Summary Report on Financial Results for the Fiscal Year Ended March 31st, 2023
(Japan GAAP)May 15th, 2023
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, 2023
Scheduled date for commencement of dividend payment:
June 30th, 2023
Scheduled date for filing the securities report:
June 29th, 2023
Supplementary material development:
Yes
Financial results meeting:Yes (for analysts)(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, 2023 (April 1st, 2022 through March
31st, 2023)(1) Consolidated operating results(% represent increases or decreases from the previous year)
Net sales
millionyen%

Operating Profit

Ordinary Profit

millionyen

millionyen%

Year ended
March 31st,
134,648
1.9
24,093
6.1
25,081
2023
Year ended
March 31st,
132,098
22,70814.6
23,4222022(Note 1) Comprehensive income
Fiscal year ended March 31st, 2023: 18,439 million yen / 12.2 %Fiscal year ended March 31st, 2022: 16,432 million yen / 0.9 %%Profit attributable toowners of parent
million%yen

7.1

17,2786.6

15.6

16,21610.2(Note 2)The percentage of year-on-year change of “Net sales” for the fiscal year ended March 31st, 2022 is notindicated due to the impact of the application of the “Accounting Standards for Revenue Recognition”(ASBJ Statement No. 29, March 31st, 2020), etc..
Earnings per
share

Diluted earnings
per share%

Ratio ofordinary profit
to total assets%

Ratio ofoperating profit
to net sales
%

11.0

12.5

17.9

11.3

12.1

17.2

Return on
equityyen
yenYear ended
March 31st,571.252023
Year ended
March 31st,536.192022(Reference) Profit or loss on equity method investments:
Fiscal year ended March 31st, 2023: - million yen
Fiscal year ended March 31st, 2022: - million yen- 1 -(Note)Fukuda Denshi Co., Ltd. (hereinafter mentioned as "the Company") conducted a stock split at a ratio of
two shares for one common share on effective date of December 1st, 2022. “Earnings per share” iscalculated based on the assumption that the stock split was conducted at the beginning of the previous
consolidated fiscal year.
(2) Consolidated financial situation
Total assets

Net assets
per share
Yen

Shareholders’equity ratio

Net assets

million yen
million yen
%
Year
ended
206,922
163,04778.8
5,390.09
March
31st, 2023
Year
ended
195,495
149,85776.7
4,954.70
Marchst31 , 2022(Reference) Shareholders’ equity:
Fiscal year ended March 31st, 2023: 163,047 million yen
Fiscal year ended March 31st, 2022: 149,857 million yen(Note)The Company conducted a stock split at a ratio of two shares for one common share on effective date ofDecember 1st, 2022. “Net assets per share” is calculated based on the assumption that the stock split was
conducted at the beginning of the previous consolidated fiscal year.
(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

23,137(14,210)(5,551)64,93923,111(10,789)(4,832)

61,030Year ended
March 31st,
2023
Year ended
March 31st,2022
2. Dividends
End ofthefirstquarteryenYear ended
March 31st,
2022
Year ended
March 31st,
2023
Year ending
March 31st,
2024(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

%

%

-

100.00-205.00305.00

4,648

28.4

3.2

-

140.00-100.00

-

5,183

30.0

3.3

-

70.00

-

70.00

140.00

- 2 -

30.2

(Note 1)
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 for the Year ended March 31st, 2023: ordinary dividend 110.00 yen,
extra dividend 30.00 yen
The detail of year-end dividend for the Year ended March 31st, 2023: ordinary dividend 55.00 yen, extra
dividend 45.00 yen
The detail of second quarter dividend of Year ending March 2024 (Forecast): ordinary dividend 55.00 yen,
extra dividend 15.00 yen
The detail of year-end dividend of Year ending March 2024 (Forecast): ordinary dividend 55.00 yen, extra
dividend 15.00 yen(Note 2)The Company conducted a stock split at a ratio of two shares for one common share on the effective dateof December 1st, 2022. Dividends per share for the fiscal year ended March 31st, 2022 and the second
quarter of the fiscal year ending March 31st, 2023 are the amounts prior to the stock split. Dividends forthe fiscal year ending March 31st, 2023 and the fiscal year ending March 31st, 2024 (forecast) are theamounts after the stock split. The total dividends for the fiscal year ending March 31st, 2023 are notindicated.
3. Forecast of consolidated financial results for fiscal year ending March 31st, 2024 (April 1st, 2023
through March 31st, 2024)
ProfitEarnings
Net sales
Operating Profit
Ordinary Profit
attributable to
per
share
owners of parent

Full-year

millionyen%

millionyen%

millionyen%

million
yen

%

yen

130,000(3.5)

20,000(17.0)

20,000(20.3)

14,000(19.0)

462.82(Note)
Since Fukuda Denshi’s (hereinafter mentioned as “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 20.
(3) Number of outstanding shares (common shares)(i) Number of outstanding shares at the year-end (including treasury shares)
Fiscal year ended March 31st, 2023: 39,176,000 shares- 3 -Fiscal year ended March 31st, 2022: 39,176,000 shares(ii) Number of shares of treasury shares at the year-end:
Fiscal year ended March 31st, 2023: 8,926,412 sharesFiscal year ended March 31st, 2022: 8,930,480 shares(ⅲ) Average number of shares during the period
Fiscal year ended March 31st, 2023: 30,247,848 sharesFiscal year ended March 31st, 2022: 30,243,185 shares(Note)The Company conducted a stock split at a ratio of two shares for one common share on theeffective date of December 1st, 2022. Therefore, “Number of outstanding shares at the end of theperiod”, “Number of shares of treasury shares at the end of the period”, and “Average number ofshares during the period” shown above are calculated based on the assumption that the stock split
was conducted at the beginning of the previous consolidated fiscal year.
(Reference) Summary of non-consolidated financial results
Non-consolidated financial results for the fiscal year ended March 31st, 2023 (April 1st, 2022 throughMarch 31st, 2023)(1) Non-consolidated operating results (% represent increases or decreases from the previous year)
Net sales
millionyen
Year ended
March 31st,
2023
Year ended
March 31st,
2022%

Operating Profit
million%yen

Ordinary Profit
million%yen

Profitmillionyen%

82,316(0.2)

12,412(2.6)

18,497

2.5

14,7992.5

82,4700.9

12,743

10.6

18,04520.1

14,444

20.3

yenDiluted earnings per
share
yen

489.27-477.60-Earnings per share
Year ended
March 31st,
2023
Year ended
March 31st,
2022(2) Non-consolidated financial position
Total assets

Net assets

million yen
million yen
Year ended
March 31st,175,970
127,195
2023
Year ended
163,543
117,086
March 31st,
2022(Reference) Shareholders’ equity:
Fiscal year ended March 31st, 2023: 127,195 million yen
Fiscal year ended March 31st, 2022: 117,086 million yen- 4 -Shareholders’ equity
ratio%

Net assets per
share
Yen

72.3

4,204.87

71.6

3,871.21

(Note)The Company conducted a stock split at a ratio of two shares for one common share on the effective
date of December 1st, 2022. “Net assets per share” is calculated based on the assumption that the stock
split was conducted at the beginning of the previous fiscal year.
* 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, 2024
under the “1. Operating results" section on page 8.
We have scheduled a financial results meeting for analysts on May 22nd, 2023. The recorded video will
be uploaded to our website after the event.

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

7(1) Overview of operating results --------------------------------------------------------------------------

7(2) Overview of financial situation ------------------------------------------------------------------------

8(3) Overview of cash flows ---------------------------------------------------------------------------------

8(4) Forecast of results for the fiscal year ending March 31st, 2024--------------------------------

10(5) Business risks ---------------------------------------------------------------------------------------------

10

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

11

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

12(1) Consolidated balance sheets ----------------------------------------------------------------------------

12(2) Consolidated income statements and consolidated comprehensive income statements --------

14

Consolidated income statements -------------------------------------------------------------------------

14

Consolidated comprehensive income statements ------------------------------------------------------

15(3) Consolidated statements of changes in net assets ----------------------------------------------------

16(4) Consolidated statements of cash flows ----------------------------------------------------------------

18(5) Notes to consolidated financial statement ------------------------------------------------------------

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

20(Changes in Accounting Policy) ---------------------------------------------------------------------------

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

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

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

24

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

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

24

- 6 -

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, 2022

Year ended
March 31st, 2023

AmountAmountComparison with the previous year
Rate of change(%)

Change132,098

134,648

2,549

1.9

22,70824,093

1,384

6.1

23,42225,081

1,658

7.1

16,216

17,2781,062

6.6

536.19571.2535.06

6.5

Although the Japanese economy has been gradually recovering from the impact of the COVID-19
pandemic during the current consolidated fiscal year (April 1st, 2022 through March 31st, 2023), there is
still uncertainty about the future due to factors such as soaring resource prices influenced by theinternational situation and the monetary tightening in Europe and America in response to rising prices.
In the medical industry, it is now necessary to strengthen the efforts to the COVID-19 pandemic and toestablish an efficient framework to provide healthcare services that aligns with the regional medical planby enhancing the differentiation and functionality of medical institutions and promoting regional
healthcare networks.
In such an environment, the Group achieved consolidated “Net sales” of 134,648 million yen (up 1.9%
year-on-year basis), “Operating profit” of 24,093 million yen (up 6.1% year-on-year basis), “Ordinary
profit” of 25,081 million yen (up 7.1% year-on-year basis), and “Profit attributable to owners of parent”
of 17,278 million yen (up 6.6% year-on-year basis) in the current consolidated fiscal year.
(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,
2022
Amount(million
Ratio (%)
yen)

Year ended March 31st,
2023
Amount(million
Ratio (%)
yen)

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

29,422

22.3

31,058

23.1

1,636

5.6

12,9149.8

11,625

8.6(1,288)(10.0)

54,55641.3

55,442

41.2

885

1.6

35,205

26.6

36,522

27.1

1,316

3.7

132,098

100.0

134,648

100.0

2,549

1.9

A. Physiological diagnostic equipment segment
The sales of electrocardiographs, vascular screening system, and blood cell counters increased. As
a result, consolidated “Net sales” were 31,058 million yen (up 5.6% year-on-year basis).
B. Patient monitoring equipment segment
Consolidated “Net sales” of patient monitoring equipment were 11,625 million yen (down 10.0%
year-on-year basis).

- 7 -C. Medical treatment equipment segment
While the sales of AEDs and ventilators decreased, the business of renting medical equipment forhome treatment increased. As a result, consolidated “Net sales” were 55,442 million yen (up 1.6%
year-on-year basis).
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 36,522 million yen (up 3.7% year-on-year basis).
(2) Overview of financial situation
Situation of the assets, liabilities and net assets at the consolidated fiscal year ended March 31st, 2023.
“Total assets” increased 11,427 million yen from the end of the previous fiscal year to reach 206,922
million yen. The main factors are the increase of 3,908 million yen in “Cash and deposits”, 1,977
million yen in “Accounts receivable - trade”, and 1,609 million yen in “Insurance funds”.
“Total liabilities” decreased 1,763 million yen from the end of the previous fiscal year to reach 43,875
million yen. The main factor is the decrease of 1,758 million yen in “Notes and accounts payable trade”.
“Net assets” increased 13,190 million yen from the end of the previous fiscal year to reach 163,047
million yen. The main factor is the increase of 12,020 million yen in “Retained earnings”.
(3) Overview of cash flows(ii) Consolidated cash flows
Year ended March
31st, 2022
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)
Increase in cash and cash
equivalents resulting from merger
with unconsolidated subsidiaries
Cash and cash equivalents at theend of the fiscal year (million
yen)Year ended March
31st, 2023

Change23,111

23,13725(10,789)(14,210)(3,420)(4,832)(5,551)

(718)

(23)

391

414

7,466

3,768

(3,698)

-

140

140

61,03064,9393,908(Cash flows from operating activities)
In the consolidated fiscal year, the “Cash flows from operating activities” increased 25 million yen
from the end of previous fiscal year to reach 23,137 million yen. Including “Profit before income taxes”
of 25,202 million yen, and “Depreciation” of 9,368 million yen.

- 8 -(Cash flows from investing activities)
The “Cash flows from investing activities” decreased 3,420 million yen from the end of previous
fiscal year to reach minus 14,210 million yen. Including “Purchase of property, plant and equipment”
amounted to 11,927 million yen.
(Cash flows from financing activities)
The “Cash flows from financing activities” decreased 718 million yen from the end of previous fiscal
year to reach minus 5,551 million yen. Including “Cash dividends paid” amounted to 5,253 million yen.
As a result, “Cash and cash equivalents at the end of the fiscal year” increased 3,908 million yen
from the end of previous fiscal year to reach 64,939 million yen.
(Reference) Trends in cash flow indicators
Year ended
March 31st,2019
Shareholders’ equity
ratio (%)
Market value-based
shareholders’ equity
ratio (%)
Years needed to repay
debts
Interest coverage ratio

Year ended
March 31st,
2020

Year ended
March 31st,
2021

Year ended
March 31st,
2022

Year ended
March 31st,
2023

74.1

73.7

72.0

76.7

78.8

71.1

75.3

66.2

60.4

62.4

0.1

0.1

0.1

0.1

0.1

301.6

512.5

554.5

621.2

619.9

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, 2024

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 2023

Year ending
March 2024

AmountAmountComparison with the previous year
ChangeRate of change(%)

134,648

130,000(4,648)(3.5)

24,09320,000(4,093)(17.0)

25,081

20,000(5,081)(20.3)

17,27814,000(3,278)(19.0)

571.25462.82(108.43)(19.0)- 9 -The Group inspired by our corporate philosophy, remain dedicated to contributing to medical progressand healthcare in general in accordance with our social mission.
The Group expects a consolidated “Net sale” of 130,000 million yen, consolidated “Operating profit” of
20,000 million yen, consolidated “Ordinary profit” of 20,000 million yen, and consolidated “Profit
attributable to owners of parent” of 14,000 million yen for the fiscal year ending March 2024.
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) Factors of surplus inventory
In order to fulfill the social mission of supplying products and goods stably, it is necessary tosecure inventory based on future demand forecasts. However, if actual sales fall short of forecasted
demand, there is a possibility of surplus inventory accumulating outside the normal business cycle
process.
(v) 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.
(vi) 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.

- 10 -

(vii) 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.
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.
(viii) 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.
(ix) Effects on the Group from tremendous disaster
The Group has domestic and oversea bases; if severe disasters, electric-power shortages or any
other incidents caused by the climate change occur, it is possible that they could adversely affect theGroup’s business performance and financial position.
(x) Effects of pandemic on business continuity
If it is unable to provide a stable supply of the products, etc. due to the spread of infectious
diseases including COVID-19, or if the prolonged impact on the economy affects the businessactivities of the Group’s suppliers, subcontractors, etc., it could have a significant impact on thebusiness performance of the Group. From the viewpoint of ensuring business continuity, the Group
organizes the system based on the standards of Ministries, etc. that could promptly implement
countermeasures according to the situation of the Group’s employee and their family.
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.

- 11 -

3. Consolidated financial statements and Notes(1) Consolidated balance sheets(Million yen)Previous fiscal year
(as of March 31st, 2022)
AssetsCurrent assets
Cash and deposits
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 and vehicles,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- 12 -

Current fiscal year
(as of March 31st, 2023)

64,057
3,143
33,39967,9652,567
35,377

2,908

3,156

497
9,391
205
3,940
2,217
(23)
119,736501
10,109
212
5,277
1,562
(5)
126,725

23,14024,925(6,330)(6,956)

16,8102,067

17,9692,401(1,306)(1,438)760

962

45,74948,398(29,104)(32,453)

16,644
9,061
3,295

15,9459,644
3,381(1,762)(1,971)

1,532
454
45,264
1,538

1,409
895
46,826
1,617

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

10,815
3,907
15,3681,676(14)31,75380,197
206,922

(Million yen)Previous fiscal year
(as of March 31st, 2022)
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- 13 -

Current fiscal year
(as of March 31st, 2023)

15,501

13,743

6,648

5,136

1,750
267
3,451
117
3,439

1,750
304
4,103
111
3,953

579

546

7,072
38,8297,865
37,514

1,805

1,624

292

218

157

214

303

334

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

2,671
1,297
6,360
43,875

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

4,621
21,887
154,156(20,398)
160,266

1,836

2,395

(11)

198

(204)

188

1,621

2,781

149,857
195,495

163,047
206,922

(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
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
Gain on extinguishment of tie-in shares
OthersTotal 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, 2021
to March 31st, 2022)
132,098
64,51867,579Current fiscal year
(from April 1st, 2022
to March 31st, 2023)
134,648
64,24470,40344,87046,30922,70824,093

64
134
258
35

65
187
355
39

78

97

207
777

293
1,038

37

37

14

-

5
6
63
23,4226
7
50
25,081

4
60
404
469

17
173
67
0
258

0
127

12
66

-

45

33

12

4

-

2
167
23,724
7,551
(43)
7,508
16,216
16,2160
137
25,202
8,478
(554)
7,923
17,27817,278- 14 -

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, 2021
to March 31st, 2022)
16,216

Current fiscal year
(from April 1st, 2022
to March 31st, 2023)
17,278

31

558

263

209

(78)

392

215
16,432

1,160
18,43916,432

18,439- 15 -

(3) Consolidated statements of changes in net assets
Previous 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'equity136,575

Treasuryshares130,491(20,378)

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(4,572)(4,572)

16,216

16,216
(1)

(1)

18

18

-

-

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(4,572)

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

16,216
(1)
18
31

263

(78)

215

215

31

263

(78)

215

11,876

1,836

(11)

(204)

1,621

149,857- 16 -

Current fiscal year (from April 1st, 2022 to March 31st, 2023)(Million yen)

Shareholders' equity
Share
capitalBalance at beginning of period

Capitalsurplus

4,621

Retainedearnings

21,841

Total
shareholders'equityTreasuryshares142,135(20,362)

148,236

Changes during period
Dividends of surplus(5,257)(5,257)

Profit attributable to owners ofparent17,27817,278Purchase of treasury shares
Disposal of treasury shares

45

(93)

(93)

57

102

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

45

12,020(36)

12,0304,621

21,887

154,156(20,398)

160,266

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifference on
available-forsale securities

Foreigncurrencytranslation
adjustment

1,836

(11)

Remeasureme
nts of defined
benefit plans

(204)

Total
accumulated
othercomprehensive
income1,621

Total net
assets

149,857

Changes during period
Dividends of surplus(5,257)

Profit attributable to owners ofparent17,278Purchase of treasury shares(93)

Disposal of treasury shares

102

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

558

209

392

1,160

1,160

558

209

392

1,160

13,190

2,395

198

188

2,781

163,047- 17 -

(4) Consolidated statements of cash flows(Million yen)
Current fiscal year
(from April 1st, 2022
to March 31st, 2023)

Previous fiscal year
(from April 1st, 2021
to March 31st, 2022)
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
Loss (gain) on extinguishment of tie-insharesDecrease (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- 18 -

23,724
9,016
127

25,202
9,368
66

(39)

(20)

245

513

143

(33)

44

(7)

277

147

22

57

24

(73)

(199)
37
(4)

(253)
37
(5)

(63)

(97)

(60)

-

-

45

(404)

(173)

-

(67)

6,571
(599)
(7,041)(1,612)(1,957)(1,799)

(499)

1,261

603
31,926199(37)(8,977)116
30,716216(37)(7,757)

23,111

23,137

(Million yen)
Current fiscal year
(from April 1st, 2022
to March 31st, 2023)

Previous fiscal year
(from April 1st, 2021
to March 31st, 2022)
Cash flows from investing activities
Decrease (increase) in time deposits
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
periodIncrease in cash and cash equivalents
resulting from merger with unconsolidated
subsidiaries
Cash and cash equivalents at end of period- 19 -

(0)

(0)

17

17

(13,799)(11,927)

6

45

(559)

(612)

(47)

(1,543)

1,517

1,127

(2,155)(2,466)

3,897

1,029

171

-

161

119

(10,789)(14,210)(1)
18(4,564)
(284)

(93)
102
(5,253)(306)(4,832)(5,551)

(23)

391

7,466

3,768

53,56461,030-14061,03064,939(5) Notes to consolidated financial statement(Notes regarding the premise for going concern)
Not applicable.
(Changes in Accounting Policy)
Application of Implementation Guidance on Accounting Standard for Fair Value Measurement:
The “Implementation Guidance on Accounting Standard for Fair Value Measurement” (ASBJ
Guidance No. 31, June 17th, 2021) has been applied since the beginning of the first quarter of thecurrent consolidated fiscal year. In accordance with the transitional treatment prescribed in Paragraph
27–2 of the “Implementation Guidance on Accounting Standard for Fair Value Measurement”, theGroup has decided to apply the new accounting policies set forth by the Implementation Guidance on
Accounting Standard for Fair Value Measurement in the future.
The change had no impact on the Group’s consolidated financial statements.
(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 method of accounting for the reported business segments is in accordance with the accounting
policies adopted for the preparation of the consolidated financial statements.
Reported segment profit is based on the amount of “Operating profit”.

- 20 -

3. Net Sales, Profit (Loss), Assets and Other Items by Reportable Segment and Breakdown of
Revenue(i) Previous fiscal year (from April 1st, 2021 to March 31st, 2022)(Million yen)
Reporting Segments
Total

Adjustments*1

Consolidated
financialstatements*2

33,624

127,335-

127,335

45

1,580

4,763

-

4,763

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

495

217

7,710

593

9,016

Physiologicaldiagnostic
equipment

Patient
monitoring
equipment

Medicaltreatment
equipment

Consumables
and otherproducts

28,595

10,60454,510826

2,310

29,422

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

Segment Profit
Segment
assetsOther items
Depreciation-

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.

- 21 -

9,016

14,299(ii) Current fiscal year

(from April 1st, 2022 to March 31st, 2023)
Reporting Segments(Million yen)
Consolidated
Adjustments
financial*1statements*2

Physiologicaldiagnostic
equipment

Patient
monitoring
equipment

Medicaltreatment
equipment

Consumables
and otherproducts

30,3289,376

55,43235,218130,356-

130,356

729

2,248

9

1,304

4,291

-

4,291

31,058

11,62555,44236,522

134,648-

134,648

31,058

11,62555,44236,522

134,648-

134,648

-

-

-

-

-

-

-

31,058

11,62555,44236,522

134,648-

134,648

4,891

2,092

12,4494,660

24,093-24,09321,708

8,742

50,707

25,687

106,846

100,076

206,922

594

222

7,851

699

9,368

Total

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

Segment Profit
Segment
assetsOther items
Depreciation-

Increase in
Property, plant
1,114
417
8,299
1,310
11,140and equipment
and intangible
assets
*1. Adjustment of segment assets of 100,076 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, 2021 to March 31st, 2022)
1. Information about each product and services
Information about each product 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 -

9,368

11,140(ii) Current fiscal year (from April 1st, 2022 to March 31st, 2023)
1. Information about each product and services
Information about each product 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, 2021 to March 31st, 2022)

Impairment
loss

Patient
monitoring
equipment

Medicaltreatment
equipment

Consumables
and otherproducts

Elimination/ Corporate

Total

82

1

15

25

2

127

(ii) Current fiscal year (from April 1st, 2022 to March 31st, 2023)

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

Patient
monitoring
equipment

Medicaltreatment
equipment

Consumables
and otherproducts

Elimination/ Corporate

Total

49

0

1

15

0

66

d. Information about amortization and depreciation expense on goodwill of each reportable segment(i) Previous fiscal year (from April 1st, 2021 to March 31st, 2022)
Not applicable(ii) Current fiscal year (from April 1st, 2022 to March 31st, 2023)
Not applicablee. Information about gain on negative goodwill of each reportable segment(i) Previous fiscal year (from April 1st, 2021 to March 31st, 2022)
Not applicable(ii) Current fiscal year (from April 1st, 2022 to March 31st, 2023)
Not applicable- 23 -

(Per share information)
Previous fiscal year

Current fiscal year

(from April 1st, 2021
to March 31st, 2022)(from April 1st, 2022
to March 31st, 2023)

Net assets per share

4,954.70yen

5,390.09yen

Earnings per share

536.19yen

571.25yen

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” (235 thousand shares at the start of the fiscal year and 252 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” (238 thousand shares at the start of the fiscal
year and 239 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 Company conducted a stock split at a ratio of two shares for one common share on effective dateof December 1st, 2022. “Net assets per share” and “Earnings per share” are calculated based on theassumption that the stock split was conducted at the beginning of the previous consolidated fiscal year.
(iii) The basis for calculation of earnings per share:
Item

Previous fiscal year

Current fiscal year

(from April 1st, 2021
to March 31st, 2022)(from April 1st, 2022
to March 31st, 2023)

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)

16,216

17,278--

16,216

17,27830,24330,247(Significant subsequent events)
Not applicable
4. Others(1) Changes of directors(i) Representative Director
Not applicable(ii) Other directors
・New director candidate
Director: Mr. Hisataka Fushikuro*Mr. Hisataka Fushikuro is a candidate as an Outside Director as stipulated in Article 2 (15) of
the Companies Act.

- 24 -

・Director to retire
Director: Mr. Noriyuki Fukuda
・Auditor to retire
Auditor: Mr. Yukio Nakagawa (full-time)・Effective from
June 29th, 2023
* This English translation is for reference purposes only. The original Japanese version will prevail as theofficial authoritative version.

- 25 -