Deep Intelligence Across Industries

Company Headquarters: Hampshire UK Founded: 1932 Workforce: ~50 Company Working: LABCOLD was earlier known as Boro Dairy Laboratories. Earlier, the company used to provide a laboratory analytical service to London’s small dairy suppliers. In 1946, the company moved to Catford, and developed its laboratory equipment business, and also started supplying specialist temperature control equipment used in medical, food, pharmaceutical, and life science industries. It offers refrigeration products such as pharmacy refrigeration, laboratory refrigeration, blood product storage, and technical services.

Company Headquarters: Singapore, US Founded: 1978 Workforce: 1000 Company Working: Esco Micro Pte Ltd. (Esco) is a biotechnology company involved in developing and manufacturing laboratory, medical, and pharmaceutical equipment solutions. The company operates through three segments and offers products that include laboratory equipment, medical equipment, and pharmaceutical equipment. It manufactures biological safety cabinets, lab incubators and ovens, CO2 incubators, fume hoods, ductless fume hoods, laminar flow cabinets, ultra-low temperature freezers, hospital pharmacy isolators, and containment/pharma products, which are used in more than 100 countries. Geographically, it operates from countries such as the US, the UK, Germany, Italy, Russia, Singapore, China, and India.

Company Headquarters: Tuttlingen, Germany Founded: 1983 Workforce: 400 Company Working: BINDER GmbH is one of the world's largest producers of laboratory equipment. The products manufactured by the company include various microbiological incubators and heating ovens for scientific laboratories, environmental test chambers, and ovens for the industry, and CO2 incubators for cell biology and in-vitro fertilization. Its clients are Bayer, Aventis, BASF, Novartis, Schering Plough, Max Planck Institute, Bayer Pharma, Byk Gulden, Boehringer Ingelheim, DKFZ, Philip Morris Daimler, Bosch, Siemens, Kraft Food, Nestlé, Toyota, and many more. Geographically, the company operates from New York, Moscow, Hong Kong, and Shanghai.

Company Headquarters: Northumberland, UK Founded: 1965 Workforce: 1000-5000 Employees Company Working: Mayborn group manufactures and supplies infant soothing, infant feeding, diapering products, and toddler feeding. The company manufactures and markets baby monitoring products under the brand name of Inspire Tommee Tippee.

Company Headquarters: Lehi, US Founded: 2013 Workforce: 200 Employees Company Working: Owlet Baby Care is a US-based start-up founded by a team of parents. The company manufactures the Owlet Smart Sock device which is its flagship product and monitors heart rate and breathing of infants. This monitor works with Android and iOS to provide the real-time data to parents.

Company Headquarters: New York, US Founded: 2015 Workforce: 20 Employees Company Working: MonDevices is into manufacturing and marketing of sleep monitors which are compatible with smartphones. The company operates in two business segments including baby monitors and sleep monitors. The company has developed a smart breathing monitor for babies and established its name in the wearable baby monitor segment.

Company Headquarters: Cape Town, South Africa Founded: 2007 Workforce: 50 Employees Company Working: Snuza International develops baby movement monitors using the biosensor technology. it is a young innovative and dynamic company which has successfully introduced portable baby movement monitors as well as breathing monitors in the recent years. The company provides two types of baby monitors which are breathing monitors and movement monitors.

### Employee trend (consolidated) *Note: GlobalData reports 1,746 consolidated employees against an unspecified reference date; the company's own outline page reports 1,748 as at 31 March 2026. The parent-company and prior-year headcounts above are drawn from filing aggregator summaries; the precise FY2024 and FY2025 splits should be confirmed against the respective Annual Securities Reports before use in a published document. Headcount has been essentially flat for three years, which is itself the notable fact: Zeria has grown revenue roughly 18% over that period without material headcount addition, with growth carried by European subsidiary productivity and price/mix rather than sales-force expansion.* ### Positioning statement (150 words) Zeria Pharmaceutical is a mid-capitalisation Japanese pharmaceutical company that has executed one of the more complete internationalisation transitions in its peer group. Founded in 1955 around a chondroitin preparation, it built a dual-engine model — prescription gastroenterology plus consumer self-medication — and then, through the 2009 acquisition of Switzerland's Tillotts Pharma AG and the 2020 purchase of Dificlir's European marketing authorisations from Astellas, converted itself from a domestic specialist into a company that now earns 59.3% of revenue outside Japan. Ranked 23rd by revenue among 35 major listed Japanese pharmaceutical companies, it nonetheless posts a 13.9% operating margin that exceeds most similarly sized peers, several of which recorded operating losses in FY2026. The strategic question is no longer whether Zeria can globalise, but whether it can replace Dificlir — its second-largest product, facing patent expiry inside the current medium-term plan — before the earnings contribution rolls off. --- ### 2.1 What the company does Zeria Pharmaceutical researches, develops, manufactures, imports, exports and sells pharmaceuticals, quasi-drugs, veterinary pharmaceuticals, agricultural chemicals, industrial chemicals and reagents; and cosmetics, health foods, alcoholic and soft beverages, food additives, feed, fertiliser, hygiene sundries, medical devices, health equipment, sanitary fixtures, beauty appliances, and measuring and analytical instruments. That is the articles-of-incorporation description; in economic substance the group does two things, and a rounding error. **The prescription business** is a gastroenterology franchise. Zeria describes its ethical-drug strategy as specialising "from research and development through to sales in the gastrointestinal field, covering the upper to lower gastrointestinal tract," with oncology selected as the second focus area behind gastroenterology. In Japan the company fields its own MR (medical representative) organisation through seven branch offices; in Europe it sells through the wholly owned Tillotts Pharma network of nine legal entities; in Asia it exports and works through the Vietnamese subsidiary F.T. Pharma and third-party distributors. **The consumer healthcare business** manufactures, procures and sells OTC medicines, health foods, quasi-drugs and cosmetics supporting self-medication. It is overwhelmingly a Japanese business, anchored on three brand families — Hepalyse (liver-hydrolysate tonics and drinks), Chondroitin (joint and back-pain preparations), and With One (botanical laxatives) — supported by dermatology, oral care, Western herbal medicines and the Iona cosmetics line. **The "Other" segment** is insurance agency and real-estate rental income, generating ¥151m in FY2026 — 0.17% of group revenue. It is not investible and exists largely as a legacy holding structure. ### 2.2 Business model and revenue model Zeria's revenue is essentially 100% product sales. There is no meaningful service, subscription or SaaS-analogue revenue. Licensing income exists but is not separately disclosed at a level suggesting materiality; the Z-338/acotiamide out-licensing programme to Faes Farma, Meiji Seika Pharma, Agastra-Lab and others generates milestone and royalty flows that are absorbed into segment results without separate line-item disclosure. Revenue is recognised on customer acceptance for most transactions, and on shipment for domestic sales where the shipment-to-acceptance interval is normal. Consideration is measured net of returns, discounts and rebates; variable consideration is estimated to the extent significant reversal is improbable. Customer loyalty points issued by certain subsidiaries are identified as separate performance obligations. Consideration is collected within one year, so there is no significant financing component. Two structural features of the model deserve emphasis: **First, the gross margin is very high and the operating margin is not.** FY2026 gross margin was 73.1%; operating margin was 13.9%. The 59-point gap is SG&A, which ran at ¥52,808m, or 59.2% of revenue. This is a marketing-intensive, not a manufacturing-intensive, business. Advertising and promotion alone is budgeted at ¥3,100m for FY2027 against ¥2,440m spent in FY2026 — a 27% planned increase. **Second, a substantial share of the group's economic value sits in acquired intangibles rather than in tangible plant.** At 31 March 2026, intangible fixed assets stood at ¥39,582m — 22% of total assets and 43% above the ¥27,599m carrying value of all tangible fixed assets. Of that, ¥27,089m is *marketing rights* (販売権) and ¥7,822m is *trademarks*. The marketing-rights balance is dominated by the Dificlir authorisations acquired from Astellas. This is the single most important balance-sheet fact about Zeria, and Section 18 returns to it. ### 2.3 Value chain position, customers and end markets Zeria occupies the branded-originator and in-licensor position. It is not a generic manufacturer, not a CDMO, and not a wholesaler. It sits between upstream API and contract manufacturing (a dependency demonstrated in FY2026, when a contract manufacturer's production-equipment fault caused an Asacol supply shortage that suppressed overseas sales through Q3) and downstream distribution. Customer types by channel: - **Japan ethical:** pharmaceutical wholesalers supplying hospitals, clinics and dispensing pharmacies. Reimbursement is set by the national NHI price list, which is revised on a schedule that has become effectively annual — a recurring negative disclosed in every recent results commentary. - **Europe ethical:** national wholesalers and, in tender markets, hospital and payer procurement bodies, served through Tillotts entities in the UK, Ireland, Sweden, Denmark, Germany, France, Spain, Italy and the Czech Republic. - **Japan consumer:** drugstore chains, dispensing pharmacies, convenience-store chains (a distinct and strategically important channel for the Hepalyse W range), general merchandise retailers, and a direct-to-consumer e-commerce operation (Zeria Online). - **Asia:** distributors, plus F.T. Pharma's own domestic Vietnamese channel including a new infusion-solution plant. End markets served: inflammatory bowel disease (ulcerative colitis, Crohn's disease); *Clostridioides difficile* infection; functional dyspepsia; gastritis and peptic ulcer; iron-deficiency anaemia; hyperkalaemia; hypophosphataemia; hypertension; pain and inflammation; ophthalmology; underactive bladder (development stage); non-small-cell lung cancer (development stage); and the Japanese self-medication market across tonics, digestive health, joint health, constipation, cold remedies, dermatology, oral care, femcare and cosmetics. ### 2.4 Independent characterisation Read without the company's framing, Zeria is best understood as a Japanese-listed holding structure around a European specialty gastroenterology business, cross-subsidised and de-risked by a mature, cash-generative Japanese consumer brand portfolio. The numbers support this reading more strongly than the company's own "two wheels of a cart" (車の両輪) balanced-portfolio narrative. In FY2026 the ethical segment produced ¥61,626m of revenue and ¥12,176m of segment profit; consumer healthcare produced ¥27,382m and ¥6,360m. But ethical is where all the growth is (+4.5% versus −2.8%), and within ethical, overseas is where all of *that* growth is: Japan revenue fell 3.4% to ¥36,318m while overseas rose 6.3% to ¥52,841m. The Japanese consumer business is a declining-to-flat annuity that funds European expansion and absorbs corporate overhead; the interesting asset is Tillotts. This matters for valuation because the market appears to be pricing the consolidated entity as a Japanese mid-cap OTC company — 0.85x book, ~9x forward earnings — rather than as a European specialty pharma with a 22% EBITDA margin and a 59% net-debt-to-EBITDA ratio. The counter-argument, which the market may be right about, is the Dificlir patent cliff. ---

Company Headquarters: Saffron Walden, Essex Founded: 1987 Workforce: 51-200 Company Working: Contamac is the world’s largest independent manufacturer of contact (CL) and intraocular (IOL) lens materials, and a leading innovator in the development of specialist polymers and biocompatible materials for medical applications. The company has offices in the UK, the US, and China, and distributors around the world.

Company Headquarters: Slovenia, Europe Founded: 1923 Workforce: 500+ Company Working: Tosama is a sanitary supplies factory. The company has a 95-year tradition in the field of production. It all began with small cotton wool and manifold bandages shop and today products by Tosama could be found everywhere including hospitals, clinics, and pharmacies.

Company Headquarters: California, US Founded: 2011 Workforce: 500+ Company Working: The Honest Company Inc. is a consumer products company dedicated to empowering people to live happy and healthy lives. Consumers seeking thoughtfully formulated, safe, and effective baby, personal care, and beauty products, along with education and support could find the company’s products across North America via honest.com, honestbeauty.com, and at more than 17,000 retail locations.

Company Headquarters: Gujarat, India Founded: 2015 Workforce: 50+ Company Working: Saathi is the first company to make 100% biodegradable sanitary pads using banana fiber. It believes in a cradle-to-cradle approach to women’s health that benefits women and their communities at every step. Its women-led team was founded by MIT, Harvard, and Nirma University graduates. Its production plant is proudly women-operated.

Company Headquarters: New York, US Founded: 2008 Workforce: 50+ Company Working: Maxim Hygiene is an earth-friendly company which is focused on women’s health. It specializes in the production, branded and private label sales, and marketing of a complete range of personal care products. Maxim is the privately owned brand of Maxim Hygiene for selling organic & natural chlorine free, hypoallergenic cotton tampons, pads, and cosmetic accessories.

Company Headquarters: Haryana, India Founded: 2017 Workforce: 50+ Company Working: Heyday Care LLP delivers organic and biodegradable personal hygiene products to the Indian marketplace. Its first product is an all-natural sanitary napkin made from plant-based fibers of corn and bamboo. Heyday is revolutionizing feminine hygiene with its rash-free, allergy-free, antibacterial, and safe innovative solutions.

Company Headquarters: Herndon, Virginia Founded: 1995 Workforce: 51-200 Company Working: Euclid Systems Corporation (Euclid) is a global leader of proactive myopia management and a leading manufacturer of advanced orthokeratology lens products. Euclid is the exclusive designer of the premium Euclid Emerald Ortho-K contact lens for overnight wear to reshape the cornea and wake up to clear vision. The company distributes its lens products through eye care professionals.

Company Headquarters: Seoul, South Korea Founded: 2000 Workforce: ~280 Company Working: Medytox is a pharmaceutical company that manufactures, markets, and distributes medical aesthetics products across the globe. The company operates through business segments including, botulinum toxin products hyaluronic acid filler medical devices, and prescription drugs. Additionally, the company provides comfort dual, a medical device for tissue coagulation by using a high-frequency, and presently, Medytox exports its products to about 60 countries, including Brazil and Japan. company is planning to expand its business in the Americas and European countries through its subsidiaries Medytox US, Medybloom China, Medytox Taiwan, Medytox Hong Kong, MedyCeles, and MDT International (Japan). It has three manufacturing plants and one R&D center based in South Korea.

Company Headquarters: Taiwan Founded: 2001 Workforce: ~15 Company Working: SciVision Biotech Inc. is involved in the manufacturing and marketing of hyaluronic acid products in Taiwan. The company operates through the following segments, namely, absorbable adhesion barriers, dermal implants, synovial fluid supplements, intravesical instillations, and skincare products. The company operates through several business areas, such as aesthetics and skincare.

Company Headquarters: California, US Founded: 2009 Workforce: ~104 Company Working: Suneva Medical Inc., is a medical technology company. It is engaged in the manufacturing and distribution of aesthetics and skincare products. The company offers products to treat acne, wrinkles, and skin regeneration. The US, Canada, South Korea, Hong Kong, and Singapore are the major markets covered by Suneva Medical, Inc. In 2017, the company celebrated ten years of its flagship brand, Bellafill. Moreover. The firm's recently enlarged portfolio offers suppliers cutting-edge, scientifically supported products that aim to solve important patient needs safely and effectively.

Company Headquarters: California, US Founded: 2011 Workforce: ~200 Company Working: iSchemaView, Inc. (iSchemaView) is a leader in advanced imaging for stroke with the help of Rapid, its imaging system that is installed in over 1,000 stroke centers. This product has an enhanced AI framework and is also the most advanced stroke imaging platform. In addition to achieving the best clinical outcomes and treatment effects ever obtained using a stroke post processing software, these studies led to new American Heart Association and American Stroke Association guidelines and have radically altered the management of acute stroke around the world.

Company Headquarters: Geneva, Switzerland Founded: 2003 Workforce: ~500 Company Working: Teoxane Laboratories (Teoxane) is specialized in the designing and manufacturing of hyaluronic acid (HA)-based dermal fillers and cosmeceuticals. The company offers skin treatment products that are used for reducing wrinkles, restoring youthful volume to the face, and treating the neck and décolleté with-looking natural results. It focuses on medical devices, aesthetic products, skin care, beauty, anti-aging solutions, dermal fillers, and dermis redensification. The company has a strong distribution network in more than 95 countries as well as more than 10 subsidiaries in France, UK, Italy, Spain, Germany, Switzerland, Poland, Australia, Russia, Dubai, and Singapore.

Company Headquarters: San Francisco, California, US Founded: 2016 Workforce: ~50 Company Working: Viz.ai, Inc. (Viz.ai) is an emerging leader in the applied artificial intelligence field in healthcare. The company’s flagship product, Viz LVO, leverages advanced deep learning to communicate time-sensitive information about stroke patients directly to a specialist who can intervene and treat the patient. The company has offices in San Francisco, US, and Tel Aviv, Israel, and is backed by leading Silicon Valley investors, including Kleiner Perkins, Google Ventures, Innovation Endeavors, and DHVC.

Company Headquarters: Kiryat Bialik, Israel Founded: 2015 Workforce: ~200 Company Working: DR. Korman is a rapidly growing medical device company involved in developing, manufacturing, and selling bio revitalization products, mesotherapy products, calcium hydroxyapatite (CaHA), and dermal fillers, among others. The company also manufactures intra-articular hyaluronic acid (IAHA) in different dosages for various indications such as pain and restricted mobility and degeneration of the knee joint and other synovial joints as well as osteoarthritis. DR. Korman, although based in Israel, operates in Western, Central, and Eastern Europe.

Company Headquarters: Oxford, UK Founded: 2010 Workforce: ~50 Company Working: Brainomix is a start-up by the University of Oxford. It develops medical imaging software that can automatically interpret brain CT scans of patients who have suffered a stroke or are undergoing diagnosis for it. It develops imaging biomarkers for neurological and cerebrovascular disorders. The software supports physicians in identifying the patients that can benefit from life-saving stroke treatment. The company has a team of expert clinicians, stroke neurologists, scientists, business professionals, and engineers who give necessary insights and experience to cater to the demands of its customers. The company offers e-Aspects which is a medical imaging software that automates the Alberta Stroke Program Early CT Score system. This helps create brain images from acute ischemic stroke patients to identify and quantify signs of early stroke damage and assist the physician's decision of how to treat the disease. The company’s software evaluates stroke damage on brain CT scans, addresses the lack of brain CT scan interpretation availability, and guides assessment of eligibility of stroke patients for life-saving treatment.

Company Headquarters: Mumbai, Maharashtra, India Founded: 2010 Workforce: 50+ Company Working: VIVAN Life Sciences is into manufacturing, marketing, and distributing pharmaceutical intermediates and other raw materials to major players in the market. The company operates through business segments, namely, Standards, Deuterium Labelled Compounds, Metabolites, Impurities, Glucuronides, Chiral Standards, and Building Blocks. It also offers product synthesis and services to pharmaceutical and chemical companies all over the world. It has a strong client base and provides products and services to pharmaceutical and life sciences companies, contract research organizations (CRO), clinical research companies, specialty chemical companies, and various other companies which are involved in bio-availability and bio-equivalence studies at their clinical study centers.

Company Headquarter: Memphis, TN Founded: 1950 Workforce: 2,675 employees Company Working: Wright Medical Group N.V. is a global medical device company focused on extremities and biologics. It delivers innovative, value-added solutions improving quality of life for patients worldwide. It is a recognized leader of surgical solutions for upper extremities (shoulder, elbow, wrist, and hand), lower extremities (foot and ankle), and biologics markets.

Company Headquarters: Miao-Li, Taiwan Founded: 1998 Workforce: ~ 40 Company Working: Dr. Chip Biotech Inc. manufactures, markets, and imports & exports nucleic acid extraction kits, polymerase chain reaction kits, rapid nucleic acid hybridization devices & biochips, and other related products. It provides products & services related to food safety, examination system, human diagnosis, arrays system, agriculture, and others. It operates in the domestic market and generates its maximum revenue from the local business. It has comparatively fewer products and focuses on the innovations within these products.