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.

August 3, 2022

[Summary] Consolidated Financial Results for the 1st Quarter of the Fiscal YearEnding March 31, 2023 (Japan GAAP)NIHON KOHDEN CORPORATION (6849)
Stock Exchange Listing:
Head Office:Representative:
Contact:

Prime Market, Tokyo Stock Exchange
Tokyo
Hirokazu Ogino, Representative Director, President
Fumio Izumida, Operating Officer, General Manager, Corporate Strategy Division
Phone: +81 / 3 - 5996 - 8003
(URL https://www.nihonkohden.co.jp)(Amounts are rounded down to the nearest million yen)

1. Consolidated Financial Highlights for the 1st Quarter of FY2022 (From April 1, 2022 to June 30, 2022)(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%

44,36347,182Millions of yen

1,817 -71.7-6.0
6,423 250.8
FY2021 1Q (3 months)
22.7
Note: Comprehensive income:
FY2022 1Q: 5,124 million yen (-5.8%)
Net income per share
Net income per share- Basic- Diluted
FY2022 1Q (3 months)

FY2022 1Q (3 months)
FY2021 1Q (3 months)

YenYen

43.66
53.38

―

Income attributable toowners of parent

Ordinary income%Millions of yen―(2) Consolidated Financial Conditions

As of June 30, 2022
As of March 31, 2022

Total assets

Net assets

Equity ratio

Millions of yen

Millions of yen%

203,115
210,201

Reference: Equity Capital:

Net assets per share
Yen

77.0
74.4
FY2021: 156,381 million yen

156,453
156,381FY2022 1Q: 156,453 million yen

1,860.35
1,852.39

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

First quarter

Year-end

Full-yearyenyen

yenyenyen

FY2021

―

19.00

―

48.00

67.00

FY2022

―
20.00

―

20.00

40.00

FY2022 (Forecast)
Note: Revise of dividends forecast: None
Note: Breakdown of year-end dividends for FY2021:

Ordinary dividends: 20.00 yen
Special dividends: 15.00 yen
Commemorative dividends: 13.00 yen

3. Consolidated forecast for FY2022 (From April 1, 2022 to March 31, 2023)Net sales
Millions of yen

88,000 -14.0
195,000 -4.9
Note: Revise of consolidated forecast: NoneFirst half
Full year

Income attributableto owners of parent% Millions of yen%

Operating income Ordinary income% Millions of yen

5,000
16,500%Millions of yen

-71.3
-46.8

5,000
16,500－1－-72.2
-52.3

%

5,481 -18.7
3,679-18.9
4,537
6,743 326.5
327.8
FY2021 1Q: 5,438 million yen (307.0%)

3,500
11,000-71.5-53.1

Net income pershare - BasicYen

41.46
130.30* 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

FY2022 1Q

88,230,980

shares

FY202188,730,980

shares

FY2022 1Q

4,132,066

shares

FY2021

4,309,526

shares

FY2022 1Q

84,278,109

shares

FY2021 1Q

85,005,613

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. Actualresults may differ from such estimates due to unforeseen circumstances.

－2－4. Review of Operations
During the term under review (April 1, 2022 to June 30, 2022), social and economic activity showed signs of recovery due tothe benefits of economic measures and infection control measures taken by each country. However, the global economic outlook
remained uncertain due to the Ukraine crisis and the Shanghai lockdown, in addition to the continued shortage of semiconductors,
higher prices of components and resources, and supply chain disruption. In Japan, healthcare systems to respond to emerging
infectious diseases were being established and work style reforms for medical staff were also promoted according to the medicaltreatment fee revision in April 2022. Medical equipment companies were strongly required to provide solutions which contributeto infection control measures as well as improving the quality and efficiency of medical care. Internationally, there were concerns
about an economic slowdown due to tight monetary policy in the U.S. and Europe. However, overall demand for medical
equipment which contributes to improving the quality and efficiency of medical care was steady.
Under these circumstances, Nihon Kohden implemented its three-year business plan, BEACON 2030 Phase I. The Company
formulated the basic policies of the plan 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 andmaking 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 strengthening its marketing and service capabilities, creating customer value which contributed to improving medical
safety, patient outcomes, and operating efficiency. Demand for Physiological Measuring Equipment, hematology instruments, andIT system solutions was favorable as the number of testing and surgical procedures showed a recovery trend and capital
expenditure by medical institutions resumed. Overall, domestic sales decreased, as there was a reactionary decline in demandmainly for Patient Monitors which were installed to treat COVID-19 patients in the same period of the previous fiscal year. Salesin the university hospital and clinic markets increased favorably, while sales in the public hospital and private hospital markets
decreased compared to the strong performance in the same period of the previous fiscal year. Sales of AEDs in the PAD market
also decreased. Sales of Physiological Measuring Equipment achieved double-digit growth. Sales of Other Medical Equipment
also increased favorably, as sales of hematology instruments and installation and maintenance services for medical devices showedstrong growth. Sales of Patient Monitors and Treatment Equipment decreased compared to the strong growth in the same period of
the previous fiscal year. As a result, domestic sales decreased 1.3% over the first quarter of FY2021 to ¥28,971 million.
International: Sales in all regions decreased, mainly due to a reactionary decline in sales of Patient Monitors. In the same periodof the previous fiscal year, sales of Patient Monitors were favorable due to large orders in the U.S. and strong demand in someregions where the spread of COVID-19 had resurged. In the Americas, sales in the U.S. decreased. Sales in Latin America also
decreased, mainly in Brazil and Peru where sales doubled in the same period of the previous fiscal year. Sales in Europe decreased,
especially in France and Turkey, while sales in Germany and the U.K. increased favorably. Sales in Asia & Other decreased,
especially in China, while sales in Korea and Indonesia showed strong growth. Sales of Patient Monitors, Physiological Measuring
Equipment, and Treatment Equipment decreased, while sales of Other Medical Equipment increased. As a result, internationalsales decreased 13.6% over the first quarter of FY2021 to ¥15,391 million.
As a result, overall sales during the term under review decreased 6.0% over the first quarter of FY2021 to ¥44,363 million.
Operating income decreased 71.7% over the first quarter of FY2021 to ¥1,817 million due to the decrease in sales. This was also
because of a lower gross profit margin due to an unfavorable product mix, and increased SG&A expenses, mainly due to thestrengthening of human resources and the normalization of sales and service activities. Ordinary income decreased 18.7% to¥5,481 million and income attributable to owners of parent decreased 18.9% to ¥3,679 million over the first quarter of FY2021,
reflecting foreign exchange gains.

5. Consolidated Sales Results by Product Category(Millions of yen)Three months ended June 30, 2022

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

Amount10,031
16,917
9,6427,771
44,363
21,95322,409Growth rate (%)+ 17.0- 19.1- 6.9+ 5.8- 6.0- 16.9+ 7.9(Reference) Sales by Region
Domestic Sales
Overseas SalesAmericas
EuropeAsia & Other

28,971
15,391
7,382
2,947
5,061

- 1.3
- 13.6- 23.0- 4.0- 2.0－3－6. Consolidated Forecast for FY2022
The first quarter performance was better than the Company’s forecast because foreign exchange gains were recorded as nonoperating income. As future exchange rate fluctuations are uncertain, the Company reaffirms its forecast for the first half ofFY2022 and FY2022, previously announced on May 13, 2022. The assumed exchange rates from the second quarter of FY2022
also remain 117 yen to the U.S. dollar and 130 yen to the euro.
The earnings forecasts are based on information currently available and certain assumptions that the Company believes arereasonable. The operating results and financial position of the Nihon Kohden Group could be potentially affected by uncertainties
such as product supply issues due to the shortage of semiconductors, and increases in component prices, utility costs and logistics
costs. The Company will immediately announce further revisions to its forecasts if necessary.

－4－7. Consolidated Financial Statements(1) Consolidated Balance Sheets(Millions of yen)March 31, 2022
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 assetsInvestment 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 stockCapital 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-

June 30, 2022

28,92558,381
32,00030,243
3,495
14,6284,409-208
171,875

36,53851,90618,00033,014
3,395
15,8804,383-211
162,907

19,92020,553

794
2,942
3,737

975
3,085
4,0606,225
8,651
-210
14,66738,325210,201

6,390
9,420
-216
15,59440,208203,115

24,045
325
5,669
5,013
1,245
14,50550,804

21,687
325
2,890
3,749
1,301
13,712
43,666

1,073
1,943
3,016
53,820

993
2,001
2,995
46,662

7,544
10,455142,224-9,331150,893

7,544
10,414
140,777-9,216
149,520

2,199
2,387
900
5,487
156,381210,201

2,289
3,825
817
6,932
156,453
203,115

(2) Consolidated Statements of Income(Millions of yen)Three months ended Three months ended
June 30, 2021
June 30, 2022
47,18244,363
22,61622,552
24,565
21,811
18,141
19,9936,423
1,817

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

1129
204
27
91
364

37
52
3,551
23
50
3,715

14
38
44
6,743

1544
51
5,481

00

2
2

0
0
0
6,743
2,206
4,537
4,537

0
0
0
5,483
1,803
3,679
3,679

(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)Three months ended Three months ended
June 30, 2021
June 30, 2022
4,537
3,679
490
496
-85
901
5,438

89
1,438-83
1,445
5,124

5,438
―

5,124―