Consolidated Financial Results
for the Nine Months Ended December 31, 2021 [IFRS](Abridged)
Listed Company:
M3, Inc.
Securities Code:2413
Representative:(Title) CEO(Name) Itaru TanimuraContact:(Title) Director (Name) Eiji Tsuchiya
Submission of quarterly report: February 10, 2022
Preparation of explanatory materials for quarterly financial result: Yes
Assembly for briefing of quarterly financial results: Yes (for analysts)

February 2, 2022

Listed Stock Exchange: Tokyo
URL: https://corporate.m3.com/en/
TEL: 03-6229-8900
Dividend payment commencement date: ―(amounts rounded to the nearest million yen)

1.

Consolidated Financial Results for the Nine Months Ended December 31, 2021
(From April 1, 2021 to December 31, 2021)(1) Consolidated Operating Results (Cumulative)
Net sales

Nine months ended
Dec 31, 2021
Nine months ended
Dec 31, 2020

Nine months ended
Dec 31, 2021
Nine months ended
Dec 31, 2020(% figures show year-on-year change)

Operating profit

Million Yen%

Million yen

2.

Net profit%

Million Yen%

Million Yen%

154,169

24.6

84,62799.3

85,177100.5

58,535

98.4

123,750

28.5

42,46857.7

42,481

57.3

29,507

58.5

Profit attributable toowners of the parent
Million Yen%

Total comprehensive
incomeMillion Yen%

Basic earnings pershare
Yen

Diluted earnings pershare
Yen

56,169110.3

59,737

103.8

82.75

82.68

26,71161.0

29,306

61.5

39.36

39.32

(2) Consolidated Financial Position

As of Dec 31, 2021
As of March 31, 2021

Pre-tax profit

Total assets

Total equity

Million Yen
324,823
273,123

Million Yen
252,686
207,260

Dividends

Equityattributable toowners of theparent
Million Yen
246,612
199,813Ratio of equity
attributable toowners of theparent%75.9
73.2

Equity per share
attributable toowners of theparentYen
362.32293.64

Annual Dividends per share
SecondThird
Fiscal yearTotal
quarter-end
quarter-endend
Yen
Yen
Yen
Yen
Fiscal year ended March 31, 2021
0.00
―
12.00
12.00
Fiscal year ending March 31, 2022
0.00―
Fiscal year ending March 31, 2022 (Forecast)――(Note) 1 Amendments to forecasts of dividends recently announced: None2 Dividend forecast for the fiscal year ending March 31, 2022 is currently undetermined. It is to be
determined after consideration of capital needs and condition of cash flow hereafter.
Firstquarter-end
Yen――－1 －3.

Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2022
(From April 1, 2021 to March 31, 2022)

Consolidated financial results forecast for the fiscal year ending March 31, 2022 is undisclosed due to the inability
to reasonably gauge the COVID-19 global pandemic impact on M3 group’s business environment. Forecasts will
be provided promptly once the environment allows for proper 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 December 31, 2021

678,822,100

shares

As of March 31, 2021

678,785,600

shares

As of December 31, 2021

45,081shares

As of March 31, 2021

45,067

shares

As of December 31, 2021

678,757,781

shares

As of December 31, 2020

678,644,883

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 result
Explanatory materials for quarterly financial results will be posted on our website on Wednesday, February 2,2022.

－2 －4. Qualitative Information on Quarterly Results(1) Explanation of consolidated operating results
In Japan, various services are provided for the 300,000+ 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 non-healthcare 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 withclinical trial operations by CROs, and administrative and operations support across the entire clinical trial
process by SMOs, 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

is expanding 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 “Announcement
Regarding the Recognition of Gains Relating to Loss of Control Over Subsidiaries.” Additionally, the company
IPOs 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.

－3 －Consolidated quarterly results for the second quarter (cumulative) is as below.
Nine months ended
Nine months ended
Dec 31, 2020
Dec 31, 2021
Third quarter(April 1, 2021 to(April 1, 2020 tocomparison
Dec 31, 2020,
Dec 31, 2021,cumulative)
cumulative)(Unit: Million Yen)
(Reference)Previous consolidated
fiscal year
(April 1, 2020 toMarch 31, 2021)

Net sales

123,750

154,169+30,419+24.6%

169,198

Operating Profit

42,46884,627+42,159+99.3%

57,972

Pre-Tax Profit

42,481

85,177+42,696+100.5%

58,264

Net Profit

29,50758,535+29,028+98.4%

41,198(Segment results)

Medical Platform
Evidence Solution
Career Solution
Site Solution
Overseas
Other Emerging
Businesses
Adjustment
Total1)

Nine months ended
Dec 31, 2020
(April 1, 2020 to
Dec 31, 2020,cumulative)

Nine months ended
Dec 31, 2021
(April 1, 2021 to
Dec 31, 2021,cumulative)(Unit: Million Yen)
Third quartercomparison

Segment Net Sales

55,62964,672+9,043+16.3%

Segment Profit

27,46930,795+3,326+12.1%

Segment Net Sales

14,427

16,188+1,762+12.2%

Segment Profit

2,648

3,844+1,196+45.1%

Segment Net Sales

10,965

11,024+59+0.5%

Segment Profit

3,353

4,027+673+20.1%

Segment Net Sales

12,53025,657+13,127+104.8%

Segment Profit

1,510

4,554+3,043+201.5%

Segment Net Sales

29,81437,860+8,046+27.0%

Segment Profit

8,378

41,473+33,095+395.0%

Segment Net Sales

2,395

2,463+68+2.8%

Segment Profit

718

1,258+540+75.2%

Segment Net Sales-2,009-3,696－－－－

Segment Profit-1,609-1,323

Net Sales

123,750

154,169+30,419+24.6%

Operating Profit

42,46884,627+42,159+99.3%

Medical Platform
Due to continued healthy demand from pharmaceutical companies, Medical Platform segment sales reached

64,672 million yen, higher by 16.3% versus previous year. Upfront investments aimed for future growth haveraised SG&A mainly around personnel costs, however, Medical Platform segment produced profits of 30,795
million yen, higher by 12.1% versus previous year.
2)

Evidence Solution

Recovery from the temporary halt in projects due to the COVID-19 pandemic and acceleration of COVIDrelated clinical trial projects produced total sales of 16,188 million yen, higher by 12.2% versus previous year.
Segment profit was 3,844 million yen, higher by 45.1% versus previous year.

－4 －3)Career Solution
Solid sales in services for physicians and COVID vaccination support project expansion offset the dampened

activity from pharmacists, which resulted in segment sales of 11,024 million yen, higher by 0.5% versus previousyear. Sales mix improvement and increased contribution from vaccination support projects produced segment
profits of 4,027 million yen, higher by 20.1% versus previous year.
4)

Site Solution

In addition to an increase in affiliate medical institutions, COVID vaccination support project expansion
produced segment sales of 25,657 million yen, higher by 104.8% versus previous year, and profit of 4,554 million
yen, higher by 201.5% versus previous year.
5)

Overseasyear.

All regions performed well, resulting in segment sales of 37,860 million yen, higher by 27.0% versus previous
In addition to the increase in sales, appropriation of gains related to the IPO of Medlive which owns thesubsidiary that operates the China business, resulted in segment profit of 41,473 million yen, higher by 395.0%
versus previous year. Furthermore, Medlive Technology Co., Ltd., has been deconsolidated from M3 and has
become an equity-method affiliate of M3 as of June 18, 2021.
6)

Other Emerging Businesses

Recovery trend from negative impact of COVID-19 has brought segment sales to 2,463 million yen, higher by
2.8% versus previous year. Profits were 1,258 million yen, higher by 75.2% versus previous year as a result ofvaluation changes in held assets and capital gain on sales shares of subsidiaries.

Combining all of the above, results for the entire group for the nine months ended December 31, 2021,

amounted to sales of 154,169 million yen, higher by 24.6% versus previous year, and operating profit of 84,627
million yen, higher by 99.3% versus previous year. Pre-tax profit was 85,177 million yen, higher by 100.5% versus
previous year, and net profit was 58,535 million yen, higher by 98.4% 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 －