Summary Report on Financial Results for the Fiscal Year Ended March 31st, 2024
(Japan GAAP)May 15th, 2024
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 the ordinary general meeting of shareholders:
Scheduled date for commencement of dividend payment:
Scheduled date for filing the securities report:
Supplementary material development:
Financial results meeting:June 27th, 2024
June 28th, 2024
June 27th, 2024
Yes
Yes (for analysts)(Amounts less than one million yen are rounded down)(The number with parenthesis shows negative figure)1. Consolidated financial results for the fiscal year ended March 31st, 2024 (April 1st, 2023 through March
31st, 2024)(1) Consolidated operating results
Net sales
millionyen%(% represent increases or decreases from the previous year)
Operating Profit

Ordinary Profit

millionyen

millionyen%

Year ended
March 31st,
140,323
4.2
26,50610.0
26,9902024
Year ended
March 31st,
134,648
1.9
24,093
6.1
25,081
2023(Note 1) Comprehensive income
Fiscal year ended March 31st, 2024: 22,699 million yen / 23.1 %Fiscal year ended March 31st, 2023: 18,439 million yen / 12.2 %Earnings per
share

Diluted earnings
per share

7.6

18,693

8.2

7.1

17,278

6.6%

Ratio ofordinary profit
to total assets%

Ratio ofoperating profit
to net sales
%

11.3

13.0

18.9

11.0

12.5

17.9

Return on
equityyen
yenYear ended
March 31st,622.442024
Year ended
March 31st,571.252023(Reference) Profit or loss on equity method investments:
Fiscal year ended March 31st, 2024: - million yen
Fiscal year ended March 31st, 2023: - million yen%

Profit attributable toowners of parent
million%yen(Note)
Fukuda Denshi Co., Ltd. (hereinafter mentioned as "the Company") conducted a stock split at a ratio of
two shares for one common share, effective as of December 1st, 2022. “Earnings per share” is calculated
based on the assumption that the stock split was conducted at the beginning of the previous consolidated
fiscal year.

- 1 -(2) Consolidated financial situation
Total assets

Shareholders’equity ratio

Net assets

million yen
million yen
Year ended
March 31st,
209,064
169,008
2024
Year ended
March 31st,
206,922
163,047
2023(Reference) Shareholders’ equity:
Fiscal year ended March 31st, 2024: 169,008 million yen%

Net assets
per share

yen

80.8

5,863.22

78.8

5,390.09

Fiscal year ended March 31st, 2023: 163,047 million yen(3) Consolidated cash flows statement
Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

million yen

million yen

million yen

Cash and cash
equivalents at theend of the year
million yen

23,914(14,779)(17,066)

57,19823,137(14,210)(5,551)64,939Year ended
March 31st,
2024
Year ended
March 31st,2023
2. Dividends
End ofthefirstquarteryenYear ended
March 31st,
2023
Year ended
March 31st,
2024
Year ending
March 31st,
2025(Forecast)

Annual Dividends per share
End of End of End of
the
the
the
secondthird
term
quarter quarter
yen

Total
Ratio ofdividends Payout ratio dividends to(for the (consolidated) net assets
Annualyear)(consolidated)yenmillion
yen

%

%

-

140.00-100.00

-

5,183

30.0

3.3

-

80.00

-

105.00185.00

5,492

29.7

3.3

-

85.00

-

85.00

170.0029.7(Note 1)The detail of second quarter dividend for the Year ended March 31st, 2023: ordinary dividend 110.00 yen,
extra dividend 30.00 yen
The detail of year-end dividend for the Year ended March 31st, 2023: ordinary dividend 55.00 yen, extra
dividend 45.00 yen
The detail of second quarter dividend for the Year ended March 31st, 2024: ordinary dividend 60.00 yen,
extra dividend 20.00 yen
The detail of year-end dividend for the Year ended March 31st, 2024: ordinary dividend 60.00 yen, extra
dividend 45.00 yen- 2 -The detail of second quarter dividend of Year ending March 2025 (Forecast): ordinary dividend 60.00 yen,
extra dividend 25.00 yen
The detail of year-end dividend of Year ending March 2025 (Forecast): ordinary dividend 60.00 yen, extra
dividend 25.00 yen(Note 2)The Company conducted a stock split at a ratio of two shares for one common share, effective as ofDecember 1st, 2022. Dividends per share for the second quarter of the fiscal year ended March 31st, 2023
are the amounts prior to the stock split. Dividends for the fiscal year ended March 31st, 2023 and the fiscal
year ended March 31st, 2024 are the amounts after the stock split. For the reason, the total dividends forthe fiscal year ended March 31st, 2023 are not indicated.
3. Forecast of consolidated financial results for fiscal year ending March 31st, 2025 (April 1st, 2024
through March 31st, 2025)
Profit attributable
Earnings
Net sales
Operating Profit Ordinary Profit
to owners ofper share
parentmillion% million% million%
million
%
yen
yen
yen
yen
yen
Full-year

135,000(3.8)

23,000(13.2)

23,000(14.8)

16,500(11.7)

572.42(Note)
Since operating results of Fukuda Denshi (hereinafter mentioned as “the Group”) tends to take a peak at
the fourth quarter and it is difficult to give a forecast every six months based on rational calculation, theconsolidated forecast at the second quarter is not disclosed.

Notes

※

(1) Changes in significant subsidiaries during the current fiscal year (changes in specified subsidiaries
involving changes in the scope of consolidation): None
(2) Changes in accounting policies, accounting projections and restatement(i) Changes in accounting policies associated with revision of accounting standards: None(ii) Changes other than (i) above: None(iii) Changes in accounting projections: None(iv) Restatement: None
(3) Number of outstanding shares (common shares)(i) Number of outstanding shares at the year-end (including treasury shares)
Fiscal year ended March 31st, 2024: 37,747,300 sharesFiscal year ended March 31st, 2023: 39,176,000 shares(ii) Number of shares of treasury shares at the year-end:
Fiscal year ended March 31st, 2024: 8,922,061 sharesFiscal year ended March 31st, 2023: 8,926,412 shares(ⅲ) Average number of shares during the period
Fiscal year ended March 31st, 2024: 30,032,196 sharesFiscal year ended March 31st, 2023: 30,247,848 shares- 3 -(Note)The Company conducted a stock split at a ratio of two shares for one common share, effective as ofDecember 1st, 2022. Therefore, “Average number of shares during the period” shown above iscalculated based on the assumption that the stock split was conducted at the beginning of theprevious consolidated fiscal year.
(Reference) Summary of non-consolidated financial results
Non-consolidated financial results for the fiscal year ended March 31st, 2024 (April 1st, 2023 throughMarch 31st, 2024)(1) Non-consolidated operating results (% represent increases or decreases from the previous year)

Year ended
March 31st,
2024
Year ended
March 31st,
2023

Net sales
millionyen%

Operating Profit
million%yen

Ordinary Profit
million%yen

Profitmillionyen%

86,9875.7

14,51617.0

21,205

14.6

17,05715.3

82,316(0.2)

12,412(2.6)

18,497

2.5

14,7992.5

yenDiluted earnings per
share
yen

567.96-489.27-

Earnings per share
Year ended
March 31st,
2024
Year ended
March 31st,
2023(Note)The Company conducted a stock split at a ratio of two shares for one common share, effective as ofDecember 1st, 2022. “Earnings per share” is calculated based on the assumption that the stock split was
conducted at the beginning of the previous consolidated fiscal year.
(2)

Non-consolidated financial position
Total assets

Net assets

million yen
million yen
Year ended
March 31st,
177,590
130,7132024
Year ended
March 31st,175,970
127,195
2023(Reference) Shareholders’ equity:
Fiscal year ended March 31st, 2024: 130,713 million yen
Fiscal year ended March 31st, 2023: 127,195 million yen- 4 -Shareholders’ equity
ratio%

Net assets per
share
yen

73.6

4,534.70

72.3

4,204.87

* 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 the Group. Pleasebe advised that the Group does not guarantee in any way the achievement of the projections and othergoals 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 forecastof financial results, please refer to “(4) Forecast of results for the fiscal year ending March 31st, 2025
under the “1. Operating results" section on page 9.
We have scheduled a financial results meeting for analysts on May 22nd, 2024. The recorded video will
be uploaded to our website after the event.

- 5 -Contents of the Attached Materials
1. Operating results --------------------------------------------------------------------------------------------

7(1) Overview of operating results --------------------------------------------------------------------------

7(2) Overview of financial situation ------------------------------------------------------------------------

8(3) Overview of cash flows ---------------------------------------------------------------------------------

8(4) Forecast of results for the fiscal year ending March 31st, 2024--------------------------------

9(5) Business risks ---------------------------------------------------------------------------------------------

10

2. Basic policy on the selection of accounting standards ------------------------------------------------

11

3. Consolidated financial statements and Notes -----------------------------------------------------------

12(1) Consolidated balance sheets ----------------------------------------------------------------------------

12(2) Consolidated income statements and consolidated comprehensive income statements --------

14

Consolidated income statements -------------------------------------------------------------------------

14

Consolidated comprehensive income statements ------------------------------------------------------

15(3) Consolidated statements of changes in net assets ----------------------------------------------------

16(4) Consolidated statements of cash flows ----------------------------------------------------------------

18(5) Notes to consolidated financial statement ------------------------------------------------------------

20(Notes regarding the premise for going concern) -------------------------------------------------------

20(Segment information, etc.) ------------------------------------------------------------------------------

20(Per share information) -------------------------------------------------------------------------------------

24(Significant subsequent events) ---------------------------------------------------------------------------

24

- 6 -

1. Operating results(1) Overview of operating results(i) Overview of the business for the current consolidated fiscal year

Net sales(million yen)
Operating Profit(million yen)
Ordinary Profit(million yen)
Profit attributable toowners of parent(million yen)
Earnings per share(yen)Year ended
March 31st, 2023

Year ended
March 31st, 2024

AmountAmountComparison with the previous year
Rate of change(%)

Change134,648

140,323

5,675

4.2

24,09326,506

2,412

10.0

25,081

26,990

1,909

7.6

17,27818,693

1,414

8.2

571.25622.4451.19

9.0

Although the Japanese economy has been gradually recovering from the impact of the COVID-19
pandemic during the current consolidated fiscal year (April 1st, 2023 through March 31st, 2024), there is
still uncertainty about the future due to factors such as soaring resource prices influenced by theinternational situation and the monetary policy shift in Europe and America.
In the medical industry, it is now necessary to strengthen the efforts to the COVID-19 pandemic and toestablish an efficient framework to provide healthcare services that aligns with the regional medical planby enhancing the differentiation and functionality of medical institutions and promoting regional
healthcare networks.
In such an environment, the Group achieved consolidated “Net sales” of 140,323 million yen (up 4.2%
year-on-year basis), “Operating profit” of 26,506 million yen (up 10.0% year-on-year basis), “Ordinary
profit” of 26,990 million yen (up 7.6% year-on-year basis), and “Profit attributable to owners of parent”
of 18,693 million yen (up 8.2% year-on-year basis) in the current consolidated fiscal year.
(ii) Overview of each segment for the current consolidated fiscal year
Business segment

Physiologicaldiagnostic equipment
Patient monitoring
equipment
Medical treatment
equipment
Consumables and otherproducts
Total

Year ended March 31st,
2023
Amount(million
Ratio (%)
yen)

Year ended March 31st,
2024
Amount(million
Ratio (%)
yen)

Comparison with theprevious year
ChangeRate of(millionchangeyen)(%)

31,05823.1

30,664

21.9

(394)

(1.3)

11,625

8.6

9,722

6.9

(1,902)(16.4)

55,442

41.2

59,706

42.5

4,264

7.7

36,52227.1

40,229

28.7

3,707

10.2

134,648100.0

140,323

100.0

5,675

4.2

A. Physiological diagnostic equipment segment
The sales of vascular screening system and blood cell counters decreased.
As a result, consolidated “Net sales” were 30,664 million yen (down 1.3% year-on-year basis).
B. Patient monitoring equipment segment
Consolidated “Net sales” of patient monitoring equipment were 9,722 million yen (down 16.4%
year-on-year basis).

- 7 -C. Medical treatment equipment segment
The business of renting medical equipment for home treatment and the sales of AEDs increased.
As a result, consolidated “Net sales” were 59,706 million yen (up 7.7% 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
maintenance and repair services.
Consolidated “Net sales” for this segment were 40,229 million yen (up 10.2% year-on-year basis).
(2) Overview of financial situation
Situation of the assets, liabilities and net assets at the consolidated fiscal year ended March 31st, 2024.
“Total assets” increased 2,141 million yen from the end of the previous fiscal year to reach 209,064
million yen. The main factors of this are the increase of 2,100 million yen in “Tools, furniture andfixtures” and 1,456 million yen in “Construction in progress” and 4,680 million yen in “Investment
securities” despite the decrease of 7,743 million yen in “Cash and deposits”.
“Total liabilities” decreased 3,819 million yen from the end of the previous fiscal year to reach 40,056
million yen. The main factor is the decrease of 2,132 million yen in “Notes and accounts payable trade”.
“Net assets” increased 5,960 million yen from the end of the previous fiscal year to reach 169,008
million yen. The main factor is the increase of 13,202 million yen in “Retained earnings” and 6,867
million yen in “Treasury shares”.
(3) Overview of cash flows(ii) Consolidated cash flows

Cash flows from operating
activities (million yen)
Cash flows from investing
activities (million yen)
Cash flows from financing
activities (million yen)
Effect of exchange rate changes(million yen)
Increase (decrease) in cash andcash equivalents (million yen)
Increase in cash and cash
equivalents resulting from merger
with unconsolidated subsidiaries
Cash and cash equivalents at theend of the fiscal year (million
yen)Year ended March
31st, 2023

Year ended March
31st, 2024

Change23,137

23,914777(14,210)(14,779)(569)(5,551)(17,066)(11,515)

391

190

(201)

3,768

(7,741)(11,509)

140

-

(140)

64,93957,198(7,741)(Cash flows from operating activities)
In the consolidated fiscal year, the “Cash flows from operating activities” increased 777 million yen
from the end of previous fiscal year to reach 23,914 million yen. Including “Profit before income taxes”
of 26,986 million yen, and “Depreciation” of 9,725 million yen.

- 8 -(Cash flows from investing activities)
The “Cash flows from investing activities” decreased 569 million yen from the end of previous fiscal
year to reach minus 14,779 million yen. Including “Purchase of property, plant and equipment”
amounted to 13,464 million yen.
(Cash flows from financing activities)
The “Cash flows from financing activities” decreased 11,515 million yen from the end of previous
fiscal year to reach minus 17,066 million yen. Including “Purchase of treasury shares” amounted to
11,258 million yen.
As a result, “Cash and cash equivalents at the end of the fiscal year” decreased 7,741 million yen fromthe end of previous fiscal year to reach 57,198 million yen.
(Reference) Trends in cash flow indicators

Shareholders’ equity
ratio (%)
Market value-based
shareholders’ equity
ratio (%)
Years needed to repay
debts
Interest coverage ratio

Year ended
March 31st,
2020

Year ended
March 31st,
2021

Year ended
March 31st,
2022

Year ended
March 31st,
2023

Year ended
March 31st,
2024

73.7

72.0

76.7

78.8

80.8

75.3

66.2

60.4

62.4

95.5

0.1

0.1

0.1

0.1

0.1

512.5

554.5

621.2

619.9

692.2

Note: Shareholders’ equity ratio = Shareholders’ equity / Total assets
Market value-based shareholders’ equity ratio = Market capitalization /Total assets
Years needed to repay debts = Interest-bearing debts / Operating cash flows
Interest coverage ratio = Operating cash flows / Interest payments*Each indicator is calculated using consolidated financial data.
*Market capitalization is calculated by multiplying shares closing prices at the end of the fiscal year by
the number of outstanding shares (excluding treasury shares) at the end of the fiscal year.
*Interest-bearing debts represent total debts recorded in the consolidated balance sheets on whichinterest is paid.
*For interest payments, data on interest expenses in the consolidated cash flow statement are used.
(4) Forecast of results for the fiscal year ending March 31st, 2025

Net sales(million yen)
Operating Profit(million yen)
Ordinary Profit(million yen)
Profit attributable toowners of parent(million yen)
Earnings per share(yen)Year ended
March 31st, 2024

Year ending
March 31st, 2025

AmountAmountComparison with the previous year
ChangeRate of change(%)

140,323

135,000(5,323)(3.8)

26,50623,000(3,506)(13.2)

26,99023,000(3,990)(14.8)

18,693

16,500(2,193)(11.7)

622.44572.42(50.02)

(8.0)

- 9 -

The Group inspired by our corporate philosophy, remain dedicated to contributing to medical progressand healthcare in general in accordance with our social mission.
The Group expects a consolidated “Net sale” of 135,000 million yen, consolidated “Operating profit” of
23,000 million yen, consolidated “Ordinary profit” of 23,000 million yen, and consolidated “Profit
attributable to owners of parent” of 16,500 million yen for the fiscal year ending March 31st, 2025.
Forecast shown in this material are just an outlook judged or assumed based on the information available
at the moment, changes will be promptly disclosed when necessary.

(5) Business risks(i) Effect of medical administration
The Japanese Government has been pushing forward with its policies of improving the quality of
medical care and curtailing the medical costs, and the remuneration for medical services, and theofficial reimbursement prices for drugs and specific insurance medical materials are revised every
two years. Changes in the governmental health care policies may lead to intensified competition
within the market and lowered sales prices, thus adversely affecting the operating results andfinancial standing of the Group.
(ii) Legal regulations
The manufacture and sales of medical equipment are subject to regulations prescribed in the
Pharmaceutical Affairs Law, and it takes a certain period of time for a new medical equipment to beinvestigated and finally approved for sale. In addition, some medical equipment requires clinical
trials, thus taking a long period of time before it is launched in the market.
If the current regulations are revised, new ones are introduced, or any other unpredictable regulatorychange is made in the future, it is likely that this will adversely affect the operating results andfinancial standing of the Group.
(iii) High dependence on certain business partners with which continuation of transactions is unsure
The Group imports and sells ventilators, pacemakers, defibrillators and other devices and equipment.
If any problem arises that will make it impossible to continue stable transactions with the exporters,
the operating results and financial standing of the Group will be adversely affected. To prevent this,sufficient care has been taken not to depend too heavily on a few specific companies for the supply of
those equipment.
(iv) Factors of surplus inventory
In order to fulfill the social mission of supplying products and goods stably, it is necessary tosecure inventory based on future demand forecasts. However, if actual sales fall short of forecasted
demand, there is a possibility of surplus inventory accumulating outside the normal business cycle
process.
(v) Product quality
The Group manufactures the products under a rigorous quality control system that is strictly in
conformance with the international standards including ISO. If any quality problem arises due tounforeseen failure or defect of a product, suspension of sale and recall of such product may beordered by the authorities concerned, adversely affecting the operating results and financial standingof the Group.
(vi) Risks accompanying overseas businesses
The Group not only supplies products to distributors overseas, but also has its own overseas sales,development and production bases. Hence, it is possible that unforeseen changes to laws andregulations or new ones are introduced in foreign countries, as well as terrorist acts, natural disasters,
or other incidents could adversely affect the Group’s business performance and financial position.

- 10 -

(vii) Fluctuations in foreign exchange rates and others
The Group has subsidiaries in foreign countries and is procuring and importing products and raw
materials from overseas companies. In case, rapid fluctuations in foreign exchange rates could
adversely affect the Group’s business performance and financial position.
(viii) Impairment accounting
In case that “Impairment losses” is needed to book for the assets of the Group, it is possible that it
could adversely affect the Group’s business performance and financial position.
(ix) Effects on the Group from tremendous disaster
The Group has domestic and oversea bases; if severe disasters, electric-power shortages or any
other incidents caused by the climate change occur, it is possible that they could adversely affect theGroup’s business performance and financial position.
(x) Effects of pandemic on business continuity
If it is unable to provide a stable supply of the products, etc. due to the spread of infectious diseases
including COVID-19, or if the prolonged impact on the economy affects the business activities of
the Group’s suppliers, subcontractors, etc., it could have a significant impact on the businessperformance of the Group. From the viewpoint of ensuring business continuity, the Group organizes
the system based on the standards of Ministries, etc. that could promptly implement
countermeasures according to the situation of the Group’s employee and their family.
2. Basic policy on the selection of accounting standards
The Group decided to adopt the Japanese accounting standards for the time being, considering thefinance statements’ comparability of periods and with other companies. The Group will consider
implementing the IFRS (International Financial Reporting Standards) in an appropriate manner in light ofthe movement toward its adaption both at home and abroad.

- 11 -

3. Consolidated financial statements and Notes(1) Consolidated balance sheets(Million yen)

AssetsCurrent assets
Cash and deposits
Notes receivable - trade
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
Buildings and structures
Accumulated depreciation andimpairment
Buildings and structures, net
Machinery, equipment and vehicles
Accumulated depreciation andimpairment
Machinery, equipment and vehicles,net
Tools, furniture and fixtures
Accumulated depreciation andimpairment
Tools, furniture and fixtures, net
Land
Leased assets
Accumulated depreciation andimpairment
Leased assets, net
Construction in progress
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Deferred tax assets
Insurance funds
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

Previous fiscal year
(as of March 31st, 2023)- 12 -

Current fiscal year
(as of March 31st, 2024)

67,9652,567
35,37760,222
2,129
34,641

3,156

4,447

501
10,109
212
5,277
1,562
(5)
126,725

11,362
240
4,054
2,076
(38)
119,136

24,92526,392(6,956)(7,636)

17,9692,401

18,7552,867(1,438)(1,683)

962

1,183

48,39851,662(32,453)(33,617)

15,9459,644
3,381

18,045
9,989
3,465(1,971)(2,216)

1,409
895
46,826
1,617

1,249
2,351
51,575
1,862

10,815
3,907
15,3681,676(14)31,75380,197
206,922

15,496
2,769
16,5761,654(6)36,48989,928209,064

(Million yen)

Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations operating
Short-term borrowings
Lease liabilities
Income taxes payable
Provision for product warranties
Provision for bonuses
Provision for bonuses for directors(and other officers)
Other
Total current liabilities
Non-current liabilities
Lease liabilities
Provision for share awards for
directors (and other officers)
Provision for Employee Stock
Ownership Plan Trust
Provision for retirement benefits for
directors (and other officers)
Retirement benefit liability
Other
Total non-current liabilities
Total liabilities
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

Previous fiscal year
(as of March 31st, 2023)- 13 -

Current fiscal year
(as of March 31st, 2024)

13,743

11,611

5,136

4,753

1,750
304
4,103
111
3,953

1,750
287
3,856
149
3,816

546

547

7,865
37,514

7,659
34,431

1,624

1,474

214

249

334

358

218

201

2,671
1,297
6,360
43,875

2,031
1,308
5,624
40,056

4,621
21,887
154,156(20,398)
160,266

4,621
17,506167,359(27,266)
162,220

2,395

5,594

198

578

188

613

2,781

6,787

163,047
206,922

169,008
209,064(2) Consolidated income statements and consolidated comprehensive income statements
Consolidated income statements(Million yen)

Net sales
Cost of sales
Gross profit
Selling, general and administrative
expenses
Operating profit
Non-operating income
Interest income
Dividend income
Foreign exchange gains
Commission for insurance office work
Gain on investments in investment
partnerships
Other
Total non-operating income
Non-operating expenses
Interest expenses
Foreign exchange losses
Loss on cancellation of leases
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Surrender value of insurance policies
Gain on extinguishment of tie-in shares
OthersTotal extraordinary income
Extraordinary losses
Extra retirement payments
Loss on sale of non-current assets
Impairment losses
Loss on valuation of investment
securities
Office relocation expenses
Loss on sale of golf club membership
Other
Total extraordinary losses
Profit before income taxes
Income taxes – current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to owners of parent

Previous fiscal year
(from April 1st, 2022
to March 31st, 2023)
134,648
64,24470,403Current fiscal year
(from April 1st, 2023
to March 31st, 2024)
140,323
65,87574,44746,30947,941

24,09326,506

65
187
355
39

95
219
38

97

91

293
1,038

200
646

37
6
7
50
25,081

34
106
4
16
161
26,990

17
173
67
0
258

6
199
206

12
66

83
15
73

45

29

12
0
137
25,202
8,478
(554)
7,923
17,27817,2788
0
210
26,986
8,769
(476)
8,293
18,693
18,693- 14 -

Consolidated comprehensive income statements(Million yen)

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

Previous fiscal year
(from April 1st, 2022
to March 31st, 2023)
17,278Current fiscal year
(from April 1st, 2023
to March 31st, 2024)
18,693

558

3,199

209

380

392

425

1,160
18,4394,006
22,69918,43922,699- 15 -

(3) Consolidated statements of changes in net assets
Previous fiscal year (from April 1st, 2022 to March 31st, 2023)(Million yen)

Shareholders' equity
Share
capitalBalance at beginning of period

Capitalsurplus

4,621

Retainedearnings

21,841

Treasuryshares142,135(20,362)

Total
shareholders'equity148,236

Changes during period
Dividends of surplus
Profit attributable to owners ofparentPurchase of treasury shares
Disposal of treasury shares
Cancellation of treasury shares
Net changes in items other thanshareholders’ equity
Total changes during period
Balance at end of period(5,257)(5,257)

17,27817,278

45

(93)

(93)

57

102
-

-

45

12,020(36)

12,0304,621

21,887

154,156(20,398)

160,266

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifference on
available-forsale securities

Foreigncurrencytranslation
adjustment

1,836

(11)

Remeasureme
nts of defined
benefit plans

(204)

Total
accumulated
othercomprehensive
income1,621

Total net
assets

149,857

Changes during period(5,257)

Dividends of surplus
Profit attributable to owners ofparentPurchase of treasury shares

17,278(93)

Disposal of treasury shares

102

Cancellation of treasury shares
Net changes in items other thanshareholders’ equity
Total changes during period-

Balance at end of period

558

209

392

1,160

1,160

558

209

392

1,160

13,190

2,395

198

188

2,781

163,047- 16 -

Current fiscal year (from April 1st, 2023 to March 31st, 2024)(Million yen)

Shareholders' equity
Share
capitalBalance at beginning of period

Capitalsurplus

4,621

Retainedearnings

21,887

Total
shareholders'equityTreasuryshares154,156(20,398)

160,266

Changes during period
Dividends of surplus(5,490)(5,490)

Profit attributable to owners ofparent18,693

18,693Purchase of treasury shares(11,258)(11,258)

0

10

10

(4,380)4,380-

Disposal of treasury shares
Cancellation of treasury shares
Net changes in items other thanshareholders’ equity
Total changes during period
Balance at end of period-(4,380)13,202(6,867)

1,954

4,621

17,506167,359(27,266)

162,220

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifference on
available-forsale securities

Foreigncurrencytranslation
adjustment

2,395

198

Remeasureme
nts of defined
benefit plans

188

Total
accumulated
othercomprehensive
income2,781

Total net
assets163,047

Changes during period
Dividends of surplus(5,490)

Profit attributable to owners ofparent18,693Purchase of treasury shares(11,258)

Disposal of treasury shares

10

Cancellation of treasury shares-

Net changes in items other thanshareholders’ equity

3,199

380

425

4,006

4,006

Total changes during period

3,199

380

425

4,006

5,960

Balance at end of period

5,594

578

613

6,787

169,008- 17 -

(4) Consolidated statements of cash flows

Cash flows from operating activities
Profit before income taxes
Depreciation
Impairment losses
Increase (decrease) in allowance for
doubtful accounts
Increase (decrease) in provision forbonuses
Increase (decrease) in provision forbonuses for directors (and other officers)
Increase (decrease) in provision for
product warranties
Increase (decrease) in retirement benefit
liability
Increase (decrease) in provision forshare awards for directors (and otherofficers)
Increase (decrease) in provision for
retirement benefits for directors(and other officers)
Interest and dividend income
Interest expenses
Loss (gain) on sale of non-current assets
Loss (gain) on investments ininvestment partnerships
Loss (gain) on valuation of investment
securities
Loss (gain) on cancellation of insurance
policies
Loss (gain) on extinguishment of tie-insharesDecrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Increase (decrease) in accrued
consumption taxes
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by (used in) operating
activities(Million yen)
Current fiscal year
(from April 1st, 2023
to March 31st, 2024)

Previous fiscal year
(from April 1st, 2022
to March 31st, 2023)- 18 -

25,202
9,368
66

26,986
9,725
73

(20)

25

513

(143)

(33)

1

(7)

34

147

137

57

35

(73)

(16)

(253)
37
(5)

(315)
34
3

(97)

(91)

45

-

(173)

(199)

(67)

-

(1,612)(1,957)(1,799)(8)
95(2,689)

1,261

(374)

116
30,716216(37)(7,757)(770)
32,544272(34)(8,867)

23,137

23,914

Cash flows from investing activities
Decrease (increase) in time deposits
Proceeds from collection of short-termloans receivable
Purchase of property, plant andequipment
Proceeds from sales of property, plantand equipment
Purchase of intangible assets
Purchase of short-term and long-term
investment securities
Proceeds from sale and redemption ofshort-term and long-term investment
securities
Purchase of insurance funds
Proceeds from maturity of insurance
funds
Other, net
Net cash provided by (used in) investing
activities
Cash flows from financing activities
Purchase of treasury shares
Proceeds from sale of treasury shares
Dividends paid
Repayments of lease liabilities
Net cash provided by (used in) financing
activities
Effect of exchange rate change on cash
and cash equivalents
Net increase (decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of
periodIncrease in cash and cash equivalents
resulting from merger with unconsolidated
subsidiaries
Cash and cash equivalents at end of period(Million yen)
Current fiscal year
(from April 1st, 2023
to March 31st, 2024)

Previous fiscal year
(from April 1st, 2022
to March 31st, 2023)- 19 -

(0)

2

17

15

(11,927)(13,464)

45

19

(612)

(659)

(1,543)(1,155)

1,127

1,637

(2,466)(2,299)

1,029

1,291

119

(166)

(14,210)(14,779)(93)
102(5,253)(306)(11,258)
10(5,492)(325)(5,551)(17,066)

391

190

3,768

(7,741)

61,03064,939140-

64,93957,198(5) Notes to consolidated financial statement(Notes regarding the premise for going concern)
Not applicable.
(Segment information, etc.)
a. Segment information
1. Reportable Segments
The reportable segments of the Group are the constituent units of the Group for which separate
financial information can be obtained, and they are the subject of regular examinations by the Boardof Directors aimed at helping the board to decide the allocation of management resources andevaluate the performance of the Group.
The Group has set up divisions for each product and service in the corporate headquarters, andeach of the divisions formulates comprehensive strategies for the product or service it handles anddevelops its own business activities.
The Group has 4 reportable segments based on our headquarter divisions which are “Physiologicaldiagnostic equipment segment”, “Patient monitoring equipment segment”, “Medical treatment
equipment segment”, and “Consumables and other products segment”.
In the “Physiological diagnostic equipment segment”, we mainly handle electrocardiographs,
ultrasound diagnostic imaging systems and blood-cell counters. In the “Patient monitoring
equipment segment”, we handle patient monitors. In the “Medical treatment equipment segment”,
mainly handle defibrillators, ventilators, pacemakers, catheters, and business of renting medical
equipment for home treatment. In the “Consumables and other products segment”, we mainly handle
consumables used for devices handled by the above segments, as well as maintenance and repair
services.
2. Methods to calculate the sales, gains (or losses), assets, liabilities and other numbers of thereportable segments
The method of accounting for the reported business segments is in accordance with the accounting
policies adopted for the preparation of the consolidated financial statements.
Reported segment profit is based on the amount of “Operating profit”.

- 20 -

3. Net Sales, Profit (Loss), Assets and Other Items by Reportable Segment and Breakdown of
Revenue(i) Previous fiscal year

Net sales
Domestic
Sales
Overseas
Sales
Revenue fromContracts with
Customers
Sales toexternalcustomers
Internal sales
or transfers
Total

Segment Profit
Segment
assetsOther items
Depreciation(from April 1st, 2022 to March 31st, 2023)
Reporting Segments(Million yen)
Total

Adjustments*1

Consolidated
financialstatements*2

35,218130,356-

130,356

9

1,304

4,291

-

4,291

11,62555,44236,522

134,648-

134,648

31,058

11,62555,44236,522

134,648-

134,648

-

-

-

-

-

-

-

31,058

11,62555,44236,522

134,648-

134,648

4,891

2,092

12,4494,660

24,093-24,09321,708

8,742

50,707

25,687

106,846

100,076

206,922

594

222

7,851

699

9,368

Physiologicaldiagnostic
equipment

Patient
monitoring
equipment

Medicaltreatment
equipment

Consumables
and otherproducts

30,3289,376

55,432729

2,248

31,058-

Increase in
Property, plant
1,114
417
8,299
1,310
11,140and equipment
and intangible
assets
*1. Adjustment of segment assets of 100,076 million yen include extra investment funds (cash etc.), long-term
investments (“Investment securities”) etc. which are not allocated to each reportable segment.
*2. Segment profit equals to “Operating profit” of consolidated financial statements.

- 21 -

9,368

11,140(ii) Current fiscal year

Net sales
Domestic
Sales
Overseas
Sales
Revenue fromContracts with
Customers
Sales toexternalcustomers
Internal sales
or transfers
Total

Segment Profit
Segment
assetsOther items
Depreciation(from April 1st, 2023 to March 31st, 2024)
Reporting Segments(Million yen)
Consolidated
Adjustments
financial*1statements*2

Physiologicaldiagnostic
equipment

Patient
monitoring
equipment

Medicaltreatment
equipment

Consumables
and otherproducts

30,002

8,576

59,706

38,678

136,964-

136,964

662

1,145

0

1,551

3,359

-

3,359

30,664

9,722

59,70640,229140,323-

140,323

30,664

9,722

59,70640,229140,323-

140,323

-

-

-

-

-

-

-

30,664

9,722

59,70640,229140,323-

140,323

5,074

1,718

12,836

6,877

26,506-

26,506

21,0597,552

55,95927,257

111,829

97,235

209,064

577

182

8,207

757

9,725

Total

-

Increase in
Property, plant
1,214
384
11,703
1,593
14,895and equipment
and intangible
assets
*1. Adjustment of segment assets of 97,235 million yen include extra investment funds (cash etc.), long-term
investments (“Investment securities”) etc. which are not allocated to each reportable segment.
*2. Segment profit equals to “Operating profit” of consolidated financial statements.

b. Related Information(i) Previous fiscal year (from April 1st, 2022 to March 31st, 2023)
1. Information about each product and services
Information about each product and services is omitted, as categories of products and services are
identical to segment information.
2. Information by geographical area
(1) Sales
Information about “Sales” is omitted because our domestic “Sales” accounted for more than 90%
of consolidated “Sales”.
(2) Property, plant and equipment
Information about “Property, plant and equipment” is omitted because domestic “Property, plantand equipment” accounted for more than 90 % of “Property, plant and equipment” of consolidated“Property, plant and equipment ".
3. Information by each major customer
Information about each major customer is omitted because “Sales” for each major customer
accounted for less than 10 % of consolidated “Sales”.

- 22 -

9,725

14,895

(ii) Current fiscal year (from April 1st, 2023 to March 31st, 2024)
1. Information about each product and services
Information about each product and services is omitted, as categories of products and services are
identical to segment information.
2. Information by geographical area
(1) Sales
Information about “Sales” is omitted because our domestic “Sales” accounted for more than 90%
of consolidated “Sales”.
(2) Property, plant and equipment
Information about “Property, plant and equipment” is omitted because domestic “Property, plantand equipment” accounted for more than 90 % of “Property, plant and equipment” of consolidated“Property, plant and equipment”.
3. Information by each major customer
Information about each major customer is omitted because “Sales” for each major customer
accounted for less than 10 % of consolidated “Sales”.
c. Information about impairment loss for noncurrent assets by reportable segments(i) Previous fiscal year (from April 1st, 2022 to March 31st, 2023)

Impairment
loss（Million yen)Physiologicaldiagnostic
equipment

Patient
monitoring
equipment

Medicaltreatment
equipment

Consumables
and otherproducts

Elimination/ Corporate

Total

49

0

1

15

0

66

(ii) Current fiscal year (from April 1st, 2023 to March 31st, 2024)

Impairment
loss（Million yen)Physiologicaldiagnostic
equipment

Patient
monitoring
equipment

Medicaltreatment
equipment

Consumables
and otherproducts

59

0

0

12

Elimination/ Corporate

Total
-

d. Information about amortization and depreciation expense on goodwill of each reportable segment(i) Previous fiscal year (from April 1st, 2022 to March 31st, 2023)
Not applicable(ii) Current fiscal year (from April 1st, 2023 to March 31st, 2024)
Not applicablee. Information about gain on negative goodwill of each reportable segment(i) Previous fiscal year (from April 1st, 2022 to March 31st, 2023)
Not applicable(ii) Current fiscal year (from April 1st, 2023 to March 31st, 2024)
Not applicable- 23 -73

(Per share information)
Previous fiscal year

Current fiscal year

(from April 1st, 2022
to March 31st, 2023)(from April 1st, 2023
to March 31st, 2024)

Net assets per share

5,390.09yen

5,863.22yen

Earnings per share571.25yen

622.44yen

Not stated, as there is no potential
dilution.

Not stated, as there is no potential
dilution.

Fully diluted earnings per
share

Note: (i) The shares of Custody Bank of Japan, Ltd. owns are included in the number of our “Treasury
share” (252 thousand shares at the start of the fiscal year and 247 thousand shares at the end of the
fiscal year), which is excluded from the “Number of shares at the end of the current fiscal year”, which
is used to calculate the “Net assets per share”.
It is also included in the number of our “Treasury share” (239 thousand shares at the start of the fiscal
year and 249 thousand shares at the end of the fiscal year), which is excluded from the calculation of“Average number of shares during the period”, which is used to calculate the “Earnings per share”.
(ii) The Company conducted a stock split at a ratio of two shares for one common share on effective dateof December 1st, 2022. “Earnings per share” is calculated based on the assumption that the stock split
was conducted at the beginning of the previous consolidated fiscal year.
(iii) The basis for calculation of earnings per share:
Item
Profit attributable to owners ofparent (million yen)Amount not belonging toordinary shareholders (million
yen)Profit attributable to owners ofparent in relation to commonshares (million yen)
Average number of shares
during the fiscal year (1,000
shares)Previous fiscal year

Current fiscal year

(from April 1st, 2022
to March 31st, 2023)(from April 1st, 2023
to March 31st, 2024)

17,27818,693--

17,27818,69330,24730,032(Significant subsequent events)
Not applicable* This English translation is for reference purposes only. The original Japanese version will prevail as theofficial authoritative version.

- 24 -