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

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第24期(2025/01/01－2025/12/31) (S100XS7V)
> Page: https://vizora.meequs.com/en/company/medrx
> Retrieved: 2026-09-30T22:08:15.387Z

## Company

Medrx, founded in 2002, is a company in Biotech & Regenerative Medicine listed on TSE Growth. It has 21 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Medrx Co., Ltd. |
| Ticker | 4586 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4586.T) |
| Listing | TSE Growth |
| Head office | 香川県東かがわ市西山431番地7 |
| Representative (per filing) | 代表取締役社長 松村 米浩 |
| Founded | Jan 2002 |
| Share capital | ¥450.9M |
| Employees (consolidated) | 21 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | December |
| Website | www.medrx.co.jp (https://www.medrx.co.jp/) |
| Corporate number | 3470001011509 |
| EDINET | E27208 |
| Industries (Vizora) | Biotech & Regenerative Medicine |

> Profile source: annual securities report (S100XS7V, filed 2026-03-19). As of filing

## Key points (generated from figures)

- Medrx brought in ¥128.1M in revenue.
- It lost about ¥735 for every ¥100 of sales at the operating level.
- Revenue changed -50.3% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥128.1M |  |
| Operating income | -¥942M | Margin -735.5% |
| Net income | -¥937.4M | Margin -731.8% |
| Free cash flow | -¥970.9M |  |
| Employees (consolidated) | 21 |  |
| EPS | ¥-17.96 |  |
| Book value per share | ¥32.22 |  |
| Equity ratio | 92.2% |  |
| Shares outstanding | 59,365,100 |  |
| Shareholders | 21,529 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 81.3% | Cash ÷ revenue 1369.9% |
| Vs. industry median margin | -742.5 pp | Biotech & Regenerative Medicine |
| ROA | -42.3% | Derived from disclosed figures |

## Notable figures

- FY2025, operating loss is 735 per ¥100 of revenue
- FY2025, revenue is 15.3× its level five years ago
- FY2025, cash is 81% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥115092000 | ¥128084000 | +11.3% |
| Operating income | ¥-1130420000 | ¥-941999000 | — |
| Operating margin | -982.2% | -735.5% | +246.7 pp |
| Employees | 24 people | 21 people | -12.5% |
| Cash and equivalents | ¥1812360000 | ¥1754669000 | -3.2% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 128 | 100.0% | S100XS7V |
| Cost of revenue | 1 | 0.9% | S100XS7V |
| Gross profit | 127 | 99.1% | S100XS7V |
| SG&A | 1,069 | 834.5% | S100XS7V |
| Operating income | -942 | -735.5% | S100XS7V |
| Ordinary income | -937 | -731.9% | S100XS7V |
| Pretax income | -925 | -722.2% | S100XS7V |
| Income tax | 12 | 9.6% | S100XS7V |
| Net income | -937 | -731.8% | S100XS7V |
| Net income attributable to owners | -937 | -731.8% | S100XS7V |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 1 |
| SG&A | 834 |
| Operating income | -735 |
| (Ref.) Net income | -732 |

### Margin funnel

Gross margin 99.1% → Operating margin -735.5% → Net margin -731.8%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 258 | 128 | -130 | -50.3% |
| Gross profit | 258 | 127 | -131 | -50.7% |
| Operating income | -793 | -942 | -149 | — |
| Net income attributable to owners | -807 | -937 | -131 | — |
| Operating cash flow | -803 | -888 | -85 | — |
| Free cash flow | -804 | -971 | -167 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 170 | -1,628 | -958.4% | -1,616 | -1,547 | -1,800 | S100LCUR |
| FY ending Dec 2020 | 115 | -1,130 | -982.2% | -1,115 | -985 | -1,025 | S100NT3I |
| FY ending Dec 2021 | 8 | -1,061 | -12709.3% | -1,060 | -924 | -926 | S100QGPL |
| FY ending Dec 2022 | 59 | -1,099 | -1847.3% | -1,111 | -1,073 | -1,075 | S100T6BL |
| FY ending Dec 2023 | 30 | -934 | -3161.0% | -933 | -914 | -915 | S100VJ6C |
| FY ending Dec 2024 | 258 | -793 | -307.5% | -807 | -803 | -804 | S100XS7V |
| FY ending Dec 2025 | 128 | -942 | -735.5% | -937 | -888 | -971 | S100XS7V |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥6.1M |
| Operating income per employee (consolidated) | -¥44.9M |
| Net income per employee (consolidated) | -¥44.6M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 23 | 22 | 22 | 22 | 21 |
| Average salary (parent company) | ¥6.4M | ¥5.8M | ¥6.1M | ¥5.9M | ¥6.2M |
| Average age (parent company) | 47.8 years | 46.2 years | 46.7 years | 46.8 years | 49.7 years |
| Average tenure (parent company) | 10.0 years | 9.2 years | 10.0 years | 10.0 years | 12.4 years |

Year over year: Employees (consolidated) -4.5% · Revenue (consolidated) -50.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -888 | -693.4% | S100XS7V |
| Capital expenditure | 83 | 64.6% | S100XS7V |
| Free cash flow | -971 | -758.0% | 算出 |
| Investing cash flow | -83 | -64.6% | S100XS7V |
| Financing cash flow | 745 | 581.7% | S100XS7V |
| Change in cash | -223 | -174.1% | S100XS7V |
| Cash and equivalents | 1,755 | 1369.9% | S100XS7V |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,704 | 994 | 1,721 | 1,978 | 1,755 | S100T6BL, S100VJ6C, S100XS7V |
| Total assets | 2,109 | 1,398 | 2,052 | 2,276 | 2,158 | S100QGPL, S100T6BL, S100VJ6C, S100XS7V |
| Net assets | 1,955 | 1,213 | 1,925 | 2,170 | 2,049 | S100T6BL, S100VJ6C, S100XS7V |
| Share capital | 7,804 | 227 | 848 | 581 | 451 | S100QGPL, S100T6BL, S100VJ6C, S100XS7V |
| Property, plant and equipment | 270 | 226 | 182 | 124 | 192 | S100QGPL, S100T6BL, S100VJ6C, S100XS7V |
| Investment securities | — | — | — | 31 | 131 | S100XS7V |
| Current assets | 1,755 | 1,087 | 1,785 | 2,073 | 1,825 | S100QGPL, S100T6BL, S100VJ6C, S100XS7V |
| Current liabilities | 126 | 158 | 100 | 106 | 77 | S100QGPL, S100T6BL, S100VJ6C, S100XS7V |
| Total liabilities | 153 | 186 | 128 | 106 | 109 | S100QGPL, S100T6BL, S100VJ6C, S100XS7V |
| Equity attributable to owners of parent | 1,897 | 1,140 | 1,848 | 2,108 | 1,911 | S100QGPL, S100T6BL, S100VJ6C, S100XS7V |
| Retained earnings | -13,280 | -2,150 | -916 | -787 | -899 | S100QGPL, S100T6BL, S100VJ6C, S100XS7V |
| Treasury stock | — | 0 | 0 | 0 | 0 | S100T6BL, S100VJ6C, S100XS7V |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 81% | S100XS7V |
| Property, plant and equipment | 9% | S100XS7V |
| Investment securities | 6% | S100XS7V |
| Other assets | 4% | S100XS7V |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 5% | S100XS7V |
| Equity | 95% | S100XS7V |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,109 | 1,398 | 2,052 | 2,276 | 2,158 |
| Equity | 1,955 | 1,213 | 1,925 | 2,170 | 2,049 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,704 | 994 | 1,721 | 1,978 | 1,755 |

## 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) | 150.1% | S100XS7V |
| Fixed assets ÷ total assets | 8.9% | S100XS7V |
| Goodwill ÷ parent equity | — | —, S100XS7V |

### 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) | 81.3% |
| Cash ÷ revenue | 1369.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 49 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 64.6% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | — | —× | -50.3% | —× | — | S100QGPL |
| 2022 | — | —× | -63.4% | —× | — | S100T6BL |
| 2023 | — | —× | -54.1% | —× | — | S100VJ6C |
| 2024 | — | —× | -37.3% | —× | — | S100XS7V |
| 2025 | — | —× | -42.3% | —× | — | S100XS7V |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 江平 文茂 | Major shareholder | 3.8% | 2025-12-31 |
| 楽天証券株式会社 | Major shareholder | 3.5% | 2025-12-31 |
| 永井 崇久 | Major shareholder | 3.4% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.8% | 2025-12-31 |
| 野村證券株式会社 | Major shareholder | 1.4% | 2025-12-31 |
| NOMURA PB NOMINEES LIMITED OMNIBUS-MARGIN (CASHPB) | Major shareholder | 1.2% | 2025-12-31 |
| 株式会社ＭＭ | Major shareholder | 0.9% | 2025-12-31 |
| 山下 博 | Major shareholder | 0.7% | 2025-12-31 |
| 江崎 雄二 | Major shareholder | 0.6% | 2025-12-31 |
| 八木 朗 | Major shareholder | 0.6% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第24期(2025/01/01－2025/12/31) | S100XS7V | 2026-03-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XS7V,, |
| 有価証券報告書－第23期(2024/01/01－2024/12/31) | S100VJ6C | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VJ6C,, |
| 有価証券報告書－第22期(2023/01/01－2023/12/31) | S100T6BL | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T6BL,, |
| 有価証券報告書－第21期(2022/01/01－2022/12/31) | S100QGPL | 2023-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGPL,, |
| 有価証券報告書－第20期(令和3年1月1日－令和3年12月31日) | S100NT3I | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NT3I,, |
| 訂正有価証券報告書－第19期(令和2年1月1日－令和2年12月31日) | S100LCUR | 2021-05-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LCUR,, |

## 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).