M3, Inc.
Presentation Material
February 2023

Copyright © 2023 M3, Inc. All rights reserved.

0

The following presentation contains forecasts, future plans,management targets and other forward-looking projections relating to
M3, Inc. and/or its group. These statements are drawn fromassumptions of future events based on data currently available to us,
and there exist possibilities that such assumptions are objectively
incorrect and/or may produce differing actual results from thosementioned in the statements.
Furthermore, information and data other than those concerning theCompany and its subsidiaries/affiliates are quoted from public
information, and the Company has not verified and will not warrant its
accuracy or dependency.
M3, Inc.

Copyright © 2023 M3, Inc. All rights reserved.

1

FY2022 Q3 Consolidated Results(mn yen)Sales

FY2021
Q1-Q3

FY2022
Q1-Q3

YoY

154,169

175,155+14%

Operating
Profit84,62758,734-31%

Pre-tax
Profit

85,17760,249-29%

Net Profit

58,53541,844-29%

Business growthrate at +12% YoY
excluding China IPO
related earnings in thesame period of theprevious year andstock valuation
gains/losses

Double-digit growth in sales and profit growth forbusinesses excluding special factors in the previous year
Copyright © 2023 M3, Inc. All rights reserved.

2

FY2022 Q3 Consolidated Results by Segment
FY2021
Q1-Q3

FY2022
Q1-Q3

YoY

Sales

64,672

69,763+8%

Profit30,79532,087+4%

Sales

16,18820,601+27%

Profit

3,844

6,048

+57%

CareerSolution

Sales

11,024

11,459+4%

Profit

4,027

4,199

+4%

Site
Solution

Sales

25,657

27,530+7%

Profit

4,554

3,229

-29%

Sales

2,463

2,435

-1%

Profit

1,258

366

-71%

Sales

37,86047,261+25%

Profit41,473

13,924-66%(mn yen)MedicalPlatform
Evidence
Solution
Domestic

Emerging
Businesses
Overseas

Copyright © 2023 M3, Inc. All rights reserved.

 Although there have been
moves to reduce budgets,mainly by some foreigncompanies, the essential shift
to DX is progressing
 Medical Field DX: Steady inboth EHR and DigiKar Smart Backlog of orders is 31.4
billion yen
 COVID-related clinical trials(therapeutic drugs/vaccines)
settled down in Q3
 Digital-enabling clinical trials,
DCT, etc. continue to makeprogress
Contribution from vaccination
support business peaked in thesame period of the previous year +29% profit excluding China
IPO related last year, 3Q
alone: +57% YoY
 Solid growth in all regions
and various businesses, eachwith profit growth of morethan 20%3

Consolidated Sales Trends and COVID Impact
Unit: mn yen

154,169
123,750～2,900175,155～20,800～16,500

COVID related(clinical trials, vaccination
support, promotion oftherapeutic drugs andvaccines, etc.)

96,319Regularbusinesses

FY19Q1-Q3

FY20Q1-Q3

FY21Q1-Q3

FY22Q1-Q3

Contribution of COVID-related business to overall was 11% in theprevious fiscal year and 12% this fiscal year. 20% of sales growth
this fiscal year is COVID-related, while 80% is regular business
Copyright © 2023 M3, Inc. All rights reserved.

4

M3’s Triple Growth Engine + CSV
1. IndividualBusiness
Development(Sagrada Familia)
Regions (12 areas)

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CA

OTHERS

OTHERS

 Continuous new
business entries

Businesses

Businesses

Businesses Pharma marketing /Clinical Scene DX

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CA

Regions (12 areas)１

3. Ecosystem
Synergy
Creation

2. Ecosystem
Expansion Cross-cell synergy
maximization

4. Social Impact Creation → CSV
Copyright © 2023 M3, Inc. All rights reserved.

5

Growth Engine 1： Individual Business Development
Regions (12 areas)
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10

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OTHERS

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Businesses

Businesses

Businesses

OTHERS

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OTHERS

Regions (12 areas)
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4. Social Impact Creation → CSV
Copyright © 2023 M3, Inc. All rights reserved.

6

Pharmaceutical Sales & Marketing DX

Copyright © 2023 M3, Inc. All rights reserved.

7

Pharma Marketing Cost and TAM for M3
Present= TAM

MR
RelatedCosts
1.5 tn yen

Internet
50 bn yenM3’s Role

FutureIndustry
productivity
improvementfrom DX

97%

3%

70
～80%

700-800
bn yen20～30%

200-300
bn yen(2) MR Activity
DX Support(1) Internet
MarketingSupport(3) Data-driven
MarketingSupportM3 involvement to go beyond the bounds on the internet
to improve productivity across the entire industry
Ref: M3 survey and estimate; numbers are approximate
Copyright © 2023 M3, Inc. All rights reserved.

8

Trend of Domestic Pharmaceutical Sales Reps (MRs)Historical Peak
65,752 MRs(000’s)70-1,095 -522

-950

-752
-2,533-2,742

60

51,848in FY2021-3,572-1,73850

40

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

In addition to a decrease in the number of MRs, some companies
have established MRs who work only online or by phone... The
trend toward sales efficiency is expected to continue*Ref: AnswersNews, Sep 22, 2022
*Estimation made with “No. of MR research 2022” by Mix for 2021 data Copyright © 2023 M3, Inc. All rights reserved.

9

Professional Staff Fortification Plan
Unit: Index with FY2019 as 100

375~500
Reduce the no. of
external consultants
while increasing theoverall number

225
100
M3
Employees

Approx.

40%

60%

 HR capacity
increase Recruiter
reinforcement235
Approx(fee scale).30%

Approx.

 New grad
recruitment
fortification

70%

FY2019FY2021

FY2022

Few years
from now…

1

2

1.7

1

（pre-COVID）

Cost per
Staff

Approx.

Q3

Temporaryincreasedue tooutsourcing

Staff Fortification
Initiatives

Q3

Normalizedwith proper
hires Improve costs
while increasing
headcount

Normalizedwith proper
hires

Copyright © 2023 M3, Inc. All rights reserved.

10

Pharma Marketing Sales Ratio and Future Growth(JPY 100MM)

PharmaMarketingSales
35

Consolidated
Sales
Compositionof Pharma
Marketing

80

165

185

490

400
535 （Q3）

OtherBusinesses

91%

Composition ratioof Pharma
Marketing Support
10-20%

55%
26%

16%

29%

26%

23%

FY
2005 2010 2015 2018 2020 2021 2022
Q3

FutureThe pharmaceutical marketing business itself will continue togrow, but its contribution to the company as a whole isexpected to decline...back to the previous trend
Copyright © 2023 M3, Inc. All rights reserved.

11

DX of the Clinical Scene

Copyright © 2023 M3, Inc. All rights reserved.

12

M3 DigiKar EHR Growth
Number of Sites Using M3 DigiKar
4,500

 Cumulative no. of
installations isapproximately 4,500,
making steadyprogress toward thegoal of 5,000
installations
 Co-selling with
DigiKarSmart further
increases the added
value of DigiKar

FY15

16

17

18

19

20

21

22

Incontestable #1 market share within cloud based
digital health records, reaching 130 million charts
Copyright © 2023 M3, Inc. All rights reserved.

13

DX of Clinics: Creating a New Patient Experience
Current

Post DX

AccessLong waiting timein lobbies

Online reservations

Diagnosis

OfflineOnline/Offline Hybrid

Payment

Wait to pay atservice desk

Head straight home(digital payments)

Rx

Local pharmacy

Delivered to homeor officeMedical
Records

Difficult access

Review own healthrecords online

Midnight
Emergencies

Wait until nextmorning

24/7 Online Service

Creating a completely different patient experience through“DigiKar Smart”
Copyright © 2023 M3, Inc. All rights reserved.

14

DigiKar Smart User Expansion (Index Trend)
Unit: Index with FY21Q3 as 100

107,000

47,90017,300100

4,400

 Users are rapidly
penetrating
DigiKar Smart as
the clinic's
infrastructure Video call has
been added and is
expanding as an
infrastructure fortelemedicine

FY21Q3 FY21Q4 FY22Q1 FY22Q2 FY22Q3* Quarterly sum of monthly UUs
Copyright © 2023 M3, Inc. All rights reserved.

15

Ecosystem Synergy: Medical Data Business
Unit: Index with FY21Q1-Q3 as 100

Sales of Medical Data Business*

233

2.3x
100

FY21 Q1～Q3

FY22 Q1～Q3

Medical data business (actual medical practice, physician practicestandards, etc.) also grew significantly due to the growth of DigiKar
and DigiKar Smart. Steady creation of ecosystem synergies* Target: Real World Data, Estimation related services (part of Pharmaceutical Marketing business)
Copyright © 2023 M3, Inc. All rights reserved.

16

Number of Clinics Covered by M3 Group
Unit: Number of clinics using any of M3 services

11,4005,000

2020 end

5,900

2021 end

2022 end

Rapid expansion of clinic coverage (1.9x YoY) through organic
growth as well as M&A. Plans to offer a wide range of DX
promotion services, including EHR, in-hospital operational
efficiency, and patient tools
Copyright © 2023 M3, Inc. All rights reserved.

17

Evidence Solution

Copyright © 2023 M3, Inc. All rights reserved.

18

M3 Presence in Clinical Trials in Japan
Number of Cases Using
the M3 Group Patient Panel
Forecast

ＳＭＯ

One of the four majordomestic companies

1,800+

ＣＲＯ

One of the three majordomestic companies

ＰＲＯ

Largest in the industry witha total of two companies in
the group

ＤＣＴ

Largest in the country
through acquisitions after
launch in 2019

2,000+

Q3 actual

800+

5FY2020

FY2021

FY2022

Group-wide collaboration has greatly reduced lead time forrecruiting patients, etc. Significant expansion of presence inthe clinical trial field
Copyright © 2023 M3, Inc. All rights reserved.

19

Toward Patient-Centered Clinical Trials (DCT)
Clinical trials that do not rely on
visits to the hospital

Conventional Clinical Trials(Medical institution-centered)(patient-centered)Patients
Home visits

Co-medical staff

Medicalinstitutions

Drugs, Documents

Physicians

Clinical trial information

Patients
Online consultations

Home-care nursing

Digital device
eSourceDrugs, Documents

Expanding overseas and increasing projects in Japan.
M3 Group is a leading company of DCT in Japan
Source: Japan Pharmaceutical Manufacturers Association, "Study on Introduction and Utilization of Clinical Trial Methods Not Relying on Visits to Medical Institutions," September 2020

Copyright © 2023 M3, Inc. All rights reserved.

20

Advances in DCT: No.1 Position in Japan
Home Clinical Trials Share <As of Feb. 2020 - Jan. 2023, M3 estimate>No. of Clinical Trials: More than80 trials

No. of Patients: More than 2,500

M3 GroupOver 70%

M3 Group

98%

Through group-wide collaboration, we provide a home-visit
nursing scheme that can contribute to the efficiency ofrecruitment. Significant contribution to streamlining clinical trial
operations* M3 estimates, only trials ordered directly from pharmaceutical companies are covered
Copyright © 2023 M3, Inc. All rights reserved.

21

Overseas

Copyright © 2023 M3, Inc. All rights reserved.

22

Number of Doctor Members and Panelists (Global)
Ratio of doctor members(As of June 2022)

More than 6 million doctor members and panelists, coveringover 50% of doctors worldwide*The no. of doctors in Japan is based on data from the Ministry of Health, Labour and Welfare (2022).
The no. of doctors by other countries is based on the latest data from WHO and other sources

Copyright © 2023 M3, Inc. All rights reserved.

23

Overseas Segment: Sales by Region
Growth rate

Unit: JPY MM

37,84347,240+24%

20,260+27%

17,530

+23%

9,451

40%+*
Increase

North
15,923
America

EuropeAPAC

14,2597,660

FY2021
Q1-Q3

Medlive
contribution

FY2022
Q1-Q3

Steady growth due to growth drivers consisting of diverse businesses* Growth rate excluding the results of Medlive (not subject to consolidation from this term) in the same period of the previous year
Copyright © 2023 M3, Inc. All rights reserved.

24

Overseas Growth Trends by Business
Unit: JPY 100MM

Service forDoctors

BusinessIntelligence

Clinical Trials

Career for
Doctors(Platform for doctors in North
America, Europe, and Asia and
EHR)(M3 Global Research:
Expanding in North America,
Europe, and Asia)(Clinical Trials sites in North
America, growing into one of
the top 5 companies in the US)(Human resources businesscentered on doctors in North
America and Europe)

240
180
130

180

Approx.

150

2.4x

99

96

120

Approx.

1.9x

80
28

19 20 21 22

19 20 21 22

46

97
Approx.

4.2x

19 20 21 22

45 51

69

94
Approx.

2.1x

19 20 21 22

Achieve growth trends in various business types* Aggregated based on each subsidiary's primary business
Copyright © 2023 M3, Inc. All rights reserved.

25

Growth Engine 2： Ecosystem Expansion(Sagrada Familia)
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Regions (12 areas)
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Businesses

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Regions (12 areas)
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4. Social Impact Creation → CSV
Copyright © 2023 M3, Inc. All rights reserved.

26

Business Scope Expansion and Growth Potential
2010

2015

2020

2022

Country：

3 →8 (2.5x) →11 (3.5x) →16 (5.5x)

Business Types：

6 →

15 (2.5x) →35 (6.0x) →38 (6.0x)

Business Units

：

10 →

24 (2.5x) →56 (5.5x) →69 (7.0x)

Sales (bn)

： 14.6 → 64.7 (4.5x) → 169.1 (12x) → 208.1 (15.0x)(Type x Country)

FY2021Aggressive M&A to ensue in reaching growthpotentials exceeding 10~20x current levels…
Copyright © 2023 M3, Inc. All rights reserved.

27

Growth Trend per Business Expansion Phases
Sales Trend (JPY)
Businesses added between FY2015 and FY2022
Businesses added between FY2010 and FY2015

Businesses

208 bilBusiness as of FY2010

 VIDAL
 US Clinical
Trial

~50
approx.

15x

~90

CAGR

（FY15~21）～20%

64 bil15 bil
FY2010~33~31

FY2015CAGR~70（FY10~15）

～15%

CAGR

（FY10~21）～15%

 Domestic Clinical
Trial US Career UK Advertisement
 MRkun/Research Career US Research

FY2021

2/3 of FY2021 sales were created from new businesses added after
2010, growth rates are also greater for new businesses entering themarketCopyright © 2023 M3, Inc. All rights reserved.

28

Increase in M&A
Number of Deals That Were Evaluated
350
267

60
FY15

75

FY16

111

FY17

144

FY18

260

186

FY19

FY20

FY21

FY22

Steadily continue to consider MA. Number of executions and size
are also increasing
Copyright © 2023 M3, Inc. All rights reserved.

29

Overseas: New M&A for Career
Unit: JPY 100MM

Service forDoctors(Platform for doctors inNorth America, Europe,and Asia and EHR)

240
180
130

BusinessIntelligence(M3 Global Research:
Expanding in North
America, Europe, andAsia)(Clinical Trials sites inNorth America, growing
into one of the top 5
companies in the US)

150

2.4X

96

120

(Human resourcesbusiness centered on
doctors in North America
and Europe)

Approx.

1.9X

80
28

19 20 21 22

Career for
Doctors

180

Approx.

99

Clinical Trials

19 20 21 22

46

97
Approx.

4.2X

19 20 21 22

45 51

69

94
Approx.

2.1X

19 20 21 22

Achieve growth trends in various business types* Aggregated based on each subsidiary's primary business
Copyright © 2023 M3, Inc. All rights reserved.

30

Acquisition of Remedium (U.K.)

100

More thanfacilities supported
More than

3,000 doctor
referrals

Total cost savings of

GBP300M

 Supporting the NHS (National
Health Service) in the U.K.,
which has a shortage of medical
personnel, to recruit doctors
from overseas
 Expertise in a series ofoperations for doctors from Asia,
Africa, and the Middle East,
including immigration to the UK,obtaining medical licenses, andassignment to local medical
facilities M3's global doctor membershipbase will also be utilized

New entry into the international doctor recruiting support
business by making Remedium a subsidiary, and strengthening
the relationship with the NHS (can also support domestic doctor
recruitment in the U.K.)
Copyright © 2023 M3, Inc. All rights reserved.

31

Overseas: New M&A for Business Intelligence
Unit: JPY 100MM

Service forDoctors(Platform for doctors inNorth America, Europe,and Asia and EHR)

240
180
130

BusinessIntelligence(M3 Global Research:
Expanding in North
America, Europe, andAsia)(Clinical Trials sites inNorth America, growing
into one of the top 5
companies in the US)

150

2.4X

96

120

(Human resourcesbusiness centered on
doctors in North America
and Europe)

Approx.

1.9X

80
28

19 20 21 22

Career for
Doctors

180

Approx.

99

Clinical Trials

19 20 21 22

46

97
Approx.

4.2X

19 20 21 22

45 51

69

94
Approx.

2.1X

19 20 21 22

Achieve growth trends in various business types* Aggregated based on each subsidiary's primary business
Copyright © 2023 M3, Inc. All rights reserved.

32

Acquisition of Michael Allen Company (U.S.)
Disease areas covered：

Projects in more than

 Consulting firm
specializing in thepharmaceutical industry
and dealing directly withpharmaceutical companies

200 Supporting clients'
product development fromclinical trials to postlaunch by utilizing aphase-oriented framework

Over

100

40 countries

Over
projects
in the last 3 years

Aiming for further growth through M3's global physician networkand expect to contribute to strengthening the relationshipbetween the M3 Group and pharmaceutical companies
Copyright © 2023 M3, Inc. All rights reserved.

33

Growth Engine 3： Ecosystem Synergy Creation
Regions (12 areas)
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Regions (12 areas)
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4. Social Impact Creation → CSV
Copyright © 2023 M3, Inc. All rights reserved.

34

M3’s Paradigm Shift
Movement 1: 2000-2009

Movement 2: 2010-2019

Internet Service

e x Real Operations

Ecosystem Synergies

 e-Clinical Trials
 M3 Career 7P Projects
 Monetization
through projects
with autogenic
synergygeneration

 MR-kun Family Market Research(Job placement forphysicians)

Copyright © 2023 M3, Inc. All rights reserved.

Movement 3: 2020-

35

１

２

３

４

0

1

3

6

・・・

ｎ

Number ofbusinesses

Synergy
Links

Copyright © 2023 M3, Inc. All rights reserved.

nC2

36

Business Scope Expansion and Growth Potential
2010

2015

2020

2022

Country：

3 →8 (2.5x) →11 (3.5x) →16 (5.5x)

Business Types：

6 →

15 (2.5x) →35 (6.0x) →38 (6.0x)

Business Units

：

10 →

24 (2.5x) →56 (5.5x) →69 (7.0x)

Sales (bn)

： 14.6 → 64.7 (4.5x) → 169.1 (12x) → 208.1 (15.0x)(Type x Country)

FY2021Business synergy potential: 69Ｃ2 ＝ 2,346 linkage
potential
Copyright © 2023 M3, Inc. All rights reserved.

37

“The White Jack Project”
Pre-Onset/
Healthy Person

After Onset/
Patient

General Public(consumer)

Phase 1 Happiness-i

Future expanding
priority areas

Phase 2HCP

(e.g. wholesaler)

Traditional main
business domain

Rinkai
MedicalCancerPhase 3 Prevention
Phase 4 EBHS

Steady progress is also being made on the White Jack project,which realizes M3's mission from a more upstream perspective

Copyright © 2023 M3, Inc. All rights reserved.

38

Expand Coverage of Enterprise Services
Number of employees covered bycorporate services*
797,000

Approx.
184,000

189,000

20

21

60X

12,900FY
19Covering approx. 800,000
employees, offering thefollowing services
 EBHS Life
 Cancer prevention, PSP Ask Doctors
 Medical Checkup
Appointment &Implementation
 Employee health data
management, etc.

22

Steadily expanding business base to create ecosystemsynergies as well. Plans to expand both the number of people
covered and services* Subject to PSP, Happiness Partners, Cancer Prevention, EBHS Life, etc. Forecast for FY22

Copyright © 2023 M3, Inc. All rights reserved.

39

Social Impact Creation
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Regions (12 areas)

Regions (12 areas)

OTHERS

Regions (12 areas)

4. Social Impact Creation → CSV
Copyright © 2023 M3, Inc. All rights reserved.

40

SDGs and CSV: M3's CSV positioning
ＣＳＶ

ＳＤＧｓ
Sustainable Development Goals

Creating Shared Value

International objectives thatgovernments, businesses andindividuals in all countries aim toachieve with regard to human rights,
the environment and development

Initiatives by companies to solve
social problems through their corebusiness

Positioning forcompanies

Each company fulfills its
responsibilities towards internationaltargets

Balancing corporate growth andsolving social issues

Relevance tocorporatemissionNot necessarily linked to thecompany's mission

Fully consistent with corporate
mission/purpose(Development goals which are possible to sustain)

Detail(Creation of shared values)

Under M3’s mission of “Making use of the Internet to increase, as much as possible,
the number of people who can live longer and healthier lives, and to reduce, as muchas possible, the amount of unnecessary medical costs,” we are also committed to
SDGs through its CSV activities

Copyright © 2023 M3, Inc. All rights reserved.

41

COVID Vaccine and Treatment Related Initiatives
Vaccine Administration
Corporates

Japan

Overseas

Municipalities〇〇(174 Corporates)(253 Municipalities)✕✕

Clinical Trials
Medical Sites〇(Vaccines,
treatments for mildcases, boosters)〇(Vaccines,
treatments,
boosters)

At present, we have supported approximately 11 million
vaccinations (cumulative orders), and have supported thedevelopment of many vaccines and therapeutics in Japan andoverseas. Orders for Omicron strain-compatible bivalentvaccination also received
from
both
and corporates 42
Copyright © 2023
M3, Inc.
All rightsmunicipalities
reserved.

M3’s CSV Impact for Patients
Online Visitation Support During COVID“Menkai-kun” utilized at 105 sites, by over 250,000 patientsand families
As of April 2022, since service launch

Professional Advice Provision for Health Concerns
Offering physician answers to daily health concerns;
300,000+ posted questions gathering over
75 million UU views annually
FY2021

Granting Wishes for Severely Ill Patients
26 wishes granted through the CaNoW program; over 1.5
million PVs of videos and articles documenting the grants
As of April 2022, since service launch in 2019

In-Office Time Reduction
Reduced approx. 23.7 million hours of in-office lobby
wait-time for patients
FY2021; based on 24 million receptions* CSV = Creating Shared Value
Copyright © 2023 M3, Inc. All rights reserved.

43

M3’s CSV Impact for Medical Professionals
Information Provision for Medical Professional Members
9.2 million views via information delivery such as Webinars
FY2021

Medical Examination Support

Supporting medical examinations through management of
information across 120 million electronic health records,
domestically and abroad
As of FY2021

Productivity Improvement for Pharma Companies

Distribution of 110 million e-details = workload of 55,000 MRs(more than total number of MRs in Japan)
FY2021

Actualizing M3’s mission across various areas, to reduce unnecessary medical
costs and to support healthier lives using digital technologies… social
contribution through business creation* CSV = Creating Shared Value
Copyright © 2023 M3, Inc. All rights reserved.

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Annual Results
Sales

Operating Profit & Net Profit(mn yen)

208,159(mn yen)

95,141

Operating Profit*
Medlive IPO Impact
Net Profit

169,198

66,10864,210130,973

57,972

113,059
94,471

41,19878,14334,33730,80027,48624,15325,05021,34620,022
19,225
16,93816,061
13,73813,49364,66051,34636,759107 480

14,646 26,007
19,0408,534
5,729
11,811
2,276
7,475
891
1,563 3,854

9,294 8,87810,428
7,648
6,031
5,598
3,990 4,803
1,683 2,677 3,597
3,486 4,492
46 255 509 895
1,609 1,965 2,363 1,938
62 136 279 493 991

FY
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21(6m)-93 -93FY
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21(6m)

Basic outlook is for continued business growth excluding
Medlive IPO impact in FY21
*FY2021 excludes gains related to China IPO

Copyright © 2023 M3, Inc. All rights reserved.

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