SBC Medical Group Holdings Inc
SBC Medical Group Holdings Inc. is a U.S.-listed medical services company with operations centered in Japan and a management base in Irvine, California and Tokyo. Through its subsidiaries, it provides franchise and management services to cosmetic treatment centers, supporting clinic operations, branding, procurement, technology, and patient-facing services.
Fiscal year 2025 · change from previous year
Development 2022–2025
Business
Share of revenueCore clinic support services provided to franchisee and affiliated medical corporations.
Medical equipment, consumables, and cosmetic products supplied to clinics for resale or use.
Equipment and related rental services supporting clinic openings and operations.
Software, remote consultation tools, and licensing of brand and medical technologies.
Ancillary services such as marketing support, booking, and facility-related assistance.
Products
Reported · share of revenue- Procurement Services32.3 %
- Franchising26.5 %
- Management Services17.1 %
- Rental Services13.3 %
- Other10.9 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
The company serves medical corporations, franchisee clinics, and related clinic operators that run cosmetic and aesthetic treatment centers. Its customers buy operating support, procurement, and brand/technology access because these services help clinics standardize operations, attract patients, and expand capacity.
Buy management, marketing, procurement, and brand support to run cosmetic clinics under the SBC model.
Use service contracts for clinic operations support, technology, and purchasing.
Receive similar management services without being part of the core franchise structure.
End customers of the treatment centers who drive demand for cosmetic procedures and related services.
Strategy
The company’s strategy is to expand its role as a management platform for cosmetic treatment centers, combining franchising, procurement, technology, and clinic support services. It also evaluates capital allocation options, including selective investment in the global medical aesthetics market and potential shareholder returns through dividends or repurchases.
A larger network of supported clinics increases recurring service and procurement opportunities.
Bundling software, licensing, and procurement strengthens clinic dependence on the platform.
Management seeks to balance growth investments with shareholder returns and liquidity needs.
Geography
The business is primarily conducted in Japan, where its subsidiary SBC Medical Sub supports 258 treatment centers as of September 30, 2025. The company is headquartered in Irvine, California and Tokyo, but its operating footprint, revenue exposure, and foreign exchange sensitivity are centered on Japan and the Japanese yen.
Risks
The business depends on a concentrated set of related-party medical corporations and franchisee clinics, so disruptions at those operators can affect revenue and service demand. It is also exposed to Japan-specific regulatory, staffing, and foreign exchange risks because most operations and cash flows are yen-based while reporting is in U.S. dollars.
Several clinic operators are related parties, but the company does not have full voting control over them.
Exposure: Japanese medical corporations and general incorporated associations
The company relies on a limited number of franchisor-franchisee and service contracts.
Exposure: Six core medical corporations plus additional affiliated clinics
Medical service corporations operate under Japanese medical-care rules and clinic licensing requirements.
Most revenues and costs are denominated in Japanese yen while reporting is in U.S. dollars.
Exposure: JPY/USD translation and transaction exposure
Cosmetic procedures are discretionary and can be affected by consumer spending and competition.
Exposure: Treatment center volumes and equipment demand
Accounting
Judgemental itemsDifferent streams such as franchising, procurement, rental, and other services may be recognized at different points in time.
Impact: Affects quarterly revenue mix and comparability
Most operations are in Japan while financial statements are presented in U.S. dollars.
Impact: Can materially change reported revenue, costs, and earnings
The company has service contracts and equity interests with related medical corporations.
Impact: Affects consolidation judgments and disclosure quality
Clinic equipment, acquired subsidiaries, and intangible assets require valuation assumptions.
Impact: Can affect depreciation, amortization, and impairment risk
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Last updated: 24/09/2026