Announcement • May 23
OLBA HEALTHCARE HOLDINGS, Inc. (TSE:2689) agreed to acquire DVx Inc. (TSE:3079) for ¥10.8 billion. OLBA HEALTHCARE HOLDINGS, Inc. (TSE:2689) agreed to acquire DVx Inc. (TSE:3079) for ¥10.8 billion on May 22, 2026. The consideration consists of 5.18 million common equity of OLBA HEALTHCARE HOLDINGS, Inc. at a ratio of 0.5 per common equity of DVx Inc.
The transaction is subject to approval of merger agreement acquirer shareholders and approval of offer by target shareholders. The deal was approved by the board of directors of OLBA HEALTHCARE HOLDINGS, Inc. and DVx Inc. The expected completion of the transaction is September 1, 2026.
Yamada Consulting Group Co., Ltd., Legal Advisory Arm acted as legal advisor for OLBA HEALTHCARE HOLDINGS, Inc. Oh-Ebashi LPC & Partners acted as legal advisor for OLBA HEALTHCARE HOLDINGS, Inc. AGS Consulting Co., Ltd. acted as financial advisor for DVx Inc. Nishimura & Asahi acted as legal advisor for DVx Inc. New Risk • May 20
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 0.4% Last year net profit margin: 0.8% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 26% per year over the past 5 years. High level of non-cash earnings (47% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (0.4% net profit margin). Market cap is less than US$100m (JP¥10.5b market cap, or US$65.9m). Announcement • May 15
DVx Inc., Annual General Meeting, Jun 26, 2026 DVx Inc., Annual General Meeting, Jun 26, 2026. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥50.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 08 June 2026. Trailing yield: 4.2%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.7%). Reported Earnings • Jan 31
Third quarter 2026 earnings released: EPS: JP¥6.19 (vs JP¥8.50 in 3Q 2025) Third quarter 2026 results: EPS: JP¥6.19 (down from JP¥8.50 in 3Q 2025). Revenue: JP¥14.2b (up 11% from 3Q 2025). Net income: JP¥65.0m (down 27% from 3Q 2025). Profit margin: 0.5% (down from 0.7% in 3Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Reported Earnings • Nov 01
Second quarter 2026 earnings released: EPS: JP¥3.24 (vs JP¥2.77 in 2Q 2025) Second quarter 2026 results: EPS: JP¥3.24 (up from JP¥2.77 in 2Q 2025). Revenue: JP¥13.9b (up 19% from 2Q 2025). Net income: JP¥34.0m (up 17% from 2Q 2025). Profit margin: 0.2% (in line with 2Q 2025). Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Oct 23
Now 31% overvalued after recent price rise Over the last 90 days, the stock has risen 49% to JP¥1,367. The fair value is estimated to be JP¥1,043, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 53%. Valuation Update With 7 Day Price Move • Oct 22
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥1,174, the stock trades at a trailing P/E ratio of 37.5x. Average trailing P/E is 14x in the Healthcare industry in Japan. Total returns to shareholders of 44% over the past three years. Buy Or Sell Opportunity • Aug 02
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 42% to JP¥1,346. The fair value is estimated to be JP¥1,112, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 53%. Valuation Update With 7 Day Price Move • Jul 31
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to JP¥1,079, the stock trades at a trailing P/E ratio of 25.8x. Average trailing P/E is 13x in the Healthcare industry in Japan. Total returns to shareholders of 24% over the past three years. Reported Earnings • May 21
Full year 2025 earnings released: EPS: JP¥39.19 (vs JP¥16.49 in FY 2024) Full year 2025 results: EPS: JP¥39.19 (up from JP¥16.49 in FY 2024). Revenue: JP¥50.3b (up 9.7% from FY 2024). Net income: JP¥410.0m (up 138% from FY 2024). Profit margin: 0.8% (up from 0.4% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Announcement • May 15
DVx Inc., Annual General Meeting, Jun 27, 2025 DVx Inc., Annual General Meeting, Jun 27, 2025. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥50.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 09 June 2025. Trailing yield: 5.1%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (2.7%). Reported Earnings • Feb 01
Third quarter 2025 earnings released: EPS: JP¥8.50 (vs JP¥11.39 loss in 3Q 2024) Third quarter 2025 results: EPS: JP¥8.50 (up from JP¥11.39 loss in 3Q 2024). Revenue: JP¥12.8b (up 10% from 3Q 2024). Net income: JP¥89.0m (up JP¥208.0m from 3Q 2024). Profit margin: 0.7% (up from net loss in 3Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Announcement • Nov 01
DVx Inc. to Report Q3, 2025 Results on Jan 31, 2025 DVx Inc. announced that they will report Q3, 2025 results on Jan 31, 2025 Reported Earnings • Nov 01
Second quarter 2025 earnings released: EPS: JP¥2.77 (vs JP¥9.78 in 2Q 2024) Second quarter 2025 results: EPS: JP¥2.77 (down from JP¥9.78 in 2Q 2024). Revenue: JP¥11.7b (up 5.9% from 2Q 2024). Net income: JP¥29.0m (down 72% from 2Q 2024). Profit margin: 0.2% (down from 0.9% in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Announcement • Aug 27
DVx Inc. to Report Q2, 2025 Results on Oct 30, 2024 DVx Inc. announced that they will report Q2, 2025 results on Oct 30, 2024 Reported Earnings • Aug 03
First quarter 2025 earnings released: EPS: JP¥8.23 (vs JP¥12.59 in 1Q 2024) First quarter 2025 results: EPS: JP¥8.23 (down from JP¥12.59 in 1Q 2024). Revenue: JP¥12.4b (up 6.5% from 1Q 2024). Net income: JP¥86.0m (down 34% from 1Q 2024). Profit margin: 0.7% (down from 1.1% in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. New Risk • May 21
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 74% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 6.3% per year over the past 5 years. High level of non-cash earnings (74% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (0.4% net profit margin). Market cap is less than US$100m (JP¥9.82b market cap, or US$62.9m). Announcement • May 17
DVx Inc., Annual General Meeting, Jun 28, 2024 DVx Inc., Annual General Meeting, Jun 28, 2024. Upcoming Dividend • Mar 21
Inaugural dividend of JP¥50.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 07 June 2024. This is the first dividend for DVx since going public. The average dividend yield among industry peers is 2.2%. Announcement • Mar 02
DVx Inc. to Report Fiscal Year 2024 Results on May 15, 2024 DVx Inc. announced that they will report fiscal year 2024 results on May 15, 2024 Reported Earnings • Feb 02
Third quarter 2024 earnings released: JP¥11.39 loss per share (vs JP¥22.72 profit in 3Q 2023) Third quarter 2024 results: JP¥11.39 loss per share (down from JP¥22.72 profit in 3Q 2023). Revenue: JP¥11.6b (down 2.6% from 3Q 2023). Net loss: JP¥119.0m (down 150% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 1% per year. Reported Earnings • Nov 02
Second quarter 2024 earnings released: EPS: JP¥9.78 (vs JP¥25.74 in 2Q 2023) Second quarter 2024 results: EPS: JP¥9.78 (down from JP¥25.74 in 2Q 2023). Revenue: JP¥11.0b (down 6.9% from 2Q 2023). Net income: JP¥102.0m (down 62% from 2Q 2023). Profit margin: 0.9% (down from 2.3% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Sep 21
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥1,047, the stock trades at a trailing P/E ratio of 11.2x. Average trailing P/E is 16x in the Healthcare industry in Japan. Total returns to shareholders of 16% over the past three years. Reported Earnings • Aug 01
First quarter 2024 earnings released: EPS: JP¥12.59 (vs JP¥14.39 in 1Q 2023) First quarter 2024 results: EPS: JP¥12.59 (down from JP¥14.39 in 1Q 2023). Revenue: JP¥11.6b (down 1.4% from 1Q 2023). Net income: JP¥131.0m (down 12% from 1Q 2023). Profit margin: 1.1% (down from 1.3% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥30.00 per share Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 08 June 2023. The company last paid an ordinary dividend in May 2012. The average dividend yield among industry peers is 2.3%. Reported Earnings • Feb 01
Third quarter 2023 earnings released: EPS: JP¥22.72 (vs JP¥28.05 in 3Q 2022) Third quarter 2023 results: EPS: JP¥22.72 (down from JP¥28.05 in 3Q 2022). Revenue: JP¥11.9b (flat on 3Q 2022). Net income: JP¥236.0m (down 19% from 3Q 2022). Profit margin: 2.0% (down from 2.4% in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 3% per year. Reported Earnings • Nov 18
Second quarter 2023 earnings released: EPS: JP¥25.74 (vs JP¥19.57 in 2Q 2022) Second quarter 2023 results: EPS: JP¥25.74 (up from JP¥19.57 in 2Q 2022). Revenue: JP¥11.8b (up 5.9% from 2Q 2022). Net income: JP¥267.0m (up 32% from 2Q 2022). Profit margin: 2.3% (up from 1.8% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 2% per year. Board Change • Nov 16
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Outside Director Jun Hasegawa was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Nov 02
Second quarter 2023 earnings released: EPS: JP¥25.74 (vs JP¥19.57 in 2Q 2022) Second quarter 2023 results: EPS: JP¥25.74 (up from JP¥19.57 in 2Q 2022). Revenue: JP¥11.8b (up 5.9% from 2Q 2022). Net income: JP¥267.0m (up 32% from 2Q 2022). Profit margin: 2.3% (up from 1.8% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has remained flat. Reported Earnings • Aug 02
First quarter 2023 earnings released: EPS: JP¥14.39 (vs JP¥15.24 in 1Q 2022) First quarter 2023 results: EPS: JP¥14.39 (down from JP¥15.24 in 1Q 2022). Revenue: JP¥11.8b (up 8.6% from 1Q 2022). Net income: JP¥149.0m (down 5.1% from 1Q 2022). Profit margin: 1.3% (down from 1.4% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Announcement • May 18
DVx Inc., Annual General Meeting, Jun 28, 2022 DVx Inc., Annual General Meeting, Jun 28, 2022. Agenda: General meeting of shareholders. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Outside Director Shinichi Nakamura was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Mar 23
Inaugural dividend of JP¥25.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 07 June 2022. The company is not currently making a profit but it is cash flow positive. The company last paid an ordinary dividend in May 2011. The average dividend yield among industry peers is 2.0%. Reported Earnings • Feb 02
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: JP¥28.05 (up from JP¥22.91 in 3Q 2021). Revenue: JP¥12.0b (up 7.1% from 3Q 2021). Net income: JP¥290.0m (up 23% from 3Q 2021). Profit margin: 2.4% (up from 2.1% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 2% per year. Reported Earnings • Nov 02
Second quarter 2022 earnings released: EPS JP¥19.57 (vs JP¥16.81 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: JP¥11.2b (up 4.7% from 2Q 2021). Net income: JP¥202.0m (up 17% from 2Q 2021). Profit margin: 1.8% (up from 1.6% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 3% per year. Reported Earnings • May 18
Full year 2021 earnings released: EPS JP¥55.57 (vs JP¥75.56 in FY 2020) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2021 results: Revenue: JP¥41.0b (down 8.2% from FY 2020). Net income: JP¥572.0m (down 28% from FY 2020). Profit margin: 1.4% (down from 1.8% in FY 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 12% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Mar 23
Inaugural dividend of JP¥24.00 per share Eligible shareholders must have bought the stock before 30 March 2021. Payment date: 03 June 2021. The company last paid an ordinary dividend in May 2012. The average dividend yield among industry peers is 1.5%. Is New 90 Day High Low • Feb 15
New 90-day high: JP¥1,089 The company is up 2.0% from its price of JP¥1,068 on 17 November 2020. The Japanese market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Healthcare industry, which is up 13% over the same period. Reported Earnings • Feb 12
Third quarter 2021 earnings released: EPS JP¥22.91 (vs JP¥22.67 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: JP¥11.2b (down 1.8% from 3Q 2020). Net income: JP¥236.0m (up 1.3% from 3Q 2020). Profit margin: 2.1% (up from 2.0% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 4% per year and the company’s share price has also fallen by 4% per year. Announcement • Jan 17
DVx Inc. to Report Q3, 2021 Results on Feb 10, 2021 DVx Inc. announced that they will report Q3, 2021 results on Feb 10, 2021 Announcement • Sep 19
DVx Inc. to Be Deleted from Other OTC DVx Inc.’s Ordinary Shares (Japan) will be deleted from Other OTC effective September 21, 2020. The deletion was due to Inactive Security. Announcement • Aug 09
DVx Inc. to Report Q2, 2021 Results on Oct 30, 2020 DVx Inc. announced that they will report Q2, 2021 results on Oct 30, 2020