Results Presentation
Fiscal year Ended March 2022
Win-Partners Co., Ltd. (3183)

Results for fiscal year ended March 2022

Highlights⚫ Sales and profits increased YoY and both sales andprofits exceeded forecast⚫ Focus on sales expansion for existing customers
and ordinary medical treatment getting back tonormal enabled the number of cases in major
segments to increase from the previous year
⚫ Higher sales volume helped rebate programs andprice negotiations with suppliers to proceedsmoothly, enabling GPM to rise from a year earlier
3Market environment in fiscal year ended March 2022

⚫ Utilization rate of critical care unit peaked out andordinary medical treatments gradually got back tonormal⚫ Cases postponed due to the COVID-19 pandemic
were executed⚫ The ablation and structural heart disease (SHD)
markets expanded
4

WIN’s initiatives and results

Tasks⚫ Focus on sales expansion for existing customers andgaining medical equipment orders⚫ Customer support to increase number of patients⚫ Promotion of higher operational efficiency⚫ Sales for existing customers and medical equipment
increased⚫ Number of cases in major segments increased YoYResults⚫ Sales volume increased, resulting in smooth rebate
programs and price negotiations with suppliers⚫ Administrative costs were controlled
5Consolidated results summary（¥ mil.）Mar 2021

Sales

62,123

66,391+6.9

64,500+2.9

Operating profit

2,255

2,762

+22.5

2,500

+10.5

Recurring profit

2,265

2,765

+22.0

2,500+10.6

Net profit

1,540

1,831

+18.9

1,700+7.8

EPS (yen)

53.66

63.88

－－－

BPS (yen)736.32764.32－－－

Mar 2022 YoY (%)

OE6

Highlights (sales)+6.9% +2.9%vs. forecast

YoY(¥ mil.)

66,391

62,1233/2021

3/2022⚫ Sales increased YoY in all segments⚫ Sales exceeded forecast
7Sales breakdown by segment (YoY)
Segment

Sales（¥ mil.）YoY growth (%)
VolumeValue% of sales(%)

Percutaneous coronary intervention (PCI)

17,167+4.1+7.4

25.9

Cardiac rhythm segment (CRS)

16,961+2.4+3.7

25.5

Cardiac vascular segment (CVS)

9,816+10.2+13.2

14.8

Percutaneous peripheral intervention (PPI)

3,808+7.9+9.8

5.7

Neurovascular

2,816+3.6+3.64.2

Diabetes mellitus segment (DMS)

2,848-+14.4

4.3

Medical equipment

7,537-+3.2

11.4

Others5,436-+5.7

8.2

66,391-+6.9

100.0

Total

8

Sales breakdown by segment (vs forecast)Difference

Rate ofchange (%)

17,590-422-2.4

16,961

17,420-458-2.6

Cardiac vascular segment (CVS)

9,816

9,270+546+5.9

Percutaneous peripheral intervention (PPI)

3,808

3,650+158+4.3

Neurovascular

2,816

2,970-153-5.2

Diabetes mellitus segment (DMS)

2,848

2,650+198+7.5

Medical equipment

7,537

5,600

+1,937+34.6

Others5,436

5,350+86+1.6

66,39164,500+1,891+2.9

Segment (¥ mil.)

Sales

Forecast

Percutaneous coronary intervention (PCI)

17,167

Cardiac rhythm segment (CRS)

Total

9

Highlights (operating profit)+22.5% +10.5%
vs. forecast

YoY(¥ mil.)

2,762

2,255

3/2021

3/2022⚫ Gross profit margin 12.8% (+0.4 pp YoY)

- Concentration on limited number of offered devices and device procurement
without goods return enabled smooth rebate programs and price negotiations
with suppliers⚫ SGA +4.9% YoY- Labor cost +4.5% YoY- Number of employees: 547 (Mar 2021) → 548 (Mar 2022)
10

Highlights (net profit)+18.9% +7.8%
vs. forecast

YoY(¥ mil.)

1,831

1,540

3/2021

3/2022⚫ Extraordinary loss: ¥110 mil.
- Scrap loss related to the development of new system⚫ CapEx

¥1.9 bn.

vs. ¥1.2 bn. for 3/2021⚫ Depreciation¥160 mil.

vs. ¥190 mil. for 3/202111

Consolidated income statement
Mar 2021(¥ mil.)SalesMar 2022(%)(¥ mil.)(%)

62,123100.0

66,391

100.0

Cost of sales

54,38087.5

57,871

87.2

Gross profit

7,743

12.5

8,520

12.8

SG&A expenses

5,488

8.8

5,757

8.7

Operating profit

2,255

3.6

2,762

4.2

120.0

7

0.0

10.0

40.0

2,265

3.6

2,765

4.2

Extraordinary profit

00.0

00.0

Extraordinary loss

190.0

110

0.2

2,245

3.6

2,654

4.0

705

1.1

822

1.2

1,540

2.5

1,831

2.8

Non-operating profit
Non-operating expenses

Recurring profit

Pretax profit
Taxes

Net profit

12Consolidated balance sheet
Mar 2021(¥ mil.)Mar 2022(%)(¥ mil.)Change(%)(¥ mil.)Current assets

35,994

89.6

34,745

83.6-1,249Cash and deposits

17,122

42.6

15,57237.5-1,550Accounts receivable

15,966

39.7

16,361

39.4+395

Inventories

2,334

5.8

2,066

5.0

-268

571

1.4

745

1.8+174

Other current assets

Fixed assets
Total assets
Current liabilities

4,193

10.4

6,819

16.4

+2,62640,187100.0

41,564100.0+1,377

17,96044.7

18,69845.0+738

Accounts payable

16,756

41.7

16,97540.8+219

Taxes payable

277

0.7

595

1.4

+318

Other current liabilities

926

2.3

1,127

2.7+201

1,088

2.7

2.8+56

19,04947.4

1,144
19,84347.7+794

21,13852.6

21,721

52.3+583

40,187100.0

41,564100.0+1,377

Fixed liabilities
Total liabilities
Net assets
Total liabilities,
net assets

13Consolidated cashflow statement(\ mil.)Cash flows from operating activities
Net profit before taxes
Depreciation
Notes and accounts receivable
Inventories
Notes and accounts payable
Tax paid
Other

Cash flows from investing activities
Purchase of tangible assets
Other

Cash flows from financing activities
Cash dividends paid
OtherNet increase in cash and cash equivalents
Cash and cash equivalents at the beginning of FY

Cash and cash equivalents at the end of FY

Mar 2021

Mar 2022

1,850

2,622

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

2,654
160
-394
269
219
-592
304

-1,276-2,894-1,176-100-2,758-135-947-1,276

-947
0-976
-300

-373
12,495
12,122-1,54912,122
10,572 14

Outlook for fiscal year ending March 2023

Business environment⚫ Revision of reimbursement prices⚫ The ablation and SHD markets are expected tocontinue expanding⚫ Impact on the number of cases from the Covid-19
pandemic is expected to alleviate further16

WIN’s main initiatives⚫ Customer support- to increase number of patients- to reduce costs by switching to alternative devices⚫ Investment of management resources in growing
market- Expand education course for “ablation specialists”- Increase CDRs (target 150)

⚫ Proposals to improve customers’ operational efficiency- Increase penetration of WIN’s unique medical device management system⚫ Business territory expansion- Continue gathering information and investigating & considering opportunities
for M&As, etc.

⚫ Prepare for logistics revolution- Complete construction of WIN Heart Gate building- Proceed with development of new core systems and sales & inventory control systems
17

Consolidated earnings forecasts for FY ending March 2023(¥ mil.)YoY (%)

(%)

Sales

68,800

+3.6

100.0

Operating profit

2,820+2.1

4.1

Recurring profit

2,820+2.0

4.1

Net profit

1,930

+5.4

2.8

EPS (yen)

67.91
36.00

DPS (yen)18

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

SegmentPercutaneous 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
Calculated based on the actual sales volume and product mix for FY ended March 2022

19

Highlights (sales)
YoY

+3.6%

(¥ mil.)+7.0%

68,80066,391

3/2022-3.3%

Reimbursement
price revision

Sales expansion

3/2023E⚫ Negative impact from the reimbursement pricerevision is expected to be more than offset by salesexpansion as a result of aggressive sales activities
20Sales forecast by segment(¥ mil.)YoY (%)% of sales

Percutaneous coronary intervention (PCI)

17,660

+2.9

25.7%

Cardiac rhythm segment (CRS)

17,830

+5.1

25.9%

Cardiac vascular segment (CVS)

10,860

+10.6

15.8%

Percutaneous peripheral intervension (PPI)

3,910

+2.7

5.7%

Neurovascular

3,110

+10.4

4.5%

Diabetes mellitus segment (DMS)

3,120

+9.5

4.5%

Medical equipment

6,540-13.2

9.5%

Other

5,770

+6.1

8.4%

68,800+3.6

100.0%

Total21Highlights (operating profit)
YoY

+2.1%

(¥ mil.)

2,820
2,762

3/2022

3/2023E⚫ Forecast of gross profit margin: 12.9% (+0.1 pp YoY)
- Continue intensifying rebate programs and price negotiations with suppliers⚫ SG&A ¥6.09 bn. (+5.8% YoY)

- Increase in sales expenses- Forecast of the number of group employees: 548 (Mar 2021) → 604 (Mar 2022)
22

Highlights (net profit)
YoY

+5.4%

(¥ mil.)1,831

3/2022

1,930

3/2023E¥1.9 bn. vs. ¥1.9 bn. for 3/2022⚫ Depreciation ¥170 mil. vs. ¥160 mil. for 3/2022⚫ CapEx23

Dividends & payout ratio+1 yen from FY ended March 2022

50.0

36

Prospective payout ratio

53

yen%

45.0

54.8
50.6

40.0

60.0
53.0

50.0

dividend per share (¥)
memorial dividend per share (¥)
payout ratio (%)

35.0

40.0

34.8

34.9
32.3

30.0

2.0

27.9

25.0

70.0

63.4

30.0

25.0
27.7
32.0

20.0
1.5

26.0

33.0

34.0

35.0

36.0

27.0

10.0

20.5

15.0
16.0

20.0

17.5

10.0

0.0
'14/3

'15/3

'16/3

'17/3

'18/3

'19/3

'20/3'21/3'22/3'23/3(E)24

Transformation of TSE & Sustainability⚫ Transition to the TSE Prime market⚫ Expression of support for therecommendations of TCFD andparticipation in TCFD Consortium

25

References

Reimbursement prices ofmajor products
Segment

PCI

Items
PTCA 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
3,120
117
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
0.0Hea 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

4,510

0.0

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
174
233
118
386

3,74050
※ 171
233
117
386

0.0
- 7.8
- 1.7
0.0
- 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（1/4/2022～31/12/2022 ：¥171,000、1/1/2023～31/3/2023：¥166,000、1/4/2023～：¥160,000）
27

About WIN-Partners

Company profile
Code:
Headquarters:

3183 (TSE Prime Market)
21F, KYOBASHI EDOGRAND
2-2-1, Kyobashi, Chuo-ku, Tokyo 104-0031

Capital:

550 million yen

Business:

Distribution of medical devices (consolidated basis)

Board ofmanagement:

Hideumi Akizawa, CEO,and 8 directors, including 4 outside directors

Subsidiaries:

Win International, TESCO, MCI (100% owned)

No of employees:

548 (consolidated basis) as of Mar 2022

No. of shares:

30 ,503 ,310, including 2,083 ,573 treasury shares
29

Our philosophy and vision
Our philosophy
The WIN-Partners group offers a better quality of life to all and contributes to creating
an affluent society.
Our mission is to contribute to a better healthy life expectancy for all so that people can live healthyand fulfilling lives.

Our vision
We aim to be a leading company of the next-generation medical business, creating
new demand and new markets.
As medical and information technologies progress, we aim to improve the earnings of both existingand new customers and to expand our market shares, beyond existing medical services and businessmodels. We welcome companies that share our corporate philosophy and take a leadership position
to achieve sustainable growth and industry consolidation, which will lead to higher operational
efficiency in the medical industry.

30

Independent medical devicedistributor group

Medical devices

Medical devices

Medical device
manufacturers

Information on
medical devices

87

suppliers

Established

1983

1973

Major areas

Tokyo Metropolitan
Area

Tohoku Region

1992
Yamagata Prefecture

Information on
medical devices

MedicalMedicalinstitutions

465

facilities(as of March 2022)

31

History
Transition to the TSE Prime Market(Apr)TESCO merged with TESCO Akita
(Jul)

2022

Assigned to the TSE first section
(Sep)

2018

Established and listed on JASDAQ (standard),
concurrent with delisting of WIN INTERNATIONAL(Apr)2017

Changed the corporatename to WIN
International (Feb)

2014
2014
2013

2002
1993
19832018
TESCO acquired a 100% stake in MCI(Dec)

TESCO acquired a 100% stake in Osawa Shoji, a major medical device distributor
based in Akita (Oct)* Osawa Shoji changed the company's name to TESCO Akita on November 1, 2017.

Changed to the TSE secondsection(May)

Listed on JASDAQ (Sep)
Established TakumiConcern (Jun)32

Growing with the expansion ofminimally invasive treatment
Trends in sales and OP
(¥)

(¥)

800
80bn.

10100
bn.

- WIN International’s figures until 3/2013- WIN Partner’s consolidated figures and forecasts after 3/2014- Figures for 11 months for 3/1998 due to change of the year-end date
Sales (left)

600
60bn.

Operating profit (right)

2006
400
40bn.

CRTDs
Peripheral
vascular stents

2012
MRI
2010
conditional
pacemakers
Insulinpumps
Stent grafts

2015
Cryoablation
2013
TAVI

880
bn.

660
bn.

440
bn.

2004

DESs

20
bn.
200

1993

Stents
01996

ICDs

220
bn.

00

33

Major products
Segment

Major diseases

Major products

PCI・Myocardial
infarction
・ Angina
Pacemaker

CRS

CVS
PPI/

NeurovascularDMS/

Medicalequipment

Intravascular ultrasound(IVUS) catheter

Drug-eluting stent (DES)

PTCA balloon catheter

・Abnormal
cardiac rhythm

Implantablecardioverter
defibrillator（ICD）

Cardiacresynchronization
therapydefibrillator(CRTD)

Stent graft

Transcatheter aortic valve (TAVI)Peripheral vascular stent

Drug-coatedballoon (DCB)

Ablation catheter

Mechanical heart valve

・Aortic aneurysm
・Aortic stenosis

・Arteriosclerosis
obliteransInsulin pump・Diabetes
・Diagnosis

Continuous glucose
monitoring (CGM)

Neurovascular occlusion coil

Magnetic resonanceimaging (MRI)34

Track record of quarterly results
Trends in 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

17,711

17,653
16,874
17,536
15,547
15,707
16,204 15,988
16,587
15,182
14,49914,412
15,8751,500
15,43615,03913,908
14,571
13,862
14,023
14,37013,05913,69013,288
1,062
13,223
12,843971
11,957
12,582922
11,407
881
842
833
1,000
806
805
11,630
794
788
785
783
757 700
10,822 688 739
739
722
712
703
696
681647640639614595588 602564542535505 545
446500287

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 1Q 2Q 3Q 4Q
3/20143/20153/20163/20173/20183/20193/20203/2021

03/2022= Year of reimbursement price revisions

35Share priceMay 2014
TSE 2nd section

(Yen)
1,900

Apr 2022
TSE Prime Market

Sep 2014
TSE 1st section
1,600

1,300 Dec 2013

EffectiveJanuary 1st, 2017

360,000
share sold

Stock split 1 : 2

1,000700

Mar 2015
1 mil. shares sold株式売出目論見書4002013

201420152016

201720182019

2020

2021

2022

9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 536

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 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 orreliance 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