Results Presentation
3Q FY Ending March 2023
WIN-Partners Co., Ltd. (3183)

3Q results to December 2022

Highlights⚫ Overall sales increased YoY due to an increase in sales
in the CRS, CVS, and Medical Equipment divisions.
⚫ The number of cases of PCI decreased due to anegative impact from the COVID-19 pandemic.
⚫ Sales mix changed because CRS sales, on which WIN
has been focusing, continued to grow. Combined withlower profit margins of large-scale medical equipment
sales, overall gross profit margins fell YoY.
⚫ SG&A expenses increased YoY due to higher laborcosts and other expenses. As a result, OP decreased
YoY
3

Consolidated results summary（¥ mil.）3Q toDec. 2021

Dec. 2022

YoY (%)

Sales

48,855+5.1

Operating profit

2,147

Recurring profit

2,153

Net profit

1,462

EPS (yen)

50.93

51,352
1,800
1,803
1,551
54.59

BPS (yen)753.34784.05-16.2-16.2+6.1－－4

SalesYoY+5.1%(¥ mil.)51,352
48,855

3Q to Dec. 2021

3Q to Dec. 2022

⚫ Sales increased YoY in all segments except for PCI⚫ CRS sales, on which WIN has been focusing,continued to grow⚫ In the CVS division, SHD-related sales continued

to increase

5Sales breakdown by segment (YoY)
SegmentSales（¥ mil.）YoY growth (%)
VolumeValue% of sales(%)

Percutaneous coronary intervention (PCI)

12,270+1.3-4.8

23.9

Cardiac rhythm segment (CRS)

13,552+8.1+4.9

26.4

Cardiac vascular segment (CVS)

8,053+3.5+9.9

15.7

Percutaneous peripheral intervention (PPI)

2,894+3.4+2.3

5.6

Neurovascular

2,380+10.7+12.1

4.6

Diabetes mellitus segment (DMS)

2,475-+17.6

4.8

Medical equipment

5,419-+18.1

10.6

Others4,305-+5.7

8.4

51,352-+5.1

100.0Total

6

Operating profit
YoY-16.2%(¥ mil.)

2,147

3Q to Dec. 2021

1,800

3Q to Dec. 2022

⚫ Gross profit margin 12.2% (-0.6 pp YoY)
- Change in the sales mix- Lower gross profit margins in the Medical Equipment division⚫ SGA +9.2% YoY- Labor costs and other expenses increased YoY (+7.5% and +14.2% respectively)- Number of employees: 553 (Dec. 2021) → 611 (Dec. 2022 －incl. 39 at TOSAY Medical)
7

Net profit
YoY+6.1%(¥ mil.)

1,462

1,551

3Q to Dec. 2021

3Q to Dec. 2022

⚫ Extraordinary profit: ¥542 mil.
- Profit from building sale of the Kanto region business site
- Profit from marketable securities sale

⚫ Extraordinary loss: ¥71 mil.
- Expenses related to the relocation of the Kanto region business site
- Furnishings for WIN Heart Gate etc.
8Dividends & Payout ratio

Commemorative dividend
Commemorative dividends of 14 per share will be paid at the end of 3/2023 for the 10th
anniversary of the foundation of the WIN-Partners group(annual dividends for 3/2023 will be 50 yen per share, +15 yen from 3/2022)

Annual dividend

50

Prospective payout ratio

73.6%

yen

73.6

50.0
45.0
40.0

70.0

63.4

dividend per share (¥)
memorial dividend per share (¥)

54.8
50.6

14.0

35.0
34.9

32.3

34.8

27.7

1.5
16.0

17.5

'14/3

'15/3

40.0

2.0

27.9

25.0

20.0
15.0

60.0
50.0

30.0
25.0

80.0

26.0

32.0

33.0

34.0

35.0

36.0

27.0

20.5

30.0
20.0
10.0

10.0

0.0
'16/3

'17/3

'18/3

'19/3

'20/3

'21/3

'22/3

'23/3(E)10References

Sales impact from the reimbursement
price revision in April 2022
Assumedimpact (%)

Segment
Percutaneous Coronary Intervention (PCI)-7.0

Cardiac Rhythm Segment (CRS)-4.4

Cardiac Vascular Segment (CVS)-0.3

Percutaneous Peripheral Intervension (PPI)-3.9

Brain Surgery-0.7

Others

-0.3

Total

-3.3
Estimated based on the actual sales volume and product mix for FY ended March 2022

12

Reimbursement prices ofmajor products
Segment

PCIItemsPTCA balloon catheter
Drug eluting stent (DES)PPI
Neurovascular

2022

Change (%)

32
136
72

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

593
2,820
3,260
3,120117
649
1,320
1,110

- 9.9
- 15.5- 9.7- 17.6- 4.4- 18.3
0.0
- 5.6
0.0
0.0
0.0

Hea rt va l ve for tra ns ca theter a orti c va l ve i mpl a nta ti on(TAVI) (ba l l oon-expa nda bl e)

4,510

4,5100.0

Heart valve for TAVI (self-expandable)
PTA balloon catheter
Peripheral vascular stent
Peripheral drug eluting stent (DES)
Embolic coil (electric type)
Thrombectomy catheter (self-expandable)

3,740
55
1742331183863,74050
* 166
233
117
386

0.0
- 7.8- 4.60.0
- 0.8
0.0

Pacemaker
Implantable cardioveter defibrillator (ICD)

CVS

2020
35161
80

Intravascular ultrasound (IVUS) catheter

CRS

Reimbursement prices (¥000)

Cardiac resychronization therapy defibrillator (CRTD)

Subcutaneous implantable defibrillator (S-ICD）
Ablation catheter
Cardiac cryoablation catheter
Stent graft (abdomen）
Open stent graft* Transitional period (1/4/2022 to 31/12/2022: ¥171,000 1/1/2023 to 31/3/2023: ¥166,000 1/4/2023 onward: ¥160,000)
13

Disclaimer
This material was prepared based on the information available and the views held at the time it was made. Statements in thismaterial that are not historical facts, including but not limited to plans, forecasts and strategies are “forward-looking statements.”
Forward-looking statements are by their nature subject to various risks and uncertainties, including but not limited to 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, the information in this material (including but not limited to 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. The utilization of or
reliance on the information in this material is at your own risk.

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