Consolidated Financial Results for the 2nd Quarter and
Full-year Forecasts for Fiscal 2024
Olympus Corporation | President and CEO, Stefan Kaufmann Executive Officer and CFO, Chikashi Takeda | November 9, 2023

Disclaimer
 This material contains forward-looking statements that reflect management’s current views, plans, andexpectations based on information available at the time of preparation. These forward-looking statements
are not guarantees of future performance and involve known and unknown risks, uncertainties, futurebusiness decisions, and other internal and external factors that may cause the Company’s actual results,
performance, achievements, or financial position to be materially different from any future results expressedor implied by these forward-looking statements.
 Additionally, this information is subject to change without notice. Accordingly, other information should be
used in addition to this material when making investment decisions.
 Products or devices presented include future technology which may be pending regional regulatory approval
and are not available for sale in all regions. This information is not intended for promotional or medical
advice use. Rather, it is provided to give examples of technology development by Olympus and noguarantees are made about the future sale of such products.
 Olympus Corporation assumes no responsibility for any damage resulting from the use of this material.

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Highlights– 2Q and 6M Consolidated Financial Results
Sales increased due to strong growth in APAC, which grew in all areas. By segment, continued strength in Medical service.
Profit decreased due to investments for sustainable growth and strengthening of operational infrastructure, and projectrelated expenses for improving efficiency, as well as loss related to Veran Medical Technologies, Inc.
 Revenue: Adjusted operating profit : Profit*: Others:

5% consolidated growth. Record high for Medical Business in 2Q and 6M
Decreased due mainly to an increase in project-related expenses for improving efficiency, as well as personnel
expenses for future growth and strengthening of operational infrastructure such as QARA
Record high of ¥216.3 billion due to a gain on transfer of Scientific Solutions Business (Evident). EPS: ¥174
Steady progress in addressing issues identified in warning letters, while engaging in a constructive
dialogue with FDA– Full-year Performance Forecasts
Profit is expected to decline due to various internal and external factors, but we will steadily take measures toaddress identified growth inhibitors and continue to invest for sustainable growth

Revenue:
Adjusted operating profit:
Profit*:Shareholder returns:

Expected to achieve ¥958 billion, up 9% YoY
Expected to achieve ¥174.5 billion, down 1% YoY, with an adjusted operating margin of 18.2%
Record high of ¥289 billion due to a gain on transfer of Evident. EPS: Expected to be ¥238
Decided on an additional share buyback of ¥80 billion (FY2024 total: ¥180 billion)*Profit attributable to owners of parent. Figures through FY2016 are based on Japanese GAAP (JGAAP) and figures from FY2017 onward are based on IFRS. Since all shares of discontinued operation (Evident) were transferred in April 2023, a gain on this share transfer
was recorded in the first quarter of FY2024.

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01

Consolidated Financial Results andBusiness Review for the 2Q of Fiscal
2024 (FY Ending March 31, 2024)

2Q of Fiscal 2024 (1) Consolidated Financial Results
1 Revenue: 5% consolidated growth. Record high for Medical Business in 2Q and 6M
2 Adjusted operating profit: Decreased due mainly to an increase in project-related expenses for improving efficiency, as well as personnel expenses for future
growth and strengthening of operational infrastructure such as QARA
3 Profit*: Record high of ¥216.3 billion due to a gain on transfer of Scientific Solutions Business (Evident). EPS: ¥174
6 Months (Apr. to Sep.)
FY2023

FY2024

417.1

436.6

(% of revenue)

277.5(66.5%)

Selling, general and administrative expenses(% of revenue)(Billions of yen)1

FY2023

FY2024YoY After FX adjustment

0%

224.8

228.9

+2%

-2%

288.4
(66.1%)

+4%

-2%

151.8
(67.5%)

151.2(66.1%)

0%

-5%

198.5
(47.6%)

221.6(50.8%)

+12%

+7%

102.5
(45.6%)

112.9(49.3%)

+10%

+5%

14.6

-62.0

-

-

-0.2

-56.0

-

-

(% of revenue)

93.6(22.4%)

4.8(1.1%)

-95%

-99%

49.1
(21.8%)

-17.7

-

-

(% of revenue)

79.4(19.0%)

66.6(15.2%)

-16%

-24%

49.6
(22.1%)

38.3(16.7%)

-23%

-26%

(% of revenue)

89.3(21.4%)-1.0-¥90.3billion

47.3(21.0%)-20.7-¥67.9billion

Profit from continuing operations(% of revenue)

69.5(16.7%)-11.5-¥81.0billion

41.6(18.5%)-25.0-¥66.6billion

-2.6

228.1

+¥230.7billion

0.4

1.0

+¥0.6billion

Profit (loss)

66.9

216.7

+224%

42.0

-24.0

-¥66.0billion***Since all shares of
discontinued operation(Evident) weretransferred in April
2023, a gain on thisshare transfer wasrecorded in the firstquarter of the fiscal
year ending March 31,
2024.

Profit (loss) attributable to owners of parent

66.8

216.3

42.0

-24.3

-¥66.2billion

EPS

¥53

¥174

Gross profit

Continuing operations

Other income and expenses
Operating profit
Adjusted operating profit
Profit before tax

Discontinued
operation
Continuing
operations*** Profit from discontinued operation

Page 5YoY After FX adjustment+5%

Revenue**

2Q (Jul. to Sep.)

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2

3

+224%

*Profit attributable toowners of parent. Figures
through FY2016 arebased on Japanese
GAAP (JGAAP) andfigures from FY2017
onward are based on
IFRS.
**The figures from
“Revenue” to Profit fromcontinuing operations”
represents continuing
operations.

--2Q of Fiscal 2024 (2) Endoscopic Solutions Division (ESD)
55%*

35%*

¥270.9billionRevenue

10%*

FY2023(Billions of yen)

FY2024
2Q

6M

2Q

6M

Revenue

141.6

258.5

143.7

270.9

Operating profit

44.1

68.9

28.7

50.9

Other income and expenses

-0.2

-1.4

-4.4

-7.8

Adjusted operating profit

44.3

70.3

33.2

58.7

Operating margin (After FX adjustment)

31.1%

26.7%

20.0% (19.8%)

18.8% (17.7%)

Adjusted operating margin (After FX adjustment)

31.3%

27.2%

23.1% (22.9%)

21.7% (20.6%)*Approx. Due to rounding, the total may not add up to 100%.

Growth Rate FY2024 2Q vsFY2023 2Q

After FX
adjustment

Incl. FX

 Gastrointestinalendoscope-8%

 Sales were particularly sluggish in Europe, where capital investment has stagnated, and in North America, where
customers refrained from purchasing before launch of EVIS X1.

-5%

 Surgical endoscope-5%

 Sales decreased, particularly in China, where business environment was challenging. In the meantime, Japan, Europe
and APAC performed well, led by new surgical endoscope system VISERA ELITE III.

-2%

 Medical service

8%

 Steady growth in all regions, including China, due to stable revenue stream based on service contracts including
maintenance service and an increase in new accounts.

14%

Total

-3%

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1%

2Q of Fiscal 2024 (3) Therapeutic Solutions Division (TSD)
FY202330%*

20%*(Billions of yen)

¥159.7billionRevenue

15%*

35%*
Growth Rate FY2024 2Q vsFY2023 2Q

FY2024
2Q

6M

2Q

6M

Revenue

80.6

152.9

82.5

159.7

Operating profit(loss)

16.4

29.8

-38.2

-28.5

Other income and expenses

0.1

-0.1

-52.8

-54.7

Adjusted operating profit

16.3

29.9

14.5

26.1

Operating margin (After FX adjustment)

20.4%

19.5%

-

-

Adjusted operating margin (After FX adjustment)

20.2%

19.6%

17.6% (18.2%)

16.4% (16.1%)*Approx. Due to rounding, the total may not add up to 100%.

After FX
adjustment

Incl. FX GI-Endotherapy

6% Growth centered on North America. Notable momentum in ERCP, ESD/EMR and hemostasis products.

11%

 Urology-4%

 Sales decreased in North America and Japan due to temporary shipment suspension and supply shortages, including
for major products. Resection electrodes mainly for BPH treatment continued to grow.

1%

 Respiratory-2%

 Sales decreased in China, which was affected by supply shortages of some products, etc., and in Japan, where
COVID-related subsidies effect was seen in previous year.

2% Other therapeutic areas-9%

 Sales decreased due to sale of Gyrus Medical in Europe, etc.

-5%

Total

-2%

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2%

Statement of Financial Position
Balance sheet increased by approx. ¥20.5 billion in real terms, excluding FX impact of approx. ¥89 billion, due mainly to an increase in
cash and profit from transfer of Evident
Assets held for sale and liabilities directly associated with assets held for sale changed due to completion of transfer of Evident
Intangible assets and goodwill decreased due mainly to impairment loss of Veran Medical Technologies
End of Mar.
2023

End of Sep.
2023

ChangeCurrent assets

726.4

921.8

+195.4Inventories

163.0

183.4

(Billions of yen)

End of Mar.
2023

End of Sep.
2023

ChangeCurrent liabilities

461.9

423.3

-38.6

+20.4

Bonds/loans payable

50.0

100.0

+50.0

43.3

-

-43.3

Assets held for sale

169.6

-

-169.6

Liabilities directly
associated with assets
held for saleNon-current assets

782.0

696.0

-86.0

Non current liabilities

405.2

367.0

-38.2

Property, plant andequipment

238.7

253.1

+14.3

Bonds/loans payable

290.1

248.5

-41.6

Intangible assets

115.2

99.6

-15.5

Equity

641.2

827.5

+186.3

Goodwill

182.5

182.3

-0.2

(Equity ratio)

42.4%

51.2%

+8.8ptTotal assets

1,508.3

1,617.8+109.5

Total liabilities andequity1,508.3

1,617.8+109.5

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Consolidated Cash Flows
FCF: Despite a decrease in operating CF due mainly to corporate tax payment related to gain on transfer of Evident, FCF increased
significantly due to receipt of consideration for transfer of Evident. Adjusted FCF was ¥17.7 billion
Financing CF: Minus ¥125.4 billion due mainly to share buyback and dividend payment
6 Months (Apr. to Sep.)
FY2024

Change

89.3

-1.0

-90.3

CF from operating activities

27.3

-11.8

-39.1

CF from investing activities

-15.7

412.7

+428.4

Free cash flow

11.6

400.9

+389.3Adjusted Free cash flow

16.2

17.7

+1.5

-35.5
297.4

-125.4488.2-90.0+190.8

Profit before tax
Discontinued operation

Continuing operations

FY2023

CF from financing activities
Cash and cash equivalents at end of period

Major adjusted items for FY2023 6M (Apr. to Sep.)

Operating CF: Tax payments for reorganization of SSD-¥15.2 billion​

Major adjusted items for FY2024 6M (Apr. to Sep.)

Investing CF: Proceeds from sale of fixed assets (land)+¥19.1 billion​

Operating CF: Corporate tax payment on gain on transfer of Evident-¥56.7 billion​

Investing CF: Acquisition of investment securities-¥3.5 billion

Investing CF: Receipt of consideration for transfer of Evident, etc.

+¥387.9 billion

Investing CF: Investments and temporary financial burden
associated with reorganization of SSD-¥4.9 billion​

Investing CF: Collection of loan from Evident, etc.

+¥52.0 billion​

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02

Forecasts for Fiscal 2024

Fiscal 2024 Consolidated Forecasts
1
2
3
4

Revenue:
Adjusted Operating profit:
Profit*:Shareholder returns:

Expected to achieve ¥958 billion, up 9% YoY
Expected to achieve ¥174.5 billion, down 1% YoY, with an adjusted operating margin of 18.2%
Record high of ¥289 billion due to a gain on transfer of Evident. EPS: Expected to be ¥238
Decided on an additional share buyback of ¥80 billion (FY2024 total: ¥180 billion)
FY2024 Forecasts
as of Aug 9(Billions of yen)

914.0

Revenue
Gross profit

Continuing operations**

vs Aug 9

After FX
adjustment

FY2023

vs FY2023

After FX
adjustment

1

958.0

+44.0

+5%

-2%

881.9

+9%

+3%

627.0
(68.6%)

650.0(67.8%)

+23.0

+4%

-3%

596.8
(67.7%)+9%+2%

Selling, general and administrative expenses(% of revenue)

446.0(48.8%)

476.0(49.7%)

+30.0

+7%

+1%

420.5
(47.7%)

+13%

+8%

-18.0

-74.0

-

-

-

10.3

-

-

(% of revenue)

163.0(17.8%)

100.0(10.4%)

-63.0

-39%

-46%

186.6
(21.2%)

-46%

-54%

(% of revenue)

182.0(19.9%)

174.5(18.2%)

-7.5

-4%

-14%

176.8
(20.0%)-1%-12%(% of revenue)

159.0(17.4%)

92.0(9.6%)

Profit from continuing operations(% of revenue)

115.0(12.6%)

61.0(6.4%)

Profit from discontinued operation

221.0

228.0

Profit (loss)

336.0

Operating profit
Adjusted operating profit
Profit before tax

Discontinued
operation

Continuing
operations

Page 11

Change(% of revenue)

Other income and expenses***

FY2024 Latest
Forecasts

Profit (loss) attributable to owners of parent
EPS

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2

3

289.0

336.0
(36.8%)

289.0(30.2%)

¥273

¥238

*Profit attributable to owners of parent. Figures throughFY2016 are based on Japanese GAAP (JGAAP) andfigures from FY2017 onward are based on IFRS.
**The figures from “Revenue” to Profit from continuing
operations” represents continuing operations.
***Since all shares of discontinued operation (Evident)
were transferred in April 2023, a gain on this sharetransfer was recorded in the first quarter of the fiscal year
ending March 31, 2024.

Dividend forecast for FY2024
4

Year-end dividend of¥18 per share

182.3(20.7%)
138.0(15.7%)
5.6
143.6
143.4
(16.3%)¥113

Fiscal 2024 Forecasts by Business Segment
1

ESD:

2

TSD:

3

Discontinued Operation:

EVIS X1 launched in the U.S. and China in Oct 2023. Revised downward in consideration of delay in tenders due to anticorruption campaign in China and provision associated with voluntary recall.
Revised downward in consideration of sales decline due mainly to supply delays, and loss related to Veran Medical
Technologies, Inc.
Expected to achieve a significant profit increase YoY due to a gain on transfer of Evident
FY2024 Forecasts
as of Aug 9

FY2024 Latest
Forecasts

Changevs Aug 9

After FX
adjustment

FY2023

vs FY2023

After FX
adjustment

Revenue

572.0

604.0

+32.0

+6%

-1%

551.8

+9%

+3%

Operating profit

158.0

150.0

-8.0

-5%

-15%

152.8

-2%

-12%

Revenue

329.0

342.0

+13.0

+4%

-3%

318.2

+7%

+1%

Operating profit(loss)

56.0

-4.5

-60.5

-¥60.5 billion-¥58.7 billion

63.7-¥68.2 billion-¥68.9 billion

Revenue

13.0

12.0

-1.0

-8%

-12%

11.9

+1%

-4%

Operating profit(loss)

1.0

1.0

0

-

-

-0.9

+¥1.9 billion+¥1.9 billion

Operating profit(loss)

-52.0

-46.5

+5.5

+¥5.5 billion+¥7.2 billion-28.9-¥17.6 billion-¥16.1 billion

Revenue

914.0

958.0

+44.0

+5%

-2%

881.9

+9%

+3%

Operating profit

163.0

100.0

-63.0

-39%

-46%

186.6

-46%

-54%

0

0

-

-

-

135.4

-

-

348.0

+1.0

-

-

7.0

-

-

(Billions of yen)

ESD
TSD
OthersElimination and Corporate
Consolidated Total(Reference)
Discontinued Operation

Revenue
Operating profit

347.0

1
2

3

*Since all shares of discontinued operation (Evident) were transferred in April 2023, a gain on this share transfer was recorded in the first quarter of the fiscal year ending March 31, 2024.

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Factors that Affect Fiscal 2024 Forecasts (vs. Previous Forecast)
FY2024 Latest Forecasts vs Aug. 9 Forecasts(Billions of yen)

Change in Sales
-14.9

182.0

 Declined in ESD
Approx. -¥7 billion
 Declined in TSD
Approx. -¥8 billion

FY2024
Adjusted operating
profit forecasts
as of Aug. 9

 Provision associatedwith voluntary recall ofsmall intestine
endoscope system, etc.
Approx. -¥5 billion

Change in
SG&A Expenses-3.2

Impact of foreign
Exchange, etc.*+17.0

Supply shortages due to supply chain issues

Approx. -¥9-10 billion

External factors (Impact of a delay in tenders due to anti-corruption campaign in China, etc.)

Approx. -¥8-9 billion

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174.5

 Expenses related
to FDA responses
Approx. -¥2 billion

Main Factors that affected revenue*Equity Method is included.

Page 13

Change incost of sales-6.4

FY2024
Adjusted operating
profit latest forecasts

03

Transforming into a Leading
Global MedTech Company

Key Message

1 Our clear priority is the remediation of allissues outlined in the three warning letters andtransforming Olympus into a best-in-class
MedTech company with highest focus on
patient safety and quality. We are making good
progress in both fulfilling our commitments towards
FDA and transforming the way we work.

2 Mid-term ambition level with respect to growthand margin expansion is obviously higher
than what we will be able to deliver in FY2024.

3 We will this fiscal year and in the future increasevalue for our shareholders and improve ourcapital efficiency.

*Constant currency basis and adjusted for extraordinary Items

Page 15

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Guiding Principles

Our Strategy for Sustainable Growth
Guiding Principles
Patient safety andsustainability

pending commitments to the FDA,
1 Resolve
prove confidence with regulators

2 Lead in organization health and ESG
Innovation forgrowth3
Grow our business through purposeful
4 innovation
and acquisitions

Productivity

5

Strengthen the Olympus brand, elevate theexperience of our customers

Build a high performing organization focusedon patient safety and product quality

simplicity and operational
6 Ensureefficiency

Strategic Value Pools

Business andGlobal Expansion

Page 17Strategic M&A

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Care Pathway
Enhancement

Intelligent
Endoscopy
Ecosystem

Making people’s
lives healthier,safer and more
fulfilling.

Launched a holistic remediation andtransformation program
Elevate our innovative capabilities;
the standard of care and patient outcomes;
and growth as an organization
Fix the past & secure the present
Meet all of our warning letter commitments in an
effective and timely manner and avoid future
recurrence

Build for the future
Pro-actively address root causes that will help us
improve Quality outcomes going forward throughcross-functional engagement and ownership Improved lifecycle management
 Digitally-enabling processes to reduce costs andimprove effectiveness Shortening time to develop, get clearance andlaunch products
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Patient safety
andsustainability

Laying thefoundation forsustainable growth
Growth is temporarily morechallenged for a variety ofreasons, but we areconsequently investing in our
defined strategic priorities which
will translate into sustainablegrowth and value creation overthe medium-term.

We are making investments for the future in…
Guiding Principles
Patient safety andsustainability

Steady progress is made in corrective actions for FDA findings

Innovation forgrowthRegulatory approvals and geographic expansion for EVIS X1Continue efforts to accelerate market development of iTind
minimally invasive BPH solution

Productivity

Page 19

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ELEVATE; Launched a holistic remediation and qualitytransformation program

Establishing a framework to improve efficiency

Innovation
for growth

Regulatory approvals and geographic expansion for EVIS X1Full global availability of our strategic core product that is the largest source of sales
EVIS X1 will foster sustainable growth
Revenue ratio

Expected growth opportunity for EVIS X1 endoscopy system

Changes in GI and
Respiratory Endoscopy
net sales in Japan, Europe
and Asia-PacificPotential for replacing
the previous model

70,000Approx.

50%

CAGR in first 3 years
after launch
Approx.

* Unit sales of previous generation video

processor (CV-190 and CV-290)

7%

Americas

Sales started in October 2023 (FY24 3Q)
NEW

China

Sales started in November 2023 (FY24
3Q)

Japan

units*

FY20 FY21 FY22 FY23

NEW

Approx.

50%

Sales started in FY2021

Europe**Sales started in FY2021

Asia-Pacific***

Sales started in FY2021

There is still replacement demand and sustainablegrowth potential in Japan, Europe and Asia-Pacific.
**Europe excluding part of CIS ***Asia-Pacific excluding some countries/ areas

Page 20

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EVIS X1 Endoscopy System- Elevating the Standard of Endoscopy
TXI – Texture and Color Enhancement Imaging
Optimizes mucosal surface image color, texture, andbrightness during endoscopic screening, increasing thevisibility of potentially suspicious lesions.

RDI – Red Dichromatic Imaging
Supports easier identification of bleeding points and hemostasis— helping to reduce treatment time and stress and to avoid
delayed bleeding after endoscopic therapy.

NBI – Narrow Band Imaging
Results in sharper, clearer, brighter images —enhancing the visibility of vascular and mucosal
patterns.

EDOF – Extended Depth of Field
Delivers continuous broad focus, higher image resolution,and maximum magnification functionality.

ENDO-AID– Application to aid in the detection of colonic lesions
Uses advanced AI technology to suggest the potential
presence of lesions, helping increase adenoma
detection rates (ADR) .

Page 21

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Innovation
for growth

TSD offers a compelling portfolio of differentiated solutions
with a robust pipeline

Innovation
for growth

Steady progress is made in line with the company strategy for sustainable growth.
GI-Endotherapy

Respiratory

Urology Double-digit growth in our ESD/EMR, ENDOCUFF VISION, EndoClot portfolios Acquisition*1 of broad metal stent portfolio will significantly accelerate our global position andoptions in biliary tract, esophagus, colon, and duodenum treatments
 Differentiated solutions such as EVIS X1 bronchoscopes and EU-ME3 endoscopic ultrasoundprocessor expected to drive robust future growth Committed to delivering meaningful innovation to optimize patient outcomes in bronchoscopy
and lung cancer staging & diagnosis procedures
 Launch of single-use ureteroscope will expand clinician options
 Portfolio of Laser and Ultrasonic lithotripsy systems enables market share capture PLASMA+ Technology system, one of the growth drivers, continues solid growth.
 Expanded reimbursement for differentiated MIS BPH device which provides better clinicaloutcomes and elevates the standard of care*2*1 Acquisition of Taewoong medical Co., Ltd,: Closure pending *2 iTind procedure does not require a permanent implant and preserves sexual function and continence, while reducing the need for a post procedure catheter. Procedure can be done in the MD office setting.

Page 22

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Innovation
for growth

Continue efforts to accelerate market development of iTind
minimally invasive BPH solution​

The American Medical Association (AMA) CPT Editorial Panel published its decision to establish two
Category I CPT codes for the iTind procedure, which would go into effect in January of 2025
The Care Pathway for BPH
Early Detection

iTind

OfficeCharacterization,
Diagnosis & Staging

Treatment

PLASMA+ SOLTIVE&
Technology EMPOWER

Cystoscope

Clinician Benefits▪ Delivering rapid relief of BPH
symptoms▪ No cutting or heating prostate tissue

Surgery

Patient Benefits▪ Preserving sexual function andcontinence and removing the need for
an uncomfortable catheter

Care Provider Benefits▪ In the United States, CMS*¹ increased
reimbursement for iTind in 2023 when
performed in HOPD*² or ASC*³▪ Can be placed during a straightforward▪ Reduced procedural time and lower total
procedure in an office or outpatient setting.
cost of care when compared to alternative▪ Avoiding complications associated with
Patients can recover at home.
therapies
other treatments▪ Leaving behind no permanent implantMore patients and physicians will have access to the novel iTind procedure,
strengthening the care pathway and elevating the standard of care.
*1 CMS = Centers for Medicare & Medicaid Services *2 HOPD = Hospital Outpatient Department *3 ASC = Ambulatory Surgery Center

Page 23

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Productivity

Establishing a framework to improve efficiency
Global Operating Model

Global Productivity

Goal Statement

Further fine-tune and operationalize our global operating model tobecome a more high-performing organization as a leading global
MedTech company and unlock capital to drive innovation

Global Operating
Model Guiding
Principles

Refine selected
Functional-specificoperating model

Page 24

Future divisional
set-up and Global
Business Units
Archetype

Refine high-value
managerial processes

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Clearer roles andresponsibilities acrossdivisions, business
units, functions andregions

Regionallyharmonized
governanceframework andorganization structure

Goal Statement

Ensure simplicity and operational efficiency
through defining short-term levers and longer-term
efforts that link to fine-tuned Operating Model

Productivity
workplans for
FY2025 SGA
targetachievement

Assessmentof current
operations
with leadingindustry
benchmarks

Mid-/Long-termrightsizing
recommenddations

Capital Allocation

Capital Allocation
Prioritize allocation to business investment
Stable and gradual dividend increase
Flexible buyback of company sharesBusiness

Prioritize

 Investment for profitable, organic growth Strategic investment for growth opportunities

Shareholder

Dividends

Stable and gradual dividend increase in line with medium
to long-term business performance

Returns

Buyback

Flexible buyback of company shares based on investment
opportunities and cash / financial conditions

Investment

Page 26

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Shareholder Returns: Additional share buyback of ¥80 billion
We will proactivity continue to consider share buyback in FY2025
and FY2026 after securing sufficient liquidity on hand for working
capital and investment, based on the capital allocation policy.
¥

100

NEW

billion¥80

Changes in Shareholder Returns
billion

69.5%

2000

Total number of shares to be repurchased
55,000,000 shares (maximum): 4.39%* of total number of shares
outstanding (excluding treasury shares)

Total number of shares to be repurchased1500
53,000,000 shares (maximum)
1000: 4.34%** of total number of shares
outstanding (excluding treasury shares) 500

41.3%

Repurchase Period
May 15, 2023 to November 6, 2023

Repurchase Period
November 10, 2023 to March 31, 2024

30

¥

180

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180
14

FY202216

18

FY2023

FY2024(Forecast)
Dividend (Yen)50

Buyback (Billions of yen)
Total return ratio

billion* Calculated based on the number of shares outstanding (excluding treasury shares) as of March 31,2023** Calculated based on the number of shares outstanding (excluding treasury shares) as of September 31,2023

Page 27

0

48.8%

80
70
60
50
40
30
20
10
0

FY24-26 Financials

In FY2026 we aim at achieving mid-single digit
sales growth target and operating margin of 20%.
Revenue Growth*
EPS Growth**~

8%

CAGR from FY2023* constant currency basis** Adjusted for extraordinary Items- Exclude “Other income / expenses”- No adjustment will be made for the impact of exchange rate fluctuations; actual exchange rate will be used

No data copy / No data transfer permitted

5%

CAGR from FY2023

OP margin**

Page 28

~

~

20 %

Appendix

Changes in Reporting StructureWith completion of divestiture of Scientific Solutions Business (Evident) in FY2024 1Q,
it is disclosed as a discontinued operation from FY2023 2Q to FY2024 (based on IFRS)FY2022

Apr. 2022 - Mar. 2024

ESD
TSD

ESD
Continuing
Operations

SSD
OthersTSD
OthersDiscontinued
Operation*

Scientific Solutions
Business (Evident)

Profit (loss) from Discontinued Operation is disclosed in Consolidated Financial Results
Performance of Discontinued Operation is disclosed as supplementary information*In the six months ended September 30, 2022, Olympus Corporation concluded a share transfer agreement related to the transfer of our Group’s Scientific Solutions Business with K.K. BCJ-66, a special purpose company indirectly owned by funds advised by Bain Capital Private Equity, LP(together with its affiliates, “Bain Capital”). The amounts presented for revenue, operating profit, profit before tax and profit from continuing operations are the amounts from continuing operations from which the discontinued operation has been excluded, while the amounts presented for profit andprofit attributable to owners of parent are aggregates of continuing operations and discontinued operation. The transfer of all shares was completed in April 2023.

Page 31

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2Q of Fiscal 2024 Factors that Affected Consolidated Operating Profit
6 Months (Apr. to Sep.)(Billions of yen)

Change in
sales
+1.1
Sales increased,
centered on ESD

93.6

FY2023Operating profit

Page 32

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Change incost of sales-5.5 Provision associatedwith voluntary recallof small intestine
endoscope system,
etc.

Other
-73.7
Change in
SG&A
expenses-14.1
 Increase inpersonnel andproject-related
expenses, etc.

＜Negative factors＞
 Decrease in gain on
sales of fixed assets
recorded in FY2023
 Loss associated withexit fromelectromagnetic
navigation businessof Veran Medical
Technologies
 Expenses related to
FDA responses

Impact offoreignexchange+3.4

4.8
FY2024
Operating profit

2Q of Fiscal 2024 Results by Segment
6 Months (Apr. - Sep.)

2Q (Jul. – Sep.)

FY2023

FY2024

YoY

After FX
adjustment

FY2023

FY2024

YoY

After FX
adjustment

Revenue

258.5

270.9

+5%

+1%

141.6

143.7

+1%

-3%

Operating profit

68.9

50.9

-26%

-33%

44.1

28.7

-35%

-38%

Revenue

152.9

159.7

+4%

0%

80.6

82.5

+2%

-2%

Operatingprofit(loss)

29.8

-28.5

-¥58.3 billion-¥57.2 billion

16.4

-38.2

-¥54.7 billion-¥52.3 billion

Revenue

5.7

6.1

+8%

+3%

2.6

2.7

+2%

-4%

Operatingprofit(loss)

-0.8

1.0

+¥1.8 billion+¥1.8 billion

-0.5

1.1

+¥1.6 billion+¥1.6 billion

Elimination and Operating
Corporate
profit(loss)

-4.3

-18.6

-¥14.3 billion-¥14.0 billion

-10.9

-9.3

+¥1.6 billion+¥1.8 billion

Revenue

417.1

436.6

+5%

0%

224.8

228.9

+2%

-2%

Operating profit

93.6

4.8

-95%

-99%

49.1

-17.7

-¥66.8 billion-¥65.6 billion

Revenue

52.7

0

-

-

30.9

0

-

-

Operatingprofit(loss)

-4.9

348.2

-

-

-1.1

0.6

-

-

(Billions of yen)

ESD

TSD

OthersConsolidated
Total

Discontinued
operation

Page 33

No data copy / No data transfer permittedOther income and expenses
6 Months (Apr. to Sep.)(Billions of yen)

Other
incomeFY2023 6M

FY2024 6M

19.4

Major items

OtherexpensesMajor items

Page 34

Full-year Forecasts

Gain on sales of land 16.4

Change2.5-16.8

Major items

business 1.1

64.3

Transform Olympus cost 1.7

Veran Medical Technologies
Inc. related loss 49.6
Expenses related to FDA
Responses 11.9
Impairment of development
assets 1.0

No data copy / No data transfer permitted

Other
incomeFY2023

FY2024

23.7

Gain on sales of land 16.4

Gain on transfer of collagen

5.1(Billions of yen)

Medi-Tate Reversal of
conditional consideration 1.3+59.2

Change3.5-20.2

Gain on transfer of collagenbusiness 1.1

Otherexpenses

13.9

78.0

Major items

Transform Olympus cost 2.4
Impairment of development
Assets 1.8
Expenses related to FDA
Responses 1.9

Veran Medical Technologies
Inc. related loss 51.0
Expenses related to FDA
Responses 20.0
Impairment of development
assets 1.0+64.1

Factors that Affected Consolidated Cash Flows
FCF +400.9（Adjusted FCF* +17.7）
Investing CF +412.7

Operating CF -11.8
Corporate tax
payments-90.6
 Payment ofcorporate tax onincome for FY2023

Profit before
tax
-1.0

 Scheduled
corporate tax
payment on income
for FY2024 (incl.
corporate tax
payment on gain ontransfer of Evident)

Others inOperating CF+79.8

Receipt ofconsideration
for transfer ofEvident, etc.
+387.9Others in
Investing CF+24.8
Collection ofloan fromEvident, etc.

Financing CF-125.4Mainly sharebuyback anddividend payment

Impact offoreignexchange
+7.1

488.2

205.5
End of March
2023
Cash and cash
equivalents

Page 35

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Major adjusted items for FY2024 6M (Apr. to Sep.)
Operating CF: Corporate tax payment on gain on transfer of Evident-¥56.7 billion​

Investing CF: Receipt of consideration for transfer of Evident, etc.

+¥387.9 billion

Investing CF: Collection of loan from Evident, etc.

+¥52.0 billion​

End of
September 2023
Cash and cash
equivalents

Factors that Affect Fiscal 2024 Forecasts (vs. Previous Forecast)
FY2024 Latest Forecasts vs Aug. 9 Forecasts(Billions of yen)

Change in
Sales
-14.9
 Declined in ESD
Approx. -¥7 billion

163.0

 Declined in TSD
Approx. -¥8 billion

FY2024
Operating profit
as of Aug. 9

Page 36

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Other
-50.4
Change incost of sales-6.4

 Provision associatedwith voluntary recallof small intestine
endoscope system,
etc.
Approx. -¥5 billion

Change in
SG&A
Expenses-3.2
 Expenses related
to FDA responses
Approx. -¥2 billion

Impact offoreign
Exchange+11.9

 Loss associated withexit fromelectromagnetic
navigation business of
Veran Medical
Technologies
Approx. -¥46 billion
 Expenses related to
FDA responses
Approx. -¥4 billion

100.0

Main Factors that affected revenue
Supply shortages due to supply chain issues

Approx. -¥9-10 billion

External factors (Impact of a delay in tenders due to anti-corruption campaign in China, etc.)

Approx. -¥8-9 billion

FY2024
Operating profit
latest forecasts

Key Product Catalysts: Endoscopic Solutions Division (As of Nov. 9, 2023)
ESD Key priorities for FY2024
 Accelerate EVIS X1 sales growth in Europe, Japan and Asia Pacific Aim to launch EVIS X1 in the US in middle of FY2024 and prepare for launch in China
 Launch next generation EUS system in Europe and Japan successfully Maximize market potential in emerging countries and further expansion in China
 Introduce new generation surgical endoscopy system and improve profitability

Growth driver now

Just launched / Coming soon

BeyondGI endoscopy

GI endoscopy

GI endoscopy EVIS X1 (EU, Japan, AP) EVIS EXERA III (US, EU)
 EVIS LUCERA ELITE (China)

Surgical endoscopy VISERA ELITE II 2D/3D/IR (US, EU,
Japan, China)
 VISERA 4K UHD (US, EU, Japan,
China) EVIS X1 (US, China)
 EU-ME3 (EU, Japan, AP)

Surgical endoscopy Single-use duodenoscope ENDO-AID, endoscopy CAD platform
for EVIS-X1 (Japan, US)3%

Growth rate1
in FY2024

Surgical endoscopy VISERA ELITE III (US) VISERA ELITE III (EU, Japan、AP)

1 YoY after FX adjustment

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Key Product Catalysts: Therapeutic Solutions Division (As of Nov. 9, 2023)
TSD Key priorities for FY2024
GI-Endotherapy
 Expand clinically differentiated product offerings in key areas of focus: ERCP, ESD, Luminal Patency and Hemostasis devices
Urology Expand leadership in BPH through iTind market development while maintaining resection as a primary revenue and profit growth Drive lithotripsy growth through SOLTIVE SuperPulsed Laser System
Respiratory
 Drive growth in lung cancer with stronger emphasis around updated EBUS-TBNA offering.
 Reinforce strength in respiratory endoscopy through continued focus on driving adoption of X1 bronchoscopy platform

Growth driver now

Just launched / Coming soon

BeyondGI-Endotherapy

GI-Endotherapy

GI-Endotherapy

 Visiglide series
 ESD Knife
 EZ Clip / QuickClip Pro
 EndoJaw

Urology Resection electrodes
 SOLTIVE SuperPulsed Laser System forstone + soft tissue (US, EU, AP)

Respiratory Single-use bronchoscope (US) Bronchoscope, EBUS scope ViziShot series
 Spiration Valve System
 EVIS X1 bronchoscope (Japan, EU, AP)
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




1 product (US)
6 products (EU)
5 products (Japan)
1 product (China)

Urology








ESG-410 (US, Japan, AP)
Single-use ureteroscope (US, AP, Japan)
SOLTIVE SuperPulsed Laser System (Japan)
iTind (US, EU, AP)
Resection electrodes (China)
OES ELITE Ureteroscope (China)

 Single-use cholangioscope

Urology1%

Growth rate1
in FY2024

 Cystoscope Camera head
 Video processor

Respiratory

 Slim EBUS scope EVIS X1 bronchoscope (China)

Respiratory New EBUS scope (US, China)
 EVIS X1 bronchoscope (US) Endoscopic Ultrasound Processor (EU, Japan, AP)
1 YoY after FX adjustment

Expenditures, etc.
6 Months (Apr. to Sep.) and Full-year Forecasts(Billions of yen)

FY2023 2Q

FY2024 2Q

83.0

FY2024 (Forecasts)

78.0
66.0

36.1 35.0

29.5

34.2

32.6 32.9(Billions of yen)

Page 39

Capital expenditures**

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Depreciation andamortization

FY2024R&D expenditures* (a)

36.1

35.0

Capitalization of R&D
expenditures (b)

5.6

6.2

R&D expenses in P/L
(a-b)

30.5

28.8

(Billions of yen)Amortization

R&D assets

R&D expenditures*

FY2023

FY2023

FY20243.9

4.2

End of Jun. 2023

End of Sep. 2023

59.9

60.8

*Capitalization of R&D expenditures (b) is included in R&D expenditures.
**Capitalization of R&D expenditures (b) is included in capital expenditures.
In addition, the Olympus Group has adopted IFRS #16 "Leases" from FY2020, and right-of use
assets below are included in capital expenditures.
(FY2023 2Q: ¥4.3 billion, FY2024 2Q: ¥6.9 billion, FY2024 Forecast: ¥9.0 billion)

Foreign Exchange and Sensitivity
As a general rule, we use average value for latest month as exchange rates for full-year forecasts
Foreign exchange rate
FY2023 1Q

FY2023 2Q

FY2024 1Q

FY2024 2Q

FY2024 Forecasts
as of August 9

FY2024 Latest
Forecasts

Yen/U.S. dollar

129.57138.37137.37144.62

132

145

Yen/Euro

138.12139.34149.47157.30

144

155

Yen/CNY

19.58

20.19

19.56

19.94

19

20

(Yen)

Forex sensitivity (annualized impact)
Revenue

Operating profit

U.S. dollar (per yen)

2.5

0.7

Euro (per yen)

1.6

0.6

CNY (per yen)

5.8

3.5

(Billions of yen)

*Forex sensitivity (annualized impact) is calculated based on the FY2023 4Q results.

Page 40

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