This report does not constitute a rating action. Overview Key strengths Key risks Solid position in niche areas of global medical device markets through differentiated core endoscope products Substantial reliance on gastrointestinal endoscope businesses, which account for about 90% of consolidated EBITDA About 70% share of global gastrointestinal endoscope market thanks to close ties with health care professionals and post-sales support system Product lineup in therapeutic solutions much smaller than those of major overseas peers Continued market expansion for its focused endoscopic and therapeutic solutions amid a global push toward early diagnosis and minimally invasive therapies Issues regarding governance and risk management Debt to EBITDA likely to remain at favorable levels around 1x Olympus faces difficulties in developing and establishing
