# TAUNS Laboratories, Inc.: business model and financials

> Latest period: FY ending Jun 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第11期(2025/07/01－2026/06/30) (S100Z3TC)
> Page: https://vizora.meequs.com/en/company/tauns-laboratories
> Retrieved: 2026-09-30T20:31:15.761Z

## Company

TAUNS Laboratories, founded in 1987, is a company in Medical Devices listed on TSE Standard. It has 350 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TAUNS Laboratories,Inc. |
| Ticker | 197A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/197A.T) |
| Listing | TSE Standard |
| Head office | 静岡県伊豆の国市神島761番1 |
| Representative (per filing) | 代表取締役社長 野中 雅貴 |
| Founded | Apr 1987 |
| Share capital | ¥400.8M |
| Employees (consolidated) | 350 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | June |
| Website | www.tauns.co.jp (https://www.tauns.co.jp/) |
| Corporate number | 4010001175101 |
| EDINET | E39645 |
| Industries (Vizora) | Medical Devices |

> Profile source: annual securities report (S100Z3TC, filed 2026-09-24). As of filing

## Five-axis industry profile

Primary industry: Medical Devices (2026-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 3.9 | 38 |
| Profitability | 93.6 | 39 |
| Cash conversion | 1.3 | 38 |
| Efficiency | 3.8 | 39 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- TAUNS Laboratories brought in ¥14.4B in revenue.
- Out of every ¥100 of sales, about ¥29 is left as operating profit.
- Revenue changed -22.9% from the prior year, operating profit -49.2%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥14.4B |  |
| Operating income | ¥4.2B | Margin 29.2% |
| Net income | ¥5.5B | Margin 38.2% |
| Free cash flow | -¥6.84B |  |
| Employees (consolidated) | 350 |  |
| EPS | ¥52.28 |  |
| Diluted EPS | ¥51.08 |  |
| Book value per share | ¥182.01 |  |
| Equity ratio | 43.5% |  |
| Shares outstanding | 106,691,686 |  |
| Shareholders | 39,059 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 8.0% | Cash ÷ revenue 24.8% |
| Vs. industry median margin | +18.1 pp | Medical Devices |
| ROE | 29.9% | Derived from disclosed figures |
| ROA | 13.5% | Derived from disclosed figures |

## Notable figures

- FY2026, operating income keeps 29 per ¥100 of revenue

## What changed in 3 years

| Metric | FY ending Jun 2023 | FY ending Jun 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥15673099000 | ¥14369220000 | -8.3% |
| Operating income | ¥4967275000 | ¥4200408000 | -15.4% |
| Operating margin | 31.7% | 29.2% | -2.5 pp |
| Employees | 243 people | 350 people | +44.0% |
| Cash and equivalents | ¥1244375000 | ¥3563581000 | +186.4% |

### Change in segment revenue mix

Span: FY ending Jun 2023 → FY ending Jun 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 14,369 | 100.0% | S100Z3TC |
| Cost of revenue | 5,548 | 38.6% | S100Z3TC |
| Gross profit | 8,821 | 61.4% | S100Z3TC |
| SG&A | 4,621 | 32.2% | S100Z3TC |
| Operating income | 4,200 | 29.2% | S100Z3TC |
| Ordinary income | 3,953 | 27.5% | S100Z3TC |
| Pretax income | 7,896 | 54.9% | S100Z3TC |
| Income tax | 2,400 | 16.7% | S100Z3TC |
| Net income | 5,495 | 38.2% | S100Z3TC |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 39 |
| SG&A | 32 |
| Operating income | 29 |
| (Ref.) Net income | 38 |

### Margin funnel

Gross margin 61.4% → Operating margin 29.2% → Net margin 38.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -22.9%; Core profit growth: -49.2%
Operating leverage (core profit growth ÷ revenue growth): 2.15×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 18,628 | 14,369 | -4,259 | -22.9% |
| Gross profit | 12,775 | 8,821 | -3,954 | -30.9% |
| Operating income | 8,265 | 4,200 | -4,065 | -49.2% |
| Operating cash flow | 6,818 | -2,825 | -9,644 | -141.4% |
| Free cash flow | 1,698 | -6,841 | -8,539 | -502.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2023 | 15,673 | 4,967 | 31.7% | 3,035 | -3,158 | -4,323 | S100UG3E |
| FY ending Jun 2024 | 18,435 | 8,030 | 43.6% | 5,774 | 9,935 | 5,975 | S100WRAR |
| FY ending Jun 2025 | 18,628 | 8,265 | 44.4% | 6,315 | 6,818 | 1,698 | S100Z3TC |
| FY ending Jun 2026 | 14,369 | 4,200 | 29.2% | 5,495 | -2,825 | -6,841 | S100Z3TC |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥41.1M |
| Operating income per employee (consolidated) | ¥12M |
| Net income per employee (consolidated) | ¥15.7M |

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

| History | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 243 | 271 | 316 | 350 |
| Average salary (parent company) | — | ¥7M | ¥8.2M | ¥7.1M |
| Average age (parent company) | — | 39.7 years | 38.9 years | 38.7 years |
| Average tenure (parent company) | — | 6.4 years | 5.9 years | 6.2 years |

Year over year: Employees (consolidated) +10.8% · Revenue (consolidated) -22.9%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -2,825 | -19.7% | S100Z3TC |
| Capital expenditure | 4,015 | 27.9% | S100Z3TC |
| Free cash flow | -6,841 | -47.6% | 算出 |
| Investing cash flow | -6,175 | -43.0% | S100Z3TC |
| Financing cash flow | 3,298 | 22.9% | S100Z3TC |
| Dividends paid | 3,749 | 26.1% | S100Z3TC |
| Change in cash | -5,703 | -39.7% | S100Z3TC |
| Cash and equivalents | 3,564 | 24.8% | S100Z3TC |

## 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 Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,244 | 9,425 | 9,267 | 3,564 | S100WRAR, S100Z3TC |
| Total assets | 18,332 | 29,261 | 36,515 | 44,621 | S100UG3E, S100WRAR, S100Z3TC |
| Net assets | 8,490 | 13,667 | 17,418 | 19,421 | S100WRAR, S100Z3TC |
| Share capital | 100 | 200 | 290 | 401 | S100UG3E, S100WRAR, S100Z3TC |
| Property, plant and equipment | 4,402 | 7,905 | 12,279 | 15,248 | S100UG3E, S100WRAR, S100Z3TC |
| Intangible assets excluding goodwill | 3,910 | 3,721 | 3,837 | 3,592 | S100UG3E, S100WRAR, S100Z3TC |
| Investment securities | 33 | 33 | 4,177 | 6,076 | S100UG3E, S100WRAR, S100Z3TC |
| Current assets | 9,457 | 16,916 | 15,477 | 19,265 | S100UG3E, S100WRAR, S100Z3TC |
| Current liabilities | 6,518 | 10,474 | 9,530 | 15,254 | S100UG3E, S100WRAR, S100Z3TC |
| Short-term borrowings | 3,500 | 4,500 | 4,500 | 7,500 | S100UG3E, S100WRAR, S100Z3TC |
| Long-term borrowings | 2,236 | 4,307 | 8,809 | 8,027 | S100UG3E, S100WRAR, S100Z3TC |
| Total liabilities | 9,842 | 15,595 | 19,098 | 25,200 | S100UG3E, S100WRAR, S100Z3TC |
| Equity attributable to owners of parent | 8,487 | 13,667 | 17,378 | 19,333 | S100UG3E, S100WRAR, S100Z3TC |
| Retained earnings | 5,604 | 10,778 | 14,308 | 16,047 | S100UG3E, S100WRAR, S100Z3TC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100Z3TC |
| Property, plant and equipment | 34% | S100Z3TC |
| Intangibles and goodwill | 8% | S100Z3TC |
| Investment securities | 14% | S100Z3TC |
| Other assets | 36% | S100Z3TC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 56% | S100Z3TC |
| Equity | 44% | S100Z3TC |

### Balance sheet history

| Metric | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 18,332 | 29,261 | 36,515 | 44,621 |
| Equity | 8,490 | 13,667 | 17,418 | 19,421 |
| Interest-bearing debt | — | — | — | — |
| Cash | 1,244 | 9,425 | 9,267 | 3,564 |

## 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) | 106.1% | S100Z3TC |
| Fixed assets ÷ total assets | 34.2% | S100Z3TC |
| Goodwill ÷ parent equity | — | —, S100Z3TC |

### 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) | 8.0% |
| Cash ÷ revenue | 24.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -67.3% |
| Cash vs. profit gap | -8,321 JPY mn (of net income -151.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 68.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 27.9% |
| 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 | 19.4% | 0.85× | 16.6% | 2.16× | 35.8% | S100UG3E |
| 2024 | 31.3% | 0.77× | 24.3% | 2.15× | 52.1% | S100WRAR |
| 2025 | 33.9% | 0.57× | 19.2% | 2.12× | 40.7% | S100Z3TC |
| 2026 | 38.2% | 0.35× | 13.5% | 2.21× | 29.9% | S100Z3TC |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| CITIC CAPITAL JAPAN PARTNERS Ⅲ, L.P. (常任代理人 大和証券株式会社) | Major shareholder | 39.1% | 2026-06-30 |
| 野中 雅貴 | Major shareholder | 29.3% | 2026-06-30 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 0.8% | 2026-06-30 |
| 株式会社メディカル・コンシェルジュ | Major shareholder | 0.7% | 2026-06-30 |
| 坂本 幸一郎 | Major shareholder | 0.3% | 2026-06-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 0.3% | 2026-06-30 |
| CCJP Ⅲ CO-INVESTMENT, L.P. (常任代理人 大和証券株式会社) | Major shareholder | 0.2% | 2026-06-30 |
| 株式会社日本カストディ銀行 （信託口） | Major shareholder | 0.2% | 2026-06-30 |
| 倉 剛進 | Major shareholder | 0.2% | 2026-06-30 |
| 山本 硬 | Major shareholder | 0.1% | 2026-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第11期(2025/07/01－2026/06/30) | S100Z3TC | 2026-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z3TC,, |
| 有価証券報告書－第10期(2024/07/01－2025/06/30) | S100WRAR | 2025-09-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WRAR,, |
| 有価証券報告書－第9期(2023/07/01－2024/06/30) | S100UG3E | 2024-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UG3E,, |

## 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).