Consolidated Financial Results for the 1st Quarter and
Full-year Forecasts for Fiscal 2023

Olympus Corporation | Executive Officer and CFO, Chikashi Takeda | Executive Officer and COO, Nacho Abia | August 9, 2022

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– 1Q Consolidated Financial Results
Revenue and operating profit grew by minimizing multiple risks identified at start of fiscal year
 Revenue: 12% consolidated growth. Record high for Medical business in 1Q
Double-digit growth for both ESD and TSD
 Operating Profit: Record highs for both amount and ratio in 1Q*– Full-year Performance Forecasts
Unchanged from May forecasts excluding FX impact. With FX assumptions revised, revenue
and all profit levels were upwardly revised
 Revenue: Expected to achieve ¥1,019 billion, up 5% from previous forecast, with Medical
reaching a record high
 Operating profit: Expected to achieve OPM of >20%, which is our target in corporate strategy
 Profit**: Expected to reach a record high of ¥172 billion. EPS: Expected to grow 50% to ¥135
*From FY2009, when Olympus began disclosing the quarterly report.
**Profit attributable to owners of parent. Figures through FY2016 are based on Japanese GAAP (JGAAP) and figures from FY2017 onward are based on IFRS.

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01

Consolidated Financial Results andBusiness Review for the 1Q of Fiscal
2023 (FY Ending March 31, 2023)

1Q of Fiscal 2023 (1) Consolidated Financial Results
Consolidated performance: Consolidated revenue growth of 12% YoY. Operating profit achieved record highs for both amount and ratio*
Compared to internal plan: 1Q progress largely in line with plan despite difficult market environment such as Shanghai lockdown, which was factored
in at start of fiscal year
1Q (Apr. to Jun.)(Billions of yen)

FY2022

FY2023

YoY

YoY(After FX adjustment)

Revenue

191.5

214.1

+12%

0%

(% of revenue)

123.3(64.4%)

137.2(64.1%)+11%-2%

Selling, general and administrative expenses(% of revenue)

95.8(50.0%)

108.9(50.9%)

+14%

+5%

0.1

12.5

-

-

(% of revenue)

27.6(14.4%)

40.8(19.1%)

+48%

+18%

(% of revenue)

27.6(14.4%)

28.3(13.2%)+3%(% of revenue)

27.0(14.1%)

38.2(17.9%)+42%(% of revenue)

18.7(9.8%)

24.9(11.6%)

+33%

EPS

¥15

¥20

¥/US$

¥109

¥130

¥/Euro

¥132

¥138

¥/CNY

¥17

¥20

Gross profit

Other income and expenses
Operating profit
Adjusted operating profit
Profit before tax
Profit**Page 5No data copy / No data transfer permitted-*From FY2009, when Olympus began disclosing the quarterly report.
**Profit attributable to owners of parent.

1Q of Fiscal 2023 (2) Endoscopic Solutions Division (ESD)
55%*

35%*

¥116.9FY2022(Billions of yen)

1Q

1Q

100.0

116.9

Operating profit

22.7

24.8

Other income and expenses

-2.2

-1.2

22.7%

21.3%
(18.3%)

RevenuebillionRevenue

Operating margin(After FX adjustment)

10%*

FY2023*Approx.

Growth Rate FY2023 1Q vsFY2022 1Q

vs FY2022

vs
FY2022(after FX
adjustment) Gastrointestinalendoscope18% All regions grew except China, where COVID-related activity restrictions were implemented. In addition to steady sales
expansion of EVIS X1 series, old generation scopes contributed to sales growth. North America, where yen
depreciation had a significant effect, also contributed to revenue increase.

5% Surgical endoscope11% All regions grew except China, where COVID-related activity restrictions were implemented. In particular, strong
performance in Europe, where VISERA ELITE II surgical endoscopy system contributed to sales growth. North America,
where yen depreciation had a significant effect, also contributed to revenue increase.

-1% Medical service

17%

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

5%

Total

17%

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1Q of Fiscal 2023 (3) Therapeutic Solutions Division (TSD)
FY202230%*

20%*(Billions of yen)

¥72.4
billion15%*

Revenue*Approx.

Growth Rate FY2023 1Q vsFY2022 1Q

1Q

1Q

Revenue

63.6

72.4

Operating profit

14.1

13.4

Other income and expenses

2.5

-0.2

22.1%

18.5%
(16.5%)

Operating margin(After FX adjustment)

35%*

FY2023**From FY2023, Gynecology products classified in Other therapeutic areas in TSD are included in Urology in TSD. FY2022 results have been reclassified in the same manner.
vs FY2022

vs
FY2022(after FX
adjustment) GI-endotherapy

14%

 Sales grew in all regions and product categories. In particular, strong performance in North America and Europe with thenumber of procedures recovering. Notable momentum in Sampling (biopsy forceps, etc), ERCP and ESD/EMR products.

5%

 Urology**18%

 The number of procedures is recovering. Strong performance in North America and Europe, led by resection electrodes
for BPH and “SOLTIVE SuperPulsed Laser System” for stone lithotripsy.

4%

 Respiratory7%

 Solid growth centered on Europe due to procedure volume recovery. In addition, North America, where yen depreciation
had a significant effect, also contributed to revenue increase. Strong performance in respiratory-endotherapy products for
EBUS-TBNA (Endobronchial ultrasound-guided transbronchial needle aspiration).

-5%

 Other theapeutic areas

12% Strong performance in energy devices, led by “THUNDERBEAT”.

2%

Total

14%

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1Q of Fiscal 2023 (4) Scientific Solutions Division (SSD)
FY202235%*

65%*(Billions of yen)

¥21.9

1Q

1Q

24.8

21.9

Operating profit(loss)

1.9

-1.6

Other income and expenses

-0.2

-0.2

7.5%

-

RevenuebillionRevenue

FY2023Operating margin(After FX adjustment)*Approx.

Growth Rate FY2023 1Q vsFY2022 1Q

vs FY2022

vs
FY2022(after FX
adjustment) Life science-17%

 Sales decreased due to impact of prolonged delivery time caused by parts shortages including
semiconductors, as well as COVID-related activity restrictions in China, although budget execution at
research institutions and universities remained steady.

 Industrial-9%

 Sales decreased due to impact of prolonged delivery time caused by parts shortages including
semiconductors, as well as COVID-related activity restrictions in China, although customers’ CAPEX
sentiment continued to improve.

Total

-12%

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-26%
-19%
-21%

Statement of Financial Position
Overall balance sheet increased due to foreign exchange effects

End of Mar.
2022

End of Jun.
2022

ChangeCurrent assets

694.6

723.1

+28.5

Inventories

167.4

186.9

Non-current assets

663.4

Property, plantand equipment

End of Mar.
2022

End of Jun.
2022

ChangeCurrent liabilities

376.3

362.9

-13.4

+19.5

Bonds/loans
payable

52.3

53.6

+1.4

710.4

+47.0

Non current liabilities

470.4

488.5

+18.1

247.1

259.3

+12.1

Bonds/loans
payable

333.8

341.2

+7.3

Intangible assets
and others

251.8

268.9

+17.1

Equity

511.4

582.2

+70.8

Goodwill

164.5

182.2

+17.7

(Equity ratio)

37.6%

40.5%

+2.9ptTotal assets

1,358.0

1,433.5+75.5

Total liabilities andequity1,358.0

1,433.5+75.5(Billions of yen)

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Consolidated Cash Flows
FCF: Minus ¥21.7 billion due to corporate tax payments etc. Considering adjusted factors, adjusted FCF was minus ¥20.3 billion
Financing CF: Minus ¥21.7 billion due mainly to dividend payments
1Q (Apr. to Jun.)

FY2022

FY2023

Change

27.0

38.2

+11.3

CF from operating activities

23.7

-26.9

-50.5

CF from investing activities

-33.5

5.2

+38.7

Free cash flow

-9.8

-21.7

-11.8

Adjusted Free cash flow

20.3

-20.3

-40.6

CF from financing activities

-39.0

-21.7

-17.2

168.7

286.4

+117.7

Profit before tax

Cash and cash equivalents at end of period
Major adjusted items for FY2022 Q1 (Apr. to Jun.)

Major adjusted items for FY2023 Q1 (Apr. to Jun.)

Operating CF: Reversal of provision for career support
for external opportunity program¥8.8 billion

Investing CF: Acquisition and integration-related
payments¥21.3 billion

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Operating CF: Tax payments for reorganization of SSD¥17.8 billion​

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

Investing CF: Investments and temporary financial burden
associated with start of Evident¥2.7 billion​

02

Forecasts for Fiscal 2023

Fiscal 2023 Consolidated Forecasts
Unchanged from the May forecasts excluding FX impact. With FX assumptions revised, revenue and all profit levels were upwardly revised
1
2
3

Revenue: Expected to achieve ¥1,019 billion, up 5% from previous forecast
Operating profit: Expected to achieve OPM of >20%, which is our target in corporate strategy. Record highs for both amount and ratio
Profit*: Expected to reach a record high of ¥172 billion. EPS: Expected to grow 50% to ¥135
FY2023 Forecasts asof May 11(Billions of yen)

968.0

Revenue

FY2023 Latest
Forecasts

Changevs May 11

vs May 11 (After FXadjustment)

1

1,019.0

+51.0

+5%

0%

(% of revenue)

646.5(66.8%)

688.0(67.5%)

+41.5

+6%

0%

Selling, general and administrative
expenses*(% of revenue)

445.5(46.0%)

461.0(45.2%)

+15.5

+3%

-1%

5.0

4.0

-

-

-

231.0
(22.7%)

+25.0

+12%

0%

+26.0

+13%

Gross profit

Other income and expenses(% of revenue)

206.0(21.3%)(% of revenue)

202.0(20.9%)

228.0(22.4%)(% of revenue)

200.0(20.7%)

225.0(22.1%)

Profit attributable to owners of parent(% of revenue)

154.0(15.9%)

Operating profit
Adjusted operating profit
Profit before tax

EPS

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2

3

172.0
(16.9%)¥135

Dividend forecast for FY2023
Year-end dividend of ¥16 per share*Profit attributable to owners of parent. Figures through FY2016
are based on Japanese GAAP (JGAAP) and figures from FY2017
onward are based on IFRS.

Fiscal 2023 Forecasts by Business Segment
12

Medical: Revenue is expected to reach a record high
SSD: Expected to achieve full-year outlook with proceeding with product shipments as parts shortages are resolved from 2Q onward
FY2023 Forecasts
as of May 11(Billions of yen)

ESD

TSD

SSD

OthersElimination andcorporate
Consolidated Total

Page 13

FY2023 Latest
Forecasts

1

Changevs May 11

vs May 11 (After FXadjustment)

536.0

+27.0

+5%

0%

174.0

+18.0

+12%

+1%

327.0

+17.0

+5%

0%

75.5

+6.0

+9%

0%

145.0

+7.0

+5%

0%

Revenue

509.0

Operating profit

156.0

Revenue

310.0

Operating profit

69.5

Revenue

138.0

Operating profit

24.5

26.5

+2.0

+8%

-6%

Revenue

11.0

11.0

-

-

-2%

Operating profit (loss)

-1.5

-1.5

-

-

-

Operating profit (loss)

-42.5

-43.5

-¥1.0 billion-¥1.0 billion-¥0.3 billion

Revenue

968.0

1,019.0

+51.0

+5%

0%

Operating profit

206.0

231.0

+25.0

+12%

0%

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1
2

03

TSD Growth Story

TSD aims to grow by focusing on targeted diseases
Therapeutic Area
Strategic Fit

Right to Win

Ability andheadroom toelevate thestandard of care

Portfolio presence
Clinical expertise
Sales channels
Competitive
intensity

TargetAreas

GI ENDOTHERAPY Colorectal Cancer Pancreaticobiliary Diseases
 Gastric Cancer
 Metabolic Disorders

UROLOGY

 BPH
 Stone Management
 Bladder Cancer

RESPIRATORY Lung Cancer
 COPD

MarketAttractivenessMarket size
Estimated growth
Key drivers

Targeted Diseases

We will target attractive and growing targeted diseases in which we have a strong market presence with differentiated offerings,
market expertise, strong relationships with key stakeholders, and ultimately can elevate the standard of care (e.g., by addressing asignificant unmet need, introducing a game-changing solution that can replace the gold standard)
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GI Endotherapy leverages its strong market position to derivehigh profits while improving the standard of care
#2 Market Position

Strong Foundation

Driving Growth Now

Future Growth Drivers

Leading
Solutions

Guidewires¥300 - 350B
5% - 7% CAGRGI Endotherapy

Underdevelopment

Clinical procedure

Sphincterotomes

ERCP1

Dual Knife JTM

EndoCuffTM
Adenoma detection

Single-use
cholangioscope3

ESD2

Colonoscopy

Cholangioscopy

addressable market

Leverage #1 market position in GI endoscopes
Note: Served market scale and growth forecast information comes from Olympus research and pertains to data for the USA, Germany, UK, Italy, France, Spain, Japan and China, Market scale is as of March 31, 2021, Respiratory includes theimpact of the Veran Medical acquisition. Growth forecasts are projected for fiscal year 2022 to fiscal year 2024, starting from fiscal year 2021. This also applies to market data shown on the two slides that follow
Note: Products or devices presented include future technology which may be pending regional regulatory approval and are not available for sale in all regions.
1 ERCP: endoscopic retrograde cholangiopancreatography
2 ESD: endoscopic submucosal dissection
3 The product under development has not been submitted to FDA for formal review and is not available for the US Market

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Urology delivering strong growth at high profitability throughinnovative solutions that improve workflow and clinical outcomes#2 Market Position

Strong Foundation

Driving Growth Now

Future Growth Drivers

Upper tract(Kidney, Ureter, + Bladder)

Under
development

Stone Management¥ 180B market
CAGR +4%¥280 - 350B
5% - 7% CAGR

Urology

Ureteroscopes andlithotripsy generators

SoltiveTM lithotripsy generator
and lithotripsy consumables

Single-use ureteroscope2

Cystoscopy andlegacy resection consumables

PLASMA+TM resection
generator and bipolar consumables

iTindTM
Minimally Invasive BPH device

Lower tract(Bladder + Prostate)addressable
market
BPH1 +
Bladder Cancer¥ 125B market
CAGR +10%

Note: Products or devices presented include future technology which may be pending regional regulatory approval and are not available for sale in all regions.
1 BPH: benign prostatic hyperplasia
2 The product under development has not been submitted to FDA for formal review and is not available for the US Market

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Respiratory EBUS scopes and needles are highly profitable,market leading solutions for lung cancer staging and diagnosis#1 Market Position

Strong Foundation

Driving Growth Now

Future Growth Drivers

Bronchoscopy platform

EBUS1 : bronchoscope and

SPiNTM EMN2 system
Broad portfolio of SU3 bronchoscopes

Lung Cancer
Staging + Diagnosis¥60 - 80B
6% - 7% CAGR

Respiratory
addressable
marketProcedure growthSingle digit#1 cancer deaths

including EVIS X1

ViziShotTM EBUS-TBNA4 needles

Note: Products or devices presented include future technology which may be pending regional regulatory approval and are not available for sale in all regions.
1 EBUS: endoscopic bronchial ultrasound
2 EMN: electromagnetic navigation
3 SU: single use
4 TBNA – transbronchial needle aspiration

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Appendix

1Q of Fiscal 2023 Factors that Affected Consolidated Operating Profit
1Q (Apr. to Jun.)(Billions of yen)

Change incost of sales-4.0
Change in
sales
+1.2

27.6

Sales increased in
ESD and TSD

 Increase in materials
cost and change inregional sales mix,
centered on ESD

Change in
SG&A
expenses-4.8

 Increase in expenses
associated with sales
growth in Medical
 Investments to strengthen
operational infrastructure
 increase in personnel
costs for strengthening ofcorporate functions
associated with thereorganization of SSD

FY2022
Operating profit

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Other
+12.5
Impact offoreignexchange
+8.3

40.8

＜Positive factors＞
 Gain on sales of fixed
assets＜Negative factors＞

 Expenses forreorganization of SSD
 Transform Olympus
related expenses

FY2023Operating profit

1Q of Fiscal 2023 Results by Segment
1Q (Apr. to Jun.)

FY2022

FY2023

YoY

After FX adjustment

Revenue

100.0

116.9

+17%

+5%

Operating profit

22.7

24.8

+10%

-16%

Revenue

63.6

72.4

+14%

+2%

Operating profit

14.1

13.4

-5%

-24%

Revenue

24.8

21.9

-12%

-21%

Operating profit(loss)

1.9

-1.6

-¥3.5 billion-¥3.9 billion

Revenue

3.0

2.9

-4%

-6%

Operating profit(loss)

-0.6

-0.3

+¥0.3 billion+¥0.3 billion

Elimination and Corporate

Operating profit(loss)

-10.4

4.5

+¥14.9 billion+¥15.3 billion

Consolidated Total

Revenue

191.5

214.1

+12%

0%

Operating profit

27.6

40.8

+48%

+18%

(Billions of yen)
ESD

TSD

SSD

OthersPage 22

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Factors that Affected Consolidated Cash Flows
FCF -21.7（Adjusted FCF* -20.3）
Investing CF +5.2

Operating CF -26.9

Profit before
tax
+38.2

302.6

Corporate tax
payments-39.7
 Payments ofcorporate tax
on income for
FY2022
 Scheduled
corporate tax
payments on
income for
FY2023 (incl.
those forreorganizationof SSD)End of March
2022
Cash and cash
equivalents

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Others inOperating CF-25.4
Due mainly to
an increase inworking capital

Proceeds fromsale of fixed
assets (land)+19.1

Others in
Investing CF-13.9
Due mainly toacquisition of
PPE andintangible
assets, etc.

Financing CF-21.7
Due mainly to
dividend
payments

Impact offoreignexchange
+27.3

286.4

*Major adjusted items for FY2023 Q1 (Apr. to Jun.)
Operating CF: Tax payments for reorganization of SSD¥17.8 billion​

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

Investing CF: Investments and temporary financial burden
associated with start of Evident¥2.7 billion​

End of June
2022
Cash and cash
equivalentsKey Product Catalysts: Endoscopic Solutions Division (As of Aug 9, 2022)
ESD Key priorities for FY2023
 Accelerate EVIS X1 sales growth in Europe, Japan and Asia Pacific Launch EVIS X1 in US successfully 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

Surgical endoscopy

Surgical endoscopy

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

 VISERA ELITE II 2D/3D/IR (EU,Japan)
 VISERA ELITE II 2D (US) VISERA ELITE (China)
 VISERA 4K UHD (US, EU, Japan,
China) EVIS X1 (US) Next generation EUS system(EU, Japan)

 VISERA ELITE II 3D/IR (US) VISERA ELITE II 2D/3D/IR (China)
 New generation surgical endoscopy
system (EU, Japan)

 EVIS X1 (China)
 Single-use duodenoscope ENDO-AID, endoscopy CAD platform
for EVIS-X1 (Japan, US)16%

Growth rate1 in
FY2023

 New generation surgicalendoscopy system (US)1 YoY including FXPage 24

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Key Product Catalysts: Therapeutic Solutions Division (As of Aug 9, 2022)
TSD Key priorities for FY2023
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 Launch EVIS X1, our next generation bronchoscopy platform, in the US market
 Accelerate growth through expansion of lung cancer solutions leveraging acquisition of Veran Medical Technologies

Growth driver now

Just launched / Coming soon

BeyondGI endotherapy

GI endotherapy

GI endotherapy

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

Urology Resection electrode SOLTIVE SuperPulsed Laser System
for stone + soft tissue (US, EU)

Respiratory

 Bronchoscope, EBUS scope ViziShot series
 Spiration Valve System
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 4 products (US) 4 products (EU) 4 products (Japan)
 3 products (China)

Urology iTind, non-surgical device for Benign
Prostatic Hyperplasia (US, EU)

Respiratory

 Veran Electromagnetic Navigation system(US) Single-use bronchoscope (US) EBUS scope (US) EVIS X1 bronchoscope (US) Single-use cholangioscope

Urology19%

Growth rate1
in FY2023

 Single-use ureteroscope

Respiratory

 Veran Electromagnetic
Navigation system (EU) Single-use bronchoscope

1 YoY including FX

Expenditures, etc.
1Q Results and Forecasts(Billions of yen)

FY2022 1Q

FY2023 1Q

FY2023 (Forecasts)

90.0
79.0
67.0

(Billions of yen)

20.4

19.2

Capitalization of R&D
expenditures (b)

3.8

2.4

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

16.6

16.8

Amortization

16.9 16.1

15.7 17.7
R&D assets

R&D expenditures*

Page 26

Capital expenditures**

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Depreciation andamortization

FY2023R&D expenditures* (a)(Billions of yen)

20.4 19.2

FY2022

FY2022

FY20232.2

2.3

End of Mar. 2022

End of Jun. 2022

62.0

63.4

*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.
(FY2022 1Q: ¥3.8 billion, FY2023 1Q: ¥5.0 billion, FY2023 Forecast: ¥7.0 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
FY2022 1Q

FY2023 1Q

FY2023 Forecasts as of May 11

FY2023 Latest Forecasts

Yen/U.S. dollar

109.49129.57

123

134

Yen/Euro

131.96138.12

135

140

Yen/CNY

16.96

19.58

19

20

Revenue

Operating profit

U.S. dollar (per yen)

3.0

1.5

Euro (per yen)

1.8

0.8

CNY (per yen)

7.0

4.8

(Yen)

Forex sensitivity (annual)(Billions of yen)

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