SBC Medical Group Holdings Inc (NASDAQ: SBC) is a Japan-based cosmetic medicine franchise management company that provides business support services to independently owned medical corporations operating cosmetic dermatology and surgery clinics under the Shonan Beauty Clinic brand. Revenue comes from franchising fees, staffing dispatch, functional support services, management consulting, medical equipment sales and leases, intellectual property licensing, and rental income charged to franchisee medical corporations in Japan. The company operates as the franchisor and central service provider to a network of franchisee clinics across Japan, with early-stage expansion into the United States, Vietnam, and Thailand as of the 10-K filed March 27, 2026. In July 2025 the company acquired MB career lounge, a medical professional recruiting and operational consulting firm in Japan, and in December 2025 acquired a controlling interest in Waqoo Inc., a Tokyo Stock Exchange-listed regenerative medicine research and development company.

Revenue model

Franchising fees charged monthly to franchisee medical corporations (MCs) under the Shonan Beauty Clinic brand, with a revised fee structure effective April 2025 that reduces fees for first-year clinics before transitioning to a performance-based structure. Additional revenue streams include IT and administrative staff dispatch fees, functional support services such as accounting and human resources, management consulting fees, medical equipment and supply sales and leases, intellectual property licensing fees for brand and technology use, rental income from operating and sales-type leases, payment management services, and customer loyalty program administration.

Products and services

Franchise management services under the Shonan Beauty Clinic and SBC Medical Group brands; IT and administrative staff dispatch; accounting and human resources support; management consulting for cosmetic dermatology clinic operations; leasehold improvement and design management via subsidiary SBC Sealane; medical equipment procurement and resale including laser therapy machines (PQX Pico Laser, Nordlys, Stellar M22 IPL), slimming equipment (CoolSculpting Elite), endoscopes, and fertility-related devices; intellectual property licensing of patents, trademarks, and operational know-how; payment management and customer rewards program administration via subsidiary Medical Payment; medical professional recruiting and operational consulting via MB career lounge (acquired July 2025); regenerative medicine research and development via Waqoo Inc. (controlling interest acquired December 2025).

Customers and end markets

Primary customers are independently owned medical corporations in Japan that operate cosmetic dermatology and cosmetic surgery clinics under the Shonan Beauty Clinic brand. End consumers are patients seeking cosmetic enhancements including surgical and non-surgical procedures and skin care treatments. The company also has consulting agreements supporting clinic entry in Thailand through BLEZ ASIA Co., Ltd., which operates more than 20 clinics and pharmacies in Thailand as of November 2025.

Value-chain role

Franchisor and central service aggregator sitting upstream of clinic operators. The company does not directly treat patients. Instead it provides the brand, operational know-how, technology licensing, staff dispatch, equipment procurement, administrative support, and payment infrastructure that franchisee medical corporations use to run individual clinics. It also oversees clinic site selection and leasehold improvement coordination through subsidiary SBC Sealane.

Geographic exposure

Primary operations in Japan, with offices and call centers in Tokyo, Osaka, Kanagawa, and Sendai as of the 10-K filed March 27, 2026. Corporate headquarters in California. Early-stage market presence evaluated for the United States and Vietnam. Consulting agreement executed November 2025 to support entry into Thailand.

Source: SEC 10-K, filed 2026-03-27

Industry: Services-Offices & Clinics of Doctors of Medicine