Sysmex (6869) Q2 2027 earnings summary

Executive summary

• H1 FY2027 net sales rose 17.3% YoY to ¥272.8B and operating profit increased 1.4% to ¥33.4B; attributable profit fell 5.7% to ¥17.9B.

• Growth in Japan, the Americas and EMEA offset weaker China results; FY2027 forecasts were revised upward.

Financial highlights

• H1 net sales were ¥272,822M, operating profit ¥33,428M, profit before tax ¥29,137M and attributable profit ¥17,933M.

• Gross profit was ¥140,434M; SG&A was ¥85,476M and R&D expense ¥14,226M.

• Impairment losses totaled ¥5,769M, related to goodwill and other assets from the BioMajesty business combination.

• Operating cash flow was ¥67,094M, up ¥29,032M YoY; free cash flow was ¥34.0B, up ¥22.6B.

Outlook and guidance

• Revised FY2027 forecast: net sales ¥550.0B, operating profit ¥68.5B and attributable profit ¥40.0B.

• Versus the August forecast, sales increased ¥5.0B, operating profit ¥8.5B and attributable profit ¥3.0B; the H2 operating profit forecast is unchanged.

• FY2027 targets include ROE of 8.0%, ROIC of 8.5%, operating cash flow of ¥99.0B and free cash flow of ¥38.0B.

• Planned capex is ¥48.0B; the annual dividend forecast is ¥40 per share, including ¥20 at year-end.