Summary Report on Financial Results for the Third Quarter of the Year Ending March 31st, 2023
(Japan GAAP)
January 31st, 2023
Stock Listing: TSE-Standard Market
Company name:
Fukuda Denshi Co., Ltd.
Code No.:
6960 (https://www.fukuda.co.jp)
Representative:
Daijiro Shirai, President & COO
Inquiries:
Haruhiko Honbu, Senior Manager of Accounting & Finance DepartmentTel:+81-3-5684-1558 (main)
Scheduled date for filing the quarterly report:
February 10th, 2023
Scheduled date for commencement of dividend payment:
Supplementary material development:
None
Financial results meeting:None(Amounts less than one million yen are rounded down)(The number with parenthesis shows negative figure)1. Consolidated financial results for the Third quarter of the year ending March 31st, 2023 (April 1st, 2022 throughDecember 31st, 2022)(1) Consolidated operating results (cumulative)(% represents increases or decreases from the previous year)
Ordinary
Profit attributable to
Net sales
Operating Profit
Profitowners of parent
millionmillionmillionmillion
%
%
%
%
yen
yen
yen
yen
Third quarter of the year
93,481
0.4
16,077
1.4 16,766
2.7
11,6060.2
ending March 31st, 2023
Third quarter of the year
93,06815,86335.9 16,320
36.4
11,57928.6
ended March 31st, 2022
(Note) Comprehensive income
Third quarter of the year ending March 2023: 11,950 million yen / 1.5 %Third quarter of the year ended March 2022: 11,773 million yen / 22.6 %The “Accounting Standards for Revenue Recognition” (ASBJ Statement No. 29, March 31st, 2020), etc. has
been applied since the previous fiscal year. For this reason, the percentage of year-on-year change of “Net sales”
for the third quarter of the fiscal year ended March 31st, 2022 is not indicated.
Earnings
per shareyen

Diluted earnings
per shareyen

Third quarter of the year
383.71―ending March 31st, 2023
Third quarter of the year
382.89―ended March 31st, 2022
Fukuda Denshi Co., Ltd. (hereinafter mentioned as "the Company") conducted a stock split at a ratio of two
shares for one common share on effective date of December 1st,2022. “Earnings per share” is calculated basedon the assumption that the stock split was conducted at the beginning of the previous fiscal year.
(2) Consolidated financial situation
million yen

million yen

Shareholders'equity ratio％

Third quarter of the year
ending March 31st, 2023

195,205

156,55680.2

5,175.68

Year ended March 31st, 2022

195,495

149,85776.7

4,954.70

Total assets

Net assets(Reference) Shareholders' equity:
Third quarter of the year ending March 31st, 2023: 156,556 million yen- 1 -Net assets
per shareyenFiscal year ended March 31st, 2022: 149,857 million yen
The Company conducted a stock split at a ratio of two shares for one common share on effective date ofDecember 1st,2022. “Net assets per share” is calculated based on the assumption that the stock split was
conducted at the beginning of the previous fiscal year.
2. Dividends
Annual Dividends per share
End of the
End of the
End of the term
second quarter
third quarter
yen
yen
yen

End of thefirst quarteryen

Annualyen
Year ended March―
100.00―205.00305.0031st, 2022
Year ending March―
140.00―31st, 2023
Year ending March
70.00―
31st, 2023 (forecast)(Note) Revisions to recent dividend forecast: None
The detail of second quarter dividend of Year ended March 31st, 2022; ordinary dividend 80.00 yen, extra
dividend 20.00 yen
The detail of year-end dividend of Year ended March 31st, 2022; ordinary dividend 80.00 yen, extra dividend
125.00 yen
The detail of second quarter dividend of Year ending March 31st, 2023; ordinary dividend 110.00 yen, extra
dividend 30.00 yen
The detail of year-end dividend of Year ending March 31st, 2023 (forecast); ordinary dividend 55.00 yen, extra
dividend 15.00 yen
The Company conducted a stock split at a ratio of two shares for one common share on effective date ofDecember 1st,2022. Regarding the year-end dividend per share for the fiscal year ending March 31st, 2023
(forecast), the amount after the stock split is stated, and the annual dividend is stated as "-".
3. Forecast of consolidated financial results for fiscal year ending March 31st, 2023 (April 1st, 2022 throughMarch 31st, 2023)(% represents increase or decrease from the previous year)

Net sales

Full-year

Operating Profit

Ordinary Profit

millionyen%

millionyen%

millionyen%

125,000(5.4)

20,000(11.9)

20,300(13.3)

Profit attributable toowners of parent
million%yen
14,000Earnings
per share(13.7)

yen
462.85(Note) Revisions to recent business forecast: None
The Company conducted a stock split at a ratio of two shares for one common share on effective date ofDecember 1st,2022. Regarding “Earnings per share”, the amount after the stock split is stated.
*Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries involving changes inthe scope of consolidation): None
(2) Application of special accounting methods for the preparation of the consolidated quarterly financial
statements: None
(3) Changes in accounting policies, accounting projections and restatement(i) Changes in accounting policies associated with revision of accounting standards: Yes(ii) Changes other than (i) above: None(iii) Changes in accounting projections: None(iv) Restatement: None

- 2 -(4) Number of outstanding shares (common shares)(i) Number of outstanding shares at the end of the period (including treasury shares)
Third quarter of the year ending March 31st, 2023: 39,176,000 sharesYear ended March 31st, 2022: 39,176,000 shares(ii) Number of shares of treasury shares at the end of the period:
Third quarter of the year ending March 31st, 2023: 8,927,472 sharesYear ended March 31st, 2022: 8,930,480 shares(iii) Average number of shares during the period (accumulated consolidated quarter)
Third quarter of the year ending March 31st, 2023: 30,247,402 shares
Third quarter of the year ended March 31st, 2022: 30,242,557 shares
The Company conducted a stock split at a ratio of two shares for one common share on effective date ofDecember 1st,2022. Therefore, “Number of outstanding shares at the end of the period”, “Number of sharesof treasury shares at the end of the period”, and “Average number of shares during the period” shown above
are calculated based on the assumption that the stock split was conducted at the beginning of the previous
fiscal year.
* This summary is not subject to audit procedure.
* Explanation about the appropriate use of the forecasts of financial results, and other noteworthy matters
The projections and other statements with respect to the future included in this material are based on currently
available information and certain assumptions that are judged reasonable by Fukuda Denshi (hereinafter, “theGroup”). Please be advised that the Group does not guarantee in any way the achievement of the projections
and other goals in this material and that cases may occur where the actual results and other situations differ
materially from the projections due to various factors. With respect to the preconditions for the forecast offinancial results, please refer to “(3) Explanation about consolidated earnings forecast” under the “1.
Qualitative information about consolidated earnings results for the quarter under review" section on page 5.

- 3 -Contents of the Attached Materials
1. Qualitative information about consolidated earnings results for the quarter under review --------

P.05(1) Explanation about consolidated operating results -----------------------------------------------------

P.05(2) Explanation about consolidated financial situation ---------------------------------------------------

P.05(3) Explanation about consolidated earnings forecast ----------------------------------------------------

P.05

2. Consolidated quarterly financial statements and Notes -------------------------------------------------

P.06(1) Consolidated quarterly balance sheets ------------------------------------------------------------------

P.06(2) Consolidated quarterly income statements and consolidated quarterly comprehensive income
statements

P.08

Consolidated quarterly income statements
Third quarter of the consolidated term ---------------------------------------------------------------

P.08

Consolidated quarterly comprehensive income statements
Third quarter of the consolidated term ---------------------------------------------------------------

P.09(3) Notes to consolidated quarterly financial statement --------------------------------------------------

P.09(Notes regarding the premise for going concern) --------------------------------------------------------

P.09(Notes when there is a significant fluctuation in the amount of shareholders’ equity) -------------

P.09(Changes in Accounting Policy) ---------------------------------------------------------------------------

P.09

- 4 -

1. Qualitative information about consolidated earnings results for the quarter under review(1) Explanation about consolidated operating results
The Japanese economy during the consolidated cumulative third quarter of this fiscal year (April 1st,
2022 through March 31st, 2023), has been in severe conditions due to the re-spread of COVID-19, thehigher prices of resources affected by international situations, and the effects of foreign exchange rates.
Also, the economic prospects remain uncertain for the time being and still seems to continue.
In the medical industry, it is now required to strengthen the efforts to COVID-19 pandemic and toconstruct an efficient framework to provide healthcare services reflecting the regional medical plan
through the differentiation and strengthening of medical institutions’ functions encouraging the regional
healthcare network.
In such an environment, the Group posted consolidated “Net sales” of 93,481 million yen (up 0.4%
year-on-year basis), “Operating profit” of 16,077 million yen (up 1.4% year-on-year basis), “Ordinary
profit” of 16,766 million yen (up 2.7% year-on-year basis), and “Profit attributable to owners of parent”
of 11,606 million yen (up 0.2% year-on-year basis) in the third quarter.
A. Physiological diagnostic equipment segment
The sales of electrocardiographs, vascular screening systems and blood cell counters increased.
As a result, consolidated “Net sales” were 19,973 million yen (up 6.0% year-on-year basis).
B. Patient monitoring equipment segment
Consolidated “Net sales” of patient monitoring equipment were 7,490 million yen (down 19.0% yearon-year basis).
C. Medical treatment equipment segment
While the sales of AEDs and ventilators decreased, the business of renting medical equipment forhome treatment increased.
As a result, consolidated “Net sales” were 40,534 million yen (up 0.3% year-on-year basis).
D. Consumables and other products segment
Consumables and other products segment includes the sales of recording paper, disposable
electrodes, and consumables used for devices handled in the above segments, as well as maintenanceand repair services.
Consolidated “Net sales” for this segment were 25,483 million yen (up 3.8% year-on-year basis).
(2) Explanation about consolidated financial situation“Total assets” decreased 290 million yen from the end of previous fiscal year to reach 195,205 million
yen. The main factors are the decrease of 6,758 million yen in “Notes and accounts receivable - trade”
despite the increase of 1,323 million yen in “Property, plant and equipment”.
“Total liabilities” decreased 6,989 million yen from the end of the previous fiscal year to reach 38,648
million yen. The main factor is the decrease of 1,183 million yen in “Notes and accounts payable - trade”
and 2,691 million yen in “Income taxes payable”.
“Net assets” increased 6,699 million yen from the end of the previous fiscal year to reach 156,556 million
yen. The main factor is the increase of 6,348 million yen in “Retained earnings”.
(3) Explanation about consolidated earnings forecast
Due to the steady sales achievement until the third quarter, there is no change at this moment in theforecast of the financial results for the full fiscal year announced on October 31st, 2022.
The forecasted financial results described in this material are based on information available at the time ofannouncement. Actual results may differ from the results projected and presented hereby for a variety ofreasons.

- 5 -2. Consolidated quarterly financial statements and Notes(1) Consolidated quarterly balance sheets
Previous fiscal year
(as of March 31st, 2022)
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Electronically recorded monetaryclaims - operating
Securities
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets
Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations operating
Short-term borrowings
Income taxes payable
Provision for bonuses
Provision for product warranties
Other provisions
Other
Total current liabilities
Non-current liabilities
Retirement benefit liability
Other provisions
Other
Total non-current liabilities
Total liabilities- 6 -(Millions of yen)
End of the Third quarter
under review(as of December 31st, 2022)

64,05736,54363,32029,784

2,908

3,325

497
9,391
205
3,940
2,217
(23)
119,736

12,297
350
6,255
1,325
(3)
116,655

45,264
1,538

46,5881,504

9,671
19,293(8)
28,95675,759195,495

10,537
19,932(13)
30,45678,549195,205

15,501

14,318

6,648

5,627

1,750
3,451
3,439
117
579
7,339
38,829

1,800
759
1,520
136
386
7,233
31,783

3,137
752
2,918
6,809
45,638

3,189
717
2,957
6,865
38,648

Previous fiscal year
(as of March 31st, 2022)
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive
incomeValuation difference on
available-for-sale securities
Foreign currency translation
adjustment
Remeasurements of defined benefit
plans
Total accumulated othercomprehensive income
Total net assets
Total liabilities and net assets- 7 -(Millions of yen)
End of the Third quarter
under review(as of December 31st, 2022)

4,621
21,841
142,135(20,362)
148,236

4,621
21,839148,483(20,353)
154,591

1,836

1,939

(11)

198

(204)

(172)

1,621

1,965

149,857
195,495

156,556
195,205

(2) Consolidated quarterly income statements and consolidated quarterly comprehensive income statements
Consolidated quarterly income statements(Third quarter of the consolidated term)

Net sales
Cost of sales
Gross profit
Selling, general and administrative
expenses
Operating profit
Non-operating income
Interest income
Dividend income
Foreign exchange gains
Gain on investments in investment
partnerships
Other
Total non-operating income
Non-operating expenses
Interest expenses
Loss on investments in investment
partnerships
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Surrender value of insurance policies
Gain on extinguishment of tie-insharesTotal extraordinary income
Extraordinary losses
Loss on sale of non-current assets
Impairment loss
Loss on valuation of investment
securities
Office relocation expenses
Other
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to owners of parent

Third quarter of theprevious consolidated term(from April 1st, 2021
to December 31st, 2021)
93,06845,75247,315(Millions of yen)
Third quarter of theconsolidated term(from April 1st, 2022
to December 31st, 2022)
93,48144,43649,044

31,45232,966

15,863

16,077

51
111
94

51
145
306

78

17

162
497

201
721

27

26

4

-

7
40
16,3206
33
16,766

4
60
478

9
167

-

67

543

244

16

14
59

-

53

33
50
16,814
4,845
388
5,234
11,579
11,5794
0
133
16,877
5,159
111
5,271
11,606
11,606- 8 -Consolidated quarterly comprehensive income statements(Third quarter of the consolidated term)

ProfitOther comprehensive income
Valuation difference on
available-for-sale securities
Foreign currency translation
adjustment
Remeasurements of defined benefit
plans, net of tax
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable toowners of parent

Third quarter of theprevious consolidated term(from April 1st, 2021
to December 31st, 2021)
11,579(Millions of yen)
Third quarter of theconsolidated term(from April 1st, 2022
to December 31st, 2022)
11,606

52

103

117

209

23

31

194
11,773344
11,95011,773

11,950(3) Notes to consolidated quarterly financial statement(Notes regarding the premise for going concern)
Not applicable.
(Notes when there is a significant fluctuation in the amount of shareholders’ equity)
Not applicable.
(Changes in Accounting Policy)
Application of Implementation Guidance on Accounting Standard for Fair Value Measurement:
The “Implementation Guidance on Accounting Standard for Fair Value Measurement” (ASBJ Guidance No.
31, June 17th, 2021) has been applied since the beginning of the first quarter of the current consolidated fiscal
year. In accordance with the transitional treatment prescribed in Paragraph 27–2 of the “Implementation
Guidance on Accounting Standard for Fair Value Measurement”, the Group has decided to apply the new
accounting policies set forth by the Implementation Guidance on Accounting Standard for Fair Value
Measurement in the future.
The change had no impact on the Group’s consolidated financial statements.

* This English translation is for reference purposes only. The original Japanese version will prevail as the official
authoritative version.

- 9 -