# Heartseed: business model and financials

> Latest period: FY ending Oct 2024, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第9期(2023/11/01－2024/10/31) (S100V4WC)
> Page: https://vizora.meequs.com/en/company/heartseed
> Retrieved: 2026-09-30T20:25:29.147Z

## Company

Heartseed, founded in 2015, is a company in Biotech & Regenerative Medicine listed on TSE Growth. It has 39 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Heartseed Inc. |
| Ticker | 219A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/219A.T) |
| Listing | TSE Growth |
| Head office | 東京都港区芝浦一丁目2番3号 |
| Representative (per filing) | 代表取締役社長 福田 惠一 |
| Founded | Nov 2015 |
| Share capital | ¥1.13B |
| Employees (consolidated) | 39 |
| Average salary (parent only) | ¥8.7M |
| Fiscal year end | October |
| Website | heartseed.jp (https://heartseed.jp/) |
| Corporate number | 4011001108455 |
| EDINET | E39759 |
| Industries (Vizora) | Biotech & Regenerative Medicine |

> Profile source: annual securities report (S100V4WC, filed 2025-01-27). As of filing

## Key points (generated from figures)

- Heartseed brought in ¥873.6M in revenue.
- It lost about ¥119 for every ¥100 of sales at the operating level.
- Revenue changed +153.4% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥873.6M |  |
| Operating income | -¥1.04B | Margin -118.9% |
| Net income | -¥812.7M | Margin -93.0% |
| Free cash flow | -¥1.36B |  |
| Employees (consolidated) | 39 |  |
| EPS | ¥-49.43 |  |
| Book value per share | ¥297.44 |  |
| Equity ratio | 93.5% |  |
| Shares outstanding | 22,225,400 |  |
| Shareholders | 6,565 |  |
| Average salary (parent only) | ¥8.7M | Filing company only |
| Cash ratio | 75.0% | Cash ÷ revenue 606.4% |
| Vs. industry median margin | -126 pp | Biotech & Regenerative Medicine |
| ROA | -12.7% | Derived from disclosed figures |

## Notable figures

- FY2024, operating loss is 119 per ¥100 of revenue
- FY2024, cash is 75% of total assets

## What changed in 1 years

| Metric | FY ending Oct 2023 | FY ending Oct 2024 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥344725000 | ¥873610000 | +153.4% |
| Operating income | ¥-1459614000 | ¥-1038802000 | — |
| Operating margin | -423.4% | -118.9% | +304.5 pp |
| Employees | 39 people | 39 people | 0.0% |
| Cash and equivalents | ¥4588118000 | ¥5297166000 | +15.5% |

### Change in segment revenue mix

Span: FY ending Oct 2023 → FY ending Oct 2024. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Oct 2024, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 874 | 100.0% | S100V4WC |
| Cost of revenue | 0 | 0.0% | 算出 |
| Gross profit | 874 | 100.0% | S100V4WC |
| SG&A | 1,912 | 218.9% | S100V4WC |
| Operating income | -1,039 | -118.9% | S100V4WC |
| Ordinary income | -819 | -93.7% | S100V4WC |
| Pretax income | -819 | -93.7% | S100V4WC |
| Income tax | -6 | -0.7% | S100V4WC |
| Net income | -813 | -93.0% | S100V4WC |

## Per ¥100 of revenue（FY ending Oct 2024）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 0 |
| SG&A | 219 |
| Operating income | -119 |
| (Ref.) Net income | -93 |

### Margin funnel

Gross margin 100.0% → Operating margin -118.9% → Net margin -93.0%
Derived from reported figures (DERIVED).

## Year over year（FY ending Oct 2023 → FY ending Oct 2024、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 345 | 874 | 529 | +153.4% |
| Gross profit | 345 | 874 | 529 | +153.4% |
| Operating income | -1,460 | -1,039 | 421 | — |
| Operating cash flow | -798 | -1,343 | -545 | — |
| Free cash flow | -1,126 | -1,357 | -231 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Oct 2023 | 345 | -1,460 | -423.4% | -1,473 | -798 | -1,126 | S100V4WC |
| FY ending Oct 2024 | 874 | -1,039 | -118.9% | -813 | -1,343 | -1,357 | S100V4WC |

## People and productivity（FY ending Oct 2024, non-consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥22.4M |
| Operating income per employee (consolidated) | -¥26.6M |
| Net income per employee (consolidated) | -¥20.8M |

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

| History | FY ending Oct 2023 | FY ending Oct 2024 |
| --- | ---: | ---: |
| Employees (consolidated) | 39 | 39 |
| Average salary (parent company) | — | ¥8.7M |
| Average age (parent company) | — | 44.1 years |
| Average tenure (parent company) | — | 4.2 years |

Year over year: Employees (consolidated) 0.0% · Revenue (consolidated) +153.4%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Oct 2024, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -1,343 | -153.7% | S100V4WC |
| Capital expenditure | 14 | 1.6% | S100V4WC |
| Free cash flow | -1,357 | -155.3% | 算出 |
| Investing cash flow | -67 | -7.7% | S100V4WC |
| Financing cash flow | 2,119 | 242.5% | S100V4WC |
| Change in cash | 709 | 81.2% | S100V4WC |
| Cash and equivalents | 5,297 | 606.4% | S100V4WC |

## 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 Oct 2023 | FY ending Oct 2024 | Source |
| --- | ---: | ---: | ---: |
| Cash and equivalents | 4,588 | 5,297 | S100V4WC |
| Total assets | 5,720 | 7,068 | S100V4WC |
| Net assets | 5,270 | 6,623 | S100V4WC |
| Share capital | 50 | 1,133 | S100V4WC |
| Property, plant and equipment | 484 | 456 | S100V4WC |
| Current assets | 5,028 | 6,404 | S100V4WC |
| Current liabilities | 244 | 282 | S100V4WC |
| Total liabilities | 450 | 444 | S100V4WC |
| Equity attributable to owners of parent | 5,257 | 6,611 | S100V4WC |
| Retained earnings | -2,965 | -2,770 | S100V4WC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 75% | S100V4WC |
| Property, plant and equipment | 6% | S100V4WC |
| Other assets | 19% | S100V4WC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 6% | S100V4WC |
| Equity | 94% | S100V4WC |
| Other liabilities | 0% | S100V4WC |

### Balance sheet history

| Metric | FY ending Oct 2023 | FY ending Oct 2024 |
| --- | ---: | ---: |
| Total assets | 5,720 | 7,068 |
| Equity | 5,270 | 6,623 |
| Interest-bearing debt | — | — |
| Cash | 4,588 | 5,297 |

## 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) | 52.2% | S100V4WC |
| Fixed assets ÷ total assets | 6.4% | S100V4WC |
| Goodwill ÷ parent equity | — | —, S100V4WC |

### 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) | 75.0% |
| Cash ÷ revenue | 606.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -530 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.6% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | — | —× | -25.8% | —× | — | S100V4WC |
| 2024 | — | —× | -12.7% | —× | — | S100V4WC |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 福田 惠一 | Major shareholder | 14.4% | 2024-10-31 |
| SBI Ventures Two㈱ | Major shareholder | 10.1% | 2024-10-31 |
| SBI AI&Blockchain投資事業有限責任組合 | Major shareholder | 6.9% | 2024-10-31 |
| 古川 俊治 | Major shareholder | 5.0% | 2024-10-31 |
| 秋山 琢己 | Major shareholder | 5.0% | 2024-10-31 |
| 河西 佑太郎 | Major shareholder | 3.6% | 2024-10-31 |
| Astellas Venture Management LLC． （常任代理人 SMBC日興証券㈱） | Major shareholder | 3.2% | 2024-10-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 2.8% | 2024-10-31 |
| 新村 健造 | Major shareholder | 2.7% | 2024-10-31 |
| ㈱ＪＭＤＣ | Major shareholder | 2.1% | 2024-10-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第9期(2023/11/01－2024/10/31) | S100V4WC | 2025-01-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V4WC,, |

## 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).