At Cadira Capital Management, our mission is "Connecting the Investment Chain and Beyond". Collaborative relationships with internal and external stakeholders are essential to achieving our mission. We therefore seek to deepen the relationship of trust with our stakeholders by disclosing specific details of our activities, including dialogue with the companies in which we invest.
This month, we'll report on our dialogue with Sysmex Corporation
Overview of Sysmex Corporation
Sysmex Corporation was established in 1968 as an independent entity from TOA Electric Co., Ltd. (now TOA Corporation), a manufacturer of acoustic devices. Sysmex specializes in the development, manufacturing, and sales of instruments and reagents in the clinical testing field. Headquartered in Kobe, Hyogo Prefecture, Sysmex is globally recognized as a leader in diagnostic areas such as hematology, urinalysis, and immunoassay testing.
Focusing on diagnostic testing within the medical field, Sysmex specializes in "in vitro diagnostics," which involves analyzing blood, urine, and other samples, as opposed to "in vivo diagnostics" like X-rays that examine the body directly. Sysmex provides hospitals with diagnostic instruments and the reagents used with these instruments, delivering both as a package to ensure reliability and confidence in its offerings.
Sysmex's flagship product is its hematology analyzers, which have achieved a dominant global market share and are highly regarded for their precision and reliability in clinical settings. Hematology plays a crucial role in basic medical practices, such as early disease detection and determining treatment strategies. As a well-established testing method, it is anticipated to see growing demand in emerging markets during the initial phases of healthcare system expansion. Additionally, innovations in testing equipment offer potential for new demand in developed countries through enhanced precision and efficiency.
Sysmex has built its competitive edge through technological advancements and the development of robust sales and service networks. By pioneering IT solutions to optimize laboratory operations and implementing remote monitoring to improve service quality, the company has secured its position as the global leader in hematology, with a market share exceeding 50%. Sysmex operates a direct sales model internationally, with nearly 90% of its revenue generated outside Japan.
Recent Business Developments
Since 2020, Sysmex's business environment has undergone significant changes. While the COVID-19 pandemic underscored the importance of robust medical infrastructure, it also presented challenges. For instance, in China, government policies favoring domestic medical device manufacturers and a decline in testing due to the "Zero-COVID" policy negatively impacted growth.
In 2024, Sysmex's business activity has begun to recover. One major factor is the launch of its new hematology product line, the "XR Series," marking the first full model upgrade since 2011. This series significantly enhances workflow efficiency in blood testing and features improved capabilities for automatically identifying abnormal blood cells. These advancements reduce dependence on skilled technicians, improving productivity in existing labs and expanding testing capabilities in regions with staff shortages, such as emerging markets.
In the hemostasis testing domain, a pivotal shift also occurred in 2024. Previously, Sysmex and Siemens shared geographic territories, with Sysmex focusing on Asia and Siemens on Europe and the Americas. The revision of this agreement has eliminated territorial boundaries, allowing Sysmex to sell hemostasis products directly in Europe and the Americas, further unlocking growth potential. Conversely, Siemens is expected to make limited inroads into Asia, as the segment is not a core focus for the company.
These developments demonstrate Sysmex's commitment to growth through new product launches and strategic adjustments.
Our Dialogue
At Cadira Capital Management, we place high importance on continued dialogue with Sysmex. In December, we visited the company's Solution Center in Kobe to gain insights into their core products and competitive advantages. The center showcases the history and innovations of Sysmex's flagship hematology systems. During the visit, we examined the latest solutions and gained a firsthand understanding of their value proposition. Additionally, we explored the showroom for their surgical robot, hinotori, a new business initiative. Although da Vinci by Intuitive Surgical dominates this market, hinotori aims to differentiate itself through features like its eight-axis robotic arm and designs that enhance surgical precision.
Separately, we held an online meeting to provide feedback on Sysmex’s integrated report. Sysmex actively seeks investor input, and this meeting was initiated at their request. Their integrated report outlines how the company links materiality (key management issues) to long-term strategies and specific initiatives, emphasizing goals such as solving medical challenges to drive growth and reducing environmental impact to lower capital costs. Providing such information helps the company’s stakeholders understand the structure, fostering a sense of unity and enhancing the momentum for business initiatives. We conveyed that this type of information is highly valuable and engaged in discussions to ensure disclosures become even more clear and accessible.
This type of feedback reinforces the connections between business activities, capital efficiency, and corporate value. It also supports alignment among employees and enhances communication with investors. We believe Sysmex’s dedication to advancing global healthcare systems while increasing corporate value is commendable. We will continue our engagement, supporting these efforts through constructive dialogue.
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