SBC Medical (SBC) Q3 2026

Q3 revenue rose 35% to $59M, and net income attributable rose 22%.

SBC Medical · Q3 2026 · Published Nov 13, 2026 · By DeepCell AI · Sources

SBC Medical (SBC) Q3 2026

Quarter ended September 30, 2026

For information only, not investment advice. No rating or price target.

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1 · SBC Medical (SBC) Q3 2026 earnings review

Q3 revenue rose 35% to $59M, and net income attributable rose 22%

  1. 1.Revenue of $58.6M beat the $48.9M TradingView consensus by 19.8%
  2. 2.Basic EPS of $0.15 beat the $0.12 TradingView consensus
  3. 3.Income from operations rose 66% to $26M, an operating margin of 45%
  4. 4.Adjusted EBITDA rose 66% to $28M, a margin of 47%
  5. 5.Shares were up 6.6% pre-market at $5.69 as of 7:02 AM ET, not a close

Note: EBITDA is earnings before interest, taxes, depreciation and amortization. The consensus gap and the pre-market change are DeepCell calculations. Adjusted EBITDA is a non-GAAP measure defined by SBC Medical. Pre-market trading is not a close.Source: SBC Medical official Q3 2026 results release (Form 8-K, Ex. 99.1), Nov 13, 2026; TradingView, Nov 6, 2026; CNBC, Nov 13, 2026 7:02 AM ET

2

2 · Executive summary

Q3 revenue of $58.6M beat the TradingView consensus, and basic EPS also beat

Q3 2026 results vs. TradingView consensus (Nov 6, 2026)

MetricActualConsensusVarianceResult
Q3 total revenues$58.6M$48.9M+$9.7M / +19.8%Beat
Q3 basic EPS ($)$0.15$0.12+$0.03Beat

Share price, Nov 12 regular close to Nov 13 pre-market last

SBC Medical (Nasdaq)Nov 12 closePre-market, 7:02 AM ETChange ($)Change (%)
SBC$5.34$5.69+$0.35+6.6%

Note: TradingView does not state whether its EPS estimate is GAAP or adjusted; SBC Medical reports basic EPS under U.S. GAAP. Prices are from CNBC; the pre-market figure is not a close, and the change is a DeepCell calculation.Source: SBC Medical official Q3 2026 results release (Form 8-K, Ex. 99.1), Nov 13, 2026; TradingView, Nov 6, 2026; CNBC, Nov 13, 2026 7:02 AM ET

3

3 · Q3 results vs. consensus

SBC Medical gave no numeric guidance, and it tied growth to fee revisions and new clinics

Management commentary: Q2 release (Aug 13, 2026) vs. Q3 release (Nov 13, 2026)

TopicQ2 releaseQ3 releaseStatus
Service fee revisionsAbout $15M a year if a full year of impactRevenue growth includes the August revisionsReflected in Q3
Clinic network287 locations293 locationsUp
Cash position$184 million cash and equivalents$198M cash and equivalentsUp
Numeric guidanceNone givenNone givenn.a.

Note: The $15 million annual figure is converted at ¥158.1 per U.S. dollar and applies only if the fee revisions have a full year of impact, as stated in the Q2 release.Source: SBC Medical official Q3 2026 results release (Form 8-K, Ex. 99.1), Nov 13, 2026; SBC Medical Q2 2026 results release (Form 8-K, Aug 13, 2026)

4

4 · Fee revisions and outlook

Adjusted EBITDA rose 66% to $28M, and basic EPS rose to $0.15 from $0.12

  1. Fees and clinics drove revenueManagement services revenue rose on the August fee revisions and the Waqoo consolidation, as stated.
  2. Margins widenedOperating margin rose to 45.1% from 36.6%, a DeepCell calculation.
  3. Tax took part of the gainThe effective tax rate rose to 35.5% from 30.7%, a DeepCell calculation.

Key figures (U.S. GAAP and non-GAAP)

$M unless notedQ3 2025Q3 2026YoY
Total revenues$43.4M$58.6M35.1%
Income from operations$15.9M$26.4M66.3%
Net income attributable$12.8M$15.7M22.4%
Adjusted EBITDA$16.6M$27.6M66.0%
Basic EPS ($)$0.12$0.15+25.0%

Note: EBITDA is earnings before interest, taxes, depreciation and amortization. The YoY column is a DeepCell calculation. SBC Medical states revenue +35%, operating income +66%, net income attributable +22%, adjusted EBITDA +66% and basic EPS +25%. Adjusted EBITDA is a non-GAAP measure.Source: SBC Medical official Q3 2026 results release (Form 8-K, Ex. 99.1), Nov 13, 2026; analysis of company data

5

5 · Q3 key financials

Total revenues rose to $58.6M from $43.4M, up 35% as stated

Total revenues

$M, Q3 2025 vs Q3 2026

v · Q3 2025: $43Mv · Q3 2026: $59MQ3 2025Q3 2026$0M$20M$40M$60M$70M$43M$59M
Q2 2026 revenue growth was 13% as stated, so growth accelerated in Q3.“The third quarter of 2026 marked a strong reacceleration in SBC Medical’s growth.” Yoshiyuki Aikawa, chairman and CEO

Note: Revenue growth in Q3 2026 included the August service fee revisions and the consolidation of Waqoo, as stated. Nine-month revenue rose 13% as stated.Source: SBC Medical official Q3 2026 results release (Form 8-K, Ex. 99.1), Nov 13, 2026; analysis of company data

6

6 · Revenue growth

Related parties paid 91% of revenue, the same share as a year earlier

  1. Related-party revenueRevenue from related parties rose to $53.5M from $39.6M.
  2. Other customersRevenue from other customers rose to $5.1M from $3.7M.
  3. ModelSBC Medical is a medical services organization that supports clinics in Japan and abroad, as stated.

Revenue by customer type, Q3 2026

$MQ3 2025Q3 2026YoY
Revenues from related parties$39.6M$53.5M35.1%
Revenues from other customers$3.7M$5.1M35.5%
Total revenues, net$43.4M$58.6M35.1%

Note: The related-party share and the YoY rates are DeepCell calculations from the statement of operations.Source: SBC Medical official Q3 2026 results release (Form 8-K, Ex. 99.1), Nov 13, 2026; analysis of company data

7

7 · Revenue mix by customer

Adjusted EBITDA margin rose to 47% from 38%

Adjusted EBITDA margin

Q3 2025 vs Q3 2026

Adjusted EBITDA margin · Q3 2025: 38.4%Adjusted EBITDA margin · Q3 2026: 47.1%Q3 2025Q3 20260%20%40%60%38.4%47.1%
Gross margin rose to 72.0% from 70.6%. SG&A fell to 27% of revenue from 34%.

Note: EBITDA is earnings before interest, taxes, depreciation and amortization; SG&A is selling, general and administrative. Margin is adjusted EBITDA divided by total revenues, as defined by SBC Medical. Gross margin and SG&A share are DeepCell calculations.Source: SBC Medical official Q3 2026 results release (Form 8-K, Ex. 99.1), Nov 13, 2026; analysis of company data

8

8 · Adjusted EBITDA margin

Adjusted EBITDA rose to $27.6M from $16.6M

Adjusted EBITDA

$M, Q3 2025 vs Q3 2026

v · Q3 2025: $17Mv · Q3 2026: $28MQ3 2025Q3 2026$0M$10M$20M$30M$35M$17M$28M
Income tax expense of $9.4M was the largest add-back. Nine-month adjusted EBITDA was $66.1M.

Note: EBITDA is earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA starts from net income attributable of $15.7M and adds back taxes, interest, depreciation, amortization and other items.Source: SBC Medical official Q3 2026 results release (Form 8-K, Ex. 99.1), Nov 13, 2026; analysis of company data

9

9 · Adjusted EBITDA

The clinic network reached 293 locations, up 36 on a year earlier

  1. NetworkLocations rose by 6 in Q3 from 287 at Jun 30, a DeepCell calculation.
  2. VisitsTrailing twelve-month patient visits were 7.06 million, up 9% as stated.
  3. SpendAverage spend per visit was $290, up 4% as stated.

Clinic network statistics

UnitJun 30, 2026Sep 30, 2026
Clinic locations (count)287293
Patient visits, trailing 12 months (millions)6.97.06
Average spend per visit ($)$287$290

Note: Locations include franchised clinics and OrangeTwist locations in which SBC Medical holds a minority equity interest. Visits cover SBC-branded, Rize, Gorilla, AHH and JUN clinics. The Jun 30 column is from the Q2 2026 release.Source: SBC Medical official Q3 2026 results release (Form 8-K, Ex. 99.1), Nov 13, 2026; analysis of company data

10

10 · Clinic network and visit KPIs

Net Cash rose to $154M, and nine-month operating cash flow was $50M

  1. More cashCash and cash equivalents rose to $198M from $164M at Dec 31, 2025.
  2. Less debtBank and other borrowings fell to $24.8M non-current from $33.7M at Dec 31, 2025.
  3. Operating cash flowNine-month operating cash flow was $50.2M, against an outflow of $27.3M a year earlier.

Balance sheet and cash flow

$MDec 31, 2025Sep 30, 2026
Cash and cash equivalents$163.8M$198.4M
Borrowings and finance leases$43.1M$33.8M
Operating lease liabilities$8.6M$10.3M
Net Cash$112.1M$154.4M
Total stockholders equity$263.3M$303.5M

Note: Net Cash is cash and cash equivalents less borrowings, finance leases and operating leases. SBC Medical states $154M at Sep 30, 2026; the Dec 31 figure is a DeepCell calculation on the same definition.Source: SBC Medical official Q3 2026 results release (Form 8-K, Ex. 99.1), Nov 13, 2026; analysis of company data

11

11 · Balance sheet and cash flow

Tax, currency and related-party concentration are the main watch items

Indicator
What to watch
Implication
Latest reading
Tax rate
Tax grew faster than pre-tax income
Net income margin fell 3 points
Tax rate 35.5%
Currency
Yen results convert into dollars
Foreign exchange swung to a loss
FX ($0.9M)
Customers
Most revenue comes from related parties
Concentration is unchanged
Related-party share 91%

Source: SBC Medical official Q3 2026 results release (Form 8-K, Ex. 99.1), Nov 13, 2026; analysis of company data

12

12 · Key risks to the outlook

Appendix: adjusted EBITDA bridge

ClaimEvidenceCalculation
Net income attributable to SBC Medical$15.7MStatement of operations
Add: non-controlling interests and equity losses$0.7M and $0.6MReconciliation table
Add: income tax expense$9.4MUp from Q3 2025
Add: interest, FX and other items$0.1M interest expense, $0.9M FX lossLess $0.3M interest income and $0.7M other income
Add: depreciation and amortization$1.2MReconciliation table
Adjusted EBITDA$27.6MNon-GAAP measure

EBITDA is earnings before interest, taxes, depreciation and amortization. Source: SBC Medical official Q3 2026 results release (Form 8-K, Ex. 99.1), Nov 13, 2026; analysis of company data

13

13 · Appendix: EBITDA bridge

14 · Appendix: Balance sheet

Appendix: income statement detail

Revenue and operating income

$M unless notedQ3 2025Q3 2026YoY
Total revenues$43.4M$58.6M35.1%
Gross profit$30.6M$42.2M37.8%
SG&A$14.7M$15.8M7.0%
Income from operations$15.9M$26.4M66.3%

Earnings

$M unless notedQ3 2025Q3 2026YoY
Income tax expense$5.7M$9.4M65.3%
Net income attributable$12.8M$15.7M22.4%
Adjusted EBITDA$16.6M$27.6M66.0%

Note: EBITDA is earnings before interest, taxes, depreciation and amortization; SG&A is selling, general and administrative. YoY rates in this appendix are DeepCell calculations. Expenses are shown without signs.Source: SBC Medical official Q3 2026 results release (Form 8-K, Ex. 99.1), Nov 13, 2026; analysis of company data

15

15 · Appendix: Income statement

Appendix: sources

  • Results release, Q3 2026 (Form 8-K, Ex. 99.1, accession 0001193125-26-459242, Nov 13, 2026) — https://www.sec.gov/Archives/edgar/data/1930313/000119312526459242/sbc-ex99_1.htm
  • Same release on Business Wire, Nov 13, 2026 — https://www.businesswire.com/news/home/20261113831653/en/SBC-Medical-Group-Holdings-Reports-Third-Quarter-2026-Financial-Results
  • Prior commentary: Q2 2026 results release (Form 8-K, Ex. 99.1, accession 0001193125-26-347825, Aug 13, 2026) — https://www.sec.gov/Archives/edgar/data/1930313/000119312526347825/sbc-ex99_1.htm
  • Consensus: TradingView News, Nov 6, 2026 — https://www.tradingview.com/news/tradingview:5e269d3aaaab3:0-sbc-q3-26-earnings-revenue-estimate-is-48-90m-usd/
  • Share price: CNBC SBC quote, Nov 12, 2026 close $5.34 and pre-market last $5.69 at 7:02 AM ET on Nov 13, 2026 — https://www.cnbc.com/quotes/SBC
  • SBC Medical reports under U.S. GAAP in U.S. dollars. Release figures are rounded to $ millions; the deck uses the unrounded statement figures.

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16

16 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader’s investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from SBC Medical Group Holdings Incorporated’s Q3 2026 results release, furnished on Form 8-K on November 13, 2026. The consensus estimate (TradingView) and share prices (CNBC) are third-party data, credited on the sources page. We have not independently verified third-party data.

Basis of presentation. Figures are U.S. GAAP unless labelled adjusted, in U.S. dollars, for the three months ended September 30, 2026 and September 30, 2025. Adjusted EBITDA and Net Cash are non-GAAP measures defined by SBC Medical.

Forward-looking statements. Company commentary, consensus estimates and the watch items in this deck are forward-looking and may not be achieved. Readers should check the figures against the original filings.

Date of analysis. Share prices are the CNBC regular-session close on November 12, 2026, and the pre-market last at 7:02 AM ET on November 13, 2026. The pre-market last is not a close.

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17

17 · Disclosures

Sources

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