Sysmex (6869) Q1 2026 earnings summary

Executive summary

• Net sales fell 5.6% year-over-year to ¥105.7 billion, operating profit dropped 36.5%, and profit attributable to owners declined 58.7%, mainly due to yen appreciation and a core system transition in Japan.

• Restricted order intake from the system transition reduced net sales by ¥3.3 billion and gross profit by ¥2.4 billion.

• Overseas sales declined 3.6% due to weaker demand and currency effects; Japan sales dropped 19.7% amid lower reagent and instrument sales.

• SG&A expenses rose 6.3% due to business expansion and digital investments, while R&D expenses decreased 12.9% as major projects concluded.

• Net sales increased year-over-year on a local currency basis outside Japan and China; China saw a 5% local currency decline due to healthcare cost controls.

Financial highlights

• Operating profit for the quarter was ¥10.6 billion, down from ¥16.7 billion year-over-year; profit attributable to owners was ¥4.5 billion, down 58.7%.

• Basic earnings per share decreased to ¥7.30 from ¥17.69 year-over-year.

• Forex impact: sales -¥5.5 billion, SG&A -¥1.34 billion, operating profit +¥0.71 billion.

• Inventory revaluation overseas and system transition in Japan negatively impacted operating profit by ¥7.4 billion and ¥3.0 billion, respectively.

• Foreign exchange loss of ¥1.5 billion contributed to the profit decline.

Outlook and guidance

• Full-year net sales forecast is ¥535.0 billion (up 5.2%), with operating profit projected at ¥91.5 billion (up 4.5%) and EPS at ¥91.40.

• Six-month forecast revised: net sales ¥240.0 billion (up 1.0%), operating profit ¥36.0 billion (down 19.1%).

• Full-year targets expected to be met by strengthening regional sales and new product launches; commemorative dividend planned for 30th anniversary.

• Americas and China expected to see new product contributions in the second half; Japan to benefit from portfolio expansion.

• Impact of US reciprocal tariffs expected to remain within ¥3.0–4.0 billion annually; Q1 impact minor.