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

February 2, 2022

[Summary] Consolidated Financial Results for the 3rd Quarter of the Fiscal YearEnding March 31, 2022 (Japan GAAP)NIHON KOHDEN CORPORATION (6849)
1st Section Tokyo Stock Exchange
Tokyo
Hirokazu Ogino, Representative Director, President
Keichiro Yoshizawa, General Manager, Corporate Strategy Division
Phone: +81 / 3 - 5996 - 8003
(URL https://www.nihonkohden.co.jp)

Stock Exchange Listing:
Head Office:Representative:
Contact:(Amounts are rounded down to the nearest million yen)

1. Consolidated Financial Highlights for the 3rd Quarter of FY2021 (From April 1, 2021 to December 31, 2021)(1) Consolidated Operating Results
Note: Percentages indicate increase/decrease over the corresponding period in the previous fiscal year.
Net sales

Operating income

Millions of yen%

Millions of yen%

Millions of yen

23,316 49.6
8.0
15,586 85.6
FY2020 3Q (9 months)
5.8
Note: Comprehensive income:
FY2021 3Q: 17,647 million yen (98.5%)
Net income per share
Net income per share- Basic- Diluted
FY2021 3Q (9 months)

FY2021 3Q (9 months)
FY2020 3Q (9 months)

148,078
137,046

YenYen199.36104.30――

Income attributable toowners of parent

Ordinary income%Millions of yen

24,677
14,697(2) Consolidated Financial Conditions

As of December 31, 2021
As of March 31, 2021

Total assets

Net assets

Equity ratio

Millions of yen

Millions of yen%

191,981
193,030

Reference: Equity Capital:

150,175
138,986
FY2021 3Q: 150,175 million yen

Net assets per share
Yen78.2
72.0
FY2020 : 138,986 million yen

1,772.79
1,631.88

2. Dividends
Dividends per share
InterimThird quarter(Second quarter)

First quarter

Full-year

Year-endyen

yen

yen

yenyenFY2020

―

17.00

―

38.00

55.00

FY2021

―

19.00

―

FY2021 (Forecast)
33.00
52.00
Note: Revise of dividends forecast: Yes
Note: Breakdown of year-end dividends for FY2020: Ordinary dividends: 18.00 yen
Special dividends: 20.00 yen
Note: Breakdown of year-end dividends for FY2021(Forecast): Ordinary dividends: 20.00 yen
Commemorative dividends: 13.00 yen

3. Consolidated forecast for FY2021 (From April 1, 2021 to March 31, 2022)

Millions of yen

Income attributableto owners of parent% Millions of yen%

Operating income Ordinary income

Net sales% Millions of yen

Full year
203,000
1.6
Note: Revise of consolidated forecast: Yes

28,500%Millions of yen

5.2

29,500－1－4.0%

16,911
67.9
90.4
8,882
81.2
83.8
FY2020 3Q: 8,889 million yen (75.8%)

20,0009.6

Net income pershare - BasicYen

236.10* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change
in scope of consolidation): None
Newly included:― companies (―)

Excluded:― companies (―)(2) Changes in accounting policies, changes in accounting estimates, and restatement(i) Changes in accounting policies due to revisions to accounting standards and other regulations: Yes(ii) Changes in accounting policies due to other reasons: None(iii) Changes in accounting estimates: None(iv) Restatement: None
(3) Number of issued shares (common shares)(i) Total number of issued shares at the end of the period(including treasury shares)(ii) Number of treasury shares at the end of the period(iii) Average number of shares outstanding during the period

FY2021 3Q

88,730,980

shares

FY202088,730,980

shares

FY2021 3Q

4,019,502

shares

FY20203,561,589

shares

FY2021 3Q

84,829,234

shares

FY2020 3Q

85,164,108

shares* This summary of financial result is not subject to audit procedures.
* In domestic sales of the Nihon Kohden group, sales to public medical institutions (which include national hospitals, nationaluniversities, public agencies, and municipal hospitals) account for a relatively high percentage of total sales. Therefore, the bulk oforders tend to be concentrated in September and March due to these hospitals' budget executions. In particular, sales and income arehighly concentrated in the fourth quarter of the fiscal year.
* Earnings forecasts and other forward-looking statements in this release are based on information currently available and certain
assumptions that the Company believes are reasonable. Therefore, they do not constitute a guarantee that they will be realized. Actual
results may differ from such estimates due to unforeseen circumstances.

－2－4. Review of Operations
During the term under review (April 1, 2021 to December 31, 2021), social and economic activity showed signs of recovery due
to the benefits of economic measures taken by each country and the progress of COVID-19 vaccination. However, the global
economic outlook remained uncertain due to the spread of the Omicron variant from the end of 2021 as well as higher resource
prices and the semiconductor shortage. In Japan, the number of testing and surgical procedures in medical institutions showed arecovery trend and the healthcare system continued to respond to COVID-19 patients. Medical equipment companies werestrongly required to provide solutions which contribute to infection control measures as well as improving quality and efficiencyof medical care. Internationally, medical equipment to treat COVID-19 patients was installed by medical facilities in regions
where the spread of infection has resurged, but demand has generally settled down in the third quarter (October to December2021).
Under these circumstances, Nihon Kohden started its three-year business plan, BEACON 2030 Phase I, in April 2021. The
Company formulated the basic policies as follows: i) Embracing sustainability across business and corporate activities, ii)
Ensuring strict compliance and strengthening group governance, iii) Improving the profitability of existing businesses and making
strategic upfront investments, and iv) Establishing global SCM and strengthening core functions of operations.
Japan: Nihon Kohden concentrated on enhancing sales activities which match each market; the acute care hospital market, thesmall and mid-sized hospital market, and the clinic market. The Company also focused on consumables and services business aswell as strengthened its marketing and service capabilities, creating customer value which contributed to improving medical safety,
patient outcomes, and operating efficiency. Accordingly, sales in all markets increased. Sales also increased because demand forcertain products recovered from the decrease that occurred in the same period of the previous fiscal year. Furthermore, theresumption of business negotiations related to IT system solutions contributed to increased sales. In particular, sales in the public
hospital and private hospital markets showed strong growth, due in part to the installation of patient monitors and ventilators
supported by the Government’s budget. Sales of Patient Monitors and Treatment Equipment achieved double-digit growth, andsales of Physiological Measuring Equipment also increased. In Other Medical Equipment, sales of locally purchased products
decreased as the Company focused on selling in-house products. As a result, domestic sales increased 9.8% over the nine monthsof FY2020 to ¥96,597 million.
International: Sales increased, as demand for certain products recovered in all regions from the decrease that occurred in thesame period of the previous fiscal year. The Company also succeeded in strengthening its consumables and services business. Inthe Americas, sales in the U.S. increased favorably. Sales in Latin America decreased due to the reactionary decline in Mexico andColombia where sales doubled in the same period of the previous fiscal year. Sales decreased in Europe, where demand for certain
products recovered, but not enough to cover the reactionary decline compared to the strong growth in the same period of theprevious fiscal year. In Asia & Other, sales in India, Thailand, Malaysia, and Egypt doubled, and sales in China and Vietnam also
increased favorably. Sales of Physiological Measuring Equipment and Other Medical Equipment achieved double-digit growth. In
Treatment Equipment, sales of AEDs recovered and sales of defibrillators increased favorably. Sales of ventilators decreased dueto the reactionary decline compared to the same period of the previous fiscal year when demand increased. Sales of PatientMonitors decreased due to the reactionary decline in Europe and Latin America where demand increased in the same period of theprevious fiscal year, while sales in the U.S. and Asia & Other increased favorably. As a result, international sales increased 5.0%
over the nine months of FY2020 to ¥51,481 million.
As a result, overall sales during the term under review increased 8.0% over the nine months of FY2020 to ¥148,078 million.
Operating income increased 49.6% over the nine months of FY2020 to ¥23,316 million due to the increase in sales and higher
gross profit margin thanks to a favorable product mix. Ordinary income increased 67.9% over the nine months of FY2020 to¥24,677 million, reflecting foreign exchange gains compared to losses in the same period of the previous fiscal year. Income
attributable to owners of parent increased 90.4% over the nine months of FY2020 to ¥16,911 million.

5. Consolidated Sales Results by Product Category(Millions of yen)
Nine months ended December 31, 2021

Physiological Measuring Equipment
Patient Monitors
Treatment Equipment
Other Medical Equipment
TotalProducts
Consumables and Services

Amount27,45762,42533,14925,046
148,078
81,646
66,431

Growth rate (%)+ 5.7+ 12.7+ 8.6- 0.5+ 8.0+ 8.8+ 7.1(Reference) Sales by Region
Domestic Sales
Overseas SalesAmericasEuropeAsia & Other

96,59751,481
25,362
8,681
17,436+ 9.8+ 5.0+ 5.1- 16.9+ 20.6－3－6. Consolidated Forecast for FY2021
Based on the results for the nine months of FY2021 and recent performance trends, the Company revised its forecasts forFY2021, previously announced on November 8, 2021.
The FY2021 full-year overall sales forecast is expected to be ¥203,000 million, up ¥2,000 million from its previous forecast.
Domestic sales forecast remained at ¥136,500 million as same as its previous forecast. In the fourth quarter, there will be areactionary decline compared to the same period of the previous fiscal year when demand surged. Overseas sales forecast isexpected to be ¥66,500 million, up ¥2,000 million from its previous forecast. Internationally, there is demand for patient monitors
in some regions where the spread of infection has resurged. Demand for non-COVID-19-related medical devices has also showedsigns of recovery.
Because sales are expected to be higher than the Company’s previous forecast and the product mix will be favorable, operating
income, ordinary income, and income attributable to owners of parent are expected to be ¥28,500 million (up ¥3,000 million fromits previous forecast), ¥29,500 million (up ¥4,000 million from its previous forecast), and ¥20,000 million (up ¥2,500 million fromits previous forecast), respectively.
The earnings forecasts described above include the impact of the spread of coronavirus variants and the semiconductor shortage,
based on information currently available to the Company at this moment. Actual results may differ from the forecasts due tounforeseen circumstances.
The Company’s forecast for the fourth quarter of FY2021 is based on an exchange rate of 114 yen to the U.S. dollar and 131
yen to the euro.

(Consolidated Forecast for FY2021 by Product Category)(Millions of yen)
FY2021 (forecast)Physiological Measuring Equipment
Patient Monitors
Treatment Equipment
Other Medical Equipment
TotalProducts
Consumables and Services

Amount39,70081,90043,20038,200203,000
110,900
92,100Growth rate (%)+ 5.6+ 3.9- 4.3+ 0.0+ 1.6- 2.6+ 7.2(Reference) Sales by RegionDomestic Sales
Overseas Sales
Americas
EuropeAsia & Other

136,500
66,50032,20010,60023,700- 0.6+ 6.5+ 6.3- 19.3+ 24.6－4－

7. Consolidated Financial Statements(1) Consolidated Balance Sheets(Millions of yen)March 31, 2021
ASSETS
Current assets:
Cash and deposits
Notes and accounts receivable - trade
Securities
Merchandise and finished goods
Work in process
Raw materials and supplies
Other current assets
Allowance for doubtful accounts
Total current assets
Non-current assets:
Property, plant and equipment
Intangible assets
Goodwill
Other intangible assets
Total intangible assets
Investments and other assets
Investment securities
Other investments and other assets
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets
LIABILITIESCurrent liabilities:
Notes and accounts payable - trade
Short-term loans payable
Accrued income taxes
Provision for bonuses
Provision for product warranties
Other current liabilities
Total current liabilities
Non-current liabilities:
Net defined benefit liability
Other non-current liabilities
Total non-current liabilities
Total liabilities
NET ASSETS
Shareholders’ equity:
Capital stock
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income:
Valuation difference on available-for-sale securities
Foreign currency translation adjustments
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Total net assets
Total liabilities and net assets-5-

December 31, 2021

30,60968,612
14,00027,965
2,326
8,594
4,256
-225
156,140

28,47952,32423,00029,657
3,358
12,222
4,805-245
153,60320,193

19,548

431
1,898
2,329

805
2,804
3,610

6,418
8,112
-165
14,36636,889193,030

6,767
8,616
-164
15,21838,377
191,981

24,412
350
7,915
4,691
1,116
12,12150,60821,185
350
2,849
1,786
748
11,41838,339

1,852
1,583
3,436
54,044

1,593
1,873
3,466
41,805

7,544
10,437
123,796-6,966
134,812

7,544
10,455
135,699-8,433
145,266

2,158
1,085
929
4,173
138,986
193,030

2,323
1,913
672
4,909
150,175
191,981(2) Consolidated Statements of Income

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividend income
Gain on valuation of investment securities
Foreign exchange gains
Subsidy income
Other, net
Total non-operating income
Non-operating expenses
Interest expenses
Loss on valuation of investment securities
Foreign exchange losses
Other, net
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sales of non-current assets
Gain on sales of investment securities
Total extraordinary income
Extraordinary losses
Loss on sales of non-current assets
Loss on retirement of non-current assets
Impairment losses
Amortization of goodwill
Office transfer cost
Total extraordinary losses
Income before income taxes
Income taxes
Net income
Income attributable to owners of parent-6-

Nine months ended
December 31, 2020
137,046
67,933
69,11353,526
15,586(Millions of yen)
Nine months ended
December 31, 2021
148,078
68,88979,18855,872
23,316

20
103
―
―
232
133
489

62
97
3
979
64
262
1,470

5
12
1,271
89
1,378
14,697

4
―
―
104
108
24,677

0464
464

0
―
00
28
320
1,193
118
1,661
13,499
4,617
8,882
8,882

0
49
―
――
49
24,628
7,716
16,911
16,911

(Consolidated Statements of Comprehensive Income)Net income
Other 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 to owners of parent
Comprehensive income attributable to non-controlling interests-7-(Millions of yen)
Nine months ended Nine months endedDecember 31, 2020 December 31, 2021
8,882
16,911-12-168
188
78,889165
827-257735
17,647

8,889―

17,647―

(Notes on Business Combination)
Business combination through acquisition
1. Overview of business combination(1) Name of acquired company and operations
Name of acquired company Advanced Medical Predictive Devices, Diagnostics and Displays, Inc. ("AMP3D")
Business
Research and development of algorithms and software for patient condition
management(2) Main reason for business combination
Reinforcement of technological development capabilities in the digital health solutions (DHS) fieldby combining the Company's core human machine interface (HMI) technology with AMP3D's algorithms
and software technology for patient condition management(3) Date of business combination
August 9, 2021
(4) Legal form of business combination
Acquisition of ownership for cash(5) Name of company after business combination
FY2021 3Q(9 months)
Advanced
MedicalPredictive Devices, Diagnostics and Displays, Inc. ("AMP3D")
FY2020(9 months)
137046
5.8(6) Shareof 3Q
votingrights acquired
100%(7) Basis of determination of acquiring company
Acquisition of ownership for cash by Nihon Kohden Digital Health Solutions, Inc., one of Nihon Kohden's subsidiaries
2. Business term of the acquired company included in the Consolidated
Statement of Income for the third quarter of104.30
FY2021 (9 months)
From August 9, 2021 to September 30, 2021
3. Acquisition cost for the acquired company and breakdown thereof(Millions of yen)
Payment for acquisition of stocks
964
Acquisition related costs such as advisory fees
68
1,033
Acquisition cost
The amount is provisional based on available rational information since the acquisition price has not been finalized.
4. Contents of the condition clause for the acquisition cost under an acquisition agreement and its accounting method
hereafter
There is the escalation clause that adjusts the acquisition cost based on the results of operations after the acquisition in thebusiness combination agreement. If additional payment is required based on the clause, the acquisition cost will be revised
assuming that the additional payment had been made at the time of acquisition and the Company adjusts the goodwill amountand its amortization.
5. Amount of goodwill incurred, reasons and amortization method
The Company recognized goodwill of ¥ 413 million and it is amortized by straight-line method over the term of 10 years.
Goodwill is calculated based on the projected future excess earnings through future business development.

-8-