Results Presentation
Fiscal Year Ended March 2023
WIN-Partners Co., Ltd. (3183)

Results for fiscal year ended March 2023

Assumptions for the fiscal year ended March 2023

⚫ No Impact from the Covid-19 pandemic on earnings⚫ -3.3% impact on total sales from the reimbursement
price revision

3

WIN’s initiatives and results①⚫ Customer support to improve hospital management
and to increase the number of patients

Tasks- Collection of issues that customers tackle: 571 issues- Proposals to improve customers’ earnings: 155 proposals- Surveys of the diagnostic area: 55 surveys⚫ Actions for a growing market- CDRs (3/22: 95 ⇒ 3/23: 124)

Results⚫ Sales for existing customers increased
Sales expanded for new accounts of existingcustomers
New customers were obtained⚫ CRS sales increased by +7.5% YoY
SHD (structural heart disease) related sales
increased by +29% YoY

4

WIN’s initiatives and results②Tasks⚫ Business territory expansion⚫ Promotion of RPA- To decrease work hours in indirect operations

Results⚫ TO-SAY Medical joined the WIN-group⚫ Procurement operation: Work hours were reducedby 835 hours per month (vs. June 2019)
Accounting operation: Work hours were reduced by
69 hours per month (vs. June 2019)5

Consolidated results summary（¥ mil.）Mar 2022

Sales

66,39170,854+6.7

71,000-0.2

Operating profit

2,762

2,470-10.6

2,820-12.4

Recurring profit

2,765

2,472-10.6

2,820-12.3

Net profit

1,831

2,047+11.8

1,930+6.1

EPS (yen)

63.88

72.04

BPS (yen)764.32801.64

Mar 2023 YoY (%)

Forecast

vs.
Forecast(%)

6

SalesYoY+6.7%

vs. forecast-0.2%(¥ mil.)70,854
66,3913/2022

3/2023⚫

Overall sales increased YoY despite a negative impact fromthe reimbursement prices revision and the Covid-19
pandemic⚫

Sales increased in CRS (on which WIN has been focusing),
CVS (including SHD-related devices), and large-scale
medical equipment⚫

TO-SAY Medical has been consolidated since August 2022

7

Sales breakdown by segment (YoY)
Segment

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

Percutaneous coronary intervention (PCI)

16,559

+2.8

-3.5

23.4

Cardiac rhythm segment (CRS)

18,230+9.6+7.5

25.7

Cardiac vascular segment (CVS)

11,081+2.8+12.9

15.6

Percutaneous peripheral intervention (PPI)

4,002

+5.2

+5.1

5.6

Neurovascular

3,270+16.5

+16.1

4.6

Diabetes mellitus segment (DMS)

3,272-+14.9

4.6

Medical equipment

8,688

-

+15.3

12.3

Others

5,747-+5.7

8.1

70,854

-

+6.7

100.0

Total

8

Segment review（YoY）

P C I
C R S
C V S
P P I

- Number of cases decreased- ABL-related sales continued growing on the back of a reinforced sales force
and the market expansion- Postponed cases recovered and sales for new customers increased- SHD (Structural heart disease inc. TAVI) related market expanded- Sales for new customers increased- The number of cases of shunt PTA and occlusive arteriosclerosis increased- DCB sales increased

N e u r ovascular- Sales of thrombectomy devices and embolic coil increased- Sales for new customers increased

D M S- Blood glucose measuring equipment and insulin pump sales increased

MedicalEquipment- Large-scale medical equipment sales contributed- Sales of maintenance, inspection and repair increased
9Sales breakdown by segment (vs. forecast)Difference

Rate ofchange (%)

16,559-1,670-9.2

18,73018,230-499-2.7

Cardiac vascular segment (CVS)

11,21011,081-128-1.1Percutaneous peripheral intervention (PPI)

3,980

4,002+22+0.6

Neurovascular

3,310

3,270-39-1.2

Diabetes mellitus segment (DMS)

3,120

3,272+152+4.9

Medical equipment

6,550

8,688+2,138+32.7

Others

5,870

5,747-122-2.1

71,00070,854-145-0.2Segment (¥ mil.)ForecastSales

Percutaneous coronary intervention (PCI)

18,230

Cardiac rhythm segment (CRS)

Total

10Operating profit-10.6% -12.4%vs. forecastYoY(¥ mil.)

2,762

3/20222,470

3/2023⚫ Profit of PCI decreased due to lowered number of cases⚫ Gross profit margin 12.2% (-0.6 pp YoY)
- Change in the sales mix- Lowered gross profit margins in the Medical Equipment division⚫ SGA +7.5% YoY- Labor costs increased due to a new consolidation and sales expenses increased due
to a reinforced sales force (labor costs: +4.3% YoY, other expenses: +17.3% YoY)
- Number of employees: 548 (Mar 2022) → 609 (Mar 2023)
11

Net profit+11.8% +6.1%
vs. forecast

YoY(¥ mil.)

1,831

2,047

3/2022

3/2023⚫ Extraordinary profit: ¥543 mil.
- Profit from building sale of the Kanto region business site

⚫ Extraordinary loss: ¥71 mil.
- Moving cost of the Kanto region business site

・Capital expenditure ¥829 mil. vs. ¥1.9 bn. for 3/2022
・Depreciation ¥160 mil.
vs. ¥160 mil. for 3/202212

Consolidated income statementMar 2022(¥ mil.)Sales

Mar 2023(%)(¥ mil.)(%)

66,391

100.0

70,854

100.0

Cost of sales

57,871

87.2

62,19287.8

Gross profit

8,520

12.8

8,662

12.2

SG&A expenses

5,757

8.7

6,192

8.7

Operating profit

2,762

4.2

2,470

3.5

Non-operating profit

70.0

8

0.0

Non-operating expenses

40.0

6

0.0

2,765

4.2

2,472

3.5

0

0.0

543

0.8

110

0.2

71

0.1

2,654

4.0

2,944

4.2

822

1.2

897

1.3

1,831

2.8

2,047

2.9

Recurring profit
Extraordinary profit
Extraordinary loss

Pretax profit
Taxes

Net profit

13

Consolidated balance sheet
Mar 2022(¥ mil.)Mar 2023(%)(¥ mil.)Change(%)(¥ mil.)Current assets

34,745

83.6

38,671

88.1+3,926

Cash and deposits

15,572

37.5

16,77138.2+1,199Accounts receivable

16,361

39.4

17,62540.2+1,264Inventories

2,066

5.0

2,813

6.4

+747

745

1.8

1,461

3.3+716

Other current assets

Fixed assets
Total assets
Current liabilities

6,819

16.4

5,211

11.9

-1,60841,564100.0

43,883100.0+2,31918,69845.0

19,88445.3+1,186

Accounts payable

16,97540.8

18,56942.3+1,594

595

1.4

447

1.0-148

1,127

2.7

867

2.0-260

1,144

2.8

2.8+72

19,84347.7

1,216
21,10048.1+1,257

21,721

52.3

22,78251.9+1,061

41,564100.0

43,883100.0+2,319Taxes payable
Other current liabilities

Fixed liabilities
Total liabilities
Net assets
Total liabilities,
net assets

14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 shares of subsidiaries resulting in change in scope of consolidation

Purchase of tangible assets
Other

Cash flows from financing activities
Cash dividends paid
Other

Net 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 2022

Mar 2023

2,622

445

2,654
160
-394
269
219
-592
304

2,944
166
-640
-641
921
-1,081-1,224-2,894

1,916-2,758
-135

-505
-970
3,391

-1,276 -1,162-976-300

-994
-168

-1,549 1,198
12,122 10,572
10,572 11,771

15

Outlook for fiscal year ending March 2024

16

Assumption for fiscal year ending March 2024

⚫ Impact from the Covid-19 pandemic will bedisappearing⚫ The ablation and SHD-related markets will continue
expanding17

WIN’s initiatives and expected results①

Tasks

ExpectedResults⚫ Customer support to improve hospital management
and to increase the number of patients⚫ Operational costs of customers will decrease
Claims for the reimbursement prices will get more accurate
Operational efficiency of customers will increase⚫ Sales for existing customers will increase
Sales will expand for new accounts of existing customers
New customers will be obtained18

WIN’s initiatives and expected results②⚫ Actions for the growing markets will continue

Tasks

Expected
Results⚫ Product lineups to handle will be narrowed down

⚫ ABL and SHD-related sales will grow⚫ Market shares will expand
19Improvement in profitability⚫ Procurement price cut negotiation with suppliers on theback of increasing sales volume⚫ Early setups of the rebate program⚫ Narrowing down product lineups⚫ Continuation of RPA promotion

20Consolidated earnings forecasts for FY ending March 2024(¥ mil.)YoY (%)

(%)

Sales

75,500+6.6

100.0

Operating profit

2,830+14.6

3.7

Recurring profit

2,830+14.4

3.7

Net profit

1,930

-5.7

2.6

EPS (yen)

67.91
50.00

DPS (yen)21

SalesYoY+6.6%(¥ mil.)70,8543/202375,5003/2024E⚫ Sales for existing customers will increase as a result ofcustomer support and new customers will be obtained⚫ Sales in the growing markets will expand
22

Sales forecast by segment(¥ mil.)YoY (%)% of sales

Percutaneous coronary intervention (PCI)

17,710+6.9

23.5

Cardiac rhythm segment (CRS)

18,600+2.0

24.6

Cardiac vascular segment (CVS)

12,360+11.5

16.4

Percutaneous peripheral intervension (PPI)

4,200+4.9

5.6

Neurovascular

3,510+7.3

4.6

Diabetes mellitus segment (DMS)

3,690+12.7

4.9

Medical equipment

9,200+5.9

12.2

Other

6,230+8.4

8.3

75,500+6.6

100.0

Total

23Operating profit
YoY+14.6%(¥ mil.)

2,830
2,470

3/20233/2024E⚫ Forecast of gross profit margin: 13.1% (+0.9 pp YoY)
- Reinforcement of price negotiations with suppliers- Early setup of the rebate program- Narrowing down product lineups, etc.

⚫ SG&A ¥7.08 bn. (+14.4% YoY)

- Forecast of the number of group employees: 609 (Mar 2023) → 673 (+64, Mar 2024)24

Net profit
YoY

-5.7%

(¥ mil.)2,047

3/20231,930

3/2024E¥420 mil. vs. ¥829 mil. for 3/2023⚫ Depreciation ¥210 mil.
vs. ¥160 mil. for 3/2023⚫ Capital expenditure25

About TRYTECH✔ Medical device wholesaler (exports & import) withheadquarters in Shinagawa-ku, Tokyo✔ 100% stakes acquired in April 2023
March 2023 (millions yen)
Sales
730
Operating profit
20
Total assets
580
Net assets
460

Kansai Branch(Kyoto City)

Headquarters(Shinagawa ward, Tokyo)

26

Dividends & payout ratio

50

Prospective payout ratio

73.6

yen%

73.6

50.0
45.0

69.4

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

40.0

70.0

63.4
54.8
50.6

60.0

14.0

35.0

50.0

30.0
25.0

34.9

32.3

27.7

1.5
16.0

17.5

50.0

34.8

2.0

27.9

25.0

20.0
15.0

80.0

26.0

32.0

33.0

34.0

35.0

40.0
30.0

36.0

20.0

27.0

20.5

10.0

10.0

0.0
'14/3

'15/3

'16/3

'17/3

'18/3

'19/3

'20/3

'21/3

'22/3

'23/3

'24/3(E)27

WIN’s initiatives for sustainability
The Group-wide Scope 1, 2, and 3 GHG emissions and GHG
emissions per unit of sales for FY2021
GHG emissions

GHG emissions per unit of sales

Scope1

1,055t-CO2

1.6t-CO2/100 millions yen

Scope2476t-CO2

0.7t-CO2/100 millions yen

Scope3

155,797t-CO2

235t-CO2/100 millions yen

The third-party verification for the FY2022 Group’s GHG emission
calculations will be obtained in the H1 to September 2023
28

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 the user’s own risk.

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