETWORK Co., Ltd. 【J-GAAP】

Earnings Report

MEDICAL SYSTEM NETWORK Co., Ltd. <4350> [TSE Std] announced its financial results after the market closed on November 7th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2026 (April to September) increased 19.1% from the same period last year, reaching 1.21 billion yen, resulting in an increase in profits compared to the previous forecast of an 11.8% decrease.

However, Progress toward the full-year plan of 3.20 billion yen was 38.0%, also falling below the five-year average of 41.1%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to decrease 7.3% from the same period last year to 1.98 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit increased 46.9% from the same period last year, reaching 0.81 billion yen. The operating profit margin improved from 1.8% in the same period last year to 2.6%.

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Actual Results

Accumulated Results 2nd Quarter
Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Progress Rate vs. First Half Announce Accounting Standards
Apr - Sep, 2023 56,461 1,712 1,692 861 28.5 44.2 Nov 7, 2023 J-GAAP
Apr - Sep, 2024 59,761 1,027 1,020 207 7.1 32.3 Nov 8, 2024 J-GAAP
Apr - Sep, 2025 63,863 1,286 1,215 452 15.5 38.0 Nov 7, 2025 J-GAAP
YoY +6.9% +25.2% +19.1% +118.4% +118.6%

First Half Results vs. Previous Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Apr - Sep, 2025 Guidance 61,000 1,050 900 230 7.9 6 May 9, 2025 J-GAAP
Apr - Sep, 2025 Results 63,863 1,286 1,215 452 15.5 6 Nov 7, 2025 J-GAAP
Revision Rate +4.7% +22.5% +35.0% +96.5% +96.7%

Current Period Guidance

Second Half Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Oct - Mar, 2024 62,626 2,127 2,142 1,055 36.1 6 May 9, 2025 J-GAAP
Oct - Mar, 2025 Guidance 61,637 2,114 1,985 848 29.0 6 Nov 7, 2025 J-GAAP
YoY -1.6% -0.6% -7.3% -19.6% -19.7%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2024 115,361 3,832 3,825 1,860 61.9 12 May 10, 2024 J-GAAP
Mar, 2025 122,387 3,154 3,162 1,262 43.2 12 May 9, 2025 J-GAAP
Mar, 2026 Guidance 125,500 3,400 3,200 1,300 44.5 12 May 9, 2025 J-GAAP
YoY +2.5% +7.8% +1.2% +3.0% +3.0%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2024 30,342 559 552 37 1.3 1.8 Nov 8, 2024 J-GAAP
Oct - Dec, 2024 32,130 1,546 1,603 1,238 42.4 4.8 Feb 7, 2025 J-GAAP
Jan - Mar, 2025 30,496 581 539 -183 -6.3 1.9 May 9, 2025 J-GAAP
Apr - Jun, 2025 31,100 439 404 78 2.7 1.4 Aug 8, 2025 J-GAAP
Jul - Sep, 2025 32,763 847 811 374 12.8 2.6 Nov 7, 2025 J-GAAP
YoY +8.0% +51.5% +46.9% +910.8% +908.7%

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