®

®

Results Presentation
FY March 2021
Win-Partners Co., Ltd. (3183)

Full year results ending March 2021

Consolidated results summary(￥mil)

Mar 2020

Mar 2021

YoYRE(Aug11)

Sales

64,537-3.7%

59,000Operating profit

2,649-14.9%

2,000

Recurring profit

2,655-14.7%

2,000

Net profit

1,872-17.7%

1,370

EPS (yen)
BPS (yen)

65.23

62,123
2,255
2,265
1,540
53.66
736.32－47.72714.27－3

What happened in 3/2021

Spread of COVID-19 infection
Reimbursement price revision in April 2020
Change in the policy for public health and welfare
under the Suga administration

4

What WIN tackled① Logistic revolution➁ Higher operational efficiency③ Focus on CRS④ Reduction in idle inventories

5

Highlights

Sales - 3.7 %(¥mil)

64,537
62,123

FY 3/2020

FY 3/2021

vs. plan
YoY

+5.3%

Non-acute coronary disease
treatments had been postponeddue to COVID-19
Sales suffered from reimbursement
price revision in October 2019 &April 2020
Impact from the absence of sales toa hospital chain remained in Q1(c. ¥2bn)
6

Trend of the number of cases
YoY change in the number of cases
in major segments
20.0%

CRSCVSPCI

0.0%
0.0%

-20.0%-40.0%
Apr2020

MayJunJulAug

SepOctNovDecJanFebMar

2021

7

Sales impact by the reimbursement
price revision in April 2020
Segment

impact(%)

Percutaneous Coronary Intervention (PCI)-3.7

Cardiac Rhythm Segment (CRS)-1.2

Cardiac Vascular Segment (CVS)-0.4

Percutaneous Peripheral Intervension (PPI)-0.8

Neurovascular-1.3

Others

-0.1

Total

-1.5
Calculated based on reimbursement prices revised in October 20198

The reimbursement
prices of major products
Segment

PCIItems
PTCA Ballon Catheter
DES (Drug Eluting Stent)
IVUS (Intravascular Ultrasound Catheter)

Pacemaker
ICD (Implantable Cardioveter Defibrillator)

CRSCVS

CRTD (Cardiac Resychronization Therapy Difibrillator)

Subcutaneous Implantable Defibrillator (S-ICD）
Ablation Catheter
Cardiac CryoAblation Catheter
Stent graft (abdomen）
Open Stent graft
Hea rt va lve for Tra ns ca theter Aortic Va lve Impla ntation(TAVI) (Ba lloon-expa nda ble)

Heart valve for TAVI (self-expandable)
PTA Ballon Catheter
PPI Peripheral Vascular Stent
Peripheral DES (Drug Eluting Stent)
Neuro
Embolic Coil(electric type)
vascular Thrombectomy Catheters (self-expandable)

Reimbursement prices (¥000)2019 (Oct)2020 (Apr)

Change(%)

38
173
8435
161
80

763
2,950
3,990
3,120
126
649
1,320
1,110

720
2,950
3,990
3,120
124
649
1,320
1,110

- 8.7
- 6.9
- 4.6
- 5.6
0.0
0.0
0.0
- 1.6
0.0
0.0
0.0

4,510

4,510

0.0

3,740
56
175
233
118
386

3,740
55
174233
118
386

0.0
- 1.6
- 0.6
0.0
0.00.09

Sales breakdown by segmentSegmentSales(¥mil)

YoY growth (%)
Volume% of salesValue(%)

Change (pp)Percutaneous coronary intervention (PCI)

15,977-11.0-15.7

25.7-3.6

Cardiac rhythm segment (CRS)

16,353

+1.1

-5.9

26.3

-0.6

Cardiac vascular segment (CVS)

8,670-5.0-5.5

14.0-0.3

Percutaneous peripheral intervention (PPI)

3,468

+3.4

-0.5

5.6+0.2

Neurovascular

2,718-0.4+3.5

4.4+0.3

Diabetes mellitus segment (DMS)

2,489-+13.5

4.0+0.6

Large-sized medical equipment

5,427-+39.0

8.7

+2.7

Others7,017-+2.9

11.3

+0.7

62,123--3.7 100.0

Total

10Segment review (vs. 3/2021)

P C I

suffered from the lower number of cases, the reimbursement
price revision, and the absence of sales to a major customer

C R S
C VS
P P I

suffered from the reimbursement price revision and the absence ofsales to a major customer. ABL maintained a steady recovery

Neurovascular
L a rgeequipm e nt

DMS

suffered from the lower number of cases and the absence of sales toa major customer. SHD (including TAVI) related sales increased
saw the number of cases for shunt PTA continue increasing

saw thrombectomy device sales increaseobtained some large-scale medical equipment orders and Covid-19
related orders
saw sales of blood glucose measuring equipment and insulin pumpincrease11(¥mil)

Segment review (vs. plan)

2,500

Total +3,123(¥mil)

Others2,277
1,500

500- 500

DMS
109
PCI-442
PCI

CRS
173

PPI198

Neuro CVS
vascular 450
368

Large-sized
medicalequipment-12

Large-sized
medicalequipment

DMSCRS

PPIlower the obtained better sales gained new better
number of some large- of blood
customers shunt PTA
glucosecases
scaleand ABLsales
measuringorders in equipment recovered
2Hand insulin
pump

Neuro
vascularbetterthrombectomy
devicesales

CVS

Othersbetter SHD small/mid-sized
equipment andrelated
maintenance &sales
inspection sales
increased
12Highlights

Operatingprofit - 14.9%

vs. plan

YoY+12.8%

Gross profit margin 12.5%(-0.2pp YoY)(¥mil)

2,649

2,255

- Sales volume decreased due to the lower numberof cases- Sales mix changedSGA -0.6% YoY- General expenses (e.g. travelling) decreased- Labor cost +3% YoY- Number of employees :541(Mar 2020)→547(Mar 2021)
FY 3/2020

FY 3/2021
13Quarterly sales and OP
to March 2021
20,000

Sales(￥mil)

Operating profit(￥mil)
17,00016,587(+7.4%)( ) YoY

17,653(+10.7%)

15,039(-6.4%)
14,00011,00012,843(-24.8%)542(-22.5%)639(+8.7%)

785(+30.3%)287(-62.0%)8,000

Apr- Jun

Jul ‐ Sep

Oct ‐ Dec

Jan - Mar14Highlights

Net profit(¥mil)

1,872

FY 3/2019- 17.7 %vs. plan

YoY

+12.4%

Scrap loss for fixed asset: ¥19mil

1,540

FY 3/202115

Consolidated income statements
Mar 2020(¥mil)

Mar 2021(%)(¥mil)(%)

64,537100.0

62,123

100.0

Cost of sales

56,365

87.3

54,38087.5

Gross profit

8,172

12.7

7,743

12.5

SG&A expenses

5,522

8.6

5,488

8.8

Operating profit

2,649

4.1

2,255

3.6

Non-operating profit

180.0

120.0

Non-operating expenses

120.0

10.0

2,655

4.1

2,265

3.6

Extraordinary profit

820.1

00.0

Extraordinary loss

140.0

190.0

2,724

4.2

2,245

3.6

851

1.3

705

1.1

1,872

2.9

1,540

2.5

Sales

Recurring profit

Pretax profit
Taxes

Net profit

16

Consolidated balance sheet
Mar 2020

Mar 2021

Change(¥mil)(%)(¥mil)

(%)

91.9
45.3
38.0
6.7
2.0
8.1

35,994

89.6

495

17,122
15,966
2,334
570

42.6
39.7
5.8
1.4-3731,300-237-197

Fixed assets

35,49917,495
14,666
2,571
767
3,132

1,061

Total assets

38,632100.0

Current liabilities

Fixed liabilities

17,09815,899
435
762
1,029

44.3
41.21.1
2.0
2.7

4,193 10.4
40,187 100.0
17,960 44.7

Total liabilities

18,127

46.9

Net assets

20,505

53.1

Total liabilities,net assets

38,632100.0

Current assets
Cash and deposits
Accounts receivable
Inventories
Other current assets

Accounts payable
Taxes payable
Other current liabilities

16,756277926(¥mil)

1,555
862

41.7
0.7
2.3

857-158
164

2.7
1,088
19,049 47.4
21,138 52.6
40,187 100.0

59922
633
1,55517Consolidated cashflow statements(¥mil)

Mar 2020

Mar 2021

Cash flows from operating activities3,219

1,850

Net profit before taxes
Depreciation
Notes and accounts receivable
Inventories
Notes and accounts payable
Tax paid

2,724
196
3,695
-215
-2,269
-966
54

2,245
194
-1,300
291
856
-763
326

-94

-1,276Other

Cash flows from investing activities
Time deposits
Withdrawal from time deposits
Purchase of tangible assets
Sales proceeds of tangible assets
Other-5,000
5,000
-107
84

Cash flows from financing activities

-918

-947

Cash dividends paid

-918

-947

2,206
10,28912,495-373
12,495

Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of FY
Cash and cash equivalents at the end of FY-5,0005,000-1,176-100

12,12218

OutlookWhat WIN plans to do① Promotion of logistic revolution-Support for an experimental study for IC tag utilization on medical devices-New sales/inventory control system and construction of the newdistribution center➁ Focus on CRS
Target 150 CDRs (vs. 92 as at 3/2020)③ M&A etc.
Continue investigating opportunities in order to expand business

20

(Topix) Support for an experimental studyfor IC tags on medical devices
Support for IC tag utilization for medical devices used in cath-labs at Jichi
Medical University Saitama Medical Center (one of MHLW’s studies)
Purpose：to improve operational efficiency at a hospital and to establish traceability of medical devices
Term: c.1 year from March 2021

WIN International
IC tag issue

Hospital

cardiac device
cardiac device

taggingdeliveryIC tagmonitorscan when usedDB

replenish?
yes（device consumption
monitoring system）

devicedata（scanned data）

tablescanner（merits of IC tags）
・scanned remotely (through barriers)
・multiple items can be scanned at once・each item (of the same kind of device) can be identified respectively

21

(Topix) Rendering of the new
distribution center

22Consolidated earnings forecasts to March 2022

Sales
Operating profit
Recurring profit
Net profit
EPS (yen)
DPS (yen)(¥mil)YoY (%)(%)

64,500
2,500
2,500
1,700
59.22
35.00

+3.8

100.0+10.9

3.9+10.3

3.9+10.3

2.6

23

Highlights

Sales(¥mil)

64,500+3.8 % YoYReaction from large-scaleequipment orders obtained lastyear

62,123

Impact from Covid-19

FY 3/2021

FY 3/2022E
24

Sales breakdown by segment(¥mil)

YoY(%)

Percutaneous coronary intervention (PCI)

17,590

+10.1

27.3%

Cardiac rhythm segment (CRS)

17,420

+6.5

27.0%

Cardiac vascular segment (CVS)

9,270

+6.9

14.4%

Percutaneous peripheral intervension (PPI)

3,650

+5.2

5.6%

Neurovascular

2,970

+9.3

4.6%

Diabetes mellitus segment (DMS)

2,650

+6.5

4.1%

Medical equipment ※

5,600

-9.6

8.7%

Others

5,350

-14.4

8.3%

64,500+3.8

100.0%

Total% of sales※ Medical equipment segment includes large and small & mid-sized equipment from 3/2022

25

Highlights

OperatingYoY+10.9%profit
Sales increase(¥mil)

2,500
2,255

Forecast of gross profit margins:12.8%, (+0.3pp)-Intensifying the price negotiations and rebate
programs with suppliers

SG&A ¥5.72bn (+4.4%)
FY 3/2021

FY 3/2022E-

Forecast of the number of employees
547(Mar 2021) → 579 (Mar 2022)
26

Highlights

Net profit(¥mil)

1,540+10.3% YoY
Capex ¥70mil
vs. ¥1.1bn for FY 3/2021

1,700

Depreciation ¥160 mil

vs. ¥194mil for FY 3/2021
FY 3/2021

FY 3/2022E27Dividends

payout ratio (%)
dividend per share (¥)

80.0%

63.4

59.1

70.0%
60.0%

35

(+1 yen from March 2021)

50.0%

3435

40.0%
30.0%
20.0%
10.0%

yen()

Payout ratio
59.1%

0.0%

FY 3/2021

FY 3/2022E
28

ReferenceMajor products
Segment

Disease

ProductPTCA balloon catheter

PCI・Myocardialinfarction
・ Angina
Pacemaker

CRSCVS
PPI/

Neuro
vascular

DMS/

Intravascular ultrasound(IVUS) catheter

Drug-eluting stent (DES)・Abnormal
cardiac rhythm

Implantablecardioverter
defibrillator（ICD）

Cardiacresynchronization
therapydefibrillator(CRTD)

Stent graft

Transcatheter aortic valve

Peripheral vascular stent

Drug-CoatedBalloon(DCB)

Ablation catheter

Mechanical heart valve

・Aortic aneurysm
・Aortic stenosis

・Arteriosclerosis
obliterans・Diabetes
Large・Diagnosis
equipment

Insulin pump

X-ray equipment

Embolic Coil

Magnetic resonanceimaging (MRI)30

Track record of quarterly results
Sales/Operating profit (quarterly)
Sales

Operating profit
Operatingprofit:¥mil

Sales:¥mil
19,13520,00015,00010,0005,000

18,7762,000

17,076
16,067 15,946
15,447

17,653
16,874
15,547
16,204 15,988
16,587
15,182
14,49914,412
15,87515,03913,908
14,571
13,862
14,023
14,37013,05913,69013,288
1,062
13,223
12,843
11,957
12,582922
11,407
881
842
833
806
805
11,630
794
788
785
783
757 700
10,822722
712703696 739688 739681
647639595
588 602564542505 545446
287

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
FY 2014/3FY 2015/3

FY 2016/3

FY 2017/3

FY 2018/3

FY 2019/3

FY 2020/3

1,500
1,000500
0

FY 2020/3= Year of reimbursement price revisions

31

Share price(Yen)
1,900

May 2014
TSE 2nd section
1,600

Sep 2014
TSE 1st section
1,300 Dec 2013

Effective on
January 1st, 2017

360,000
Share selling

Stock split 1 : 2

1,000

700

Mar 2015
1 mil share selling

株式売出目論見書

400

2013

2014

2015

2016

2017

2018

2019

2020

2020

910
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Disclaimer
This material was prepared based on information available and views held at the time it was made. Statements in this material thatare not historical facts, including, without limitation, plans, forecasts and strategies are “forward-looking statements”.
Forward-looking statements are by their nature subject to various risks and uncertainties, including, without limitation, a decline ingeneral economic conditions, general market conditions, technological developments, changes in customer demand for products
and services, increased competition, and other important factors, each of which may cause actual results and future developments
to differ materially from those expressed or implied in any forward-looking statement.
With the passage of time, information in this material (including, without limitation, forward-looking statements) could besuperseded or cease to be accurate. WIN-Partners Co., Ltd. disclaims any obligation or responsibility to update, revise orsupplement any forward-looking statement or other information in any material or generally to any extent. Use of or reliance on theinformation in this material is at your own risk.

Contact
WIN-Partners Co., Ltd.
Investor Relations
TEL: +81-3-3548-0790
http://www.win-partners.co.jp