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 4, 2021

[Summary] Consolidated Financial Results for the 1st 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(URL https://www.nihonkohden.co.jp)
Phone: +81 / 3 - 5996 - 8003Stock Exchange Listing:
Head Office:Representative:
Contact:(Amounts are rounded down to the nearest million yen)

1. Consolidated Financial Highlights for the 1st Quarter of FY2021 (From April 1, 2021 to June 30, 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

6,423 250.8
22.7
1,831 237.8-0.2
Note: Comprehensive income:
FY2021 1Q: 5,438 million yen (307.0%)
Net income per share
Net income per share- Diluted- Basic
FY2020 1Q (3 months)

FY2021 1Q (3 months)
FY2020 1Q (3 months)

Yen

Yen

53.38
12.46

――%

Millions of yen(2) Consolidated Financial Conditions
Total assets

Net assets

Equity ratio

Millions of yen

Millions of yen%

180,514
193,030

As of June 30, 2021
As of March 31, 2021

Reference: Equity Capital:

139,525
138,986
FY2021 1Q: 139,525 million yen

Net assets per share
Yen

77.3
1,647.38
72.0
1,631.88
FY2020 : 138,986 million yen

2. Dividends
Dividends per share
Interim(Second quarter)

First quarter
FY2020
FY2021

Third quarter

Year-end

Full-yearyenyenyenyenyen

―
―

17.00

―

38.00

55.00

19.00

―

20.00

39.00

FY2021 (Forecast)

Note: Revise of dividends forecast: None
Note: Breakdown of year-end dividends for FY2020:

Ordinary dividends: 18.00 yen

Special dividends: 20.00 yen

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

Millions of yen

96,000 10.0 11,000
Full year
190,500 -4.6 18,000
Note: Revise of consolidated forecast: Yes

25.6
-33.6

11,00018,000First half

Income attributableto owners of parent% Millions of yen%

Operating income Ordinary income% Millions of yen

Millions of yen－1－33.9-36.6%

6,743 326.5
4,537
327.8
1,581
1,060
―
―
FY2020 1Q: 1,336 million yen (―%)

47,182
38,461

FY2021 1Q (3 months)

Income attributable toowners of parent

Ordinary income

7,500
12,00028.7-34.2

Net income pershare - Basic
Yen

88.55
141.68

* 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: 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 1Q

88,730,980

shares

FY202088,730,980

shares

FY2021 1Q

4,035,545

shares

FY20203,561,589

shares

FY2021 1Q

85,005,613

shares

FY2020 1Q

85,155,816

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, national universities,
public agencies, and municipal hospitals) account for a relatively high percentage of total sales. Therefore, the bulk of orders tend to beconcentrated in September and March due to these hospitals' budget executions. In particular, sales and income are highly 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 June 30, 2021), social and economic activity recovered in some regions due tothe benefits of economic measures taken by each country and the progress of COVID-19 vaccination. However, the global
economic outlook remained uncertain due to concern about the spread of more infectious coronavirus variants. In Japan, thenumber of testing and surgical procedures in medical institutions showed a recovery trend but remained below the level they
were at before the COVID-19 pandemic. The Government implemented measures to support the healthcare system in the midstof the COVID-19 crisis by enacting budgets and special measures in relation to medical treatment fees. Medical equipment
companies were strongly required to provide solutions which contribute to infection control measures as well as improving
quality and efficiency of medical care. Internationally, medical equipment to treat COVID-19 patients was installed by medical
facilities in regions where the spread of infection has resurged.
Under these circumstances, Nihon Kohden started its three-year business plan, BEACON 2030 Phase I, in April 2021. TheCompany formulated 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 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 favorably. Sales also increased because demand for certain products recovered
compared to the same period of the previous fiscal year, when the number of testing and surgical procedures decreased due tothe spread of COVID-19. Furthermore, business negotiations related to IT system solutions resumed, after the previous fiscalyear when medical institutions postponed or froze their purchase budgets. In particular, sales in the public hospital and private
hospital markets showed strong growth, due in part to the installation of patient monitors supported by the Government’s budget.
Sales of Patient Monitors, Treatment Equipment, Physiological Measuring Equipment achieved double-digit growth but sales of
Other Medical Equipment decreased. In Treatment Equipment, sales of ventilators decreased as there was a reactionary decline
compared to the same period of the previous fiscal year when demand surged due to the spread of COVID-19. As a result,domestic sales increased 18.4% over the first quarter of FY2020 to ¥29,364 million.
International: Sales increased favorably driven by large orders for patient monitors in the U.S. where the Company has focusedon expanding its market share. Sales in all regions increased, as demand for certain products recovered from the decrease that
occurred in the same period of the previous fiscal year. Another reason for the increased sales was that demand for patientmonitors increased in some regions where the spread of COVID-19 has resurged. In the Americas, sales in the U.S. achieved
double-digit growth. Sales in Latin America doubled, mainly in Brazil and Peru. Sales in Europe decreased on a comparable
basis and increased on a yen basis due to yen depreciation. There was a reactionary decline compared to the strong growth in thesame period of the previous fiscal year. In Asia & Other, sales in India and Thailand doubled and sales in China also increased
favorably. Sales in all product categories achieved double-digit growth. In Treatment Equipment, sales of AEDs recovered andsales of defibrillators increased favorably. Sales of ventilators decreased as there was a reactionary decline compared to thesame period of the previous fiscal year when demand surged due to the spread of COVID-19. As a result, international sales
increased 30.5% over the first quarter of FY2020 to ¥17,817 million.
As a result, overall sales during the term under review increased 22.7% over the first quarter of FY2020 to ¥47,182 million.
Operating income increased 250.8% over the first quarter of FY2020 to ¥6,423 million due to the increase in sales and higher
gross profit margin thanks to a favorable product mix. Ordinary income increased 326.5% over the first quarter of FY2020 to¥6,743 million, reflecting foreign exchange gains compared to losses in the same period of the previous fiscal year. Income
attributable to owners of parent increased 327.8% over the first quarter of FY2020 to ¥4,537 million.

5. Consolidated Sales Results by Product Category(Millions of yen)Three months ended June 30, 2021

Physiological Measuring Equipment
Patient Monitors
Treatment Equipment
Other Medical Equipment
Total
Products
Consumables and Services

Amount8,571
20,903
10,358
7,349
47,182
26,421
20,760Growth rate (%)+ 16.7+ 35.9+ 18.9+ 4.7+ 22.7+ 32.4+ 12.2(Reference) Sales by Region
Domestic Sales
Overseas Sales
Americas
EuropeAsia & Other

29,364
17,817
9,585
3,069
5,162+ 18.4+ 30.5+ 37.5+ 7.1+ 35.4－3－6. Consolidated Forecast for FY2021
Based on the results for the first quarter of FY2021 and recent performance trends, the Company revised its forecasts for thefirst half and full year of FY2021, previously announced on May 13, 2021.
The forecasts for overall sales, operating income, ordinary income, and income attributable to owners of parent for the firsthalf of FY2021 were revised to ¥96,000 million (up ¥7,500 million from its previous forecast), ¥11,000 million (up ¥4,500
million from its previous forecast), ¥11,000 million (up ¥4,500 million from its previous forecast), ¥7,500 million (up ¥3,000
million from its previous forecast), respectively. Both domestic and overseas sales are expected to exceed its previous forecast.
In Japan, both sales of medical devices, and consumables and services, will exceed its previous forecast due to the recovery inthe number of testing and surgical procedures, and the resumption of business negotiations related to IT system solutions.
Internationally, the Company focuses on the U.S. and China and sales in both countries are expected to continue to grow.
Medical equipment to treat COVID-19 patients is expected to be installed by medical facilities in regions where the spread ofinfection has resurged. The Company also revised its forecast for income as the forecast for overall sales is expected to exceed
its previous forecast.
The FY2021 full-year forecasts for overall sales, operating income, ordinary income, and income attributable to owners ofparent were revised to ¥190,500 million (up ¥5,000 million from its previous forecast), ¥18,000 million (up ¥2,000 million fromits previous forecast), ¥18,000 million (up ¥2,000 million from its previous forecast), ¥12,000 million (up ¥1,000 million fromits previous forecast), respectively.
The Company’s forecast from the second quarter of FY2021 is based on an exchange rate of 107 yen to the U.S. dollar and
127 yen to the euro. The forecast for FY2021 is based on an exchange rate of 108 yen to the U.S. dollar and 128 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 byuncertainties such as the resurgence of COVID-19 and tight supply of components. The Company will immediately announce
further revisions to its forecasts if necessary.

(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

Amount40,90074,30037,15038,150190,500
100,800
89,700Growth rate (%)+ 8.8- 5.7- 17.7- 0.1- 4.6- 11.5+ 4.4(Reference) Sales by Region
Domestic Sales
Overseas Sales
Americas
EuropeAsia & Other

130,500
60,00029,8009,600
20,600- 4.9- 3.9- 1.6- 26.9
+ 8.3－4－

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 bonusesProvision 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, 2021

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

30,95957,517
11,00028,044
2,569
9,660
3,414
-240
142,926

20,193

19,880

431
1,898
2,329

419
1,827
2,247

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

7,153
8,472
-166
15,46037,587
180,514

24,412
350
7,915
4,691
1,116
12,12150,60819,886
350
2,163
3,540
961
10,78437,686

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

1,739
1,562
3,301
40,9887,544
10,437
123,796-6,966
134,812

7,544
10,437
124,935-8,466
134,451

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

2,648
1,582
843
5,074
139,525
180,514(2) Consolidated Statements of Income(Millions of yen)Three months ended Three months ended
June 30, 2020
June 30, 2021
38,46147,182
19,033
22,616
19,42824,565
17,597
18,141
1,831
6,423

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
Foreign exchange losses
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
Office transfer cost
Total extraordinary losses
Income before income taxes
Income taxes
Net income
Income attributable to owners of parent-6-952―9665
224

1129204
2791
364

21437
33474
1,58114―38
44
6,743

0000002525
1,555
494
1,060
1,060

00
―06,743
2,206
4,537
4,537

(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, 2020
June 30, 2021
1,060
4,537
428-215
62
275
1,336

490
496-85
901
5,438

1,336
―

5,438―