SUSMED,Inc. (4263) AI Stock Analysis

• Market Cap: ¥16.28B
• Dividend Yield: N/A
• Average Volume (3M): 121.17K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.08
• Revenue Growth: 39.30%
• EPS Growth: 32.06%
• Country: JP
• Employees: 39
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Healthcare Information Services
• EPS (TTM): N/A
• Shares Outstanding: 16,868,100
• 10 Day Avg. Volume: 117,240
• 30 Day Avg. Volume: 121,170
• PEG Ratio: 2.02
• Price to Book (P/B): 2.35
• Price to Sales (P/S): 22.16
• P/FCF Ratio: -23.49
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 43 Neutral
• Price Target: ¥931.00 ▲(13.40% Upside)
• Action: Reiterated Date: 12/30/25
• Date: Action: Reiterated 12/30/25

The score is primarily weighed down by ongoing large operating losses and negative/free cash flow despite a debt-free balance sheet. Technical signals are also weak (below key moving averages with negative MACD), and valuation is constrained by unprofitability (negative P/E) with no dividend yield provided.

Positive Factors

Exceptional Gross Margin

Sustained ~97% gross margins indicate strong unit economics typical of scalable software/digital health offerings. This durable margin profile supports operating leverage as revenues grow, enabling disproportionate profit improvement if fixed costs are controlled over the next 2–6 months.

Debt-Free Balance Sheet

A debt-free balance sheet with sizable equity materially reduces financial risk and preserves strategic optionality. This structural strength gives management flexibility to fund operations, invest in product development, or raise capital on better terms without near-term refinancing pressure.

Revenue Growth Resumed

A return to year-over-year revenue growth after a prior decline signals improving market traction and product uptake. In combination with high gross margins, sustainable top-line growth is a prerequisite for leveraging fixed-cost base and progressing toward breakeven over the medium term.

Negative Factors

Persistent Deep Losses

Very large negative net margins reflect that core operations are not covering operating expenses. Persistent deep losses erode equity, limit reinvestment ability, and mean the company must materially improve operating efficiency or secure external funding to sustain operations over the coming months.

Worsening Cash Burn

Increasing negative operating and free cash flow indicate the company is consuming cash rather than generating it. This structural cash burn raises liquidity risk, increases reliance on financing, and constrains the ability to invest in growth initiatives without diluting shareholders or taking on debt.

Negative ROE and Equity Erosion

Negative ROE and declining equity show shareholder capital is being consumed by losses. This structural deterioration reduces the balance-sheet buffer against shocks, limits future financing flexibility, and is a long‑term impediment to restoring investor confidence unless profitability reverses.

SUSMED,Inc. Business Overview & Revenue Model

Company Description

SUSMED, Inc. develops and sells therapeutic applications in Japan. It develops smartphone based digital therapeutics applications for diseases with insomnia, breast cancer, and kidney disease. The company also develops and sells development platform for therapeutic apps and clinical trial systems. In addition, it offers medical data analysis and consulting services. The company was incorporated in 2015 and is headquartered in Tokyo, Japan.

How the Company Makes Money

SUSMED, Inc. generates revenue primarily through the development and commercialization of its digital therapeutic applications. The company partners with healthcare providers, insurance companies, and other stakeholders in the medical field to distribute its products. Revenue streams include licensing fees for the use of its technology, subscription fees from users, and collaborations with pharmaceutical companies for research and development of new therapeutic solutions. Additionally, SUSMED may engage in partnerships to expand its reach and integrate its offerings with existing healthcare systems, thereby enhancing its market presence and revenue potential.

SUSMED,Inc. Financial Statement Overview

Summary

Very high gross margin (~97%) and modest 2025 revenue growth (+2.33% YoY) are positives, and the balance sheet is strong with no debt. However, results are dominated by deep losses (2025 net margin ~-64%) and renewed/increasing cash burn (2025 operating cash flow and free cash flow both negative), which materially weaken overall financial performance.

Income Statement

Revenue is growing again in 2025 (+2.33% YoY) after a decline in 2024, and gross margins remain exceptionally high (about 97% in 2025), indicating strong unit economics. However, the company is still deeply unprofitable: 2025 net margin is roughly -64% (improving from about -104% in 2024, but far worse than 2023’s ~-10%). EBIT and EBITDA remain meaningfully negative, showing costs are still not scaling well versus revenue.

Balance Sheet

The balance sheet is a clear strength with zero reported debt across the period and sizable equity (about 4.37B in 2025), which lowers financial risk and provides flexibility to fund operations. That said, persistent losses keep returns on equity negative (about -6.8% in 2025), and equity has drifted down from 2023–2025, consistent with ongoing burn.

Cash Flow

Cash generation is weak: operating cash flow and free cash flow are negative in 2025 (-432M and -437M), worsening versus 2024 and reversing the positive cash flow seen in 2023. While free cash flow roughly tracks net losses (free cash flow to net income near 1x in 2025), the key issue is the direction—cash burn is increasing, which can pressure liquidity over time if not corrected.

Breakdown	Jun 2024	Jun 2023	Jun 2022	Jun 2022	Jun 2021
Income Statement
Total Revenue	462.99M	342.58M	530.65M	316.87M	115.49M
Gross Profit	450.72M	330.85M	522.67M	306.50M	105.73M
EBITDA	-289.22M	-358.99M	-43.99M	-228.00M	-333.31M
Net Income	-298.40M	-357.42M	-50.75M	-233.48M	-277.55M
Balance Sheet
Total Assets	4.50B	4.93B	5.10B	4.94B	1.67B
Cash, Cash Equivalents and Short-Term Investments	4.40B	4.85B	5.05B	4.90B	1.63B
Total Debt	0.00	0.00	0.00	0.00	0.00
Total Liabilities	132.33M	327.79M	230.33M	93.34M	97.20M
Stockholders Equity	4.37B	4.60B	4.87B	4.85B	1.58B
Cash Flow
Free Cash Flow	-436.79M	-240.04M	82.40M	-177.90M	-239.49M
Operating Cash Flow	-432.48M	-230.76M	100.59M	-165.28M	-235.09M
Investing Cash Flow	-19.97M	-8.53M	-18.19M	-20.36M	-4.40M
Financing Cash Flow	3.67M	37.37M	62.36M	3.46B	1.50B

SUSMED,Inc. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 821.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:4263, the sentiment is Positive. The current price of 821 is below the 20-day moving average (MA) of 979.70, below the 50-day MA of 931.68, and below the 200-day MA of 824.51, indicating a bullish trend. The MACD of 17.10 indicates Positive momentum. The RSI at 57.21 is Neutral, neither overbought nor oversold. The STOCH value of 47.20 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:4263.

SUSMED,Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
2413	70 Outperform	¥1.02T	20.45	12.15%	1.01%	33.50%	17.26%
3902	63 Neutral	¥65.55B	227.08	―	0.39%	6.17%	-8918.66%
4483	63 Neutral	¥255.19B	36.91	―	0.43%	20.55%	48.62%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
4480	51 Neutral	¥64.10B	61.41	8.79%	―	31.95%	-40.95%
4438	45 Neutral	¥2.31B	-4.46	―	―	16.19%	-4.42%
4263	43 Neutral	¥16.28B	-66.15	―	―	39.30%	32.06%