# ADR Biomedical Holdings Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第22期(2025/04/01－2026/03/31) (S100YLDW)
> Page: https://vizora.meequs.com/en/company/adr-biomedical-holdings
> Retrieved: 2026-09-30T22:48:28.652Z

## Company

ADR Biomedical Holdings, founded in 2004, is a company in Medical Devices listed on TSE Standard. It has 13 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ADR120S, Inc. (旧英訳名 Cytori Cell Research Institute,Inc.) |
| Ticker | 3750 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3750.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区麹町二丁目3番3号 |
| Representative (per filing) | 代表取締役会長 橋本 征道 |
| Founded | Oct 2004 |
| Share capital | ¥100M |
| Employees (consolidated) | 13 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | March |
| Website | www.adr.co.jp (https://www.adr.co.jp/) |
| Corporate number | 5011101038048 |
| EDINET | E05443 |
| Industries (Vizora) | Medical Devices |

> Profile source: annual securities report (S100YLDW, filed 2026-06-26). As of filing

## Key points (generated from figures)

- ADR Biomedical Holdings brought in ¥51M in revenue.
- It lost about ¥1777 for every ¥100 of sales at the operating level.
- Revenue changed -58.3% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥51M |  |
| Operating income | -¥906.2M | Margin -1777.2% |
| Net income | -¥396.9M | Margin -778.4% |
| Free cash flow | — |  |
| Employees (consolidated) | 13 |  |
| EPS | ¥14.02 |  |
| Book value per share | ¥-7.33 |  |
| Equity ratio | 6.0% |  |
| Shares outstanding | 8,929,419 |  |
| Treasury shares | 1,300 |  |
| Shareholders | 8,224 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 34.2% | Cash ÷ revenue 246.9% |
| Vs. industry median margin | -1,788.3 pp | Medical Devices |
| ROA | -20.3% | Derived from disclosed figures |

## Notable figures

- FY2026, operating loss is 1777 per ¥100 of revenue
- FY2026, revenue is 0.0× its level five years ago
- FY2026, parent-company salary changed -20% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1388292000 | ¥50988000 | -96.3% |
| Operating income | ¥-731671000 | ¥-906175000 | — |
| Operating margin | -52.7% | -1777.2% | -1,724.5 pp |
| Employees | 51 people | 13 people | -74.5% |
| Cash and equivalents | ¥1069738000 | ¥125901000 | -88.2% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| メディカル事業 → 事業再編・廃止 | 22.9% |
| リアルアセット事業 → 事業再編・廃止 | 77.1% |

Segment revenue source references: 2 (derived)

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 51 | 100.0% | S100YLDW |
| Cost of revenue | 40 | 79.3% | S100YLDW |
| Gross profit | 11 | 20.7% | S100YLDW |
| SG&A | 917 | 1797.9% | S100YLDW |
| Operating income | -906 | -1777.2% | S100YLDW |
| Ordinary income | -923 | -1809.6% | S100YLDW |
| Pretax income | -398 | -780.3% | S100YLDW |
| Income tax | -1 | -1.9% | S100YLDW |
| Net income | -397 | -778.4% | S100YLDW |
| Net income attributable to owners | -397 | -778.4% | S100YLDW |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 1798 |
| Operating income | -1777 |
| (Ref.) Net income | -778 |

### Margin funnel

Gross margin 20.7% → Operating margin -1777.2% → Net margin -778.4%
Derived from reported figures (DERIVED).

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 122 | 51 | -71 | -58.3% |
| Gross profit | -6 | 11 | 17 | — |
| Operating income | -807 | -906 | -99 | — |
| Net income attributable to owners | -2,140 | -397 | 1,743 | — |
| Operating cash flow | -987 | -785 | 202 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 1,180 | -129 | -10.9% | 319 | 532 | 519 | S100LPPV |
| FY ending Mar 2021 | 1,388 | -732 | -52.7% | -832 | -83 | -99 | S100OEC7 |
| FY ending Mar 2022 | 1,336 | -462 | -34.6% | -78 | -188 | -368 | S100RS4G |
| FY ending Mar 2023 | 2,145 | -794 | -37.0% | -1,060 | -40 | -198 | S100TUF6 |
| FY ending Mar 2024 | 1,560 | -773 | -49.5% | 138 | -1,152 | -1,168 | S100WZTN |
| FY ending Mar 2025 | 122 | -807 | -660.3% | -2,140 | -987 | -995 | S100YLDW |
| FY ending Mar 2026 | 51 | -906 | -1777.2% | -397 | -785 | — | S100YLDW |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥3.9M |
| Operating income per employee (consolidated) | -¥69.7M |
| Net income per employee (consolidated) | -¥30.5M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 63 | 64 | 16 | 10 | 13 |
| Average salary (parent company) | ¥7.4M | ¥7.3M | ¥7.1M | ¥6.1M | ¥5.9M |
| Average age (parent company) | 46.6 years | 47.3 years | 52.0 years | 45.5 years | 51.7 years |
| Average tenure (parent company) | 7.0 years | 5.1 years | 10.5 years | 10.2 years | 7.8 years |

Year over year: Employees (consolidated) +30.0% · Revenue (consolidated) -58.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -785 | -1539.1% | S100YLDW |
| Investing cash flow | 2,979 | 5843.3% | S100YLDW |
| Financing cash flow | -2,322 | -4553.4% | S100YLDW |
| Change in cash | -130 | -255.1% | S100YLDW |
| Cash and equivalents | 126 | 246.9% | S100YLDW |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 702 | 673 | 1,038 | 256 | 126 | S100TUF6, S100WZTN, S100YLDW |
| Total assets | 16,007 | 14,092 | 5,816 | 3,538 | 368 | S100RS4G, S100TUF6, S100WZTN, S100YLDW |
| Net assets | 3,716 | 2,657 | 2,796 | 631 | 22 | S100TUF6, S100WZTN, S100YLDW |
| Share capital | 100 | 100 | 100 | 100 | 100 | S100RS4G, S100TUF6, S100WZTN, S100YLDW |
| Property, plant and equipment | 12,041 | 11,727 | 4,218 | 2,960 | 0 | S100RS4G, S100TUF6, S100WZTN, S100YLDW |
| Intangible assets excluding goodwill | 743 | 689 | 21 | 2 | — | S100RS4G, S100TUF6, S100WZTN, S100YLDW |
| Goodwill | 693 | 647 | — | — | — | S100RS4G, S100TUF6 |
| Investment securities | — | — | — | 0 | 10 | S100YLDW |
| Current assets | 3,029 | 1,388 | 1,428 | 517 | 351 | S100RS4G, S100TUF6, S100WZTN, S100YLDW |
| Current liabilities | 995 | 1,174 | 536 | 492 | 227 | S100RS4G, S100TUF6, S100WZTN, S100YLDW |
| Short-term borrowings | 164 | 500 | 70 | 300 | — | S100RS4G, S100TUF6, S100WZTN, S100YLDW |
| Long-term borrowings | 8,551 | 7,606 | 2,347 | 2,294 | — | S100RS4G, S100TUF6, S100WZTN, S100YLDW |
| Total liabilities | 12,290 | 11,435 | 3,021 | 2,907 | 346 | S100RS4G, S100TUF6, S100WZTN, S100YLDW |
| Non-controlling interests | 4 | 4 | 5 | — | — | S100RS4G, S100TUF6, S100WZTN |
| Equity attributable to owners of parent | 3,501 | 2,441 | 2,579 | 419 | 22 | S100RS4G, S100TUF6, S100WZTN, S100YLDW |
| Retained earnings | 463 | -597 | -459 | -2,619 | -3,015 | S100RS4G, S100TUF6, S100WZTN, S100YLDW |
| Treasury stock | -1 | -1 | -1 | -2 | -2 | S100RS4G, S100TUF6, S100WZTN, S100YLDW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 34% | S100YLDW |
| Investment securities | 3% | S100YLDW |
| Other assets | 63% | S100YLDW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 94% | S100YLDW |
| Equity | 6% | S100YLDW |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 16,007 | 14,092 | 5,816 | 3,538 | 368 |
| Equity | 3,716 | 2,657 | 2,796 | 631 | 22 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 702 | 673 | 1,038 | 256 | 126 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 0.0% | S100YLDW |
| Fixed assets ÷ total assets | 0.0% | S100YLDW |
| Goodwill ÷ parent equity | — | —, S100YLDW |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 34.2% |
| Cash ÷ revenue | 246.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -388 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| Investing CF relative to operating CF | — |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | — | —× | -0.5% | —× | — | S100RS4G |
| 2023 | — | —× | -7.0% | —× | — | S100TUF6 |
| 2024 | 8.9% | 0.16× | 1.4% | 3.97× | 5.5% | S100WZTN |
| 2025 | — | —× | -45.8% | —× | — | S100YLDW |
| 2026 | — | —× | -20.3% | —× | — | S100YLDW |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ＨＧキャピタル | Major shareholder | 12.9% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 12.0% | 2026-03-31 |
| 橋本 征道 | Major shareholder | 11.8% | 2026-03-31 |
| FTLキャピタルマネジメント株式会社 | Major shareholder | 11.1% | 2026-03-31 |
| 株式会社東京ウエルズ | Major shareholder | 9.2% | 2026-03-31 |
| 日本証券金融株式会社 | Major shareholder | 6.7% | 2026-03-31 |
| 堀江 聡寧 | Major shareholder | 5.2% | 2026-03-31 |
| 窪田 芳郎 | Major shareholder | 4.2% | 2026-03-31 |
| 杉山 力一 | Major shareholder | 1.3% | 2026-03-31 |
| 窪田 恵介 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第22期(2025/04/01－2026/03/31) | S100YLDW | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YLDW,, |
| 訂正有価証券報告書－第21期(2024/04/01－2025/03/31) | S100WZTN | 2025-11-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WZTN,, |
| 有価証券報告書－第20期(2023/04/01－2024/03/31) | S100TUF6 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUF6,, |
| 訂正有価証券報告書－第19期(2022/04/01－2023/03/31) | S100RS4G | 2023-08-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RS4G,, |
| 有価証券報告書－第18期(令和3年4月1日－令和4年3月31日) | S100OEC7 | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEC7,, |
| 有価証券報告書－第17期(令和2年4月1日－令和3年3月31日) | S100LPPV | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPPV,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).