Summary of Consolidated Financial Results
for the Fiscal Year Ended March 31, 2022 [IFRS]
Listed Company:
M3, Inc.
Securities Code:2413
Representative:(Title) CEO(Name) Itaru TanimuraContact:(Title) Director(Name) Eiji Tsuchiya
General Meeting of Shareholders:June 28 ,2022
Dividend payment commencement date: June 13, 2022
Submission of securities report:
June 29, 2022
Preparation of explanatory materials for quarterly financial result: Yes
Assembly for briefing of financial results: Yes (For Analysts)

Apr 27, 2022

Listed Stock Exchange: Tokyo
URL: https://corporate.m3.com/
TEL: 03-6229-8900(Amounts of less than one million yen are rounded)
1.

Consolidated Financial Results for the Fiscal Year Ended March 31, 2022
(From April 1, 2021 to March 31, 2022)(1) Consolidated Operating Results (Cumulative)
OperatingprofitPre-tax profit

MillionYen%

MillionYen%

23.0 95,141

64.1

96,18765.1

66,10860.5

63,84568.8

70,84561.9

29.2 57,972

68.8

58,26468.3

41,19870.6

37,822

74.8

43,76696.0

Net sales
MillionYen
Fiscal Year ended
208,159
March 31, 2022
Fiscal Year ended
169,198March 31, 2021(% figure show year-on-year change)
ProfitTotal
attributable toNet profit
comprehensive
owners of theprofit
parent company
MillionMillionMillion%%%
Yen
Yen
Yen%

Basic
earnings pershare

Dilutedearnings pershare

Net profit margin on
equity attributable to Total asset to pre-tax Operating profit
owners of the parent
profit ratio
margincompany%%%

Yen
Yen
Fiscal Year ended
94.06
93.98
27.9
31.1
45.7
March 31, 2022
Fiscal Year ended
55.73
55.68
20.7
23.5
34.3
March 31, 2021
(Ref)
Equity in earnings of affiliated companies for the fiscal year ended March 31, 2022: -2,430 million yen
Equity in earnings of affiliated companies for the fiscal year ended March 31, 2021: -28 million yen(2) Consolidated Financial Position

As of March 31, 2022
As of March 31, 2021

Equity attributable
Ratio of equity
to owners of the attributable to owners
parent company of the parent company

Total assets

Net equity

Million Yen
345,981273,123

Million Yen
263,954207,260

Million Yen
257,840
199,813

%
74.5
73.2

Equity per share
attributable toowners of theparent company
Yen
378.75293.64(3) Consolidated Cash Flow Position

Fiscal year ended
March 31, 2022
Fiscal year ended
March 31, 2021

Cash and cash
equivalents at the endof the period
Million Yen

Cash flow fromoperating activities

Cash flow frominvesting activities

Cash flow fromfinancing activities

Million Yen

Million Yen

Million Yen

52,108-23,407-16,371

104,253

46,627

3,592-11,615

89,144－1－

2.

Dividends
Annual dividends per shareFirst
quarter-end

Secondquarter-end

Yen

Yen

Third
Fiscalquarteryear-end-end
Yen

TotalYen

Dividendpayout(Total)Dividend
payout ratio(Consolidated)

Dividend payout
ratio attributable
to the owners of
the parentcompany(Consolidated)

MillionYen%%

Yen

Fiscal year ended
－－
0.00
12.00
12.00
8,145
21.5
4.5
March 31, 2021
Fiscal year ended
－－
0.00
16.00
16.00
10,86217.0
4.8
March 31, 2022
Fiscal year－－－－－
ending March 31,
0.00
2023 (Forecast)(Note) 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.
Forecast for the Consolidated Fiscal Year Ending March 31, 2023 (from April 1, 2022 to 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 be certain
areas of increased clarity, overall impact has been prolonged and complicated, still presenting high uncertainty.
Forecasts will be promptly released as soon as conditions allow for reasonable estimates.

3.

※Notes(1) Changes in significant subsidiaries during the period (changes in specific subsidiaries accompanying changes inscope 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 stock)
As of March 31, 2022

678,904,600

shares

As of March 31, 2021

678,785,600shares

As of March 31, 2022

45,081shares

As of March 31, 2021

45,067

shares

As of March 31, 2022

678,769,542

shares

As of March 31, 2021

678,664,147

shares(ii) Number of treasury stock at the end of the period(iii) Average number of shares during the period (cumulative)※

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

※

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 various factors.
(Explanatory materials for financial results)
Explanatory materials for financial results will be posted on our website on Wednesday, April 27, 2022.
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4. Qualitative Information on Quarterly Results(1) Explanation of consolidated operating results
In Japan, various services are provided for the 310,000+ physician members (as of April 27, 2022) 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. Furthermore,Medlive Technology Co., Ltd., which operates the China business through its subsidiary, Jinye Tiancheng(Beijing) Technology Co., Ltd., has been deconsolidated from M3 as a result of M3’s loss of control, and has
become an equity-method affiliate of M3, as stated in the June 18th press release titled “AnnouncementRegarding the Recognition of Gains Relating to Loss of Control Over Subsidiaries.” The company was publicly
listed on the Stock Exchange of Hong Kong in July 2021.
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.

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(Unit: Million Yen)

Consolidated results for the fiscal year (cumulative)
Fiscal year ended
March 31, 2021
(April 1, 2020 toMar 31, 2021, cumulative)

Fiscal year ended
March 31, 2022
(April 1, 2021 toMar 31, 2022, cumulative)

Fiscal year comparison

Net sales

169,198

208,159+38,962+23.0%

Operating Profit
Pre-Tax Profit

57,972

95,141+37,169+64.1%

58,26496,187+37,922+65.1%Net Profit

41,198

66,108+24,911+60.5%(Unit: Million yen)

(Segment results)
Fiscal year ended
March 31, 2021
(April 1, 2020 toMar 31, 2021,cumulative)
Medical Platform

Evidence Solution

Career Solution
Site Solution

Overseas
Other Emerging
Businesses
Adjustment

Fiscal year
comparison

Segment Net Sales

77,07685,928+8,852+11.5%

Segment Profit

37,90339,553+1,651+4.4%

Segment Net Sales

19,47322,756+3,282+16.9%

Segment Profit

3,618

5,654+2,037+56.3%

Segment Net Sales

13,537

14,094+557+4.1%

Segment Profit

3,753

4,646+893+23.8%

Segment Net Sales

16,55535,184+18,629+112.5%

Segment Profit

1,5373,399+1,862+121.2%

Segment Net Sales

42,147

51,831+9,684+23.0%

Segment Profit

12,59944,837+32,239+255.9%

Segment Net Sales

3,328

3,360+32+1.0%

Segment Profit

950-601-1,551－

Segment Net Sales-2,919-4,994－－

Segment Profit-2,387-2,348－－Net Sales

169,198

208,159+38,962+23.0%

Operating Profit

57,972

95,141+37,169+64.1%

Total1)

Fiscal year ended
Mar 31, 2022
(April 1, 2021 toMar 31, 2022,
cumulative)

Medical Platform

Due to the strong demand remaining from pharmaceutical companies, Medical Platform segment sales reached85,928 million yen, higher by 11.5% versus previous year. Upfront investments aimed for strengthening thepharmaceutical marketing team and future growth have raised SG&A mainly around personnel costs. Combined,
Medical Platform segment produced profits of 39,553 million yen, higher by 4.4% versus previous year.
2)

Evidence Solution

The effect of temporary halts in projects due to the COVID-19 pandemic in previous term alleviated, and anacceleration in COVID-19 related clinical trials have further supported the recovery process. The segment
produced total sales of 22,756 million yen, higher by 16.9% versus previous year. Segment profit was 5,654 million
yen, higher by 56.3% versus previous year.

－4－3)

Career Solution

Dampened activity mainly from pharmacists due to COVID-19 impact remained, however, services for doctors
remained robust. Furthermore, with the expansion of COVID-19 related vaccine support services, the segment
resulted in sales of 14,094 million yen, higher by 4.1% versus previous year.

Improvement in sales composition

mentioned above, and the expansion of vaccine support projects produced segment profits of 4,646 million yen,higher by 23.8% versus previous year.
4)

Site Solution
In addition to the increase in affiliate medical institutions, the expansion of COVID-19 related vaccine support

services produced segment sales of 35,184 million yen, higher by 112.5% versus previous year.

Impairment on

intangible assets incurred on overseas assets in the fourth quarter was offset by an overall increase in sales andprofits, resulting in segment profits of 3,399 million yen, higher by 121.2% versus previous year.
5)

Overseas
Business across all regions remained robust, with segment sales at 51,831 million yen, higher by 23.0% versus

previous year. In addition to the sales increase, profit from the IPO on the Hong Kong Stock Exchange of Medlive
Technology Co., Ltd., which owns subsidiaries operating businesses in China, produced total segment profits of44,837 million yen, higher by 255.9% versus previous year. Medlive was deconsolidated as of June 18, 2021 and is
now an equity-method affiliate of M3.
6)

Other Emerging Businesses
Recovery from negative impact of COVID-19 has brought segment sales to 3,360 million yen, higher by 1.0%

versus previous year. Gains from transfer of subsidiary shares were offset by fluctuation in stock valuations aswell as impairment on equity-method investments, producing segment losses of 601 million yen (profit in previous
fiscal year was 950 million yen.)

Combining all of the above, results for the entire group for the twelve months ended March 31, 2022, amounted
to sales of 208,159 million yen, higher by 23.0% versus previous year, and operating profit of 95,141 million yen,higher by 64.1% versus previous year. Pre-tax profit was 96,187 million yen, higher by 65.1% versus previous year,and net profit was 66,108 million yen, higher by 60.5% versus previous year.

-----------------------------------------------------------------------------------------------------------------------------------------------------------------Disclaimer: This document is a translation of the original Japanese version. The original Japanese version was prepared and disclosed by the Company
in accordance with Japanese accounting standards. This document does not contain or constitute any guarantee and the Company 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 Japaneseoriginal and this document, the Japanese original is assumed to be correct.

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