Sysmex (6869) Q1 2025 earnings summary

Executive summary

• Net sales for the first quarter rose 17.4% year-over-year to ¥111.9 billion, with operating profit up 26.1% and profit attributable to owners up 28.0%.

• Overseas sales grew 19.3% year-over-year, now accounting for 87.7% of total sales, driven by strong demand in all regions and yen depreciation.

• Reagent sales and medical robotics expansion were key growth drivers, with new hemostasis solutions launched in the US and EU.

• Sales increased in all regions, with favorable business conditions and market share gains.

• The company won the UK's Longitude Prize on AMR for rapid antimicrobial susceptibility testing technology.

Financial highlights

• Net sales reached ¥111.9 billion, up 17.4% year-over-year; operating profit was ¥16.7 billion, up 26.1%; profit attributable to owners was ¥11.0 billion, up 28.0%.

• Gross profit rose to ¥60.0 billion from ¥50.4 billion year-over-year, with cost of sales ratio improving by 0.6pt.

• SG&A expenses increased 19.5% year-over-year to ¥36.0 billion; R&D expenses rose 3.1% to ¥7.4 billion.

• Exchange rate fluctuations positively impacted net sales by ¥9.21 billion and operating profit by ¥2.38 billion.

• Basic earnings per share for Q1 was ¥17.69, reflecting a three-for-one stock split.

Outlook and guidance

• Full-year guidance is unchanged: net sales of ¥510.0 billion (+10.5%), operating profit of ¥87.0 billion (+11.0%), and profit attributable to owners of ¥55.0 billion (+10.8%).

• Basic earnings per share forecast for the year is ¥88.21.

• Growth expected from XR-Series launches, direct sales in hemostasis, and expansion in emerging markets, especially India and Asia Pacific.

• No revisions to the financial or dividend forecast for the period.

• Q1 performance aligned with expectations, with double-digit growth anticipated for the group.