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/* Projections for FY 2012 */
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* In endoscopes, new shipments of some products (Lucera) have ground to a halt, but the company expects to see a rebound in 2H2nd Half. For the year as a whole it projects endoscope sales will be down 5% YoY.* The company estimates 1H 1st Half sales in the medical systems division at JPY165bn (-6% YoY), and OP at JPY27bn; it projects 2H 2nd Half sales at JPY195bn (+8%) and OP at JPY43bn.
* In the medical systems division, new product launches are planned for both surgical endoscopes and energy devices (treatment tools).
* 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 1H1st Half.
* 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 information about 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’s FY3/12 earnings forecasts do not reflect any contribution from new products. Sales in the medical systems division got off to a slow start, falling short of projections in April-May.
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