Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mani-inc" target="_blank" data-smartkarma-citation="entities:6534:1" rel="noopener">Mani Inc (7730 JP)</a> FY25 revenue increased 5% YoY to ¥29.9B while Operating margin deteriorated to 27.3%, down 210bps. Dental segment reported the worst margin decline from 18.7% to 11.7%.</li>
<li>The company said that the impact voluntary recall of dia-burs in China has subsided in FY25, and expects a full recovery in sales from FY26.</li>
<li>FY26 guidance expect revenue rise 9% to ¥32.8B with impact of recalls subsiding. Profits and margins are also expected to witness a significant uptick.</li>
</ul>



Mani Inc (7730 JP) FY25 revenue increased 5% YoY to ¥29.9B while Operating margin deteriorated to 27.3%, down 210bps. Dental segment reported the worst margin decline from 18.7% to 11.7%.
The company said that the impact voluntary recall of dia-burs in China has subsided in FY25, and expects a full recovery in sales from FY26.
FY26 guidance expect revenue rise 9% to ¥32.8B with impact of recalls subsiding. Profits and margins are also expected to witness a significant uptick.


Mani Inc (7730 JP): FY26 Guidance Point Towards a Recovery, Unleashing A Long-Term Play Mode

Japan Specialist

Mark Chadwick

<ul>
<li>Completion of China DIA-BURS recall removes major earnings overhang, with ¥1.2bn FY25 profit impact now fully reflected</li>
<li>US growth accelerating through MST partnership targeting 10–30% share in ophthalmic knives</li>
<li>Strong balance sheet with ¥17bn cash offers capacity for strategic investment &amp; cash allocation under new Medium-Term Plan</li>
</ul>


Completion of China DIA-BURS recall removes major earnings overhang, with ¥1.2bn FY25 profit impact now fully reflected
US growth accelerating through MST partnership targeting 10–30% share in ophthalmic knives
Strong balance sheet with ¥17bn cash offers capacity for strategic investment &amp; cash allocation under new Medium-Term Plan


MANI INC. (7730 JP) | China Recall Resolution Clears Path for FY26 Recovery

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<li>
<a href="https://www.smartkarma.com/entities/mani-inc" target="_blank" data-smartkarma-citation="entities:6534:1" rel="noopener">Mani Inc (7730 JP)</a> 9MFY25 revenue increased 3% YoY to ¥22.3B mainly due to strong sales of Surgical products and Eyeless Needle products, while Dental segment sales dipped on recall.</li>
<li>Operating margin deteriorated to 27.5% in 9MFY25, down 260bps. Segment wise, dental segment reported the worst operating margin decline from 19.6% to 10.4%.</li>
<li>Management revised FY25 guidance downwards, now expecting revenue to be ¥29.6B (previous guidance ¥30.2B), up 3.8% YoY. Profits and margins also witnessed a downward revision.</li>
</ul>



Mani Inc (7730 JP) 9MFY25 revenue increased 3% YoY to ¥22.3B mainly due to strong sales of Surgical products and Eyeless Needle products, while Dental segment sales dipped on recall.
Operating margin deteriorated to 27.5% in 9MFY25, down 260bps. Segment wise, dental segment reported the worst operating margin decline from 19.6% to 10.4%.
Management revised FY25 guidance downwards, now expecting revenue to be ¥29.6B (previous guidance ¥30.2B), up 3.8% YoY. Profits and margins also witnessed a downward revision.


Mani Inc (7730 JP): Dental Recalls Still a Pain Point, Guidance Revised Downwards

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<li>
<a href="https://www.smartkarma.com/entities/mani-inc" target="_blank" data-smartkarma-citation="entities:6534:1" rel="noopener">Mani Inc (7730 JP)</a> H1FY25 revenue rose 6.5% YoY, mainly driven by surgical segment, eyeless needles segment, while margins remained under pressure.</li>
<li>Despite the underperformance of dental segment, management reiterated FY25 guidance. Expecting Yen appreciation against the USD, the company expects just mid-single-digit sales and operating income growth for FY25.</li>
<li>Mani shares plunged 5% since it published its H1 results. Investors should avoid Mani due to its uncertain revenue outlook and deteriorating profitability in short-term.</li>
</ul>



Mani Inc (7730 JP) H1FY25 revenue rose 6.5% YoY, mainly driven by surgical segment, eyeless needles segment, while margins remained under pressure.
Despite the underperformance of dental segment, management reiterated FY25 guidance. Expecting Yen appreciation against the USD, the company expects just mid-single-digit sales and operating income growth for FY25.
Mani shares plunged 5% since it published its H1 results. Investors should avoid Mani due to its uncertain revenue outlook and deteriorating profitability in short-term.


Mani (7730 JP): Guidance Reiterated; Dental Loosing Shine And Dented Margins Remain Concerns

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mani-inc" target="_blank" data-smartkarma-citation="entities:6534:1" rel="noopener">Mani Inc (7730 JP)</a> Q1FY25 revenue rose 8% YoY, mainly driven by surgical and eyeless needles segments, and favorable foreign exchange. However, profitability declined year-over-year.</li>
<li>Despite the underperformance of dental segment, management reiterated FY25 guidance. Dental segment contributes more than 30% of total revenue.</li>
<li>Mani shares plunged 20% since it published its Q1 results. Investors should avoid Mani due to its uncertain revenue outlook and deteriorating profitability in short-term.</li>
</ul>



Mani Inc (7730 JP) Q1FY25 revenue rose 8% YoY, mainly driven by surgical and eyeless needles segments, and favorable foreign exchange. However, profitability declined year-over-year.
Despite the underperformance of dental segment, management reiterated FY25 guidance. Dental segment contributes more than 30% of total revenue.
Mani shares plunged 20% since it published its Q1 results. Investors should avoid Mani due to its uncertain revenue outlook and deteriorating profitability in short-term.


Mani Inc (7730 JP): Dental Loosing Shine In China; Margins Eroding; FY25 Guidance Reiterated

Japan

MANI, INC. manufactures medical goods and equipment.  The Company's products include threads and needles for surgeries, surgical knives for eye surgeries, and dental instruments and equipment.

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Mani Inc (7730 JP)

Mani Inc (7730 JP): FY26 Guidance Point Towards a Recovery, Unleashing A Long-Term Play Mode

Mani Inc FY25 revenue up 5% to ¥29.9B, operating margin down to 27.3%. Recalls drag Dental segment. Expect full sales recovery in FY26, revenue to...

Tina Banerjee

MANI INC. (7730 JP) | China Recall Resolution Clears Path for FY26 Recovery

China DIA-BURS recall resolved, US growth on track with MST partnership, strong balance sheet allows for strategic investments under new Medium...

Mark Chadwick

Mani Inc (7730 JP): Dental Recalls Still a Pain Point, Guidance Revised Downwards

Mani's dental segment reported sales drop of 10% in 9MFY25, with the segment reporting the worst operating margin decline from 19.6% to 10.4%....

Tina Banerjee

Mani (7730 JP): Guidance Reiterated; Dental Loosing Shine And Dented Margins Remain Concerns

Mani's H1FY25 revenue up 6.5% driven by surgical segment. Higher SG&A expenses dent operating margins. Uncertain revenue outlook and deteriorating...

Tina Banerjee

Mani Inc (7730 JP): Dental Loosing Shine In China; Margins Eroding; FY25 Guidance Reiterated

Mani's Q1FY25 revenue was up 8% YoY driven by surgical and eyeless needles, but profitability declined. Dental segment continued to underperform....

Tina Banerjee

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Mani Inc (7730 JP): FY26 Guidance Point Towards a Recovery, Unleashing A Long-Term Play Mode

​Mani Inc FY25 revenue up 5% to ¥29.9B, operating margin down to 27.3%. Recalls drag Dental segment. Expect full sales recovery in FY26, revenue to...

Tina Banerjee

MANI INC. (7730 JP) | China Recall Resolution Clears Path for FY26 Recovery

​China DIA-BURS recall resolved, US growth on track with MST partnership, strong balance sheet allows for strategic investments under new Medium...

Mark Chadwick

Mani Inc (7730 JP): Dental Recalls Still a Pain Point, Guidance Revised Downwards

​Mani's dental segment reported sales drop of 10% in 9MFY25, with the segment reporting the worst operating margin decline from 19.6% to 10.4%....

Tina Banerjee

Mani (7730 JP): Guidance Reiterated; Dental Loosing Shine And Dented Margins Remain Concerns

​Mani's H1FY25 revenue up 6.5% driven by surgical segment. Higher SG&A expenses dent operating margins. Uncertain revenue outlook and deteriorating...

Tina Banerjee

Mani Inc (7730 JP): Dental Loosing Shine In China; Margins Eroding; FY25 Guidance Reiterated

​Mani's Q1FY25 revenue was up 8% YoY driven by surgical and eyeless needles, but profitability declined. Dental segment continued to underperform....

Tina Banerjee

Mani Inc FY25 revenue up 5% to ¥29.9B, operating margin down to 27.3%. Recalls drag Dental segment. Expect full sales recovery in FY26, revenue to...

China DIA-BURS recall resolved, US growth on track with MST partnership, strong balance sheet allows for strategic investments under new Medium...

Mani's dental segment reported sales drop of 10% in 9MFY25, with the segment reporting the worst operating margin decline from 19.6% to 10.4%....

Mani's H1FY25 revenue up 6.5% driven by surgical segment. Higher SG&A expenses dent operating margins. Uncertain revenue outlook and deteriorating...

Mani's Q1FY25 revenue was up 8% YoY driven by surgical and eyeless needles, but profitability declined. Dental segment continued to underperform....