Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/olympus-corp" target="_blank" data-smartkarma-citation="entities:356:1" rel="noopener">Olympus Corp (7733 JP)</a> registered 20% QoQ rise in revenue to ¥247.8B in Q2FY26 while the adjusted operating profit witnessed 183% QoQ growth to ¥37.4B (margin expanded 870bps to 15.1%).</li>
<li>The company reiterated full-year forecasts for FY26. The company expects revenue to be ¥998B, flat YoY (+3% after FX adjustment).</li>
<li>Sequential improvement offers early green shoots. Moreover, decreasing “Elevate” program cost, product launches and venturing into endoluminal surgical robotics segment will slowly help propel growth in the near to midterm.</li>
</ul>



Olympus Corp (7733 JP) registered 20% QoQ rise in revenue to ¥247.8B in Q2FY26 while the adjusted operating profit witnessed 183% QoQ growth to ¥37.4B (margin expanded 870bps to 15.1%).
The company reiterated full-year forecasts for FY26. The company expects revenue to be ¥998B, flat YoY (+3% after FX adjustment).
Sequential improvement offers early green shoots. Moreover, decreasing “Elevate” program cost, product launches and venturing into endoluminal surgical robotics segment will slowly help propel growth in the near to midterm.


Olympus Corp (7733 JP): A Much-Awaited Turnaround On the Cards? One Quarter At a Time

<ul>
<li>
<a href="https://www.smartkarma.com/entities/olympus-corp" target="_blank" data-smartkarma-citation="entities:356:1" rel="noopener">Olympus Corp (7733 JP)</a> witnessed revenue decline of 12% YoY to ¥206.5B (down 7% on Fx neutral) in Q1FY26 due to a high base effect coupled with delayed purchase decisions.</li>
<li>The company revised full-year forecasts mainly due to the impact of the U.S. tariffs and FDA import alerts.</li>
<li>Olympus entered into an agreement with Revival Healthcare Capital forming a joint venture company named Swan EndoSurgical, dedicated to developing an innovative endoluminal robotic system for less invasive therapeutic treatments.</li>
</ul>



Olympus Corp (7733 JP) witnessed revenue decline of 12% YoY to ¥206.5B (down 7% on Fx neutral) in Q1FY26 due to a high base effect coupled with delayed purchase decisions.
The company revised full-year forecasts mainly due to the impact of the U.S. tariffs and FDA import alerts.
Olympus entered into an agreement with Revival Healthcare Capital forming a joint venture company named Swan EndoSurgical, dedicated to developing an innovative endoluminal robotic system for less invasive therapeutic treatments.


Olympus Corp (7733 JP): Concerns Remain; Green Shoots Appear; Better To Wait and Watch

<ul>
<li>
<a href="https://www.smartkarma.com/entities/olympus-corp" target="_blank" data-smartkarma-citation="entities:356:1" rel="noopener">Olympus Corp (7733 JP)</a> witnessed revenue grow 8% YoY to ¥997B (3% on Fx neutral basis) in FY25, driven by both the Endoscopic Solutions and Therapeutic Solutions divisions.</li>
<li>North America sales growth continues to be favorable in warding off the decline faced in China. GI Endoscopy (55% of ESD revenue) witnessed its revenue grow 8% to ¥350B.</li>
<li>Olympus guided FY26 revenue to be flat YoY at ¥999B. R&amp;D expenses are expected to rise, scarring the margins. Adjusted operating profit margin is expected to be 17.5% (FY25: 18.9%).</li>
</ul>



Olympus Corp (7733 JP) witnessed revenue grow 8% YoY to ¥997B (3% on Fx neutral basis) in FY25, driven by both the Endoscopic Solutions and Therapeutic Solutions divisions.
North America sales growth continues to be favorable in warding off the decline faced in China. GI Endoscopy (55% of ESD revenue) witnessed its revenue grow 8% to ¥350B.
Olympus guided FY26 revenue to be flat YoY at ¥999B. R&amp;D expenses are expected to rise, scarring the margins. Adjusted operating profit margin is expected to be 17.5% (FY25: 18.9%).


Olympus Corp (7733 JP): Forex Holds FY25 Together; FY26 Guidance Does Not Offer Much Respite

<ul>
<li>Favorable Fx contributed positively in 9MFY25. On a Fx neutral basis, revenue growth is only 3% YoY, while adjusted operating profit growth is flat YoY.</li>
<li>Quality related expenses mar amidst another round of recall by FDA. China drags the profitability. </li>
<li>Olympus revised FY25 revenue guidance from ¥1,009B to ¥997.5B. Downward revision in profits too.</li>
</ul>


Favorable Fx contributed positively in 9MFY25. On a Fx neutral basis, revenue growth is only 3% YoY, while adjusted operating profit growth is flat YoY.
Quality related expenses mar amidst another round of recall by FDA. China drags the profitability. 
Olympus revised FY25 revenue guidance from ¥1,009B to ¥997.5B. Downward revision in profits too.


Olympus Corp (7733 JP): Fx Holds Turf in 9MFY25 Amid Subdued China; FY25 Guidance Revised Downward

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

<ul>
<li>
<a href="https://www.smartkarma.com/entities/asahi-intecc-co-ltd" target="_blank" rel="noopener">7747 Asahi Intec</a> announced FY06/25 OP guidance of Y25.2bn, close to street expectations, pointing to substantial upside. GPM guidance has increased and continuation of strong 4Q YoY sales is expected.</li>
<li>Seven days of short interest outstanding could lead to a short squeeze; Earnings briefing tomorrow reinforcing these trends should be a further catalyst for upside.</li>
<li>With short interest now low and limited potential for further gains after the recent rebound, <a href="https://www.smartkarma.com/entities/olympus-corp" target="_blank" rel="noopener">7733 Olympus</a> appears to be losing momentum, especially with China sales continuing to flag.</li>
</ul>



7747 Asahi Intec announced FY06/25 OP guidance of Y25.2bn, close to street expectations, pointing to substantial upside. GPM guidance has increased and continuation of strong 4Q YoY sales is expected.
Seven days of short interest outstanding could lead to a short squeeze; Earnings briefing tomorrow reinforcing these trends should be a further catalyst for upside.
With short interest now low and limited potential for further gains after the recent rebound, 7733 Olympus appears to be losing momentum, especially with China sales continuing to flag.


Long 7747 Asahi Intec | Short 7733 Olympus

Japan

OLYMPUS CORPORATION manufactures optoelectronic products.  The Company's products include cameras, video sets, endoscopes for medicine and industrial use, microscopes, analytical equipment, office communication systems, laseroptical scanners, and ionic printers.

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Olympus Corp (7733 JP)