Summary Report on Financial Results for the Third Quarter of the Year Ending March 31st, 2024
(Japan GAAP)
January 31st, 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 filing the quarterly report:
February 13th, 2024
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, 2024 (April 1st, 2023 throughDecember 31st, 2023)(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
99,258
6.2
19,28620.0 19,603
16.9
13,63617.5
ending March 31st, 2024
Third quarter of the year
93,481
0.4
16,077
1.4 16,766
2.7
11,6060.2
ended March 31st, 2023
(Note) Comprehensive income
Third quarter of the year ending March 31st, 2024: 15,666 million yen / 31.1 %Third quarter of the year ended March 31st, 2023: 11,950 million yen / 1.5 %Third quarter of the year
ending March 31st, 2024
Third quarter of the year
ended March 31st, 2023

Earnings
per shareyen

Diluted earnings
per shareyen

450.77―383.71―(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.
(2) Consolidated financial situation
million yen

million yen

Shareholders'equity ratio%

210,737

173,232

82.2

5,726.04

206,922

163,04778.8

5,390.09

Total assets
Third quarter of the year
ending March 31st, 2024
Year ended March 31st,2023

Net assets(Reference) Shareholders' equity:
Third quarter of the year ending March 31st, 2024: 173,232 million yen
Fiscal year ended March 31st, 2023: 163,047 million yen- 1 -Net assets
per shareyen2. Dividends
End of thefirst quarteryen

Annual Dividends per share
End of the
End of the
End of the term
second quarter
third quarter
yen
yen
yen

Annualyen
Year ended
March 31st,―
140.00―100.00―2023
Year ending
March 31st,
―
80.00
―
2024
Year ending
March 31st,85.00
165.002024 (forecast)(Note 1) Revisions to recent dividend forecast: Yes(Note 2)The detail of second quarter dividend of Year ended March 31st, 2023; ordinary dividend 110.00 yen, extra
dividend 30.00 yen
The detail of year-end dividend of Year ended March 31st, 2023; ordinary dividend 55.00 yen, extra dividend
45.00 yen
The detail of second quarter dividend of Year ending March 31st, 2024; ordinary dividend 60.00 yen, extra
dividend 20.00 yen
The detail of year-end dividend of Year ending March 31st, 2024 (forecast); ordinary dividend 60.00 yen, extra
dividend 25.00 yen(Note 3)
The Company conducted a stock split at a ratio of two shares for one common share, effective as of December
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 ending March
31st, 2024 (forecast) are the amounts after the stock split. For the reason, the total dividends for the fiscal year
ended March 31st, 2023 are not indicated.
3. Forecast of consolidated financial results for fiscal year ending March 31st, 2024 (April 1st, 2023 throughMarch 31st, 2024)(% represents increase or decrease from the previous year)

Net sales

Full-year

Operating Profit

Ordinary Profit

millionyen%

millionyen%

millionyen%

134,000(0.5)

24,000(0.4)

24,000(4.3)

Profit attributable toowners of parent
million%yen
16,500Earnings
per share

(4.5)

yen
545.42(Note) Revisions to recent business forecast: Yes*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: None(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, 2024: 39,176,000 sharesYear ended March 31st, 2023: 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, 2024: 8,922,461 sharesYear ended March 31st, 2023: 8,926,412 shares(iii) Average number of shares during the period (accumulated consolidated quarter)
Third quarter of the year ending March 31st, 2024: 30,251,454 shares
Third quarter of the year ended March 31st, 2023: 30,247,402 shares(Note)The Company conducted a stock split at a ratio of two shares for one common share, effective as ofDecember 1st, 2022. “Average number of shares during the period” is calculated based on the assumptionthat the stock split was conducted at the beginning of the previous consolidated 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
mentioned as “the Group”). Please be advised that the Group does not guarantee in any way the achievementof the projections and other goals in this material and that cases may occur where the actual results and othersituations differ materially from the projections due to various factors. With respect to the preconditions forthe forecast of financial results, please refer to “(3) Explanation about consolidated earnings forecast” underthe “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(Significant subsequent events)

P.09----------------------------------------------------------------------------- 4 -1. Qualitative information about consolidated earnings results for the quarter under review(1) Explanation about consolidated operating results
Although the Japanese economy has been gradually recovering from the impact of the COVID-19
pandemic during the consolidated cumulative third quarter of this fiscal year (April 1st, 2023 throughMarch 31st, 2024), there is still uncertainty about the future due to factors such as soaring resource prices
influenced by the international situation and the monetary tightening in Europe and America in response
to rising prices in the regions.
In the medical industry, it is now necessary to continue the efforts against the COVID-19 pandemic
while advancing the promotion of medical DX for the digitalization of the medical field, and to establish
an efficient framework, to provide healthcare services, that aligns with regional medical plans byenhancing the differentiation and functionality of medical institutions and promoting regional healthcare
networks.
In such an environment, the Group posted consolidated “Net sales” of 99,258 million yen (up 6.2%
year-on-year basis), “Operating profit” of 19,286 million yen (up 20.0% year-on-year basis), “Ordinary
profit” of 19,603 million yen (up 16.9% year-on-year basis), and “Profit attributable to owners of parent”
of 13,636 million yen (up 17.5% year-on-year basis) in the third quarter.
A. Physiological diagnostic equipment segment
The sales of vascular screening systems and blood cell counters decreased.
As a result, consolidated “Net sales” were 19,515 million yen (down 2.3% year-on-year basis).
B. Patient monitoring equipment segment
Consolidated “Net sales” of patient monitoring equipment were 5,989 million yen (down 20.0% yearon-year basis).
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 44,068 million yen (up 8.7% 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 maintenanceand repair services.
Consolidated “Net sales” for this segment were 29,685 million yen (up 16.5% year-on-year basis).

(2) Explanation about consolidated financial situation“Total assets” increased 3,814 million yen from the end of previous fiscal year to reach 210,737 million
yen. The main factors of this are the increase of 5,114 million yen in “Property, plant and equipment” and4,628 million yen in “Merchandise and finished goods” despite the decrease of 6,590 million yen in “Notes
and accounts receivable - trade”.
“Total liabilities” decreased 6,370 million yen from the end of the previous fiscal year to reach 37,504
million yen. The main factor is the decrease of 3,434 million yen in “Income taxes payable” and 2,384
million yen in “Provision for bonuses”.
“Net assets” increased 10,185 million yen from the end of the previous fiscal year to reach 173,232
million yen. The main factor is the increase of 8,146 million yen in “Retained earnings”.
(3) Explanation about consolidated earnings forecast
The Group has revised the forecasts of the financial results. For further information, please refer to theannouncement posted on January 31st, 2024 “Notice of the Revision Forecast of the Financial Results andForecast of Year-end Dividend (Dividend Increase)”.

- 5 -2. Consolidated quarterly financial statements and Notes(1) Consolidated quarterly balance sheets
Previous fiscal year
(as of March 31st, 2023)
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 product warranties
Provision for bonuses
Other provisions
Other
Total current liabilities
Non-current liabilities
Retirement benefit liability
Other provisions
Other
Total non-current liabilities
Total liabilities- 6 -(Million yen)
End of the Third quarter
under review(as of December 31st, 2023)

67,96537,94465,88431,354

3,156

4,324

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

14,737
348
5,540
1,614
(6)
123,798

46,826
1,617

51,9401,578

10,815
20,951(14)
31,75380,197
206,922

13,03820,389(8)
33,41886,938210,737

13,743

14,572

5,136

5,293

1,750
4,103
111
3,953
546
8,170
37,514

1,800
669
109
1,568
409
6,793
31,216

2,671
767
2,921
6,360
43,875

2,720
756
2,810
6,287
37,504

Previous fiscal year
(as of March 31st, 2023)
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 -(Million yen)
End of the Third quarter
under review(as of December 31st, 2023)

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

4,621
21,887
162,302(20,389)
168,421

2,395

4,256

198

395

188

159

2,781

4,811

163,047
206,922173,232
210,737

(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
partnership
Other
Total non-operating income
Non-operating expenses
Interest expenses
Foreign exchange losses
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sales of non-current assets
Surrender value of insurance policies
Gain on extinguishment of tie-insharesTotal extraordinary income
Extraordinary losses
Loss on sales of non-current assets
Impairment losses
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, 2022
to December 31st, 2022)
93,48144,43649,044(Million yen)
Third quarter of theconsolidated term(from April 1st, 2023
to December 31st, 2023)
99,25845,332
53,92632,966

34,63916,077

19,286

51
145
306

70
168
-

17

1

201
721

147
387

26
6
33
16,76625
27
18
70
19,603

9
167

5
197

67

-

244

202

14
59

5
5

53

26

4
0
133
16,877
5,159
111
5,271
11,606
11,6068
46
19,759
5,671
451
6,122
13,636
13,636- 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, 2022
to December 31st, 2022)
11,606(Million yen)
Third quarter of theconsolidated term(from April 1st, 2023
to December 31st, 2023)
13,636

103

1,861

209

197

31

(29)

344
11,9502,029
15,666

11,95015,666(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.
(Significant subsequent events)
Acquisition and cancellation of treasury shares
At the Board of Directors meeting held on January 31st, 2024, the Company resolved the acquisition oftreasury shares Article 156 of the Companies Act as applied pursuant to Article 165(3) of the Companies Act,and the cancellation of treasury shares pursuant to Article 178 of the Companies Act.
For further information, please refer to the announcement posted on January 31st, 2024 “Notice of theAcquisition of Treasury Shares, the Acquisition of Treasury Shares Through Off-Auction Own Share
Repurchase Trading System (ToSTNeT-3) and the Cancellation of Treasury Shares” (disclosed in Japaneseonly).
* This English translation is for reference purposes only. The original Japanese version will prevail as the official
authoritative version.

- 9 -