M3, Inc.
Presentation Material
April 2024

Copyright © 2024 M3, Inc. All rights reserved.

0

The following presentation contains forecasts, future plans, managementtargets and other forward-looking projections relating to M3, Inc. and/or
its group. These statements are drawn from assumptions 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 those mentioned 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 © 2024 M3, Inc. All rights reserved.

1

FY2023 Consolidated Results
FY2022

FY2023

YoY

Sales

230,818

238,883+3%

Operating
Profit71,98364,381-11%

Pre-tax
Profit74,31868,840-7%

Net Profit

51,98348,549-7%

Unit: JPY MM

YoY growth inbusiness
excluding COVID
related revenues,
sales +11%
Excluding theimpact of
impairment losses,
OP was -2% YOY

Regular business has achieved double-digit growth in sales, while OP
was down due to a slowdown in pharmaceutical marketing support,
caused by a drop of temporarily surged demand in the COVID period andbudget compression in some pharmaceutical companies, and aslowdown in US clinical trial business, in addition to the recognition of
impairment losses
Copyright © 2024 M3, Inc. All rights reserved.
2

Consolidated Sales Trends and COVID Impact
Unit: JPY MM

208,159
169,198

230,818～24,300

COVID related

238,883～10,400+11%～24,800(clinical trials,
vaccination support,
promotion oftherapeutic drugs andvaccines, etc.)

Regularbusinesses

FY2020

FY2021

FY2022

FY2023

COVID-related revenues saw a decrease of approximately 14
billion yen for FY2023, significantly impacting profits. For FY2024,
COVID-related revenues are expected to harm sales of around 7
billion yen*FY22 Actuals: Q1 ~8.1 Bn, Q2 ~6.4 Bn, Q3 ~6.2 Bn, Q4 ~3.5 Bn
FY23 Actuals: Q1 ~3.0 Bn, Q2 ~2.7 Bn, Q3 ~2.7 Bn, Q4 ~2.0 Bn

Copyright © 2024 M3, Inc. All rights reserved.

3

FY2023 Consolidated Results by Segment
Unit: JPY MM

FY2022

FY2023YoY

 Pharma marketing: The yearend budget spending for Q4
was also limited, but thefundamental DX is still
progressing Other businesses such as DXof the clinical scene showedsteady growth

Domestic

MedicalPlatform

Sales

93,09893,414+0%Profit41,147

38,626-6%

Evidence
Solution

Sales

27,157

26,700-2%

Profit

7,662

6,698

-13%

CareerSolution

Sales

14,538

16,642+14%

Profit

4,644

4,781

+3%

Site
Solution

Sales

35,29533,025-6%

 Sales +22% excluding COVID

Profit

3,745

3,735

-0%

 Sales +33% excluding COVID

Emerging
Businesses

Sales

3,284

2,633

-20%

Profit

945

-290

-

Sales

62,09569,868+13%

Profit16,99011,695-31%

Overseas* M3E：M3 Education, Inc.

Copyright © 2024 M3, Inc. All rights reserved.

 Order backlog: 29.1 Bn
 Sales +3% excluding COVID
 Short-term negative impact
due to completion of major
projects

 Recorded an impairment loss
for M3E*, due to shrinking
market for graduated dental
students
 Sales +20% excluding COVID
 Impairment loss in US clinical
trial business Europe and APAC region
steady4

FY2023 Forecast vs. Actuals
Sales
Initial outlook

Operating profit～250.0 bn～ 75.0 bn

238.9 bn64.4 bn

Medical Platform
Evidence Solutions
Career Solutions
Site Solutions
Overseas
Other / Adjustments
FY2023 Act.

Missed targets mainly due to Overseas and Medical Platformsegments, especially Overseas, where profit shortfalls
increased due to impairment loss
Copyright © 2024 M3, Inc. All rights reserved.

5

Background of Impairment loss and Recovery Planfor US Clinical Trial Business
Sales trend in US clinical trial business(JPY Bn)
COVID-related

9.3

Regular business

7.7
6.8
4.6
2.9

FY19 FY20 FY21 FY22 FY23 FY24 FY25

 Management base and structure
renewal:Impairment loss due to the decline
in COVID-related revenues, but
cumulative returns sinceacquisition have been almost
realized… Accelerate efforts for
future recovery
 Improvement of cost structure:
Reviewed and downsized theorganization that had expanded in
response to the surge in demandduring the COVID period, to makethe organization more muscular(already implemented in April) Strengthen sales and patient
recruiting functions:Aggressively increase the numberof sales personnel and strengthen
initiatives for further growth

Copyright © 2024 M3, Inc. All rights reserved.

6

Sales Outlook for FY2024
Unit: JPY MM

Percentage of COVIDrelated revenues to besignificantly reduced;
growth expected tocome from growth of
regular businesses

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

Growth rate
270,500

Regularbusinesses only

Overall～3,000+13%+17%238,883～10,400

17%
13%

Regularbusinesses
FY2023

FY2024E*

FY202211%

FY2023 FY2024E*

Driving sales growth, mainly in the Medical Platform andOverseas Segments* The median of the range of FY2024 Forecasts (268,000～273,000 million yen)

Copyright © 2024 M3, Inc. All rights reserved.

7

M3’s Triple Growth Engine + CSV
1. Ecosystem
Expansion

2. IndividualBusiness
Development(Sagrada Familia)
Regions (12 areas)
６７

８

Regions (12 areas)

Regions (12 areas)
９

10

11

１

３

４

５

６

７

８

９

10

１

11

ＭＰ

２

CS ＳＳ ＥＳ
OthersOthers Pharma marketing/ Clinical Scene DX

Businesses (30 - 50)

Businesses (30 - 50)

Businesses (30 - 50)

 Continuous new
business entries

２

３

４

５

６

７

８

９

10

11

ＭＰ

５

CS ＳＳ ＥＳ

４Others３

CS ＳＳ ＥＳ

２ＭＰ

１

3. Ecosystem
Synergy
Creation Cross-cell synergy
maximization

4. Social Impact Creation → CSV
Copyright © 2024 M3, Inc. All rights reserved.

8

Growth Engine 1： Ecosystem Expansion(Sagrada Familia)
６７８Regions (12 areas)
９

10

11

１

５

６

７

８

Regions (12 areas)
９

10

11

１

ＭＰ

４

OthersCS ＳＳ ＥＳ

３

Businesses (30 – 50)

Businesses (30 – 50)

Businesses (30 – 50)

Others

２

２

３

４

５

６

７

８

９

10

11

ＭＰ

５

CS ＳＳ ＥＳ４

CS ＳＳ ＥＳ

３ＭＰ

２OthersRegions (12 areas)
１

4. Social Impact Creation → CSV
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9

Leverage 3 Major Resources to Solve Healthcare Issues

6.5 mil. registered doctors worldwide

Healthcare
Issues×

Overwhelming
Platform

Top-notch technical professionals

State-of-the-art Technology
Experts from varied fields unite

Problem Solving Skills

Copyright © 2024 M3, Inc. All rights reserved.

10

Business Scope Expansion and Growth Potential
FY： 2010

2015

2020

2023

Country：

3 →8 （2.5x） →11 （3.5x） →17 （5.5x）

Business Types：

6 →

15 （2.5x） →35 （6.0x） →38 （6.0x）

Business Units

：

10 →

24 （2.5x） →56 （5.5x） →73 （7.0x）

Sales (bn)

： 14.6 → 64.7 （4.5x） → 169.2 （12.0x） → 238.9 （16.5x）(Type x Country)

Aggressive M&A to ensue in reaching growthpotentials exceeding 10~20x current levels…
Copyright © 2024 M3, Inc. All rights reserved.

11

Trend in M&A Volume: Programmatic M&A Strategy
11

11

5

5

6

6

10
3

Domestic
Overseas

72
2

FY2021

FY2022

FY2023

FY2024
Year to Date

M&A is completed with approximately 10 companies annually.
For FY2023, 10 projects were conducted in total, and for FY2024
Infrastructure for On Call Cooperation and Medcare consolidations
were announced in April, we will continue to pursue M&A
opportunities actively
Copyright © 2024 M3, Inc. All rights reserved.

12

Consolidation of Infrastructure for On Call Cooperation
Present

After consolidation

Patients

PhysiciansHouse call service
required 24/7

Night and holiday housecalls delegation throughon-call coordination

Home visit

One physician makes
house calls

Patient andfamily support

Challenging to provide
emotional care topatients and families
during house calls alone

Medical buddy accompanies
the physician and he/sheconcentrates on his/her
medical practicePhysicians’
working hours

Medical buddy is available
to talk to patients and theirfamilies

Currently contracted with approximately 300 facilities, achieving high patientsatisfaction through medical buddy accompaniment on house calls … No
impact from the revision of medical fees for providing on-call support as a
primary care physician Copyright © 2024 M3, Inc. All rights reserved.

13

Growth Image per Business Expansion Phases
Sales Trend (JPY)
Businesses added after FY2023～600 bilBusinesses added between FY2015 and FY2023
Businesses added between FY2010 and FY2015
Business as of FY2010

239 bil～60

15 bil
FY201065 bilAssumption～120

1/4 of existing
businesson top

～155

CAGR
～20%

～210

CAGR
～15%
CAGR
～10%

～110

～33
～31

～70

～115

FY2015

FY2023

Five years fromnow

Simulations updated based on FY2023 results. No change incontinuing to achieve similar business growth as before through new
business development, new business growth, and existing businessgrowthCopyright © 2024 M3, Inc. All rights reserved.

14

Business Expansion Creation Flow

Structural
Differentiation

Reinforcementof Ecosystem

Investment Target
Expansion

Self-reinforcing expansion cycle = "superbly capable staff" basealso expands, and continuity is further strengthened... "businesssnowball" to multiply rapidly
Copyright © 2024 M3, Inc. All rights reserved.

15

Growth Engine 2： Individual Business Development
Regions (12 areas)
６７

８

Regions (12 areas)
９

10

11

１

５

６

７

８

Regions (12 areas)
９

10

11

１

ＭＰ

４

OthersCS ＳＳ ＥＳ

３

Businesses (30 – 50)

Businesses (30 – 50)

Businesses (30 – 50)

Others

２

２

３

４

５

６

７

８

９

10

11

ＭＰ

５

CS ＳＳ ＥＳ

４Others３

CS ＳＳ ＥＳ

２ＭＰ

１

4. Social Impact Creation → CSV
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16

Pharmaceutical Sales & Marketing DX

Copyright © 2024 M3, Inc. All rights reserved.

17

Pharma Marketing Cost and TAM for M3
10 yearsago

Present

FutureM3’s Role

down by ~300 bn yen
TAM

Industry
productivity
improvementfrom DX

MR
99%
Related1.5 tn yen
Costs

Internet

1%

15 bn yen95%

1.15 tn yen

5%

70 bn yen

70～80%

700～
800 bn yen(2) MR Activity
DX Support

20～30%(1) Internet
MarketingSupport200～
300 bn yen(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 © 2024 M3, Inc. All rights reserved.

18

Current Status of Pharmaceutical Marketing
Demands and Trends
ＣＯＶＩＤ-19

Sales

After COVID

Future•Structural changes •
Now

•

•
Short-term demand •Advancement of structural
digital transformation (DX)
Further penetration of datadriven marketing
Projects on a larger scale

Temporary decline indemand during the COVID
periodCost reduction at someglobal pharma companies

Positive and negative factors are in balance; currently, bothare in equilibrium
Copyright © 2024 M3, Inc. All rights reserved.

19

Trend of Domestic Pharmaceutical Sales Reps (MRs)Historical Peak
65,752 MRs(000’s)-1,095 -52270-950 -752-2,533-2,74260-3,572-1,738-2,16650

40

49,682
in FY2022

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

In addition to a decrease in the number of MRs, increasing numberof contract reps and online reps who work exclusively online or byphone.... The trend toward sales efficiency is expected to continue* Source: MR Certification Center “2023 MR White Paper”

Copyright © 2024 M3, Inc. All rights reserved.

20

As a Strategic Partner to Pharma Companies
Efforts for Renewed Growth

Overall Trend
ＣＯＶＩＤ-19

Sales

After COVID

Now

Future Rejuvenate and strengthen leadership Our ProductsContinual development of services
that dramatically improve theproductivity of pharmaceuticalcompany sales and marketing(currently at level 50%)
 Our Professional Staff
Continuously expanding the teamby several tens of people each year
(currently at level 50%)
 Productivity Per Staff
Standardization of service
proposals, skills enhancement,
improvement in per-person
productivity through DX (currently
at level 75%)

Further accelerating essential DX initiatives as a strategic
partner to pharmaceutical companies
Copyright © 2024 M3, Inc. All rights reserved.

21

Professional Staff Fortification Plan
Unit: Index with FY2019 as 100

375~500

Reduce the no. of
external consultants
while increasing theoverall number

100 Recruiter
reinforcement

24%(fee scale)83%

FY2019FY2022

FY2023

Few years
from now…

1

1.6

1.4

1

(pre-COVID)

Cost per
Staff

17%

76%

M3
Employees

 HR capacity
increase

260

245

Q4

Temporaryincreasedue tooutsourcing

Q4

Normalizedwith proper
hires

Staff Fortification
Initiatives

Normalizedwith proper
hires New grad
recruitment
fortification
 Improve costs
while increasing
headcount

Professional staffing, 5% growth in total (+15% for in-house, -25%
for external) with the number of hiring decisions for FY2023 up by
approximately 1.2x YoY
Copyright © 2024 M3, Inc. All rights reserved.

22

DX of the Clinical Scene

Copyright © 2024 M3, Inc. All rights reserved.

23

DX of Clinics: Creating a New Patient Experience
Current

Post DX (new patient experience)

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 © 2024 M3, Inc. All rights reserved.

24

M3 DigiKar EHR Growth
Number of Sites Using M3 DigiKar
6,150
 Cumulative number of
installations isapproximately 6,150.
Steady progress Co-selling with
DigiKarSmart further
increases the added
value of DigiKar

FY15 16

17

18

19

20

21

22

23

Incontestable #1 market share within cloud based digital healthrecords, approximately 230 million charts
Copyright © 2024 M3, Inc. All rights reserved.

25

DX of Clinics： DigiKar Smart
PhysicalOnlineAppointment

Medical Institutions：Managing System

AutoReception

Next
Appointment

Patients：

M3 DigiKar Smart
Payment

Mobile App
Consultation

Linking to
EHR

25,000 reviews with a rating of 4.6 from users, new patient
experience created and high rating in the category
Taken from the following URL, as of April 10, 2024
https://apps.apple.com/jp/app/m3%E3%83%87%E3%82%B8%E3%82%AB%E3%83%AB%E3%82%B9%E3%83%9E%E3%83%BC%E3%83%88%E8%A8%BA%E5%
AF%9F%E5%88%B8/id1563102530

Copyright © 2024 M3, Inc. All rights reserved.

26

No. of DigiKar Smart Users
Unit: Index with FY2021Q3 as 1

4,741
4,320
 Users are rapidly
penetrating DigiKar
Smart as the clinic's
infrastructure.
3.5 times higher thanin the previous year

2,973
2,067

 Video call has been
added and is
expanding as an
infrastructure fortelemedicine

1,368
1,070
1

44 173Q3 Q4 Q1
FY2021479
Q2 Q3 Q4
FY2022Q1

Q2 Q3
FY2023

Q4* Quarterly sum of monthly UUs
Copyright © 2024 M3, Inc. All rights reserved.

27

Ecosystem Synergy: Medical Data Business
Unit: Index with FY2022 as 100

Sales of Medical Data Business*

205
Approx.

2x

100

FY2022

FY2023

Medical data business (actual medical practice, physician practicestandards, etc.) also grew significantly along with the increase in thevolume of data accumulated. Steady creation of ecosystem synergies* Target: Real World Data, Estimation related services (part of Pharmaceutical Marketing business)
Copyright © 2024 M3, Inc. All rights reserved.

28

Overseas

Copyright © 2024 M3, Inc. All rights reserved.

29

Number of Doctor Members and Panelists (Global)
Ratio of doctor members(As of June 2023)

Including regions not mentioned above, more than 6.5 million
doctor members and panelists, covering over 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 © 2024 M3, Inc. All rights reserved.

30

Overseas Segment: Sales by Region
Unit: JPY MM

Growth rate
COVID related
sales within

62,07069,852
27,081

North
America

26,634

Excluding COVID
related earnings+13% +20%
Excluding COVID
related earnings+19%

North America
 Career business remains
solid Clinical trial business:
Strengthening managementbase and muscularization inprogress for recovery ingrowthEurope28,648+26%

 Steady progress in France andUK Contribution from M&A effect

+11%

ＡＰＡＣ

Europe22,665

APAC

12,771

14,122

FY2022

FY2023

 Rapid growth after COVID
pauses DBMCI contributions also
begin to emerge

Accelerating new initiatives for the future such as M&A
and structural reforms
Copyright © 2024 M3, Inc. All rights reserved.

31

Overseas Growth Trends by Business (FY)
Unit: JPY Bn

Service forDoctors(Platform for doctors in North
America, Europe, and APAC
and EHR)Clinical Trials(M3 Global Research:
Expanding in North America,
Europe, and APAC)(Operation of clinical trials sites
in North America)

Career for
Doctors(Human resources businesscentered on doctors in North
America and Europe)

29
25
19
11

14

25
Approx.

2.6x

9.8

13

16

18

Approx.

2.6x

6.8 7.7

9.3

2.9

19 20 21 22 23

19 20 21 22 23

4.6
Approx.

1.6x

19 20 21 22 23

4.7 5.2

7.5

9.9

12
Approx.

2.6x

19 20 21 22 23

Achieve growth trends in various business types* Based on each subsidiary's principal business, aggregated by fiscal year
Copyright © 2024 M3, Inc. All rights reserved.

32

Growth Engine 3： Ecosystem Synergy Creation
Regions (12 areas)
６７

８

Regions
Regions (12 areas)
areas)
９

10

11

１

５

６

７

８

Regions (12 areas)
９

10

11

１

ＭＰ

４

OthersCS ＳＳ ＥＳ
Others３

Businesses (30 – 50)

50

Businesses
Businesses (30(30 –– 50)
50)( – 50))Businesses (30
30

２

２

３

４

５

６

７

８

９

10

11

ＭＰ

５

CS ＳＳ ＥＳ

４Others３

CS ＳＳ ＥＳ

２ＭＰ

１

4. Social Impact Creation → CSV
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33

Business Scope Expansion and Growth Potential

FY： 2010

2015

2020

2023

Country：

3 →8 （2.5x） →11 （3.5x） →17 （5.5x）

Business Types：

6 →

15 （2.5x） →35 （6.0x） →38 （6.0x）

Business Units

：

10 →

24 （2.5x） →56 （5.5x） →73 （7.0x）

Sales (bn)

： 14.6 → 64.7 （4.5x） → 169.2 （12.0x） → 238.9 （16.5x）(Type x Country)

Copyright © 2024 M3, Inc. All rights reserved.

34

Cross-Business Synergy Creation Potential
１

２

３

４

0

1

3

6

・・・

ｎ

Number ofbusinesses

Synergy
Links

nC2

Synergy potential between businesses: 73Ｃ2 = 2,628
possible linkages
Copyright © 2024 M3, Inc. All rights reserved.

35

Ecosystem Synergy Value Creation
Unit: Index with FY2022 as 100

125
Approx.

100

FY22

1.3x

FY23

The next ten years will be based on ecosystem synergies, includinginternal and external collaborations, to further promote healthcare
problem-solving/social impact creation and business expansion*Sum of value additive projects spanning across multiple business lines and data utilization. Definitions will be reviewed as necessary, including this time
Copyright © 2024 M3, Inc. All rights reserved.

36

“The White Jack Project”
Pre-Onset/
Healthy Person
General Public(consumer)

After Onset/
Patient

Future expanding
priority areas

HCP(e.g. wholesaler)

Phase 1 Happiness-i
Phase 2

Rinkai
MedicalPhase 3CancerPrevention

Phase 4 ＥＢＨＳ

Traditional main
business domain

Phase 5Phase 6 Medcare

Steady progress is also being made on the White Jack project,which realizes M3's mission from a more upstream perspective
Copyright © 2024 M3, Inc. All rights reserved.

37

Expand Coverage of Enterprise Services
Number of employees covered bycorporate services
Unit: 10,000 persons

203*

Approx.

160x

78

1
FY
2019

18

19

2020

2021

2022

Covers approximately 2 million
employees in FY23Q4, with thefollowing services underdevelopment
 EBHS Life
 Cancer prevention, PSP Ask Doctors
 Booking & conducting
medical check-ups
 Employee health data
management
In addition to Happiness
Partners, the introduction of
EBHS Life is gradually
expanding. Dispatch ofindustrial physicians and stresschecks also supported

2023

Steadily expanding the business base to create ecosystemsynergies as well… With the consolidation of Medcare, coverage
will spread to health insurance associations from FY2024*About 800,000 additional people are added from FY2023 for dispatching industrial physicians and providing stress check services
Copyright © 2024 M3, Inc. All rights reserved.

38

Consolidation of Medcare
The client healthinsurance associations:more than300

The number of employees whoare covered by its client healthinsurance associations:more than

5 million

Completion rate of statutoryspecific health guidance:

90%

more than, whichoutperforms the 30% averagein the survey conducted by the
Health Insurance Association*

 Provides statutory-specifichealth guidance andoutpatient smoking
cessation services since its
foundation in 2015
 After consolidation, will
work with EBHS to visualize
health issues and propose
specific measures for
improvement
 Expanding service offeringsfor corporates and healthinsurance associations,with cross-selling also
expected

Together with other services of the White Jack Project, M3 Group is now
able to provide a one-stop solution for corporates and health insurance
associations. Aiming to both improve employees' lifestyles and reduce
medical expenses covered by the health insurance associations* Quoted from https://www.kenporen.com/toukei_data/pdf/chosa_r04_01_03.pdf (visited on April 22, 2024)
Copyright © 2024 M3, Inc. All rights reserved.

39

Social Impact Creation
Regions (12 areas)
６７

８

Regions
Regions (12 areas)
areas)
９

10

11

１

５

６

７

８

Regions (12 areas)
９

10

11

１

ＭＰ

４

OthersCS ＳＳ ＥＳ
Others３

Businesses (30 – 50)

50

Businesses
Businesses (30(30 –– 50)
50)( – 50))Businesses (30
30

２

２

３

４

５

６

７

８

９

10

11

ＭＰ

５

CS ＳＳ ＥＳ

４Others３

CS ＳＳ ＥＳ

２ＭＰ

１

4. Social Impact Creation → CSV
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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 © 2024 M3, Inc. All rights reserved.

41

M3’s CSV* Impact (1/2): Patients/End Users
Providing a Seamless Healthcare Experience
Number of medical consultations using Digikar Smart: 5.6 million perannum, more than 5 times compared to the previous year
Reduction of 1.68 million hours spent in clinics
Including the above, 35.4 million hours of patient waiting time reducedby the M3 group… approximately 4,000 years or the life expectancy of
50 persons**
FY2023, from a group total of about 34 million receptions

Professional Advice Provision for Health Concerns
Offering physician answers online to daily health concerns; ~320,000
posted questions gathering over 79 million UU views annually
FY2023Granting Wishes for Severely Ill Patients
44 wishes granted through the CaNoW program;over 1.5 million PVs of videos and articles documenting the grants
As of April 2024, since the service launch in 2019

Support for corporate health management and employee healthpromotion
Accelerate efforts in pre-symptomatic state and preventive medicine,with approximately 2 million employees covered
FY2023* CSV = Creating Shared Value ** Calculated based on the average life expectancy of Japanese men and women as of 2023, quoted from the following URL
https://www.mhlw.go.jp/toukei/saikin/hw/life/life22/index.html, as of April 18, 2024
Copyright © 2024 M3, Inc. All rights reserved.
42

M3’s CSV* Impact (2/2): Medical Professionals
Information Provision for all HCPs

Approximately 11 million viewers in total for web
conferences, etc.
FY2023

Medical Examination Support

Supporting medical examinations through the
management of information across 300 million
electronic health records, domestically and abroad
As of FY2023

Productivity Improvement for Pharma Companies

Distribution of 110 million e-details = workload of
55,000+ MRs (more than the total number of MRs in
Japan)FY2023

Actualizing M3’s mission across various areas, to reduce
unnecessary medical costs and to support healthier lives using
digital technologies* CSV = Creating Shared Value
Copyright © 2024 M3, Inc. All rights reserved.

43

FY2024 Outlook

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44

FY2024 Qualitative Outlook
Outlook
Driver 1:

Ecosystem Expansion

MedicalPlatform
Driver 2:

IndividualBusiness
Development New acquisitions in FY2023 will contribute to the full-year New businesses and M&A in FY2024 are not factored in(in fact, the number of M&A deals under considerationand the scale of M&A deals are also on an expansionary
trend)＋

 Positive structural DX in pharmaceutical marketing
support may be balanced by a temporary negative
impact due to the drop in COVID-related revenues
 Steady growth expected in other businesses such as
DX of the clinical scene±

CareerSolution Aiming to offset the short-term impact of the drop in
COVID-related revenues and the completion of large
projects by strengthening sales activities
 Existing businesses are expected to continue to grow.
In addition, new projects related to reforms in the way
physicians work will also contribute

Site
Solution

 High growth rate expected as COVID-related factors
disappear＋

Overseas Steady growth expected in all regions The slowdown in US clinical trial business has run its
course, with limited impact compared to FY2023＋＋

Evidence
Solution±＋

Driver 3:

Ecosystem Synergy
Creation Continuation of traditional expansion trend
Copyright © 2024 M3, Inc. All rights reserved.

＋
45

Annual Results and Forecasts
Sales

Operating Profit

Unit: JPY MM

Unit: JPY MM

273,000~268,000

Operating profit*
Medlive IPO Impact

238,883

95,141

230,818
208,159

71,983 70,000~67,000

64,210 64,381

169,198

57,972130,973
113,059
94,471
78,14364,66051,34636,75914,646 26,007
8,534
19,0402,276 5,729
891
7,475 11,811
3,854
1,563
480
107

46 255 509 895

FYE
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

(6m)

-93

34,33730,80027,48625,05020,022
16,061
7,648 13,738
4,803
9,294
6,031
1,683 3,597
3,990
2,677

FY
E
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24(6m)

In line with tradition, aim to expand our business foundation
and achieve growth from a medium to long-term perspective*FY2021 excludes gains related to China IPO

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46