SEED has been focusing on providing contact lenses that are optimal for the eyes. Its flagship product, the Pure Series, is a domestically produced lens with high functionality and high added value, such as lenses for myopia, astigmatism, bifocal, and bifocal lenses with new designs, made from unique lens materials, and is widely used in Japan and overseas.
In Japan, economic activity has been gradually but steadily normalized, although there are continuing concerns about a downturn in the economy due to the effects of rapid fluctuations in exchange rates and rising prices. Demand is increasing in the domestic contact lens market due to an increase in the myopic population due to changes in lifestyle and an increase in wearing opportunities due to the normalization of socio-economic activities. Furthermore, the market has expanded due to the continued shift to daily disposable contact lenses, the growth in bifocal contact lenses for middle-aged and older people, and the spread of orthokeratology lenses.
In this environment, we have been working to expand sales and sales channels, mainly for the “Seed 1dayPure Series”, for the fiscal year ending March 2024, which is the final year of our three-year medium-term management plan (April 2021 to March 2024). Since the beginning of 2023, demand for domestic and overseas “Pure Series” products, mainly for astigmatism and bifocal lenses, has exceeded production volume. In order to restore inventory to a level that allows for stable product supply and establish a mass production system for new products that will increase market competitiveness, we believe that a drastic increase in production capacity will lead to future growth. We are focusing on the early operation of the Konosu Research Institute Building No. 2 Annex, which was completed in April 2024, and are working to increase production capacity. In addition, we plan to start construction of a new Building No. 4 during the fiscal year ending March 2025. With these production capacity expansion measures, we expect to be able to significantly expand production volume to 75 million pieces per month.
Based on our new medium-term management plan (April 2024 to March 2027), we will continue to act flexibly and decisively in response to the external environment and accelerate our multifaceted activities to reach sales of 50 billion yen as soon as possible.
We would like to ask our shareholders for their continued support. We would also like to wish all shareholders good health and prosperity.