Sysmex (6869) Q4 2024 earnings summary

Executive summary

• FY2024 net sales rose 12.4% to ¥461,510 million, operating profit increased 6.4% to ¥78,382 million, and parent-attributable profit rose 8.4% to ¥49,639 million, setting records.

• Overseas sales grew 13.9% and accounted for 86.5% of total sales; Japan sales increased 3.9%.

• FY2025 guidance targets 10.5% net sales growth and 11.0% operating-profit growth, with continued investment in digitalization, India capacity and new businesses.

Financial highlights

• Q4 net sales rose 20.8% YoY to ¥134.9bn; operating profit increased 25.2% to ¥24.1bn and parent-attributable profit rose 43.2% to ¥15.1bn.

• Operating profit margin was 17.0%, versus 17.9% in FY2023; SG&A rose 19.1% to ¥133,798 million, while R&D increased 1.1% to ¥31,402 million.

• At prior-year exchange rates, net sales increased 7.3% and operating profit declined 5.4%; FX benefited reported operating profit by ¥8.70bn.

• Profit before tax rose 8.6% to ¥74,600 million; comprehensive income increased 32.1% to ¥73,397 million, including ¥23,526 million in foreign-operation translation differences.

Outlook and guidance

• FY2025 forecast: net sales ¥510.0bn (+10.5%), operating profit ¥87.0bn (+11.0%), profit before tax ¥82.5bn (+10.6%) and parent-attributable profit ¥55.0bn (+10.8%).

• Forecast operating margin is 17.1%; cost of sales is projected at 46.5% of sales, SG&A at 29.8% and R&D at 6.9%.

• Growth drivers include XR-Series launches, hemostasis sales in Europe and the US, Americas instrument demand, China local production and emerging-market expansion, especially in AP.

• FY2025 capital expenditure is planned at ¥50.0bn; forecast assumptions include ¥147/USD and ¥158/EUR.