Sysmex (6869) Q4 2026 earnings summary

Executive summary

• Net sales declined 1.7% year-over-year to ¥500.0 billion, with operating profit down 40.8% to ¥51.8 billion and profit attributable to owners of the parent down 33.9% to ¥35.4 billion, mainly due to healthcare cost containment in China and goodwill impairment losses.

• Americas, EMEA, and AP regions showed solid growth, offsetting declines in China and Japan.

• New management is prioritizing performance recovery, transparency, and disciplined capital allocation, maintaining progressive dividends and share buybacks despite profit declines.

• Comprehensive income rose 34.7% year-over-year to ¥66,601 million, driven by foreign exchange gains.

Financial highlights

• Cost of sales ratio deteriorated to 48.9% from 45.7% year-over-year, with SG&A expenses rising 5.9% and R&D expenses decreasing 7.3% to ¥29.1 billion.

• Goodwill impairment losses totaled ¥11.2 billion, impacting operating profit.

• Cash and cash equivalents at year-end were ¥84,117 million, with free cash flow at ¥22.3 billion.

• Dividend increased to ¥38 per share (+18.8%), maintaining a progressive policy.

Outlook and guidance

• FY ending March 2027 forecast: net sales of ¥535.0 billion (+7.0%), operating profit of ¥58.0 billion (+11.9%), and profit attributable to owners of the parent at ¥36.0 billion (+1.5%).

• Growth expected in Americas (+6%), EMEA (+7%), and AP (+13%) on a local currency basis, with China sales expected to decline 20% year-over-year.

• Dividend increases planned for FY 2026 and FY 2027, with annual dividend forecasted at ¥40.

• New Mid-Term Management Plan focuses on diagnostics competitiveness, medical DX, value chain transformation, and capital strategy.