Global Healthcare Analyst

Tina Banerjee

Equity research analyst having 15+ years of experience, with an interest on fundamentally strong global healthcare companies. I have been helping investors to find future winners in healthcare space to grow their wealth by focusing on the strength and potential of the business models of the companies. My initiating coverage reports and pitch help investors to know ‘what to buy’, ‘why to buy’, and ‘when to buy’. My clients always remain on top of the sector with the help of my timely and detailed notes on earnings or any news update. I also provide broader view on the entire healthcare sector through periodic thematic reports.

Hogy (3593 JP): Can Activism Alone Save Hogy From Going Down a Spriral? Fundamentals Don’t Support

Hogy Medical (3593 JP): Results Reflect Macro Slackness, Not Much Recovery In Sight In Near Term

Hogy Medical (3593 JP): Mixed FY23 Result; Soaring Cost to Negatively Impact Profit in FY24

Hogy Medical (3593 JP): Strong Nine-Month Result as COVID Had Minimal Impact on Surgery Volume

Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/hogy-medical-co-ltd" target="_blank" data-smartkarma-citation="entities:10493:1" rel="noopener">Hogy Medical (3593 JP)</a> reported flat sales of ¥39.1B in FY25. However, sales from Premium kits rose 18%. Surgical kits category contributed 66% of total revenue.</li>
<li>Higher costs dented operating margin by 100 bps while net profit declined 46% YoY to ¥1.5B due to higher tax outgo.</li>
<li>The company guided FY26 sales to grow 7% to ¥41.8B, with profits also expected to witness mid to high single digit growth.</li>
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Hogy Medical (3593 JP) reported flat sales of ¥39.1B in FY25. However, sales from Premium kits rose 18%. Surgical kits category contributed 66% of total revenue.
Higher costs dented operating margin by 100 bps while net profit declined 46% YoY to ¥1.5B due to higher tax outgo.
The company guided FY26 sales to grow 7% to ¥41.8B, with profits also expected to witness mid to high single digit growth.


Hogy Medical (3593 JP): Premium Kits Carry It Through, Recovery in Sight in H2FY26