Shin Nippon Biomedical Laboratories (2395) Q1 2024 earnings summary

Executive summary

• Q1 revenue reached a first-quarter record ¥5,804 million, up 43.5% YoY; operating profit rose 71.9% to ¥1,227 million.

• Ordinary profit fell 32.3% to ¥1,877 million and net profit fell 29.4% to ¥1,373 million, mainly as foreign-exchange gains declined.

Financial highlights

• Revenue ¥5,804 million, up 43.5% YoY; operating profit ¥1,227 million, up 71.9%; ordinary profit ¥1,877 million, down 32.3%; net profit ¥1,373 million, down 29.4%.

• Basic EPS was ¥32.98 versus ¥46.70 YoY; comprehensive income was ¥1,628 million versus ¥3,168 million.

• Adjusted for FX gains and losses, ordinary profit was ¥1,588 million, up 46.4% YoY from ¥1,085 million.

Outlook and guidance

• FY2024 forecast: revenue ¥30,368 million (+21.0% YoY), operating profit ¥5,020 million (-4.3%), ordinary profit ¥7,180 million (-21.9%), net profit ¥4,780 million (-21.1%), EPS ¥114.81.

• H1 forecast: revenue ¥11,668 million (+12.7% YoY), operating profit ¥2,260 million (-2.3%), ordinary profit ¥3,400 million (-42.7%), net profit ¥2,280 million (-48.4%), EPS ¥54.77.

• Forecasts were revised using an assumed USD/JPY rate of ¥144.99; actual results may differ materially from forecasts.