Consolidated Financial Results
for the Three Months Ended June 30, 2022 [IFRS]July 27, 2022

(Abridged)

Listed Company:
M3, Inc.
Listed Stock Exchange: Tokyo
Securities Code:2413
URL: https://corporate.m3.com/en/
Representative:(Title)CEO(Name) Itaru Tanimura
TEL: 03-6229-8900
Contact:(Title)Director (Name) Eiji Tsuchiya
Dividend payment commencement date: ―Submission of quarterly report: August 5, 2022
Preparation of explanatory materials for quarterly financial result: Yes
Assembly for briefing of quarterly financial results: Yes (for Analysts and Institutional investors)

1.

(amounts of less than one million yen are rounded)
Consolidated Financial Results for the Three Months Ended June 30, 2022
(From April 1, 2022 to June 30, 2022)(1) Consolidated Operating Results (Cumulative)(% figures show year-on-year change)
Net saless
Three months ended
June 30, 2022
Three months ended
June 30, 2021

Three months ended
June 30, 2022
Three months ended
June 30, 2021

Operating profit

MillionYen%

MillionYen56,996

22.8

18,69546,40330.8

24,651

Profit attributable toowners of the parentcompanyMillion%
Yen
12,127
15,769

-23.1

143.8

2.

%
-24.2

119.1

Total comprehensive
incomeMillionYen
19,74824,763

Net profit
MillionYen%

13,487

-20.3

120.7

16,919%
-20.3

121.1

Basic earnings per
share

Diluted earnings per
share

Million
Yen%

Yen

Yen

23,261

36.8

17.86

17.85

17,004

126.9

23.23

23.21

(2) Consolidated Financial Position

As of June 30, 2022
As of March 31, 2022

Pre-tax profit

Total assets

Total equity

Million Yen
357,463
345,981Million Yen
275,051
263,954

Dividends
First
quarter-end
Yen――Equity
attributable toowners of theparent company
Million Yen
268,774
257,840

Ratio of equity
attributable toowners of theparent company
%
75.2
74.5

Equity per share
attributable toowners of theparent company
Yen
394.74378.75

Annual dividends per share
SecondThird
Fiscal yearquarter-end
quarter-endend
Yen
Yen
Yen
0.00
―16.00Fiscal year ended March 31, 2022
Fiscal year ending March 31, 2023
Fiscal year ending March 31, 2023 (Forecast)
0.00――(Note) 1 Amendments to forecasts of dividends recently announced: None
2 Dividend forecast for the fiscal year ending March 31, 2023 is currently undetermined. It is to be
determined after consideration of capital needs and condition of cash flow hereafter.

－1－

TotalYen
16.00
―3.

Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2023
Forecasts for the fiscal year ending March 31, 2023 are undisclosed due to inability to reasonably estimate theglobal COVID-19 pandemic impact on M3 group’s domestic and overseas businesses. Although there may becertain areas of increased clarity, overall impact has been prolonged and complicated, still presenting highuncertainty. Forecasts will be promptly released as soon as conditions allow for reasonable estimates.

※ Notes(1) Changes in significant subsidiaries during the period (changes in specific subsidiaries accompanying changes
in scope of consolidation): None
(2) Changes in accounting policies and accounting estimates:(i) Changes in accounting policies required by IFRS: None(ii) Changes in accounting policies other than item (i) above: None(iii) Changes in accounting estimates: None
(3) Number of shares issued (common stock)(i) Number of shares outstanding at the end of the period (including treasury shares)
As of June 30, 2022

678,917,700

shares

As of March 31, 2022

678,904,600

shares(ii) Number of treasury stock at the end of the period
As of June 30, 2022

45,081shares

As of March 31, 2022

45,081shares

As of June 30, 2022

678,865,159

shares

As of June 30, 2021

678,741,461

shares(iii) Average number of shares during the period (cumulative)※

This summary of quarterly financial reports is outside the scope of the review procedures for quarterly financialstatements.

※

Explanation of proper use of financial results forecasts, and other special matters(Caution regarding statements concerning the future)
The forward-looking statements herein are based on information available to the Company and on certain
assumptions deemed to be reasonable at the date of publication of this document. They are not intended as theCompany’s commitment to achieve such forecasts, and actual results may differ significantly due to variousfactors.
(Explanatory materials for quarterly financial results)
Explanatory materials for quarterly financial results will be posted on our website on Wednesday, July 27,2022.

－2－4. Qualitative Information on Quarterly Results(1) Explanation of consolidated operating results
In Japan, various services are provided for the 310,000+ physician members via the “m3.com” website designed
for medical professionals.
Medical Platform includes services which allow member physicians to proactively receive continuous andfrequent information via the “m3.com” platform such as the “MR-kun” family services, marketing researchcapabilities paneling the physician members, and “QOL-kun” which provides marketing support for nonhealthcare related corporates desiring to advertise daily life services to doctors, offering a wide menu of services
catering towards various agendas and purposes of our clients. Additionally, provision of next generation sales
reps, or “Medical Marketers,” and healthcare advertisement agency services are also being expanded via groupcompanies.
Evidence Solution includes clinical trial related services centered around “Mr. Finder” which excavates
institutions and patient participants for clinical studies, large-scale clinical study services, assistance for clinical
trial operations by CROs, and administrative and operations support across the entire clinical trial process bySMOs, all provided through various group companies.
Career Solution provides job search and placement services for physicians and pharmacists through M3 Career,Inc.
Site Solution provides services supporting medical institution operations.
Furthermore, consumer facing services such as the “AskDoctors” (https://www.AskDoctors.jp/) website whichconnects public users with “m3.com” member physicians for answers to daily health questions, medical
professional education such as national examination preparatory services provided by M3 Education, Inc., andequity method affiliate LINE Healthcare Corporation established with LINE Corporation to operate an online
healthcare business, are all being expanded.
In Overseas, the U.S. portal website, “MDLinx,” designed for healthcare professionals, continues to expand its
member network-based services catering towards pharmaceutical companies, as well as its career support
services for physicians and clinical trial support services. In Europe, the “Doctors.net.uk” U.K. portal website isexpanding services for pharmaceutical companies, along with pharmaceutical database services offered by theVidal Group in France, Germany, and Spain. Business expansion continues in Asia as well.
Additionally, membership and panel participation at websites operated by M3 group starting with Japan, U.S.,
Europe, China, and Korea, now totals roughly 6 million physicians, enabling provision of marketing researchservices that span across a global scale.
Consolidated quarterly results for the first quarter (cumulative) is as below.
Three months ended
Three months ended
June 30, 2021
June 30, 2022
First quarter(April 1, 2021 to(April 1, 2022 tocomparison
June 30, 2021,
June 30, 2022,
cumulative)
cumulative)(Unit: Million Yen)
(Reference)Previous consolidated
fiscal year
(April 1, 2021 toMarch 31, 2022)

Net sales

46,40356,996+10,593+22.8%

208,159

Operating Profit

24,651

18,69524,763

19,748-24.2%

95,141

Pre-Tax Profit-5,956

Net Profit

16,91913,487-3,431-20.3%

66,108－3－-5,015-20.3%

96,187

(Segment results)

Medical Platform
Evidence Solution
Career Solution
Site Solution
Overseas
Other Emerging
Businesses
Adjustment
Total

Three months ended Three months ended
June 30, 2021
June 30, 2022
(April 1, 2021 to(April 1, 2022 toJune 30, 2021,
June 30, 2022,cumulative)
cumulative)(Unit: Million yen)First quartercomparison

Segment Net Sales

18,932

20,223+1,291+6.8%

Segment Profit

8,179

8,786+607+7.4%

Segment Net Sales

4,833

7,174+2,341+48.4%

Segment Profit858

2,235+1,377+160.5%

Segment Net Sales

4,883

5,464+581+11.9%

Segment Profit

2,466

2,830+364+14.8%

Segment Net Sales

5,329

10,220+4,892+91.8%

Segment Profit

520

1,448+928+178.4%

Segment Net Sales

12,662

14,921+2,259+17.8%Segment Profit

12,952

4,040

711

702

Segment Profit-8,912-68.8%

Segment Net Sales-180-173-471

Segment Net Sales-9-1.3%+7－－－－

46,40356,996+10,593+22.8%

Operating Profit-144-1,709－Net Sales-947
24,651

18,695-5,956-24.2%

Segment Profit

1) Medical Platform
In addition to the MR activity digitalization support service in pharmaceutical marketing business, steady
growth in other businesses brought the segment revenue to 20,223 million yen, higher by 6.8% versus previousyear. Upfront investments aimed for strengthening the pharmaceutical marketing team and future growth haveraised SG&A mainly around personnel costs. Combined, the segment produced profits of 8,786 million yen, higher
by 7.4% versus previous year.
2) Evidence Solution
The effect of temporary halts in projects due to the COVID-19 pandemic in the fiscal year ended March 2021
has alleviated since the previous year, and COVID-19 related clinical trials have further supported the recovery
process. The segment produced total sales of 7,174 million yen, higher by 48.4% versus previous year. Segment
profit was 2,235 million yen, higher by 160.5% versus previous year.
3) Career Solution
Along with services for doctors remaining robust, with the COVID-19 related vaccine support services, thesegment resulted in sales of 5,464 million yen, higher by 11.9% versus previous year. Segment profit was 2,830
million yen, higher by 14.8% versus previous year.
4) Site Solution
In addition to the increase in affiliate medical institutions and services used, contribution from the COVID19 related vaccine support services produced segment sales of 10,220 million yen, higher by 91.8% versus－4－previous year. Segment profit amounted to 1,448 million yen, higher by 178.4% versus previous year.
5) Overseas
Due to the robust performance across all regions, as well as the impact of exchange rate fluctuations by yen
depreciation, the segment sales produced 14,921 million yen, higher by 17.8% versus previous year. Appropriationof gains in previous year related to the loss of control over Medlive (now equity-method affiliate) which owns thesubsidiary that operates the China business, resulted in segment profits of 4,040 million yen, lower by 68.8%
versus previous year.
6) Other Emerging Businesses
Affected by the market environment changes due to the continuing COVID-19, the segment resulted in salesof 702 million yen, lower by 1.3% versus previous year. Changes in stock valuation produced segment losses of
173 million yen (loss in previous fiscal year was 180 million yen.)

Combining all of the above, results for the entire group for the three months ended June 30, 2022, amounted
to sales of 56,996 million yen, higher by 22.8% versus previous year, and operating profit of 18,695 million yen,lower by 24.2% versus previous year. Pre-tax profit was 19,748 million yen, lower by 20.3% versus previous year,and net profit was 13,487 million yen, lower by 20.3% versus previous year.

-----------------------------------------------------------------------------------------------------------------------------------------------------------------Disclaimer: This document is a translation of the original Japanese version. The original Japanese version was prepared and disclosed by theCompany in accordance with Japanese accounting standards. This document does not contain or constitute any guarantee and the Company will notcompensate for any losses or damages arising from interpretations or actions taken based on this document. In the case of any discrepancies between
the Japanese original and this document, the Japanese original is assumed to be correct.

－5－