Results Presentation
3Q FY Ending March 2022
Win-Partners Co., Ltd. (3183)

3Q results to December 2021

Highlights⚫ The number of cases recovered in major segments⚫ Reinforced rebate-programs/price negotiations
enabled GPM to continue improving⚫ With a moderate increase in SGA expenses, OP for theperiod increased substantially YoY

3

Consolidated results summary（¥mil）3Q toDec 2020

Dec 2021

YoY(%)

Sales

44,470+9.9

Operating profit

1,470

Recurring profit

1,478

48,855
2,147
2,153
1,462
50.93

Net profit

995

EPS (yen)

34.67

BPS (yen)716.63

753.34+46.1+45.6+46.9－－4

Highlights (sales)
YoY+9.9%(¥mil)

44,47048,855

3Q to Dec 2020

3Q to Dec 2021

⚫ The number of cases increased inthe main segments⚫ Sales increased YoY in all segments

5

Sales breakdown by segment
Segment

Sales（¥mil）

YoY growth(%)
VolumeValue% of sales(%)

Percutaneous coronary intervention (PCI)

12,885+5.2+8.5

26.4

Cardiac rhythm segment (CRS)

12,919+5.0+5.926.4

Cardiac vascular segment (CVS)

7,330+9.5+14.7

15.0

Percutaneous peripheral intervention (PPI)

2,828+9.5+10.9

5.8

Neurovascular

2,124+5.5+5.4

4.3

Diabetes mellitus segment (DMS)

2,104-+15.5

4.3

Medical equipment

4,588-+22.6

9.4

Others

4,074-+5.2

8.3

48,855-

+9.9

100.0

Total

6

Segment review

P C I
C R S
C V S
P P I
Neurovascular
Medicalequipm e n t

D M S- PTCA balloon/DES sales increased due to the higher number of cases- Gained new customers- Pacemaker sales increased due a recovery in the number of cases- ABL-related sales continued to increase- Structural heart disease (SHD) including TAVI sales maintained strong
growth- Shunt PTA sales grew due to an increase in the number of patients- DCB sales increased due to a new manufacturer in the market andthe expansion of applications- Sales of thrombectomy devices for urgent treatment saw growth- Large-scale medical equipment sales increased- Obtained COVID-19 related orders- Sales of blood glucose measuring equipment and insulin pumps
continued to increase7

Highlights (operating profit)
YoY+46.1%(¥mil)

2,147
1,470

3Q to Dec 2020

3Q to Dec 2021

⚫ Gross profit margins 12.7% (+0.5 pp YoY)

- The number of cases recovered- Rebate programs and price negotiations with suppliers were intensified⚫ SGA +3.1% YoY- Labor cost +2.5% YoY- Number of employees: 545 (Dec 2020) → 553 (Dec 2021)
8

Consolidated income statements
Dec 2020(¥mil)Sales

Dec 2021(%)(¥mil)(%)

44,470100.0

48,855

100.0

Cost of sales

39,041

87.8

42,62687.3

Gross profit

5,429

12.2

6,228

12.7

SG&A expenses3,958

8.9

4,080

8.4

Operating profit

1,470

3.3

2,147

4.4

Non-operating profit

90.0

60.0

Non-operating expenses

00.0

0

0.0

1,478

3.3

2,153

4.4

Extraordinary profit

00.0

00.0

Extraordinary loss

190.0

0

0.0

1,459

3.3

2,153

4.4

Taxes

463

1.0

691

1.4

Net profit

995

2.2

1,462

3.0
9

Recurring profit

Pretax profit

9Consolidated balance sheet
Mar 2021(¥mil)

Dec 2021(%)(¥mil)

Change(%)(¥mil)

Current assets

35,99489.6

36,48089.3+486Cash and deposits17,122

42.6

17,35942.5+237

Accounts receivable

15,966

39.7

16,141

39.5+175

Inventories

2,334

5.8

2,368

5.8+34571

1.4

611

1.5+40

Other current assets

Fixed assets
Total assets
Current liabilities

4,193

10.4

4,387

10.7

+194

40,187100.0

40,867100.0+680

17,96044.7

18,08244.2+122

Accounts payable

16,756

41.7

17,05541.7+299

Taxes payable

277

0.7

399

1.0+122

Other current liabilities

926

2.3

627

1.5-299

1,088

2.7

2.8+7019,04947.4

1,158
19,24047.1+191

21,13852.6

21,62752.9+489

40,187100.0

40,867100.0+680

Fixed liabilities
Total liabilities
Net assets
Total liabilities,
net assets

10Outlook for 3/2022

Consolidated earnings forecasts to March 2022
(unchanged from the initial forecast)(¥mil)

YoY(%)(%)

Sales

64,500

+3.8

100.0

Operating profit

2,500+10.9

3.9

Recurring profit

2,500+10.3

3.9

Net profit

1,700

+10.3

2.6

EPS (yen)

59.22
35.00

DPS (yen)

12

Highlights (sales)
YoY+3.8%(¥mil)

64,50062,123

FY 3/2021

FY 3/2022E⚫ The full-year forecast is left unchanged given

the recent rapid spread of the COVID-19
pandemic⚫ Continue focusing on gaining new customers

and expanding sales at existing customers

13Sales forecast by segment(¥mil)

YoY(%)% of sales

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+6.54.1%

Medical equipment*

5,600

-9.6

8.7%

Other

5,350

-14.4

8.3%

64,500+3.8

100.0%

Total*From 3/2022, the medical equipment segment includes large equipment together with small & mid-sized equipment.

14

Highlights (operating profit)
YoY+10.9%(¥mil)

2,500

2,255

FY 3/2021

FY 3/2022E⚫ Forecast of gross profit margins: 12.8%(+0.3 pp YoY)

- Continue intensifying price negotiations and rebate programs with suppliers- Focus on a limited number of devices to offer- Switch to higher margin devices⚫ SG&A ¥5.72bn (+4.4% YoY)

- Forecast of the number of group employees:
547 (Mar 2021) → 579 (Mar 2022 – unchanged from the initial plan)

15

Highlights (net profit)
YoY+10.3%(¥mil)

1,540

FY 3/2021

1,700

FY 3/2022E¥70 milvs. ¥1.17bn for FY 3/2021⚫ Depreciation ¥160 mil vs. ¥194 mil for FY 3/2021⚫ CapEx16

How WIN is approaching major challenges⚫ Promotion of a logistics revolution- Support for the experimental study on RFID tags on medical devices ongoing- Held a groundbreaking ceremony for WIN Heart Gate in November⚫ Focus on CRS- Start an education course for “ablation specialists”- Increase CDRs (Cardiac Device Representatives) (95 in Dec 2021 vs. 90 in Sep 2021)⚫ M&As, etc.
- Continue investigating opportunities in order to expand the business- Continue to enhance operational efficiency with RPA

17

Aim of WIN Heart Gate
Achieve higher logistics efficiency by covering all
sales bases in the metropolitan area
⚫ Separate sales and logistics⚫ Utilize RFID
- Improve the efficiency of inventory control- Enhance the traceability of medical devices- Reduce inventory loss

⚫ Reduce distribution costs, etc.
18

Location of WIN Heart Gate

WIN Heart Gate

Distribution facilities of medical equipmentmanufacturers (Source: WIN Partners)

Close to distribution facilities of medical device manufacturers
19How WIN Heart Gate will work
CurrentFuture
・・・

・・・

Sales offices/branches

Sales offices/branches
・・・・・・

WIN Heart Gate

ABC

Medical device manufacturers

DA

BC

Medical device manufacturers

D20

ESG efforts

Sustainability Policy
Under the corporate philosophy of “The WIN-Partners group offers better
quality of life to all and contributes to creating an affluent society,” WINPartners group, with consideration for all stakeholders, will make efforts
to resolve challenges that society faces and will contribute to developing asustainable society.

Sustainability Committee
Promote activities for sustainability, including an assessment of the risksof climate change and the scope of impact

21

Dividends & payout ratio

35+1 yen from March 2021

50.0

Prospective payout ratio

59.1

yen%
70.0

63.4

59.1

45.0
50.6

40.0

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

60.0

30.0

25.0
27.7
32.0

20.0
1.5

26.0

33.0

34.0

35.0

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(E)22

References

Trends in the number of cases
YoY change in the number of cases
in major segments
30.0%

20.0%

CVS

10.0%

CRS
PCI

0.0%
0.0%

-10.0%-20.0%-30.0%
Apr May Jun2020JulAug Sep Oct Nov Dec Jan Feb Mar Apr May JunJul

Aug Sep Oct Nov Dec

202124

Reimbursement prices ofmajor products
Segment

PCIItems
PTCA balloon catheter
Drug eluting stent (DES)Intravascular ultrasound (IVUS) catheter

Pacemaker
Implantable cardioveter defibrillator (ICD)

CRS

CVS

Cardiac resychronization therapy defibrillator (CRTD)

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 a ortic va lve impla ntation(TAVI) (ba lloon-expa nda ble)

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

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

Change (%)

38
173
84

35
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
175233118386

3,74055
174
233
118
3860.0- 1.6- 0.6
0.0
0.0
0.025

About WIN-Partners

Company profile
Code:
Headquarters:

3183 (TSE 1st)
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:

553 (consolidated basis) as of Dec 2021

No. of shares:

30 ,503 ,310, including 1,795 ,073 treasury shares
27

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 healthy
and 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 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.

28

Independent medical device
distributor 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

Medical
Medicalinstitutions

466

facilities(as of December 2021)29

History
To be listed on 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 WINInternational (Feb)

2014

2014
2013
2002
1993
1983

2018
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)30

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

(¥)

800
80bn

10010bn- WIN International’s figures till FY 3/2013- WIN Partner’s consolidated figures and forecasts after FY 3/2014- 11 month figures for FY 3/1998 due to change of the year-end dates
Sales(left)

600
60bn

Operating profit(right)

2010
2006
400
40bn

Stent grafts

CRTDs
Peripheral
vascular stents

2015
Cryoablation
2012
MRI
conditional
pacemakers

Insulinpumps

2013
TAVI808bn60
6bn

404bn

2004

DESs

20bn200

1993

Stents01996

ICDs

202bn00

31

Major products
Segment

Major diseases

Major products

PCI・Myocardialinfarction
・ 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)32

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
15,547
15,707
16,204 15,988
16,587
15,182
14,49914,412
15,875
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
11,407881
842833806805
11,630794788785
783
757 700
10,822 688 739
722712703
696 739681
647640639
595
588 602564
542535505 545
4462871Q 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
FY 2014/3

FY 2015/3

FY 2016/3

FY 2017/3FY 2018/3

FY 2019/3

FY 2020/3

FY 2021/3

1,500
1,000500
0

FY 2022/3= Year of reimbursement price revisions

33

Share prices
May 2014
TSE 2nd section

(Yen)
1,900

Sep 2014
TSE 1st section
1,600

1,300 Dec 2013

Effective
January 1st, 2017

360,000
share sold

Stock split 1 : 2

1,000

700

Mar 2015
1 mil shares sold

株式売出目論見書

400

2013

2014

2015

2016

2017

2018

2019

2020

20212022

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 11 134

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