Olympus Corp. hit record quarterly revenue and profit margins in the second fiscal quarter even as the medical device maker dealt with leadership upheaval after its CEO resigned over alleged illegal drug use.
Revenue rose 5.6% to ¥239.2 billion ($1.6 billion) in the three months ended September, driven by strong North American growth across its endoscopy and therapeutic device segments. Operating profit reached ¥43.1 billion as adjusted operating margin hit 20%.
The solid results came as Stefan Kaufmann stepped down as CEO on October 28 following allegations of illegal drug purchases. Executive Chairman Yasuo Takeuchi has assumed interim CEO duties while cooperating with authorities’ investigations.
“We want to sincerely apologize for the inconvenience and concern caused by this matter,” Takeuchi said in a statement. “Management remains resolutely focused on our long-term strategy and execution for sustainable growth.”
The company saw particular strength in North America, with 24% year-on-year growth powered by its EVIS X1 endoscopy system and surgical tools. However, sales declined in China amid an ongoing anti-corruption campaign and increased local competition.
Looking ahead, Olympus maintained its full-year forecasts while highlighting progress in quality improvement initiatives and recent regulatory approvals for AI-enabled endoscopy products in the US and Europe.
The Japanese firm also continued its share buyback program, repurchasing ¥56.5 billion in stock during the first half as it transitions towards becoming a global medical technology company.
