Consolidated Financial Results
for the Three Months Ended June 30, 2023 [IFRS]July 28, 2023
(Abridged)
Listed Company:
M3, Inc.
Listed Stock Exchange: Tokyo
Securities Code:2413
URL: https://corporate.m3.com/en/
Representative:(Title) CEO(Name) Itaru TanimuraContact:(Title) Corporate Officer (Name) Hirofumi Oba TEL: 03-6229-8900
Submission of quarterly report: August 10, 2023
Dividend payment commencement date: Preparation of explanatory materials for quarterly financial result: Yes
Assembly for briefing of quarterly financial results: Yes (for analysts and institutional investors)

1.

(amounts rounded to the nearest million yen)
Consolidated Financial Results for the Three Months Ended June 30, 2023
(From April 1, 2023 to June 30, 2023)(1) Consolidated Operating Results (Cumulative)(% figures show year-on-year change)
Net sales

Three months ended
June 30, 2023
Three months ended
June 30, 2022

Operating profit%

Million yen%

Million Yen%

Million Yen%

57,3960.7

18,004-3.7

19,831

0.4

13,554

0.5

56,99622.8

18,695-24.2

19,748-20.3

13,487-20.3

Totalcomprehensive
incomeMillion%Yen

Million Yen%

12,414

2.4

23,04912,127-23.1

23,261(2) Consolidated Financial Position

As of June 30, 2023
As of March 31, 2023
2.

Net profit

Million Yen

Profit attributable toowners of the parent

Three months ended
June 30, 2023
Three months ended
June 30, 2022

Pre-tax profit

Total assets

Total equity

Million Yen
439,640
400,645

Million Yen
328,780
309,518

Dividends
First
quarter-end
Yen――

Basic earnings per
share

Diluted earnings per
share

YenYen-0.9

18.29

18.27

36.8

17.86

17.85Equity
attributable toowners of theparent
Million Yen
316,817
302,630

Ratio of equity
attributable toowners of theparent%
72.1
75.5

Equity per share
attributable toowners of theparent
Yen
465.07444.22

Annual Dividends per share
SecondThird
Fiscal yearquarter-end
quarter-end
end
Yen
Yen
Yen
0.00
―
19.00

TotalYen
Fiscal year ended March 31, 2023
19.00
Fiscal year ending March 31, 2024
Fiscal year ending March 31, 2024 (Forecast)
0.00――(Note) 1 Amendments to forecasts of dividends recently announced: None
2 Dividend forecast for the fiscal year ending March 31, 2024 is currently undetermined. It is to be
determined after consideration of capital needs and condition of cash flow hereafter.

－1－3.

Forecast for the Consolidated Fiscal Year Ending March 31, 2024 (from April 1, 2023 to March 31, 2024)(% figure show year-on-year change for the full year andchange in contrast to the corresponding quarter from one year prior for the quarter)
Profit attributable BasicOperating
Net sales
Pre-tax profit
Net profit
to owners of the earnings
profitparent company per share
MillionMillionMillionMillionMillion%%%%%Yen
YenYenYenYenYennd2 Quarter
120,000
6.6
32,000 -11.8
32,000-15.9
22,200-14.5 21,300
-11.5
31.37
(cumulative)
Full Year

250,000

8.3

75,0004.2

75,0000.9

52,0000.0

50,0002.073.65(Note) Amendments to forecasts of financial results recently announced: NoneNotes※(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, 2023

678,967,200

shares

As of March 31, 2023

678,964,100

shares

As of June 30, 2023

45,151shares

As of March 31, 2023

45,151shares

As of June 30, 2023

678,920,944

shares

As of June 30, 2022

678,865,159

shares(ii) Number of treasury stock at the end of the period(iii) Average number of shares during the period (cumulative)※This quarterly financial report is outside the scope of the review procedures for quarterly financial statements.

※ Explanation of proper use of financial results forecasts, and other special matters(1) 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.
(2) Explanatory materials for quarterly financial results
Explanatory materials for quarterly financial results will be posted on our website on Friday, July 28, 2023.

－2－4. Qualitative Information on Quarterly Results(1) Explanation of consolidated operating results
In Japan, various services are provided for the 320,000+ 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 operates businesses such as CRO, which supports clinical development operations andlarge-scale clinical research, SMO, which supports the overall management and operation of clinical trials at
medical institutions conducting clinical trials, and PRO, which provides support for recruiting test subjects andperipheral operations necessary for conducting clinical development and clinical research, etc., through its groupcompanies.
Career Solution provides job search and placement services for physicians and pharmacists through M3Career, 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, medicalprofessional education such as national examination preparatory services provided by M3 Education, Inc.
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, and offering iDoctus, a medical practice mobile app for healthcare
professionals through eDoctores Soluciones, S.L., in Spain and Latin America. Business expansion continues inAsia 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 6.5 million physicians, enabling provision of marketing
research services that span across a global scale.

－3－Consolidated quarterly results for the First quarter (cumulative) is as below.
Three months ended
Three months ended
June 30, 2022
June 30, 2023
Third quarter(April 1, 2022 to(April 1, 2023 tocomparison
June 30, 2022,
June 30, 2023,
cumulative)
cumulative)(Unit: Million Yen)
(Reference)Previous consolidated
fiscal year
(April 1, 2022 toMarch 31, 2023)

Net sales

56,99657,396

+400

+0.7％

230,818

Operating Profit

18,69518,004

-691

-3.7％

71,983

Pre-Tax Profit

19,748

19,831+84+0.4％

74,318Net Profit

13,487

13,554+67+0.5％

51,983(Segment results)

Medical Platform
Evidence Solution
Career Solution
Site Solution
Overseas
Other Emerging
Businesses
Adjustment
Total1)Three months
ended
June 30, 2022
(April 1, 2022 toJune 30, 2022,cumulative)(Unit: Million Yen)
Three months ended
June 30, 2023
(April 1, 2023 toJune 30, 2023,cumulative)

Third quartercomparison

Segment Net Sales

20,223

21,947+1,723+8.5％

Segment Profit

8,786

8,904

+118

+1.3％

Segment Net Sales

7,174

6,965

Segment Profit

2,235

1,885-209-2.9％

Segment Net Sales

5,464

Segment Profit

5,588-349+124-15.6％

2,830

2,663

Segment Net Sales

10,220

7,663

-167

Segment Profit

1,448831-2,557-5.9％

Segment Net Sales

14,921

15,715+794-42.6％

Segment Profit

4,040

3,679

Segment Net Sales

702

552

Segment Profit

-361

-8.9％

-173-126

Segment Net Sales-1,709Segment Profit

-471

-617

+2.3％

-25.0％+5.3％-150+47-21.3％－－167－－-1,033－Net Sales

56,99657,396

+400

+0.7％

Operating Profit

18,69518,004-691-3.7％

Medical Platform

Segment net sales increased 8.5% to 21,947 million yen and segment profit increased 1.3% to 8,904 million
yen, year-over-year, respectively, as a result of solid performance in business areas such as pharmaceuticalmarketing support and digitalization support-related services for medical sites.
2)

Evidence Solution

Despite solid performance in CRO and other regular businesses, segment net sales decreased 2.9% year on
year to 6,965 million yen and segment profit decreased 15.6% year on year to 1,885 million yen due to lower
contributions from clinical trial projects related to COVID infection.

－4－3)

Career Solution

Segment net sales increased 2.3% year on year to 5,588 million yen as a result of a recovery trend in job
search support services for pharmacists, which more than offset the impact of a year-on-year decline incontributions from the COVID vaccination support project. Segment profit was 2,663 million yen, down 5.9%
from the previous year, mainly due to a change in sales mix caused by the decline in the COVID Vaccination
Support Project, which had a relatively high margin.
4)

Site Solution

Despite solid performance in the regular businesses, segment net sales decreased 25.0% year on year to7,663 million yen and segment profit decreased 42.6% year on year to 831 million yen, mainly due to the impactof lower contributions from vaccine support projects and clinical trial projects for COVID infection.
5)

Overseas

Segment net sales was 15,715 million yen, higher by 5.3% versus previous year, mainly due to solid
performance in Europe and APAC regions. Despite the increase in net sales, segment profit was 3,679 million
yen, lower by 8.9% versus previous year, mainly due to lower contributions from clinical trial projects related toCOVID infection in the U.S., as well as the impact of budget compression by global pharmaceutical companies.

6)

Other Emerging Businesses

Segment net sales was 552 million yen, lower by 21.3% versus previous year, and segment loss was 126
million yen, compared with a segment loss of 173 million yen in the previous year.

Combining all of the above, results for the entire group for the Three Months Ended June 30, 2023,
amounted to sales of 57,396 million yen, higher by 0.7% versus previous year, and operating profit of 18,004
million yen, lower by 3.7% versus previous year. Pre-tax profit was 19,831 million yen, higher by 0.4% versus
previous year, and net profit was 13,554 million yen, higher by 0.5% 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 disclosure format.

This document does not contain or constitute any guarantee and theCompany will not compensate 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－