# MEDINET Co., Ltd.: business model and financials

> Latest period: FY ending Sep 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第30期(2024/10/01－2025/09/30) (S100XB0H)
> Page: https://vizora.meequs.com/en/company/medinet
> Retrieved: 2026-09-30T19:05:56.848Z

## Company

Medinet, founded in 1995, is a company in CRO & Clinical Testing listed on TSE Growth. It has 107 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MEDINET Co., Ltd. |
| Ticker | 2370 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2370.T) |
| Listing | TSE Growth |
| Head office | 東京都品川区勝島一丁目5番21号 (同所は登記上の本店所在地であり、実際の業務は「最寄りの連絡場所」で行っております。) |
| Representative (per filing) | 代表取締役社長 久布白 兼直 |
| Founded | Oct 1995 |
| Share capital | ¥5.1B |
| Employees (consolidated) | 107 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | September |
| Website | www.medinet-inc.co.jp (https://www.medinet-inc.co.jp/) |
| Corporate number | 1020001039274 |
| EDINET | E05351 |
| Industries (Vizora) | CRO & Clinical Testing, Biotech & Regenerative Medicine |

> Profile source: annual securities report (S100XB0H, filed 2025-12-17). As of filing

## Key points (generated from figures)

- About 100% of Medinet's sales come from Contracted Cell Manufacturing Business, with Cellular and tissue-based product business making up much of the rest.
- It lost about ¥178 for every ¥100 of sales at the operating level.
- Revenue changed +5.4% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥810.3M |  |
| Operating income | -¥1.45B | Margin -178.4% |
| Net income | -¥1.36B | Margin -168.1% |
| Free cash flow | -¥1.45B |  |
| Largest business | Contracted Cell Manufacturing Business | of segment revenue 100.0% |
| Employees (consolidated) | 107 |  |
| EPS | ¥-5.15 |  |
| Book value per share | ¥14.27 |  |
| Equity ratio | 88.8% |  |
| Shares outstanding | 264,729,198 |  |
| Shareholders | 51,849 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 62.8% | Cash ÷ revenue 329.5% |
| Vs. industry median margin | -183.8 pp | CRO & Clinical Testing |
| ROA | -27.4% | Derived from disclosed figures |

## Notable figures

- FY2025, operating loss is 178 per ¥100 of revenue
- FY2025, cash is 63% of total assets

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥783035000 | ¥810291000 | +3.5% |
| Operating income | ¥-926122000 | ¥-1445442000 | — |
| Operating margin | -118.3% | -178.4% | -60.1 pp |
| Employees | 78 people | 107 people | +37.2% |
| Cash and equivalents | ¥3643814000 | ¥2670097000 | -26.7% |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 細胞加工業 → 細胞加工業 | 99.9% |
| 再生医療等製品事業 → 再生医療等製品事業 | 0.0% |
| 再生医療等製品事業 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 細胞加工業 | 0.1% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Sep 2025, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 810 | 100.0% | S100XB0H |
| Cost of revenue | 701 | 86.5% | S100XB0H |
| Gross profit | 110 | 13.5% | S100XB0H |
| SG&A | 1,555 | 191.9% | S100XB0H |
| Operating income | -1,445 | -178.4% | S100XB0H |
| Ordinary income | -1,340 | -165.4% | S100XB0H |
| Pretax income | -1,358 | -167.6% | S100XB0H |
| Income tax | 4 | 0.5% | S100XB0H |
| Net income | -1,362 | -168.1% | S100XB0H |

## Per ¥100 of revenue（FY ending Sep 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 86 |
| SG&A | 192 |
| Operating income | -178 |
| (Ref.) Net income | -168 |

### Margin funnel

Gross margin 13.5% → Operating margin -178.4% → Net margin -168.1%
Derived from reported figures (DERIVED).

## Year over year（FY ending Sep 2024 → FY ending Sep 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 769 | 810 | 42 | +5.4% |
| Gross profit | 113 | 110 | -3 | -2.6% |
| Operating income | -1,385 | -1,445 | -61 | — |
| Operating cash flow | -1,271 | -1,413 | -142 | — |
| Free cash flow | -1,331 | -1,446 | -115 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 1,059 | -1,008 | -95.2% | -795 | -938 | -1,046 | S100KDPI |
| FY ending Sep 2020 | 783 | -926 | -118.3% | -842 | -633 | -653 | S100N2N2 |
| FY ending Sep 2021 | 683 | -1,081 | -158.2% | -843 | -975 | -1,009 | S100PT7B |
| FY ending Sep 2022 | 634 | -1,333 | -210.4% | -1,254 | -1,161 | -1,202 | S100SI7J |
| FY ending Sep 2023 | 662 | -1,426 | -215.5% | -1,438 | -1,264 | -1,348 | S100UX6K |
| FY ending Sep 2024 | 769 | -1,385 | -180.2% | -1,277 | -1,271 | -1,331 | S100XB0H |
| FY ending Sep 2025 | 810 | -1,445 | -178.4% | -1,362 | -1,413 | -1,446 | S100XB0H |

## People and productivity（FY ending Sep 2025, non-consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥7.6M |
| Operating income per employee (consolidated) | -¥13.5M |
| Net income per employee (consolidated) | -¥12.7M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 83 | 96 | 98 | 112 | 107 |
| Average salary (parent company) | ¥5.3M | ¥5.4M | ¥5.5M | ¥5.6M | ¥5.6M |
| Average age (parent company) | 39.2 years | 38.6 years | 39.0 years | 39.4 years | 39.5 years |
| Average tenure (parent company) | 9.2 years | 8.5 years | 8.9 years | 8.3 years | 8.7 years |

Year over year: Employees (consolidated) -4.5% · Revenue (consolidated) +5.4%

## Segments（FY ending Sep 2025, non-consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Contracted Cell Manufacturing Business | 810 | 100.0% | -475 | -58.6% |
| Cellular and tissue-based product business | 0 | 0.0% | -408 | -186290.4% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Margin |
| --- | ---: | ---: |
| Contracted Cell Manufacturing Business | 100.0% | -58.6% |
| Cellular and tissue-based product business | 0.0% | -186290.4% |

Loss-making segment (excluded from profit shares): Contracted Cell Manufacturing Business -475 JPY mn

Loss-making segment (excluded from profit shares): Cellular and tissue-based product business -408 JPY mn

Segment → industry: Contracted Cell Manufacturing Business → CRO & Clinical Testing / Cellular and tissue-based product business → Biotech & Regenerative Medicine

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Sep 2025, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -1,413 | -174.4% | S100XB0H |
| Capital expenditure | 32 | 4.0% | S100XB0H |
| Free cash flow | -1,446 | -178.4% | 算出 |
| Investing cash flow | -565 | -69.7% | S100XB0H |
| Financing cash flow | -3 | -0.3% | S100XB0H |
| Change in cash | -1,981 | -244.5% | S100XB0H |
| Cash and equivalents | 2,670 | 329.5% | S100XB0H |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,096 | 4,499 | 4,396 | 4,651 | 2,670 | S100SI7J, S100UX6K, S100XB0H |
| Total assets | 5,378 | 6,078 | 5,634 | 5,700 | 4,254 | S100PT7B, S100SI7J, S100UX6K, S100XB0H |
| Net assets | 4,903 | 5,512 | 5,044 | 5,191 | 3,778 | S100SI7J, S100UX6K, S100XB0H |
| Share capital | 5,082 | 5,892 | 5,737 | 6,486 | 5,102 | S100PT7B, S100SI7J, S100UX6K, S100XB0H |
| Property, plant and equipment | 620 | 537 | 478 | 423 | 357 | S100PT7B, S100SI7J, S100UX6K, S100XB0H |
| Intangible assets excluding goodwill | 47 | 102 | 113 | 101 | 68 | S100PT7B, S100SI7J, S100UX6K, S100XB0H |
| Investment securities | 166 | 485 | 212 | 102 | 155 | S100PT7B, S100SI7J, S100UX6K, S100XB0H |
| Current assets | 4,405 | 4,807 | 4,769 | 5,013 | 3,612 | S100PT7B, S100SI7J, S100UX6K, S100XB0H |
| Current liabilities | 275 | 279 | 347 | 269 | 233 | S100PT7B, S100SI7J, S100UX6K, S100XB0H |
| Total liabilities | 475 | 566 | 590 | 509 | 476 | S100PT7B, S100SI7J, S100UX6K, S100XB0H |
| Equity attributable to owners of parent | 4,789 | 5,159 | 4,877 | 5,098 | 3,744 | S100PT7B, S100SI7J, S100UX6K, S100XB0H |
| Retained earnings | -843 | -2,094 | -1,438 | -2,715 | -1,362 | S100PT7B, S100SI7J, S100UX6K, S100XB0H |
| Treasury stock | — | -0 | -0 | -0 | -0 | S100SI7J, S100UX6K, S100XB0H |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 63% | S100XB0H |
| Property, plant and equipment | 8% | S100XB0H |
| Intangibles and goodwill | 1% | S100XB0H |
| Investment securities | 4% | S100XB0H |
| Other assets | 24% | S100XB0H |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 11% | S100XB0H |
| Equity | 89% | S100XB0H |
| Other liabilities | 0% | S100XB0H |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 5,378 | 6,078 | 5,634 | 5,700 | 4,254 |
| Equity | 4,903 | 5,512 | 5,044 | 5,191 | 3,778 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,096 | 4,499 | 4,396 | 4,651 | 2,670 |

## 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) | 44.0% | S100XB0H |
| Fixed assets ÷ total assets | 8.4% | S100XB0H |
| Goodwill ÷ parent equity | — | —, S100XB0H |

### 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) | 62.8% |
| Cash ÷ revenue | 329.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -51 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.0% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | — | —× | -15.7% | —× | — | S100PT7B |
| 2022 | — | —× | -21.9% | —× | — | S100SI7J |
| 2023 | — | —× | -24.6% | —× | — | S100UX6K |
| 2024 | — | —× | -22.5% | —× | — | S100XB0H |
| 2025 | — | —× | -27.4% | —× | — | S100XB0H |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 楽天証券株式会社 | Major shareholder | 3.4% | 2025-09-30 |
| 木村 佳司 | Major shareholder | 3.0% | 2025-09-30 |
| 株式会社ＳＢＩ証券 | Major shareholder | 0.7% | 2025-09-30 |
| 廣瀨 成留 | Major shareholder | 0.7% | 2025-09-30 |
| ＪＰモルガン証券株式会社 | Major shareholder | 0.6% | 2025-09-30 |
| 森部 鐘弘 | Major shareholder | 0.5% | 2025-09-30 |
| 和賀 賢太郎 | Major shareholder | 0.5% | 2025-09-30 |
| 西尾 徳成 | Major shareholder | 0.4% | 2025-09-30 |
| 中埜 昌美 | Major shareholder | 0.4% | 2025-09-30 |
| 阿藤 弘美 | Major shareholder | 0.4% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第30期(2024/10/01－2025/09/30) | S100XB0H | 2025-12-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XB0H,, |
| 有価証券報告書－第29期(2023/10/01－2024/09/30) | S100UX6K | 2024-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UX6K,, |
| 有価証券報告書－第28期(2022/10/01－2023/09/30) | S100SI7J | 2023-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SI7J,, |
| 有価証券報告書－第27期(令和3年10月1日－令和4年9月30日) | S100PT7B | 2022-12-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PT7B,, |
| 有価証券報告書－第26期(令和2年10月1日－令和3年9月30日) | S100N2N2 | 2021-12-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N2N2,, |
| 有価証券報告書－第25期(令和1年10月1日－令和2年9月30日) | S100KDPI | 2020-12-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KDPI,, |

## 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).