Note: This document has been translated from the Japanese original for reference purpose only. In the event ofany discrepancy between this translated document and the Japanese original, the original shall prevail.

Consolidated Financial Results [Japanese GAAP]
for the Three Months Ended March 31, 2024
May 14, 2024
Listed company:
FINDEX Inc.
Stock Exchange Listing:Tokyo Stock Exchange
Stock code:
3649
URL:
https://findex.co.jp/en/index.html
Representative:
Teruo Aibara, President & CEO
For inquiries:
Takashi Murakami, Corporate Officer, Finance & Investor Relations
Contact:+81-3-6271-8958
Scheduled date to submit statutory quarterly financial report:
May 14, 2024
Scheduled date to commence dividend payment:
N/A
Availability of supplementary materials on financial results:
Yes
Availability of quarterly results briefing:No
1. Consolidated Financial Results for the Three Months ended March 31, 2024
(From January 1, 2024, to March 31, 2024)*Figures are rounded down to the nearest million yen, except share and per share data*“%” indicates year-on-year changes from the previous corresponding period(1) Consolidated Operating Results (Cumulative)
Net sales

Operating profit

Recurring profit

Profit attributable toowners of parent

JPY MM%
JPY MM%
JPY MM%
JPY MM%
Three months ended
March 31, 2024
2,124
69.7
862 199.0
865 196.2
642 222.4
March 31, 2023
1,251 (1.0)
288 (22.2)
292 (23.4)
199 (22.9)(Note) Comprehensive income: Q1 FY2024: 651 million yen [219.5%], Q1 FY2023: 203 million yen [(22.0%)]

Basic earnings per share Diluted earnings per share
Three months ended
JPY
JPY
March 31, 2024
25.07
March 31, 2023
7.78
(Note) No statement is indicated above for the number of diluted EPS for Q1 FY2023 and Q1 FY2024 because
there were no issuable shares.
(2) Consolidated Financial Position
Total assets
Net assets
Equity-to-asset ratio Net assets per share
As of
JPY MM
JPY MM%
JPY
March 31, 2024
6,538
5,266
80.4
204.98December 31, 2023
5,934
4,845
81.5
188.67(Ref.) Equity amount: Q1 FY2024: 5,257 million yen, Q4 FY2023: 4,838 million yen
2. Dividends
1st quarter
JPY－－

Annual dividends per share
2nd quarter3rd quarter
Year-end
JPY
JPY
JPY
4.00
－
9.00

Year ended December 31, 2023
Year ending December 31, 2024
Year ending December 31, 2024
7.00－
(Forecast)(Note) Revisions to the dividends forecast since the latest announcement: None

8.00

Total
JPY
13.00
15.00

3. Consolidated Financial Forecasts for the Fiscal Year ending December 31, 2024 (From January 1, 2024,
to December 31, 2024)* Figures are rounded down to the nearest million yen, except share and per share data
* “%” indicates year-on-year changes from the previous corresponding period
Profit attributable Basic earnings
OperatingRecurring
Net sales
to owners of
profitprofitper share
parent
JPY MM%

JPY MM%

JPY

Six months ending
2,872
27.7
754
89.8
764
June 30, 2024
Fiscal year ending
5,782
11.4
1,574
5.2
1,591
December 31, 2024
(Note) Revisions to the forecast since the latest announcement: None

JPY MM%

JPY MM

%

84.4

527

85.6

20.56

4.2

1,097

3.6

42.79

*Notes:(1) Changes in Significant Subsidiaries during the Current Quarter
Changes in specified subsidiaries that caused a change in the scope of consolidation: None
Newly included companies: None, Newly excluded companies: None
(2) Application of Specific Accounting for Preparing the Quarterly Consolidated Financial Statements: None
(3) Changes in Accounting Policies, Changes in Accounting Estimates, and Restatement(i) Changes in accounting policies due to revisions to accounting standards and other regulations: None(ii) Changes in accounting policies other than (i) above: None(iii) Changes in accounting estimates: None(iv) Restatement: None
(4) Number of Shares Outstanding (Common Shares)
As of March 31, 2024
Number of shares outstanding at the endof the period (treasury shares included)
Number of treasury shares at the end of
the period

As of December 31, 2023

26,608,800

26,608,800

960,688962,288

Three months ended
March 31, 2024

Three months ended
March 31, 2023

Average number of outstanding shares
25,647,691
25,622,619
during the period(Note) The number of treasury shares at the end of the period includes our shares held by Custody Bank ofJapan, Ltd. (Trust Account E) (152,800 shares for Q1 FY2024, 154,400 shares for FY2023). Our shares heldby Custody Bank of Japan, Ltd. (Trust Account) are included in the treasury share deducted in thecalculation of the average number of shares during the period (153,221 shares for Q1 FY2024, 159,806
shares for Q1 FY2023).
* This quarterly financial results report is out scope of the quarterly review by a certified public accountant nor
audit firm.
* Explanation on appropriate use of performance forecasts and other special notes:
The performance forecast described in this report are based on information that is available to the Group, as well as
certain assumptions and estimates that are deemed to be reasonable, and we make no assurance that suchdescriptions prove to be correct. Actual figures may significantly differ due to various factors.

FINDEX Inc. (TSE 3649)
Financial Results for Q1FY2024

Attached Material
Index
1. Qualitative Information on Quarterly Consolidated Financial Results……………………………………. 2(1) Explanation on Operating Results………………………………………………………………….…... 2(2) Explanation on the Financial Position …………………..…………………………………………….
5(3) Explanation on Consolidated Financial Forecasts and Other Forward-looking Statements…………… 5
2. Quarterly Consolidated Financial Statements and Significant Notes Thereto……………………………
6(1) Quarterly Consolidated Balance Sheet ………………………………………………………………… 6(2) Quarterly Consolidated Statements of Income and Comprehensive Income ………………………….. 7
Quarterly Consolidated Statement of Income, Cumulative…………………………………………… 7
Quarterly Consolidated Statement of Comprehensive Income, Cumulative …………………………. 8(3) Notes to the Quarterly Consolidated Financial Statements…………………………………………….. 9Note on Going Concern Assumption …………………………..…………………………………….
9
Note on Significant Change in Equity Capital ……………………………………………………...
9
Additional Information ……………………………………………………………………………….. 9
Segment Information etc.……………………………………………………………………………… 10
Significant Subsequent Events...………………………………………………………………………. 10
3. Supplementary Information ………………………………………………………………………………. 11

1

FINDEX Inc. (TSE 3649)
Financial Results for Q1FY2024

1. Qualitative Information on Quarterly Consolidated Financial Results(1) Explanation on Operating Results
The Group is dedicated to realizing its corporate philosophy of “enriching society through technologies andcreation” by developing and providing products and services centered around solutions that promote
digitalization in medical software, medical equipment, and administrative organization. The Group is committed
to fostering research and development that encourages “the joy of creation” based on “exploration of new ideas
and technology” and providing products that “exceed customer expectations and contribute to the developmentof society” as its fundamental business policy.
In major medical facilities, which are the key customers, adoption of digitalization is becoming inevitable toimprove operational efficiency within hospitals and to enhance accessibility to healthcare and the quality of
medical care through collaboration with other medical institutions, pharmacies, and care facilities in thecommunity. Simultaneously, there is a growing willingness to invest in advanced medical support solutions that
improve the way doctors and healthcare professionals work, as well as platforms that allow direct electronic
communication with patients, enabling more sophisticated operations.
Among the large hospitals, the adoption rate of medical information systems, including electronic medical
records (EMR), exceeds 90%. However, on-premises solutions still dominate information management. The
Group actively engages in expanding the sales of existing on-premises products and developing and selling
cloud-based services to support streamlining and digitalization in large hospitals, creating new treatment flows.
Additionally, to promote digitalization in the public sector, the Group deploys document management solutions
while also developing and selling medical equipment domestically and internationally.
The consolidated financial results for the three months ended March 31, 2024 are as follows.
(JPY in thousands)
Three months
Three months
ChangeProgress rate
ended March
ended March
Change (%)(amount)(%)
31, 2023
31, 2024
Net sales
1,251,802
2,124,578
872,776
69.7%
36.7%
Operating profit
288,325
862,145573,820199.0%
54.8%
Recurring profit
292,219865,527
573,307196.2%
54.4%
Profit attributable to199,428
642,938
443,510222.4%
58.6%
owners of the parent
In the first three months of the fiscal year ending December 31, 2024 (January 1, 2024 to March 31, 2024),
consolidated net sales were ¥2,124,578 thousand (+69.7% YoY), operating profit was ¥862,145 thousand(+199.0%), recurring profit was ¥865,527 thousand (+196.2%), and profit attributable to owners of the parent
was ¥642,938 thousand (+222,4%). The progress rates against the full-year performance forecast are 36.7% forsales, 54.8% for operating profit, 54.4% for recurring profit, and 58.6% for profit attributable to owners of theparent. The business environment has been generally favorable, and the Group’s performance is progressing asplanned towards achieving the full-year forecast. The Medical Business performed exceptionally well, leading
to record-high sales and profits in the first quarter, which were already factored into the initial financial plans,
and therefore, there are no revisions to the financial forecast.
Consolidated results by segment for the first three months of the current fiscal year are as follows.
≪Medical Business≫(JPY in thousands)

Net sales
Operating profit

Three months
ended March 31,
2023
1,179,454
297,732

Three months
ended March 31,
2024
1,996,515
839,437

Change (amount)
817,061
541,704

Change (%)
69.3%
181.9%

Mainstay products in the Medical Business segment include the data management software Claio, the progressnote system C-Note, and the document management software DocuMaker. In addition to traditional on-premises
products, there has been an expansion in the cloud-based services offerings, including the patient guidance
application PiCls Medical Avenue and electronic tracing report service PiCls AAdE-Report, in recent years.

2

FINDEX Inc. (TSE 3649)
Financial Results for Q1FY2024

In the first three months of the current fiscal year, 24 hospitals and 19 clinics newly installed, added on, or
updated our systems. The maintenance and consulting service also performed well. As a result, consolidated net
sales in this segment for the first quarter were ¥1,996,515 thousand (+69.3% YoY) and operating profit was¥839,437 thousand (+181.9%). The main factors contributing to the increase in revenue and profit were theconsecutive installations of large-scale projects. No significant changes have been observed in the revenue andprofit trends and consider them to be stable. Additionally, the segment's product retention rate remains high at
99.9%.
Fitting Cloud Inc., a subsidiary specializing in cloud solutions and medical AI technology, conducted joint
research with Kyoto University Hospital on the streamlining of physician tasks using generated AI.
Furthermore, in line with the physician workstyle reforms to be implemented from April 2024, the Company
expanded its services by enhancing features such as connectivity to electronic medical records (EMRs) fromoutside hospitals, known as its service Weberi.
≪Public Sector Business≫(JPY in thousands)

Net sales
Operating profit

Three months
ended March 31,
2023
35,616
3,908

Three months
ended March 31,
2024
106,044
53,048Change (amount)
70,42849,140Change (%)
197.7%-

Mainstay product in the Public Sector Business segment is DocuMaker Office, an archive management anddigital approval system, to support digitalization in public sector organizations.
In the first three months of the current fiscal year, 1 packaged solution for local governments, and 3 packaged
solutions for hospitals have newly been installed. As a result, net sales in this segment were ¥106,044 thousand(+197.7% YoY) and operating profit was ¥53,048 thousand (¥3,908 thousand YoY). The main factor
contributing to the increase in revenue and profit was the growing number of large-scale projects, such as theinstallation to a prefectural office, which absorbed the increase in personnel expenses due to the increase inrevenue and resulted in a profitable outcome. Additionally, for the first quarter of this fiscal year, five
installations have already been confirmed, and the preparation for implementation is progressing smoothly.
In this segment, an increase in profits is anticipated through the accumulation of monthly usage fees as thenumber of existing users continues to grow. The number of cancellations since the launch of the service remains
at zero, and the establishment of a solid customer base has progressed steadily, following the positive trend
from the previous year.
≪Health Tech Business≫(JPY in thousands)

Net sales
Operating loss

Three months
ended March 31,
2023
36,731(13,315)

Three months
ended March 31,
2024
22,018(30,340)

Change (amount)(14,713)(17,025)

Change (%)(40.1%)-

Mainstay products in the Health Tech Business segment are the gaze analyzing perimeter GAP*1 and GAPscreener*2. GAP is an affordable, groundbreaking wearable device that enhances availability by measuring apatient’s visual field with a completely different approach to that of conventional examination methods. It canalso contribute to the early detection of retinal diseases, such as glaucoma and other conditions that lack obvious
symptoms in the early stages. Unlike a conventional visual field examination, the product does not require theuse of a dark room, thus shortening the examination time and alleviating the burden on the patient. Moreover, bypromoting the use of the GAP at facilities that conduct medical exams and health checkups, early-stage retinal
disease patient data can be shared with R&D centers in Japan and overseas with the potential for it to contributeto the innovation of technology and solutions in numerous fields, including pharmaceuticals and life insurance.
In the first three months of the current fiscal year, net sales in this segment were ¥22,018 thousand (-40.1%
YoY). We recorded an operating loss of ¥30,340 thousand, versus the year-earlier operating loss of ¥13,315
thousand. Revenue and profit decreased year on year due to the reduction in the number of product shipments
compared to the previous year and the increase in personnel expenses due to additional hiring and salary raises.

3

FINDEX Inc. (TSE 3649)
Financial Results for Q1FY2024

In the first quarter, a total of 6 units of the product were sold domestically. GAP is distributed toophthalmologic hospitals and clinics nationwide through various medical equipment distributors, and acollaboration with Toyota Tsusho Corporation Co., Ltd. (Headquarters: Aichi Prefecture) facilitates the sale of
GAP-screener to health check-up facilities. Additionally, the manufacturing line operates smoothly, completing
manufacturing for the planned shipments for the first quarter, including overseas shipments.
(Note 1) Gaze Analyzing Perimeter, GAP (Notification No. of medical device manufacturing and sales
38B2X10003000002)(Note 2) Gaze Analyzing Perimeter, GAP-screener (Notification No. of medical device manufacturing and sales
38B2X10003000003)

4

FINDEX Inc. (TSE 3649)
Financial Results for Q1FY2024(2) Explanation on the Financial Position
Status of Assets, Liabilities, and Net assets
AssetsLiabilities
Net Assets

As of December 31, 2023
5,934,285
1,088,925
4,845,360

As of March 31, 2024
6,538,244
1,272,216
5,266,028(JPY in thousands)
Change in Amount
603,959
183,290
420,668

Total assets at the end of the first quarter amounted to ¥6,538,244 thousand, an increase of ¥603,959 thousand
from the end of the previous fiscal year. This was mainly due to an increase of ¥600,746 thousand in current assets,
primarily owing to an increase of ¥202,775 thousand in cash and deposits, and an increase of ¥447,717 thousand innotes and accounts receivable–trade, and contract assets.
Liabilities amounted to ¥1,272,216 thousand, an increase of ¥183,290 thousand from the end of the previous
fiscal year. This was primarily attributable to an increase of ¥171,887 thousand in current liabilities, mainly due toan increase of ¥116,276 thousand in accounts payable - trade and ¥57,935 thousand in accounts payable - other.
Net assets amounted to ¥5,266,028 thousand, an increase of ¥420,668 thousand from the end of the previous
fiscal year. This was mainly due to an increase in shareholders’ equity of ¥411,965 thousand by virtue of anincrease in retained earnings.
(3) Explanation on Consolidated Financial Forecasts and Other Forward-looking Statements
Our consolidated results forecasts for the first six months of the fiscal year ending December 31, 2024, alongwith our full-year forecasts, remain unchanged (previously announced in FY2023 consolidated financial results on
February 13, 2024).

5

FINDEX Inc. (TSE 3649)
Financial Results for Q1FY2024

2.

Quarterly Consolidated Financial Statements and Significant Notes Thereto(1) Quarterly Consolidated Balance Sheet(JPY in thousands)
As of Dec. 31, 2023
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, andcontract assets
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Total current assets
Non-current assets
Property, plant and equipment
Intangible assets
Software
Other
Total intangible assets
Investments and other assets
Total non-current assets
Total assets
Liabilities
Current liabilities
Accounts payable - trade
Accounts payable - other
Income taxes payable
Other
Total current liabilities
Non-current liabilities
Provision for share awards
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Total accumulated other comprehensive
incomeNon-controlling interests
Total net assets
Total liabilities and net assets

6

As of Mar.31,2024

2,693,160

2,895,936

1,924,104

2,371,821

216,844
3,967
118,376
50,502
5,006,955

180,566
3,612
116,865
38,9005,607,701

89,255

93,155290,050344
290,394
547,680
927,330
5,934,285

295,485344
295,829
541,558
930,5426,538,244

39,37999,701
331,241
302,524
772,846

155,655
157,636
270,255
361,186
944,734

233,125
82,952
316,078
1,088,925

232,662
94,819327,481
1,272,216

254,259
224,259
5,157,662(791,956)
4,844,223

254,259
224,259
5,568,392(790,722)
5,256,188(5,386)

1,216(5,386)

1,216

6,522
4,845,360
5,934,285

8,623
5,266,028
6,538,244

FINDEX Inc. (TSE 3649)
Financial Results for Q1FY2024(2) Quarterly Consolidated Statements of Income and Comprehensive Income(Quarterly Consolidated Statement of Income, Cumulative)(JPY in thousands)
Three months ended
March 31, 2023
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Foreign exchange gains
Subsidy income
Royalty income
Other
Total non-operating income
Recurring profit
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

7

Three months ended
March 31, 2024

1,251,802
537,011714,790
426,465
288,325

2,124,578
782,744
1,341,833
479,688862,145

22
830
1,283
1,660
97
3,894
292,219292,219
79,1599,112
88,272203,947
4,518
199,428

25
1,663
1,660
32
3,382
865,527
865,527
211,4129,075
220,488645,0392,100
642,938

FINDEX Inc. (TSE 3649)
Financial Results for Q1FY2024(Quarterly Consolidated Statement of Comprehensive Income, Cumulative）(JPY in thousands)
Three months ended
March 31, 2023
ProfitOther comprehensive income
Valuation difference on available-for-salesecurities
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to ownersof parent
Comprehensive income attributable to noncontrolling interests

8

Three months ended
March 31, 2024

203,947

645,039-

6,602

203,947

6,602
651,642

199,428

649,541

4,518

2,100

FINDEX Inc. (TSE 3649)
Financial Results for Q1FY2024(3) Notes to the Quarterly Consolidated Financial Statements(Note on Going Concern Assumption): N/A(Note on Significant Change in Equity Capital): N/A【Additional Information】(Accounting Treatment for Employee Stock Ownership Plan, J-ESOP）
At the Board of Directors meeting held on October 29, 2015, the Company resolved to adopt an employee stock
ownership plan (referred to as J-ESOP) as an incentive plan to grant Company shares purchased from the market toemployees in order to more closely link the Company’s share price and earnings with employee compensation andto boost the motivation and morale of employees to improve the share price and earnings by sharing the economic
benefits with shareholders.
Accordingly, Trust & Custody Services Bank, Ltd. (trust account E) (now Custody Bank of Japan, Ltd. (trust
account E)) acquired 194,200 shares of the Company’s stock between November 13, 2015 and November 26, 2015.
Regarding accounting treatment for the J-ESOP, we have applied the gross method to record trust assets andliabilities as corporate assets and liabilities on the consolidated balance sheet in accordance with the Practical
Solution on Transactions of Delivering the Company's Own Stock to Employees etc. through Trusts (PITF No. 30,
March 26, 2015).
The treasury stock held by Custody Bank of Japan, Ltd. (trust account E) is shown as treasury shares in the net
assets section of the quarterly consolidated balance sheet. The amount recorded at the end of the previous fiscal
year was ¥119,108 thousand and the number of shares was 154,400. The amount recorded at the end of the firstquarter of the current fiscal year was ¥117,874 thousand and the number of shares was 152,800.

9FINDEX Inc. (TSE 3649)
Financial Results for Q1FY2024【SEGMENT INFORMATION, etc.】(Segment Information)
Sales and Profit or Loss by Reportable Segment
Three Months ended March 31, 2023 (From January 1, 2023, to March 31, 2023)(JPY in thousands)
MedicalBusiness

Reportable segment
PublicHealth Tech
SectorBusiness
Business

Sub total

Reported amount for
consolidated financial
statements (Note)

Net sales
Sales for external
1,179,454
35,61636,7311,251,802
1,251,802
customers
Internal sales ortransfers between
segments
Total
1,179,454
35,61636,7311,251,802
1,251,802
Segment profit or loss
297,732
3,908(13,315)
288,325
288,325(Note) Aggregated amount of segment income or loss equals amount of recurring profit reported for consolidated
financial statements.
Three Months ended March 31, 2024 (From January 1, 2024, to March 31, 2024)(JPY in thousands)
MedicalBusiness

Reportable segment
PublicHealth Tech
SectorBusiness
Business

Sub total

Reported amount for
consolidated financial
statements (Note)

Net sales
Sales for external
1,996,515
106,044
22,0182,124,578
2,124,578
customers
Internal sales ortransfers between
segments
Total
1,996,515
106,044
22,0182,124,578
2,124,578
Segment profit or loss
839,437
53,048(30,340)
862,145862,145(Note) Aggregated amount of segment income or loss equals amount of recurring profit reported for consolidated
financial statements.
(Significant subsequent events)
There are no significant subsequent events to be disclosed.

10

FINDEX Inc. (TSE 3649)
Financial Results for Q1FY2024

3.

Supplementary Information(1) Transition of Significant Financial Key Performance Indicators(JPY in thousands, except per share amounts)

Three months ended Three months ended
March 31, 2023
March 31, 2024
1,251,802
2,124,578
288,325
862,145

Net sales
Operating profit

292,219
203,947

865,527
645,039

1,527,453
1,061,431

4,518

2,100

2,291

199,428
203,947

642,938
651,642

1,059,140
1,056,045

4,080,764
4,933,646
158.92
7.78

5,266,028
6,538,244
204.9825.07

4,845,360
5,934,285
188.67
41.31

Recurring profit
ProfitProfit attributable to owners of noncontrolling interests
Profit attributable to owners of parent
Comprehensive income
Net assets
Total assets
Net assets per share (yen)Basic earnings per share (yen)Fiscal year ended
December 31, 2023
5,191,735
1,496,570(2) Production, Order, Sales
1) Actual Result of Production for Q1 FY2024 (Cumulative Amount)
Business segment
Production (JPY in thousands)
Medical Business
433,188
Public Sector Business
23,320YoY (%)
107.0
172.3

Health Tech Business
38,777
Total
495,286(Note) Figures above is calculated by total manufacturing cost for the current quarter.

117.2
109.7

2) Order Status for Q1 FY2024 (Cumulative Amount)
Business segment
Medical Business
Public Sector Business
Health Tech Business
Total

Order received(JPY in thousands)

YoY (%)

698,405
19,742
10,200728,347

89.3
569.6
77.9
91.2

Order backlog(JPY in thousands)

843,670
17,152
2,100
862,9223) Sales Result for Q1 FY2024 (Cumulative Amount by Segments, Solutions, and Channels)
Segment, solution, channel
Sales amount (JPY in thousands)
Ratio (%)
Medical Business
Software1,254,723
59.1[of via distributors][211,167]
Hardware
197,000
9.3[of via distributors][2,962]
Support388,84818.3[of via distributors][118,317]
Other
155,943
7.3
Public Sector Business
Software
90,9254.3[of via distributors][2,413]
Hardware
7,267
0.3
Other
7,852
0.4
Health Tech Business
22,0181.0
Total
2,124,578
100.0

11

YoY (%)
82.0
139.6
82.9

YoY (%)
182.8
243.0
104.7
383.5
255.3
59.9
169.7