Changes
/* Projections for FY 2012 */
* It projects sales of MIPs (surgical endoscopes, treatment equipment) at JPY180.5bn (+10% YoY). Sales in FY3/11 were flat YoY due mainly to the strength of the yen, but positive growth is expected this year.
* The company projects sales of gastrointestinal endoscopes at JPY164bn, -5% YoY, reflecting production setbacks in 1H.
* The earthquake’s impact has caused bottlenecks in purchasing of parts and materials for gastrointestinal endoscopes,leading to delays in product launches. In the latest telephone conference, the company offered no new informationabout timing. We believe there has been no real change from the company’s comments at the results briefing in May,and it remains to be seen whether the company will be able to launch its new products this fiscal year. The company’sFY3/12 earnings forecasts do not reflect any contribution from new products. Sales in the medical systems division gotoff to a slow start, falling short of projections in April-May.
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