These documents have been translated from Japanese originals for reference purposes
only. In the event of any discrepancy between these translated documents and theJapanese originals, the originals shall prevail.

August 2, 2024

NIHON KOHDEN CORPORATION (6849)
Stock Exchange Listing:
Head Office:Representative:
Contact:

Prime Market, Tokyo Stock Exchange
Tokyo
Hirokazu Ogino, Representative Director, President and Chief Executive Officer
Fumio Izumida, Operating Officer, General Manager of Corporate Strategy Division
Phone: +81 / 3-5996-8003

Nihon Kohden Announces a Revision to its Forecast for Financial Results
Based on the recent performance trends, Nihon Kohden announces today a revision of its consolidated financial forecasts forthe first half of the fiscal year ending March 31, 2025 from those announced on May 13, 2024.
st1. Revision of Consolidated Financial Forecast for the 1 Half of FY2024 (From April 1, 2024 to September 30, 2024)
Operating Income

Ordinary Income

Income attributableto owners of parent

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Yen

Previous forecast (A)104,000

7,000

7,000

4,500

26.82

Revised forecast (B)102,000

3,0003,000

1,500

8.94

Difference (B-A)-2,000-4,000-4,000-3,000-1.9

-57.1

-57.1

-66.7

Net Sales

Difference as percentage (%)

EPSst(Reference) 1 half of FY2023
103,536
7,491
12,546
7,997
47.53(ended September 30, 2023)
Note: Effective on July 1, 2024, each share of common stock was split into two shares. Basic earnings per share for the first half ofFY2023 and FY2024 shown above are based on the amount taking into consideration the stock split. Basic earnings per share without
taking the stock split into account would be 53.64 yen for the previous forecast for the first half of FY2024, 17.88 yen for the revised
forecast for the first half of FY2024, and 95.05 yen for the first half of FY2023.

2. Reasons for the Revision
Domestic sales are expected to show a low-single-digit decline over the first half of FY2023, falling short of the Company’s
previous forecast, as budget executions in the university and public hospital markets will be more concentrated in the second
half than its expectations. There is also a cautious stance on capital expenditure by private hospitals. The reason behind thistrend is that each medical institution is facing difficulty in securing medical professionals, responding to work style reforms
for medical staff and the medical treatment fee revision. Internationally, sales are expected to show a low-single-digit decline
on a comparable basis, excluding the currency effect and the impact of a change in the fiscal term of Defibtech, LLC, in thesame period of the previous fiscal year. Overseas sales are expected to fall short of the Company’s previous forecast, as sales
in China will continue to decrease in the second quarter and business deals and budget executions in the Middle East andSoutheast Asia will be more concentrated in the second half than its expectations. In North America, which is a market that
the Company is focusing on, sales of patient monitors, ventilators, and neurology products are expected to increase favorably.
The Company revised its previous forecasts for operating income, ordinary income, and income attributable to owners ofparent, respectively. Income will fall short of the Company’s previous forecasts, as sales will be lower than expected, while
the Company aims at securing gross profit margin by focusing on selling its in-house products.
The Company reaffirms its forecast for FY2024 unchanged as both domestic and overseas sales will be more concentrated in
the second half. The Company will also take further measures to reform the profit structure of the entire Group. After
reviewing the results of the first half and outlook of the second half, the Company will revise its forecast for FY2024 at theannouncement of financial results for the first half of FY2024 on November 7, 2024, if necessary.
The Company’s forecast for the second quarter of FY2024 is based on an exchange rate of 150 yen to the U.S. dollar and 160
yen to the euro.
*The above estimates are based on information available on the date of this report's announcement. Actual results may differ
from such estimates due to unforeseen circumstances.