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Sysmex (6869) investor relations material

Sysmex Q2 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2026 earnings summary6 Nov, 2025

Executive summary

  • Sales and profits declined year-on-year due to extraordinary factors in Q1, yen appreciation, ecosystem transition in Japan, inventory devaluation, and worsening market in China, despite a Q2 recovery.

  • Overseas regions (excluding China) performed well on a local currency basis, with improved operating income in Q2 and sales growth in EMEA and Asia Pacific.

  • Profitability was impacted by inventory revaluation, lower sales, and higher SG&A expenses, though Q2 saw significant improvement.

  • Chinese market challenges expanded due to government healthcare cost controls and distributor inventory reductions, with sales down 17.9% year-on-year in local currency.

Financial highlights

  • Full-year sales forecast revised to ¥510 billion and operating income to ¥76 billion, both down from original projections.

  • Net sales for the first half were ¥232.5 billion, down 4.1% year-on-year; operating profit was ¥32.9 billion, down 25.9%.

  • Operating cash flow and cash equivalents decreased year-on-year, with increased inventory levels.

  • Profitability improved to 17.6% in Q2, excluding China.

  • Basic earnings per share for the year is projected at ¥72.19.

Outlook and guidance

  • Full-year forecast reflects risks in China, yen appreciation, and delay in clinical chemistry business launch.

  • Second half operating profit expected to match last year, with overseas sales growth anticipated.

  • Dividend forecast raised to ¥38 per share, including a commemorative dividend for the 30th anniversary.

  • Next year, negative effects in China and Japan expected to bottom out, with recovery and new growth drivers ahead.

Explain the Q2 profit margin erosion
Mitigation for China's medical expense policies
Rationale for increased capital expenditure
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Frequently asked questions

Sysmex Corporation is a Japanese company in the healthcare sector, primarily engaged in the development, manufacture, and sales of diagnostic instruments, reagents, and health management support software. Founded in 1968, as TOA Medical Electronics, it later adopted the Sysmex brand in 1978, initially focusing on haematology analysers before expanding its product range. Sysmex's solutions encompass haematology, haemostasis, and urinalysis analyzers, with research and development centers in Japan, France, New Zealand, Germany, and the US. The company is headquartered in Kobe, Japan, and its shares are listed on the Tokyo Stock Exchange.

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