These documents have been translated from Japanese originals for reference purposes only. In the eventof any discrepancy between these translated documents and the Japanese originals, the originals shallprevail.

August 3, 2023

[Summary] Consolidated Financial Results for the 1st Quarter of the Fiscal YearEnding March 31, 2024 (Japan GAAP)NIHON KOHDEN CORPORATION (6849)
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)

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

1. Consolidated Financial Highlights for the 1st Quarter of FY2023 (From April 1, 2023 to June 30, 2023)(1) Consolidated Operating Results
Note: Percentages indicate increase/decrease over the corresponding period in the previous fiscal year.
Net sales

Operating income

Income attributable toowners of parent

Ordinary income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

48,72844,363

9.8
-6.0

2,205
1,817

21.3-71.7

5,794
5,481

5.7-18.7

3,787
3,679

2.9-18.9

FY2023 1Q (3 months)
FY2022 1Q (3 months)

Note: Comprehensive income:
FY2023 1Q: 5,432 million yen (6.0%)
Net income per share
Net income per share- Basic- Diluted
Yen

Yen

FY2023 1Q (3 months)

45.02

―

FY2022 1Q (3 months)

43.66

―

FY2022 1Q: 5,124 million yen (-5.8%)(2) Consolidated Financial Conditions
Total assets

Net assets

Equity ratio

Millions of yen

Millions of yen%

Yen

78.4

2,015.87
1,992.30

As of June 30, 2023

216,444

As of March 31, 2023

216,728

Reference: Equity Capital:

169,587
167,604
FY2023 1Q: 169,587 million yen

Net assets per share

77.3
FY2022 : 167,604 million yen

2. Dividends
Dividends per share
Interim(Second quarter)

First quarter

Year-end

Third quarter

Full-year

yen

yen

yen

yen

yen

FY2022

―

20.00

―

41.00

61.00

FY2023―
30.00

―

31.00

61.00

Income attributableto owners of parent

Net income pershare - Basic

FY2023 (Forecast)
Note: Revise of dividends forecast: None

3. Consolidated forecast for FY2023 (From April 1, 2023 to March 31, 2024)
Net sales

Operating income Ordinary income
Millions of yen

%

4.4

6,000

215,000
4.1
Note: Revise of consolidated forecast: None

21,500First half
Full year

Millions of yen%

98,500Millions of yen

%

-16.9

6,000

1.8

21,500－1－Millions of yen

%

-53.9

4,000

-53.2

47.55

-10.9

14,500-15.3

172.36Yen

* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the changein 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: None(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

FY2023 1Q

88,230,980

shares

FY2022

88,230,980

shares

FY2023 1Q

4,104,654

shares

FY2022

4,104,612

shares

FY2023 1Q

84,126,357

shares

FY2022 1Q

84,278,109

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, 2023 to June 30, 2023), the global economic outlook remained uncertain due to tightmonetary policy in the U.S. and Europe, the protracted crisis in Ukraine, and higher prices of components and resources. InJapan, each prefecture revised its healthcare system, and task shifting and operational efficiency were further required in
medical institutions, because work style reforms for medical staff are scheduled to take effect in 2024. Medical equipment
companies were strongly required to provide solutions which contribute to improving the quality and efficiency of medical care.
Internationally, overall demand for medical equipment which contributes to easing medical staff workloads remained steady,while the negative impact of the shortage of nurses and higher interest rates was gradually improved in the U.S. and Europe.
Under these circumstances, Nihon Kohden implemented its Three-year Business Plan, BEACON 2030 Phase I that sets
FY2023 as its final year. The Company formulated the basic policies of the plan as follows: i) Embracing sustainability acrossbusiness and corporate activities, ii) Ensuring strict compliance and strengthening group governance, iii) Improving theprofitability of existing businesses and making strategic upfront investments, and iv) Establishing global SCM andstrengthening 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 its consumables and services businessas well as strengthening its marketing and service capabilities, creating customer value which contributed to improving medicalsafety, patient outcomes, and operating efficiency. As a result of these initiatives, sales increased. Sales in the private hospitaland clinic markets increased favorably, while sales in the university and public hospital markets decreased. Sales of Patient
Monitors and Treatment Equipment increased favorably. Sales 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 aresult, domestic sales increased 4.1% over the first quarter of FY2022 to ¥30,154 million.
International: Overseas sales showed double-digit growth, as there was an impact of change in the fiscal term of Defibtech,
LLC according to the reorganization of subsidiaries in the U.S. Strong sales were also seen in China because patient monitors
were installed due to the COVID-19 resurgence. In the Americas, sales in the U.S. showed double-digit growth. Sales in Latin
America also increased favorably, mainly in Mexico. Sales in Europe decreased, as sales in Germany decreased compared to thestrong growth in the same period of the previous fiscal year. Sales in France, Spain, and the U.K. increased. Sales in Asia &Other achieved double-digit growth, as sales in China increased significantly. Sales in the Middle East and South Korea also
showed strong growth. Sales in all product categories increased, especially for Treatment Equipment, because sales of Defibtech
AEDs increased significantly. Sales of Physiological Measuring Equipment also achieved double-digit growth. As a result,international sales increased 20.7% over the first quarter of FY2022 to ¥18,574 million.
As a result of the above, overall sales during the term under review increased 9.8% over the first quarter of FY2022 to¥48,728 million. Operating income increased 21.3% over the first quarter of FY2022 to ¥2,205 million due to the increase insales and higher gross profit margin thanks to a favorable product mix. Ordinary income increased 5.7% to ¥5,794 million andincome attributable to owners of parent increased 2.9% to ¥3,787 million over the first quarter of FY2022, reflecting foreignexchange gains.
* Defibtech, LLC changed its fiscal term from end on December 31 to end on March 31, according to the reorganization of U.S.
subsidiaries. In the first quarter ended June 30, 2023, Nihon Kohden consolidated the 6 months of Defibtech’s operating resultsfrom January 1, 2023 to June 30, 2023.

5. Consolidated Sales Results by Product Category(Millions of yen)Three months ended June 30, 2023

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

Amount10,756
17,627
12,713
7,631
48,72824,15024,578Growth rate (%)+ 7.2+ 4.2+ 31.8
- 1.8+ 9.8+ 10.0+ 9.7(Reference) Sales by RegionDomestic Sales
Overseas Sales
Americas
EuropeAsia & Other

30,154
18,574
9,553
2,929
6,091

+ 4.1+ 20.7+ 29.4- 0.6+ 20.3－3－6. Consolidated Forecast for FY2023
The first quarter performance was better than the Company’s forecast both in sales and income due to greater-than-expected
depreciation of the yen in currency translation as well as the favorable performance of consumables and services business inJapan. As the first quarter accounts for only a small percentage of the full year and future exchange rate fluctuations are
uncertain, the Company reaffirms its forecast for the first half of FY2023 and FY2023, previously announced on May 15, 2023.

－4－7. Consolidated Financial Statements(1) Consolidated Balance Sheets(Millions of yen)March 31, 2023
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-

June 30, 2023

33,45965,005
11,00033,337
4,045
21,406
4,424-179
172,500

34,06256,873
12,00036,233
4,101
22,6084,635-197
170,317

24,44624,937

1,044
3,177
4,221

1,0633,304
4,368

6,713
8,977
-129
15,56044,228
216,728

7,591
9,364
-133
16,821
46,127
216,444

22,940
403
3,178
4,320
1,361
14,363
46,56820,768
333
2,591
3,925
1,539
15,092
44,249

669
1,885
2,555
49,124

572
2,035
2,607
46,857

7,544
9,685
152,525-9,155
160,600

7,544
9,685
152,863-9,155160,939

2,377
4,003
623
7,003
167,604
216,728

3,042
5,040
565
8,648
169,587
216,444(2) Consolidated Statements of Income(Millions of yen)Three months ended Three months endedJune 30, 2022
June 30, 2023
44,363
48,728Net sales
Cost of sales

22,552

24,376Gross profit

21,811

24,352

Selling, general and administrative expenses

19,99322,146

Operating income

1,817

2,205

Interest income

3752

Dividend income

52

57

3,551

3,532

Subsidy income

230

Other, net

50

81

3,715

3,725

Interest expenses

13

Loss on valuation of investment securities

580

Non-operating income

Foreign exchange gains

Total non-operating income
Non-operating expenses

Other, net

4453

Total non-operating expenses

51

137

5,481

5,7942―2112

Loss on sales of non-current assets

00

Loss on retirement of non-current assets

02

Total extraordinary losses

02

Income before income taxes

5,483

5,794

Income taxes

1,803

2,006

Net income

3,679

3,787

Income attributable to owners of parent

3,679

3,787

Ordinary income
Extraordinary income
Gain on sales of non-current assets
Gain on sales of investment securities
Total extraordinary income
Extraordinary losses-6-(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, 2022
June 30, 2023
3,679
3,787
89665

1,438

1,036

-83

-57

1,445

1,644

5,124

5,432

5,124

5,432

――