Sysmex (6869) Q3 2026 earnings summary

Executive summary

• Net sales for the first nine months declined 1.6% year-over-year to ¥361,168 million, with operating profit down 27.7% to ¥48,657 million and profit attributable to owners of the parent down 20.9% to ¥33,694 million, mainly due to weak China demand, tariffs, and inventory adjustments.

• Americas and EMEA regions delivered positive growth, especially in hematology and urinalysis, while China and Japan faced significant headwinds from healthcare cost controls and government policies.

• Overseas sales increased slightly, offsetting a significant decline in Japan, while comprehensive income rose 23.7% to ¥60,121 million.

• Downward revision of full-year forecast: net sales to ¥500 billion and operating profit to ¥62 billion, reflecting lower test volumes in China, inventory adjustments, and delays in India.

• Profit progress rate reached 74.9%, reflecting foreign exchange and tax effects from the liquidation of an affiliated company.

Financial highlights

• Gross profit for the period was ¥187,631 million, down from ¥198,809 million year-over-year, with cost of sales ratio up 3.7 points year-over-year.

• Forex impacts led to a ¥900 million reduction in sales and a ¥2.68 billion impact on operating profit.

• SG&A expenses rose 9.3% to ¥120,206 million, while R&D expenses fell 9.3% to ¥20,444 million.

• Net income forecast revised to ¥41 billion for the full year, with basic EPS projected at ¥65.77.

• Total assets increased to ¥698,249 million, and equity attributable to owners of the parent rose to ¥500,842 million.

Outlook and guidance

• Full-year net sales forecast is ¥500,000 million (down 1.7%), with operating profit expected at ¥62,000 million (down 29.2%).

• China’s sales expected to see the largest year-on-year drop in Q4, with recovery anticipated in the second half of the next fiscal year.

• Americas, EMEA, and Asia Pacific expected to remain strong, but China and Japan face continued headwinds.

• New mid-term management plan to be announced, focusing on digital strategy, AI, and capital efficiency.

• Dividend forecast for the year is ¥38.00 per share, including a ¥1.00 commemorative dividend.