Summary Report on Financial Results for the Fiscal Year Ended March 31st, 2022
(Japan GAAP)May 13th, 2022
Stock Listing: TSE-Standard Market
Company name: Fukuda Denshi Co., Ltd.
Code No.:
6960 (https://www.fukuda.co.jp)
Representative: Daijiro Shirai, President & COO
Inquiries:
Haruhiko Honbu, Senior Manager of Accounting & Finance DepartmentTel:+81-3-5684-1558 (main)
Scheduled date for the ordinary general meeting of shareholders: June 29th, 2022
Scheduled date for commencement of dividend payment:
June 30th, 2022
Scheduled date for filing the securities report:
June 29th, 2022
Supplementary material development:
Yes
Financial results meeting:Yes(Amounts less than one million yen are rounded down)(The number with parenthesis shows negative figure)1. Consolidated financial results for the fiscal year ended March 31st, 2022 (April 1st, 2021 through March
31st, 2022)(1) Consolidated operating results(% represent increases or decreases from the previous year)
Net sales
millionyen%

Profit attributable toowners of parent
million%yen

Operating Profit

Ordinary Profit

millionyen

millionyen%

23,422

15.6

16,216

10.2

20,26448.5

14,716

53.1%

Year ended
March 31st,
132,098
22,70814.6
2022
Year ended
March 31st,146,756
10.0
19,81149.1
2021(Note)Comprehensive income
Fiscal year ended March 31st, 2022: 16,432 million yen / 0.9 %Fiscal year ended March 31st, 2021: 16,291 million yen / 87.3 %The “Accounting Standards for Revenue Recognition” (ASBJ Statement No. 29, March 31st, 2020), etc.
has been applied since the beginning of the FY2022, ended March 31st, 2022. Figures for FY2022 above
include the effects of the standard. If the same standard is applied to the figures for FY2021, ended March
31st, 2021, the “Net sales” would be 130,748 million yen. By using the same accounting standard for both
FY2021/FY2022, the percentage of year-on-year change for “Net sales” would be up 1.0%.
The percentage of year-on-year change for “Operating profit”, “Ordinary profit”, and “Profit attributableto owners of parent” are shown below, and they have not been affected by the Accounting Standard.

Year ended
March 31st,
2022
Year ended
March 31st,
2021%

Ratio ofordinary profit
to total assets%

Ratio ofoperating profit
to net sales%

Earnings per
share

Diluted earnings
per share

Return on
equityyen

yen

1,072.38

-

11.3

12.1

17.2

973.33

-

11.2

11.2

13.5

- 1 -

(Reference) Profit or loss on equity method investments:
Fiscal year ended March 31st, 2022: - million yen
Fiscal year ended March 31st, 2021: - million yen(2) Consolidated financial situation
Total assets

Shareholders’equity ratio

Net assets

million yen
million yen
Year ended
March 31st,
195,495
149,857
2022
Year ended
March 31st,
191,762
137,9812021(Reference) Shareholders’ equity:
Fiscal year ended March 31st, 2022: 149,857 million yen
Fiscal year ended March 31st, 2021: 137,981 million yen%

Net assets
per share

Yen

76.7

9,909.40

72.0

9,125.88(3) Consolidated cash flows statement
Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

million yen

million yen

million yen

Cash and cash
equivalents at the endof the year
million yen

23,111(10,789)(4,832)

61,03021,743(11,267)(3,046)53,564

Year ended
March 31st,
2022
Year ended
March 31st,2021
2. Dividends
End ofthefirstquarteryenYear ended
March 31st,
2021
Year ended
March 31st,
2022
Year ending
March 31st,
2023(Forecast)

Annual Dividends per share
End of End of End of
the
the
the
secondthird
term
quarter quarter
Yen

Total
Ratio ofdividends Payout ratio dividends to net(for the (consolidated)assetsAnnualyear)(consolidated)yenmillion
yen

%

%

-

75.00

-

200.00275.00

4,190

28.3

3.2

-

100.00-205.00305.00

4,648

28.4

3.2

-

100.00-115.00215.0029.6(Note)The detail of second quarter dividend for the Year ended March 31st, 2021: ordinary dividend 55.00 yen, extra
dividend 20.00 yen
The detail of year-end dividend for the Year ended March 31st, 2021: ordinary dividend 90.00 yen, extra dividend
110.00 yen- 2 -The detail of second quarter dividend for the Year ended March 31st, 2022: ordinary dividend 80.00 yen, extra
dividend 20.00 yen
The detail of year-end dividend for the Year ended March 31st, 2022: ordinary dividend 80.00 yen, extra dividend
125.00 yen
The detail of second quarter dividend of Year ending March 2023 (Forecast): ordinary dividend 80.00 yen, extra
dividend 20.00 yen
The detail of year-end dividend of Year ending March 2023 (Forecast): ordinary dividend 90.00 yen, extra dividend
25.00 yen

3. Forecast of consolidated financial results for fiscal year ending March 31st, 2023 (April 1st, 2022
through March 31st, 2023)
ProfitEarnings
Net sales
Operating Profit
Ordinary Profit
attributable toowners of parent per share

Full-year

millionyen%

millionyen%

millionyen%

million
yen

%

yen

120,000(9.2)

16,000(29.5)

16,000(31.7)

11,000(32.2)

727.38(Note)
Since the Fukuda Denshi Group's(herein after “the Group”) operating results tend to peak in the fourth
quarter and it is difficult to give a forecast every six months based on rational calculation, theconsolidated forecast at the second quarter is not disclosed.
Notes(1) Changes in significant subsidiaries during the current fiscal year (changes in specified subsidiaries
involving changes in the scope of consolidation): None
(2) Changes in accounting policies, accounting projections and restatement(i) Changes in accounting policies associated with revision of accounting standards: Yes(ii) Changes other than (i) above: None(iii) Changes in accounting projections: None(iv) Restatement: None
Note: For details, please refer to “Changes in Accounting Policy” in (5) Notes to consolidated financial
statement under the “3. Consolidated financial statements and Notes” section on page 19.
(3) Number of outstanding shares (common shares)(i) Number of outstanding shares at the year-end (including treasury shares)
Fiscal year ended March 31st, 2022: 19,588,000 sharesFiscal year ended March 31st, 2021: 19,588,000 shares(ii) Number of shares of treasury shares at the year-end:
Fiscal year ended March 31st, 2022: 4,465,240 sharesFiscal year ended March 31st, 2021: 4,468,250 shares(ⅲ) Average number of shares during the period
Fiscal year ended March 31st, 2022: 15,121,593 sharesFiscal year ended March 31st, 2021: 15,119,472 shares
※

- 3 -

(Reference) Summary of non-consolidated financial results
Non-consolidated financial results for the fiscal year ended March 31st, 2022 (April 1st, 2021 throughMarch 31st, 2022)(1) Non-consolidated operating results(% represent increases or decreases from the previous year)

Year ended
March 31st,
2022
Year ended
March 31st,
2021

Net sales
millionyen%

Operating Profit
million%yen

Ordinary Profit
million%yen

Profitmillionyen%

82,4700.9

12,743

10.6

18,04520.1

14,444

20.3

81,766

13.9

11,51763.5

15,02551.2

12,00549.3

yenDiluted earnings per
share
yen

955.20-794.03-

Earnings per share
Year ended
March 31st,
2022
Year ended
March 31st,
2021(2) Non-consolidated financial position
Total assets

Net assets

million yen
million yen
Year ended
March 31st,
163,543
117,086
2022
Year ended
March 31st,
158,059
107,167
2021(Reference) Shareholders’ equity:
Fiscal year ended March 31st, 2022: 117,086 million yen
Fiscal year ended March 31st, 2021: 107,167 million yen

Shareholders’ equity
ratio%

Net assets per
share
Yen

71.6

7,742.42

67.8

7,087.89* This summary is not subject to audit procedure.
* Explanation about the appropriate use of the forecasts of financial results, and other noteworthy matters
The projections and other statements with respect to the future included in this material are based on
currently available information and certain assumptions that are judged reasonable by the Group. Pleasebe advised that the Group does not guarantee in any way the achievement of the projections and othergoals in this material and that cases may occur where the actual results and other situations differ
materially from the projections due to various factors. With respect to the preconditions for the forecastof financial results, please refer to “(4) Forecast of results for the fiscal year ending March 31st,2022”
under the “1. Operating results" section on page 8.
Financial results meeting is going to be held in the form of pre-recorded video distribution. It will be
uploaded on our web site on May 20th,2022.

- 4 -Contents of the Attached Materials
1. Operating results --------------------------------------------------------------------------------------------

6(1) Overview of operating results--------------------------------------------------------------------------

6(2) Overview of financial situation ------------------------------------------------------------------------

7(3) Overview of cash flows ---------------------------------------------------------------------------------

7(4) Forecast of results for the fiscal year ending March 31st,2022-----------------------------------

8(5) Business risks ---------------------------------------------------------------------------------------------

9

2. Basic policy on the selection of accounting standards ------------------------------------------------

10

3. Consolidated financial statements and Notes-----------------------------------------------------------

11----------------------------------------------------------------------------

11(1) Consolidated balance sheets(2) Consolidated income statements and consolidated comprehensive income statements--------

13----------------------------------------------------

15(4) Consolidated statements of cash flows ----------------------------------------------------------------

17(5) Notes to consolidated financial statement ----------------------------------------------------------

19(Notes regarding the premise for going concern) ---------------------------------------------------

19(Changes in Accounting Policy) ---------------------------------------------------------------------------

19(Changes in presentation) ---------------------------------------------------------------------------

19(Segment information, etc.) --------------------------------------------------------------------------------

20(Per share information) -------------------------------------------------------------------------------------

24(Significant subsequent events)---------------------------------------------------------------------------

24

4. Others --------------------------------------------------------------------------------------------------------

24(1) Changes of directors ------------------------------------------------------------------------------------

24(3) Consolidated statements of changes in net assets- 5 -1. Operating results(1) Overview of operating results(i) Overview of the business for the current consolidated fiscal year

Net sales(million yen)
Operating Profit(million yen)
Ordinary Profit(million yen)
Profit attributable toowners of parent(million yen)
Earnings per share(yen)Year ended
March 31st, 2021

Year ended
March 31st, 2022

AmountAmountComparison with the previous year
Rate of change(%)

Change146,756

132,098--

19,811

22,708

2,897

14.6

20,264

23,422

3,158

15.6

14,716

16,216

1,499

10.2

973.33

1,072.38

99.05

10.2

The Japanese economy for the current consolidated year to date (April 1st, 2021 through March 31st,2022) has been in severe conditions due to the continued impact of the COVID-19 pandemic, and theeconomic prospects remain uncertain for the time being due to the higher prices of resources affected byinternational situations.
In the medical industry, it is now required to strengthen the efforts to the COVID-19 pandemic and toconstruct an efficient framework to provide healthcare services reflecting the regional medical plan
through the differentiation and strengthening of medical institutions’ functions encouraging the regional
healthcare network.
In such an environment, the Group posted consolidated “Net sales” of 132,098 million yen, “Operating
profit” of 22,708 million yen (up 14.6% year-on-year basis), “Ordinary profit” of 23,422 million yen (up15.6% year-on-year basis), and “Profit attributable to owners of parent” of 16,216 million yen (up 10.2%
year-on-year basis) in this consolidated fiscal year.
The “Accounting Standards for Revenue Recognition” (ASBJ Statement No. 29, March 31st, 2020), etc.
has been applied since the beginning of the current consolidated fiscal year. The percentage ofyear-on-year change for “Net sales” is not indicated but the figures for “Operating profit”, “Ordinary
profit”, and “Profit attributable to owners of parent” have not been affected by the Accounting Standard.
(ii) Overview of each segment for the current consolidated fiscal year
Business segment

Physiologicaldiagnostic equipment
Patient monitoring
equipment
Medical treatment
equipment
Consumables and otherproducts
Total

Year ended March 31st,
2021
Amount(million
Ratio (%)
yen)

Year ended March 31st,
2022
Amount(million
Ratio (%)
yen)

Comparison with theprevious year
ChangeRate of(millionchangeyen)(%)

40,445

27.6

29,422

22.3--

14,076

9.6

12,9149.8--

55,187

37.6

54,55641.3--

37,04725.2

35,205

26.6--

146,756100.0

132,098

100.0

-

-

A. Physiological diagnostic equipment segment
While the sales of electrocardiographs increased, the number of large orders decreased. As aresult, consolidated “Net sales” were 29,422 million yen.

- 6 -

B. Patient monitoring equipment segment
Consolidated “Net sales” of patient monitoring equipment were 12,914 million yen.
C. Medical treatment equipment segment
While the sales of pacemakers and the business of renting medical equipment for home treatment
increased, the sales of ventilators decreased. As a result, consolidated “Net sales” were 54,556
million yen.
D. Consumables and other products segment
In this segment, we mainly handle recording paper, disposable electrodes, and consumables used
for devices handled in the above segments, as well as maintenance and repair services.
Consolidated “Net sales” for this segment were 35,205 million yen.

(2) Overview of financial situation
Situation of the assets, liabilities and net assets at the consolidated fiscal year ended March 31st, 2022.
“Total assets” increased 3,732 million yen from the end of the previous fiscal year to reach 195,495
million yen. The main factors are the increase of 7,466 million yen in “Cash and deposits” despite thedecrease of 6,618 million yen in “Notes and accounts receivable - trade”.
“Total liabilities” decreased 8,143 million yen from the end of the previous fiscal year to reach 45,638
million yen. The main factors are the decrease of 4,771 million yen in “Notes and accounts payable trade” and 2,517 million yen in “Electronically recorded obligations - operating”.
“Net assets” increased 11,876 million yen from the end of the previous fiscal year to reach 149,857
million yen. The main factor is the increase of 11,643 million yen in “Retained earnings”.
(3) Overview of cash flows(ii) Consolidated cash flows

Cash flows from operating
activities (million yen)
Cash flows from investing
activities (million yen)
Cash flows from financing
activities (million yen)
Effect of exchange rate changes(million yen)
Increase (decrease) in cash andcash equivalents (million yen)
Cash and cash equivalents at theend of the fiscal year (million
yen)Year ended March
31st, 2021

Year ended March
31st, 2022

Change21,743

23,111

1,368(11,267)(10,789)478(3,046)(4,832)(1,786)

49

(23)

(72)

7,478

7,466

(11)

53,56461,0307,466(Cash flows from operating activities)
In the consolidated fiscal year, the “Cash flows from operating activities” increased 1,368 million
yen from the end of previous fiscal year to reach 23,111 million yen. Including “Profit before income
taxes” of 23,724 million yen, and “Depreciation” of 9,016 million yen.

- 7 -(Cash flows from investing activities)
The “Cash flows from investing activities” increased 478 million yen from the end of previous fiscal
year to reach minus 10,789 million yen. Including “Purchase of property, plant and equipment”
amounted to 13,799 million yen.
(Cash flows from financing activities)
The “Cash flows from financing activities” decreased 1,786 million yen from the end of previous
fiscal year to reach minus 4,832 million yen. Including “Cash dividends paid” amounted to 4,564
million yen.
As a result, “Cash and cash equivalents at the end of the fiscal year” increased 7,466 million yen
from the end of previous fiscal year to reach 61,030 million yen.
(Reference) Trends in cash flow indicators

Shareholders’ equity
ratio (%)
Market value-based
shareholders’ equity
ratio (%)
Years needed to repay
debts
Interest coverage ratio

Year ended
March 31st,2018

Year ended
March 31st,2019

Year ended
March 31st,
2020

Year ended
March 31st,
2021

Year ended
March 31st,
2022

71.9

74.1

73.7

72.0

76.7

75.5

71.1

75.3

66.2

60.4

0.1

0.1

0.1

0.1

0.1

408.3

301.6

512.5

554.5

621.2

Note: Shareholders’ equity ratio = Shareholders’ equity / Total assets
Market value-based shareholders’ equity ratio = Market capitalization /Total assets
Years needed to repay debts = Interest-bearing debts / Operating cash flows
Interest coverage ratio = Operating cash flows / Interest payments*Each indicator is calculated using consolidated financial data.
*Market capitalization is calculated by multiplying shares closing prices at the end of the fiscal year by
the number of outstanding shares (excluding treasury shares) at the end of the fiscal year.
*Interest-bearing debts represent total debts recorded in the consolidated balance sheets on whichinterest is paid.
*For interest payments, data on interest expenses in the consolidated cash flow statement are used.
(4) Forecast of results for the fiscal year ending March 31st, 2023

Net sales(million yen)
Operating Profit(million yen)
Ordinary Profit(million yen)
Profit attributable toowners of parent(million yen)
Earnings per share(yen)Year ended
March 2022

Year ending
March 2023

AmountAmountComparison with the previous year
ChangeRate of change(%)

132,098

120,000(12,098)(9.2)

22,70816,000(6,708)(29.5)

23,422

16,000(7,422)(31.7)

16,216

11,000(5,216)(32.2)

1,072.38

727.38(345.00)(32.2)- 8 -The Group inspired by our corporate philosophy, remain dedicated to contribute to medical progress andhealthcare in general in accordance with our social mission.
The Group expects a consolidated “Net sales” of 120,000 million yen, consolidated “Operating profit”
of 16,000 million yen, consolidated “Ordinary profit” of 16,000 million yen, and consolidated “Profit
attributable to owners of parent” of 11,000 million yen for the fiscal year ending March 2023.
Forecast shown in this material are just an outlook judged or assumed based on the information available
at the moment, changes will be promptly disclosed when necessary.
(5) Business risks(i) Effect of medical administration
The Japanese Government has been pushing forward with its policies of improving the quality of
medical care and curtailing the medical costs, and the remuneration for medical services, and theofficial reimbursement prices for drugs and specific insurance medical materials are revised every
two years. Changes in the governmental health care policies may lead to intensified competition
within the market and lowered sales prices, thus adversely affecting the operating results andfinancial standing of the Group.
(ii) Legal regulations
The manufacture and sales of medical equipment are subject to regulations prescribed in the
Pharmaceutical Affairs Law, and it takes a certain period of time for a new medical equipment to beinvestigated and finally approved for sale. In addition, some medical equipment requires clinical
trials, thus taking a long period of time before it is launched in the market.
If the current regulations are revised, new ones are introduced, or any other unpredictable
regulatory change is made in the future, it is likely that this will adversely affect the operating results
and financial standing of the Group.
(iii) High dependence on certain business partners with which continuation of transactions is unsure
The Group imports and sells ventilators, pacemakers, defibrillators and other devices andequipment. If any problem arises that will make it impossible to continue stable transactions with theexporters, the operating results and financial standing of the Group will be adversely affected. To
prevent this, sufficient care has been taken not to depend too heavily on a few specific companies forthe supply of those equipment.
(iv) Product quality
The Group manufactures the products under a rigorous quality control system that is strictly in
conformance with the international standards including ISO. If any quality problem arises due tounforeseen failure or defect of a product, suspension of sale and recall of such product may beordered by the authorities concerned, adversely affecting the operating results and financial standingof the Group.
(v) Risks accompanying overseas businesses
The Group not only supplies products to distributors overseas, but also has its own overseas sales,development and production bases. Hence, it is possible that unforeseen changes to laws andregulations or new ones are introduced in foreign countries, as well as terrorist acts, natural disasters,
or other incidents could adversely affect the Group’s business performance and financial position.
(vi) Fluctuations in foreign exchange rates and others
The Group has subsidiaries in foreign countries and is procuring and importing products and raw
materials from overseas companies. In case, rapid fluctuations in foreign exchange rates could
adversely affect the Group’s business performance and financial position.
(vii) Impairment accounting
In case that “Impairment losses” is needed to book for the assets of the Group, it is possible that it
could adversely affect the Group’s business performance and financial position.

- 9 -(viii) Effects to the Group from tremendous disaster
The Group has domestic and oversea bases; if an earthquake, electric-power shortages or any otherincidents occurs, it is possible that it could adversely affect the Group’s business performance andfinancial position.
(ix) Effects of COVID-19 on business continuity
In order to prevent the business from a serious impact by the infection of the Groups' employee,
and also considering business continuity perspective, the Group take thorough precautions.
Furthermore, in case of infection at manufacturing site, certain amount of stock of finished goods has
been secured to enable to supply products stably.
The Group possesses more than 64,000 million of “Cash and Deposits” as of the end of March 31st,
2022. However, there are still concerns that it may affect the Group’s performance if the economy
and our cooperating companies are damaged by the spread of COVID-19.
2. Basic policy on the selection of accounting standards
The Group decided to adopt the Japanese accounting standards for the time being, considering thefinance statements’ comparability of periods and with other companies. The Group will consider
implementing the IFRS (International Financial Reporting Standards) in an appropriate manner in light ofthe movement toward its adaption both at home and abroad.

- 10 -

3. Consolidated financial statements(1) Consolidated balance sheets(Million yen)

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Notes receivable - trade
Accounts receivable - trade
Electronically recorded monetaryclaims - operating
Securities
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation andimpairment loss
Buildings and structures, net
Machinery, equipment and vehicles
Accumulated depreciation andimpairment
Machinery, equipment andvehicles, net
Tools, furniture and fixtures
Accumulated depreciation andimpairment
Tools, furniture and fixtures, net
Land
Leased assets
Accumulated depreciation andimpairment
Leased assets, net
Construction in progress
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Deferred tax assets
Insurance funds
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

Previous fiscal year
(as of March 31st, 2021)- 11 -

Current fiscal year
(as of March 31st, 2022)

56,59043,161-64,057
3,143
33,399

2,799

2,908

1,483
9,792
123
2,920
1,848
(57)
118,663

497
9,391
205
3,940
2,217
(23)
119,736

12,821

23,140(5,969)(6,330)

6,852
1,659

16,8102,067(1,128)(1,306)531

760

40,47245,749(25,084)(29,104)

15,387
8,883
3,329

16,644
9,061
3,295(1,627)(1,762)

1,701
7,421
40,778
1,584

1,532
454
45,264
1,538

10,051
3,724
15,0961,874(12)30,73573,099191,762

9,671
3,788
13,7581,745(8)28,95675,759195,495

(Million yen)

Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations operating
Short-term borrowings
Lease liabilities
Income taxes payable
Provision for product warranties
Provision for bonuses
Provision for bonuses for directors(and other officers)
Other
Total current liabilities
Non-current liabilities
Lease liabilities
Provision for retirement benefits for
directors (and other officers)
Provision for share awards for
directors (and other officers)
Provision for Employee Stock
Ownership Plan Trust
Retirement benefit liability
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
incomeValuation difference on
available-for-sale securities
Foreign currency translation
adjustment
Remeasurements of defined benefit
plans
Total accumulated othercomprehensive income
Total net assets
Total liabilities and net assets

Previous fiscal year
(as of March 31st, 2021)- 12 -

Current fiscal year
(as of March 31st, 2022)

20,273

15,501

9,166

6,648

1,750
267
4,887
70
3,193

1,750
267
3,451
117
3,439

436

579

7,053
47,098

7,072
38,829

2,004

1,805

267

292

134

157

271

303

2,921
1,084
6,683
53,781

3,137
1,113
6,809
45,638

4,621
21,841
130,491(20,378)
136,575

4,621
21,841
142,135(20,362)
148,236

1,805

1,836

(274)

(11)

(125)

(204)

1,405

1,621

137,981
191,762

149,857
195,495

(2) Consolidated income statements and consolidated comprehensive income statements
Consolidated income statements(Million yen)

Net sales
Cost of sales
Gross profit
Selling, general and administrative
expenses
Operating profit
Non-operating income
Interest income
Dividend income
Foreign exchange gains
Commission for insurance office work
Gain on investments in investment
partnerships
Other
Total non-operating income
Non-operating expenses
Interest expenses
Loss on investments in investment
partnerships
Loss on cancellation of leases
Early termination fee
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Surrender value of insurance policies
Total extraordinary income
Extraordinary losses
Loss on sale of non-current assets
Impairment losses
Loss on valuation of investment
securities
Office relocation expenses
Loss on abandonment of non-current
assets
Other
Total extraordinary losses
Profit before income taxes
Income taxes – current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to owners of parent

Previous fiscal year
(from April 1st, 2020
to March 31st, 2021)
146,756
84,66162,094Current fiscal year
(from April 1st, 2021
to March 31st, 2022)
132,098
64,51867,57942,28344,87019,811

22,708

65
129
91
29

64
134
258
35

32

78

194
542

207
777

39

37

-

14

6
30
13
89
20,2645
6
63
23,422

71
762
417
1,250

4
60
404
469

26
40

0
127

411

-

6

33

-

4

485
21,030
7,196
(883)
6,313
14,716
14,7162
167
23,724
7,551
(43)
7,508
16,216
16,216- 13 -

Consolidated comprehensive income statements(Million yen)

ProfitOther comprehensive income
Valuation difference on
available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit
plans, net of tax
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable toowners of parent

Previous fiscal year
(from April 1st, 2020
to March 31st, 2021)
14,716

Current fiscal year
(from April 1st, 2021
to March 31st, 2022)
16,216

1,161

31

78

263

335

(78)

1,575
16,291

215
16,432

16,291

16,432- 14 -

(3) Consolidated statements of changes in net assets
Previous fiscal year (from April 1st, 2020 to March 31st, 2021)(Million yen)

Shareholders' equity
Share
capitalBalance at beginning of period

Capitalsurplus

4,621

Retainedearnings

21,817

Treasuryshares118,517(20,358)

Total
shareholders'equity124,597

Changes during period
Dividends of surplus
Profit attributable to owners ofparentPurchase of treasury shares
Disposal of treasury shares
Net changes in items other thanshareholders’ equity
Total changes during period
Balance at end of period(2,741)(2,741)

14,716

14,716

24

(65)

(65)

44

68

-

24

11,974(20)

11,978

4,621

21,841

130,491(20,378)

136,575

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifference on
available-forsale securities

Foreigncurrencytranslation
adjustment

644

(353)

Remeasureme
nts of defined
benefit plans

(461)

Total
accumulated
othercomprehensive
income(169)

Total net
assets124,427

Changes during period(2,741)Dividends of surplus
Profit attributable to owners ofparentPurchase of treasury shares

14,716(65)

Disposal of treasury shares
Net changes in items other thanshareholders’ equity
Total changes during period

68
1,161

78

335

1,575

1,575

1,161

78

335

1,575

13,553

Balance at end of period

1,805

(274)

(125)

1,405

137,981- 15 -

Current fiscal year (from April 1st, 2021 to March 31st, 2022)(Million yen)

Shareholders' equity
Share
capitalBalance at beginning of period

Capitalsurplus

4,621

Retainedearnings

21,841

Total
shareholders'equityTreasuryshares130,491(20,378)

136,575

Changes during period
Dividends of surplus(4,572)(4,572)

Profit attributable to owners ofparent16,216

16,216

Purchase of treasury shares

(1)

(1)

Disposal of treasury shares

18

18

Net changes in items other thanshareholders’ equity
Total changes during period
Balance at end of period--

11,643

16

11,6604,621

21,841

142,135(20,362)

148,236

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifference on
available-forsale securities

Foreigncurrencytranslation
adjustment

1,805

(274)

Remeasureme
nts of defined
benefit plans

(125)

Total
accumulated
othercomprehensive
income1,405

Total net
assets137,981

Changes during period
Dividends of surplus(4,572)

Profit attributable to owners ofparent16,216

Purchase of treasury shares(1)

Disposal of treasury shares

18

Net changes in items other thanshareholders’ equity

31

263

(78)

215

215

Total changes during period

31

263

(78)

215

11,876

Balance at end of period

1,836

(11)

(204)

1,621

149,857- 16 -

(4) Consolidated statements of cash flows

Cash flows from operating activities
Profit before income taxes
Depreciation
Impairment losses
Increase (decrease) in allowance for
doubtful accounts
Increase (decrease) in provision forbonuses
Increase (decrease) in provision forbonuses for directors (and other officers)
Increase (decrease) in provision for
product warranties
Increase (decrease) in retirement benefit
liability
Increase (decrease) in provision forshare awards for directors (and otherofficers)
Increase (decrease) in provision for
retirement benefits for directors(and other officers)
Interest and dividend income
Interest expenses
Loss (gain) on sale of non-current assets
Loss (gain) on investments ininvestment partnerships
Loss (gain) on sale of investment
securities
Loss (gain) on valuation of investment
securities
Loss (gain) on cancellation of insurance
policies
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Increase (decrease) in accrued
consumption taxes
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by (used in) operating
activities(Million yen)
Current fiscal year
(from April 1st, 2021
to March 31st, 2022)

Previous fiscal year
(from April 1st, 2020
to March 31st, 2021)- 17 -

21,0308,360
40

23,724
9,016
127

8

(39)

465

245

139

143

(54)

44

(113)

277

37

22

21

24

(194)
39
(45)

(199)
37
(4)

(32)

(63)

(762)

(60)

411

-

(417)

(404)

(7,864)
(476)
4,528

6,571
(599)
(7,041)

839

(499)

362
26,324194(39)(4,736)603
31,926199(37)(8,977)

21,743

23,111Cash flows from investing activities
Decrease (increase) in time deposits
Short-term loan advances
Proceeds from collection of short-termloans receivable
Purchase of property, plant andequipment
Proceeds from sales of property, plantand equipment
Purchase of intangible assets
Purchase of short-term and long-term
investment securities
Proceeds from sale and redemption ofshort-term and long-term investment
securities
Purchase of insurance funds
Proceeds from maturity of insurance
funds
Proceeds from distributions frominvestment partnerships
Other, net
Net cash provided by (used in) investing
activities
Cash flows from financing activities
Purchase of treasury shares
Proceeds from sale of treasury shares
Dividends paid
Repayments of lease liabilities
Net cash provided by (used in) financing
activities
Effect of exchange rate change on cash
and cash equivalents
Net increase (decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of
periodCash and cash equivalents at end of period(Million yen)
Current fiscal year
(from April 1st, 2021
to March 31st, 2022)

Previous fiscal year
(from April 1st, 2020
to March 31st, 2021)- 18 -

(0)
(118)

(0)
-

47

17

(11,435)(13,799)

577

6

(417)

(559)

(615)

(47)

1,118

1,517

(2,179)(2,155)

1,783

3,897

58

171

(88)

161

(11,267)(10,789)(65)
64(2,737)
(307)

(1)
18
(4,564)(284)(3,046)(4,832)

49

(23)

7,478

7,466

46,08553,56453,56461,030(5) Notes to consolidated financial statement(Notes regarding the premise for going concern)
Not applicable.
(Changes in Accounting Policy)
Application of the Accounting Standard for Revenue Recognition, etc.:
The “Accounting Standards for Revenue Recognition” (ASBJ Statement No. 29, March 31st, 2020.
Hereinafter, “Accounting Standard for Revenue Recognition”), etc. has been applied since thebeginning of the current consolidated fiscal year. In accordance with this accounting standard, theGroup recognizes revenue as the amount expected to be received in exchange for the promised goods
or services when the control of the goods or services is transferred to the customer.
Revenue Recognition in terms of agent transaction:
Since the beginning of the current consolidated fiscal year, the Group recognizes revenue as the net
amount received from the customer after deduction of the payment for the suppliers in terms of theagent transaction.
The application of the Accounting Standard for Revenue Recognition is pursuant to the transitional
treatment stipulated in the proviso of Paragraph 84 of the Accounting Standards for Revenue
Recognition.
The cumulative effect when applying the new accounting policy retrospectively before the beginningof the current consolidated fiscal year is added to or subtracted from the retained earnings at the
beginning of the current consolidated fiscal year before applying the new accounting policy from the
beginning-of-year balance.
“Notes and accounts payable - trade”, which was included in “Current assets” in the consolidatedbalance sheets for the previous fiscal year, has been included in “Notes receivable – trade” and“Accounts receivable – trade” from the current fiscal year. However, in accordance with thetransitional treatment set forth in No.89, Paragraph 2 of the Accounting Standard for Revenue
Recognition, no reclassification has been made for the previous fiscal year using a new presentation
method.
As a result, “Net sales” and “Cost of sales” each decreased 9,797 million yen in the current
consolidated fiscal year.
Application of Accounting Standard for Fair Value Measurement, etc.:
The “Accounting Standard for Fair Value Measurement” (ASBJ Statement No. 30, July 4th, 2019), etc.
has been applied since the beginning of the current consolidated fiscal year. In accordance with thetransitional treatment prescribed in Paragraph 19 of the “Accounting Standard for Fair Value
Measurement” and Paragraph 44–2 of the “Accounting Standard for Financial Instruments” (ASBJ
Statement No. 10, July 4th, 2019), the Group has decided to apply the new accounting policies set forth
by the Accounting Standard for Fair Value Measurement, etc. in the future. These changes had no
impact on the Group’s consolidated financial statements.
(Changes in presentation)
As “Provision for Employee Stock Ownership Plan Trust”, which had been included in “Retirement
benefit liability” under “Non-current liabilities”, increased financial materiality in the previous
consolidated fiscal year, it is posted separately from the beginning of the current consolidated fiscal year.
In order to reflect this change in reporting method, the Group has implemented the reclassification in the
consolidated financial statements from the previous consolidated fiscal year.
As a result, 3,193 million yen in “Retirement benefit liability” under “Non-current liabilities” recordedin the previous consolidated fiscal year is adjusted to “Retirement benefit liability” of 2,921 million yen
and “Provision for Employee Stock Ownership Plan Trust” of 271 million yen.

- 19 -

(Segment information, etc.)
a. Segment information
1. Reportable Segments
The reportable segments of the Group are the constituent units of the Group for which separate
financial information can be obtained, and they are the subject of regular examinations by the Boardof Directors aimed at helping the board to decide the allocation of management resources andevaluate the performance of the Group.
The Group has set up divisions for each product and service in the corporate headquarters, andeach of the divisions formulates comprehensive strategies for the product or service it handles, anddevelops its own business activities.
The Group has 4 reportable segments based on our headquarter divisions which are “Physiologicaldiagnostic equipment segment”, “Patient monitoring equipment segment”, “Medical treatment
equipment segment”, and “Consumables and other products segment”.
In the “Physiological diagnostic equipment segment”, we mainly handle electrocardiographs,
ultrasound diagnostic imaging systems and blood-cell counters. In the “Patient monitoring
equipment segment”, we handle patient monitors. In the “Medical treatment equipment segment”,
mainly handle defibrillators, ventilators, pacemakers, catheters, and business of renting medical
equipment for home treatment. In the “Consumables and other products segment”, we mainly handle
consumables used for devices handled by the above segments, as well as maintenance and repair
services.
2. Methods to calculate the sales, gains (or losses), assets, liabilities and other numbers of thereportable segments
The accounting policies for the “Reportable Segments” are basically the same as the accounting
policies used to produce the consolidated financial statements.
Reported segment profit is based on the amount of “Operating profit”.
Application of the Accounting Standard for Revenue Recognition, etc.:
As described in “Notes to consolidated financial statement (Changes in Accounting Policy)”,“Accounting Standard for Revenue Recognition, etc.” has been applied since the beginning of thecurrent consolidated fiscal year, and the Group revised the accounting method for revenue
recognition as well as method for measuring profit or loss for its business segments.
As a result, for the current consolidated fiscal year, “Net sales” of “Physiological diagnostic
equipment segment” decreased 4,685 million yen, “Net sales” of “Patient monitoring equipment
segment” decreased 409 million yen, “Net sales” of “Medical treatment equipment segment”
decreased 2,133 million yen and “Net sales” of “Consumables and other products segment”
decreased 2,568 million yen, compared with the previous method.

- 20 -

3. Information regarding sales, gains (or losses), assets, liabilities and other amounts by reportablesegments(Million yen)(i) Previous fiscal year (from April 1st, 2020 to March 31st, 2021)

Net sales
Sales toexternalcustomers
Internal sales
or transfers

Total

Segment Profit
Segment
assetsOther items
Depreciation

Reporting Segments

Total

Adjustments*1

Consolidated
financialstatements*2

37,047

146,756-

146,756

-

-

-

-

-

14,07655,18737,047

146,756-

146,756

3,301

1,780

10,2204,508

19,811-

19,811

25,212

9,518

45,80022,516103,047

88,715

191,762

542

188

7,133

495

8,360

Physiologicaldiagnostic
equipment

Patient
monitoring
equipment

Medicaltreatment
equipment

Consumables
and otherproducts

40,445

14,07655,187--40,445-

Increase in
Property, plant
1,739
604
9,333
1,587
13,266and equipment
and intangible
assets
*1. Adjustment of segment assets of 88,715 million yen include extra investment funds (cash etc.), long-term
investments (“Investment securities”) etc. which are not allocated to each reportable segment.
*2. Segment profit equals to “Operating profit” of consolidated financial statements.

- 21 -

8,360

13,266

(ii) Current fiscal year

Net sales
Domestic
Sales
Overseas
Sales
Revenue fromContracts with
Customers
Sales toexternalcustomers
Internal sales
or transfers
Total

Segment Profit
Segment
assetsOther items
Depreciation(from April 1st, 2021 to March 31st, 2022)
Reporting Segments(Million yen)
Consolidated
Adjustments
financial*1statements*2

Physiologicaldiagnostic
equipment

Patient
monitoring
equipment

Medicaltreatment
equipment

Consumables
and otherproducts

28,595

10,60454,51033,624

127,335-

127,335

826

2,310

45

1,580

4,763

-

4,763

29,422

12,91454,55635,205132,098-

132,098

29,422

12,91454,55635,205132,098-

132,098

-

-

-

-

-

-

-

29,422

12,91454,55635,205132,098-

132,098

4,129

1,989

11,477

5,112

22,708-22,70819,850

9,942

48,12224,094

102,00993,485

195,495

614

213

7,627

560

9,016

Total

-

Increase in
Property, plant
1,493
655
10,363
1,787
14,299and equipment
and intangible
assets
*1. Adjustment of segment assets of 93,485 million yen include extra investment funds (cash etc.), long-term
investments (“Investment securities”) etc. which are not allocated to each reportable segment.
*2. Segment profit equals to “Operating profit” of consolidated financial statements.

b. Related Information(i) Previous fiscal year (from April 1st, 2020 to March 31st, 2021)
1. Information about each products and services
Information about each products and services is omitted, as categories of products and services are
identical to segment information.
2. Information by geographical area
(1) Sales
Information about “Sales” is omitted because our domestic “Sales” accounted for more than 90%
of consolidated “Sales”.
(2) Property, plant and equipment
Information about “Property, plant and equipment” is omitted because domestic “Property, plantand equipment” accounted for more than 90 % of “Property, plant and equipment” of consolidated“Property, plant and equipment ".
3. Information by each major customer
Information about each major customer is omitted because “Sales” for each major customer
accounted for less than 10 % of consolidated “Sales”.

- 22 -

9,016

14,299(ii) Current fiscal year (from April 1st, 2021 to March 31st, 2022)
1. Information about each products and services
Information about each products and services is omitted, as categories of products and services are
identical to segment information.
2. Information by geographical area
(1) Sales
Information about “Sales” is omitted because our domestic “Sales” accounted for more than 90%
of consolidated “Sales”.
(2) Property, plant and equipment
Information about “Property, plant and equipment” is omitted because domestic “Property, plantand equipment” accounted for more than 90 % of “Property, plant and equipment” of consolidated“Property, plant and equipment”.
3. Information by each major customer
Information about each major customer is omitted because “Sales” for each major customer
accounted for less than 10 % of consolidated “Sales”.
c. Information about impairment loss for noncurrent assets by reportable segments(i) Previous fiscal year (from April 1st, 2020 to March 31st, 2021)

Impairment
loss

Patient
monitoring
equipment

Medicaltreatment
equipment

Consumables
and otherproducts

Elimination/ Corporate

Total

11

3

15

10

0

40

(ii) Current fiscal year (from April 1st, 2021 to March 31st, 2022)

Impairment
loss（Million yen)Physiologicaldiagnostic
equipment（Million yen)Physiologicaldiagnostic
equipment

Patient
monitoring
equipment

Medicaltreatment
equipment

Consumables
and otherproducts

Elimination/ Corporate

Total

82

1

15

25

2

127

d. Information about amortization and depreciation expense on goodwill of each reportable segment(i) Previous fiscal year (from April 1st, 2020 to March 31st, 2021)
Not applicable(ii) Current fiscal year (from April 1st, 2021 to March 31st, 2022)
Not applicablee. Information about gain on negative goodwill of each reportable segment(i) Previous fiscal year (from April 1st, 2020 to March 31st, 2021)
Not applicable(ii) Current fiscal year (from April 1st, 2021 to March 31st, 2022)
Not applicable- 23 -

(Per share information)
Previous fiscal year

Current fiscal year

(from April 1st, 2020
to March 31st, 2021)(from April 1st, 2021
to March 31st, 2022)

Net assets per share

9,125.88yen

9,909.40yen

Earnings per share973.33yen

1,072.38yen

Not stated, as there is no potential
dilution.

Not stated, as there is no potential
dilution.

Fully diluted earnings per
share

Note: (i) The shares of Custody Bank of Japan, Ltd. owns are included in the number of our “Treasury
share” (121 thousand shares at the start of the fiscal year and 117 thousand shares at the end of the
fiscal year), which is excluded from the “Number of shares at the end of the current fiscal year”, which
is used to calculate the “Net assets per share”.
It is also included in the number of our “Treasury share” (115 thousand shares at the start of the fiscal
year and 119 thousand shares at the end of the fiscal year), which is excluded from the calculation of“Average number of shares during the period”, which is used to calculate the “Earnings per share”.
(ii) The basis for calculation of earnings per share:
Item
Profit attributable to owners ofparent (million yen)Amount not belonging toordinary shareholders (million
yen)Profit attributable to owners ofparent in relation to commonshares (million yen)
Average number of shares
during the fiscal year (1,000
shares)Previous fiscal year

Current fiscal year

(from April 1st, 2020
to March 31st, 2021)(from April 1st, 2021
to March 31st, 2022)

14,716

16,216--

14,716

16,21615,11915,121(Significant subsequent events)
Not applicable
4. Others(1)Changes of directors(i) Representative Director
Not applicable(ii) Other directors
・New director candidates
Director: Mr. Kazuki Furuya*Mr. Kazuki Furuya is a candidate as an Outside Director as stipulated in Article 2 (15) of theCompanies Act.
・Effective from
June 29th, 2022

- 24 -

* This English translation is for reference purposes only. The original Japanese version will prevail as theofficial authoritative version.

- 25 -