3D Matrix says it has improved far enough to remove the note on material uncertainty over going concern that had shadowed previous accounts. In the year ended April 30, the medical-products group lifted revenue 57% to ¥10,886 million, swung to an operating profit of ¥1,335 million from a ¥1,156 million loss, and generated ¥396 million of operating cash flow after a ¥1,714 million outflow a year earlier. Cash and cash equivalents ended the year at ¥2,830 million.
| Metric | Year ended Apr. 2026 | Prior year |
|---|---|---|
| Revenue | ¥10,886m | ¥6,934m |
| Operating profit or loss | ¥1,335m | -¥1,156m |
| Operating cash flow | ¥396m | -¥1,714m |
| Ordinary profit or loss | ¥3,971m | -¥2,483m |
| Net profit or loss | ¥4,155m | -¥2,501m |
| Cash and cash equivalents at year-end | ¥2,830m | ¥1,580m |
The operating turn looks real, mostly because of the US
The cleanest evidence is above the line. 3D Matrix said US sales rose to ¥6,249 million, up 98.2%, while Europe reached ¥2,595 million. Japan was much flatter at ¥1,256 million, up 1.8%, and the company said growth there was held back in part by purchase restraint at existing hospitals after some reimbursement claims were rejected in certain prefectures. The company described the year as its first full-year operating profit from marketed products.
Why management says the warning can go
The company said earlier uncertainty came from repeated operating losses, negative operating cash flow, and reliance on financing from Heights Capital Management through convertible bond-type instruments with warrants. Those arrangements carried the risk that market conditions or a falling share price could make fundraising harder, and that early-redemption clauses could bring repayment demands before final maturity. 3D Matrix now says all of those convertible bond-type instruments have been redeemed or converted, removing that repayment risk. It also said it negotiated a new overdraft agreement and an expansion of an existing commitment line with banks. Together with the cash balance and positive operating cash flow, management concluded there is no major concern over funding for the one year after the fiscal year-end, while also saying the group is still in the middle of improving performance.
The headline profit needs context
The operating recovery is not the same thing as the full bottom-line windfall. 3D Matrix said ordinary profit and net profit were expanded by yen weakness, with foreign-exchange gains on items including subsidiary loans amounting to ¥2,661 million, helping lift ordinary profit to ¥3,971 million and net profit to ¥4,155 million. Separately, the company booked ¥233 million of extraordinary gain, including reversal of stock acquisition rights, and ¥52 million of extraordinary losses, including ¥40 million of impairment losses.
Management's outlook for the current year points to further operating improvement, with revenue forecast at ¥13,422 million and operating profit at ¥1,652 million. Even so, its ordinary profit guidance of ¥1,640 million and net profit guidance of ¥1,590 million are both lower than the year just reported. That makes the operating line and cash generation the cleaner read on whether the turnaround is lasting.