Results Presentation
Fiscal Year Ended March 2024
WIN-Partners Co., Ltd. (3183)

Results for fiscal year ended March 2024

Highlights⚫ Both sales and gross profit marked all-time high⚫ Operating profit increased YoY3

Business environment⚫ Impact from the Covid-19 pandemic remained
sporadically⚫ The ablation and SHD (structural heart disease)related markets continued to expand

4

WIN’s initiatives and results

TasksResults⚫ Continue support for customers to grow⚫ Allocate management resources to growing markets⚫ Improve operational efficiency⚫ Survey of the diagnostic area: 35 surveys
Strategic proposals for effective procurement:
171 proposals⚫ CRS sales: +2.4% YoY
CVS sales: +16.3% YoY⚫ The number of idle inventories: -14% YoY
Reduction in inventory counting time5Consolidated results summary（¥ mil.）Mar 2023

Sales

70,85477,064+8.8

75,500+2.1

Operating profit

2,470

2,626+6.4

2,830-7.2

Recurring profit

2,472

2,649

+7.1

2,830-6.4

Net profit

2,047

1,835-10.3

1,930-4.9

EPS (yen)

72.04

64.40

BPS (yen)801.64818.75

Mar 2024 YoY (%)

Forecastvs.
Forecast(%)

6

Sales+8.8% +2.1%vs. forecast

YoY(¥ mil.)

77,06470,8543/20233/2024⚫

Sales in all segments increased YoY⚫

The number of cases in the major segments increased YoY
despite the impact of the Covid-19 pandemic at some hospitals⚫

Sales of ablation and SHD continued to grow⚫

Gained medical equipment orders successfully

7

Sales breakdown by segment (YoY)
Segment

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

Percutaneous coronary intervention (PCI)

17,359+2.3+4.8

22.5Cardiac rhythm segment (CRS)

18,677+0.8+2.4

24.2

Cardiac vascular segment (CVS)

12,884+8.8+16.3

16.7

Percutaneous peripheral intervention (PPI)

4,298+8.4+7.4

5.6

Neurovascular

3,696+13.6

+13.0

4.8

Diabetes mellitus segment (DMS)

3,643-+11.3

4.7

Medical equipment

10,360-+19.2

13.4

Others6,143-+6.9

8.0

77,064-

+8.8

100.0

Total

8Analysis of segment sales (YoY)

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

- The number of cases increased- DCB (drug-coated balloon) sales increased- Sales of a new device contributed- The number of pacemaker cases increased- ABL related sales continued growing due to the market expansion- SHD (Structural heart disease inc. TAVI) related sales continued to increase- The number of shunt PTA cases increased- DCB sales increased

N e u r ovascular- Sales of embolic coils and flow diverters increased

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

MedicalEquipment- Both small/mid-sized and large-sized medical equipment sales increased
9Sales breakdown by segment (vs. forecast)Difference

Rate ofchange (%)

17,710-350-2.0

18,677

18,600+77+0.4

Cardiac vascular segment (CVS)

12,884

12,360+524+4.2

Percutaneous peripheral intervention (PPI)

4,298

4,200+98+2.3

Neurovascular

3,696

3,510+186+5.3

Diabetes mellitus segment (DMS)

3,643

3,690-46-1.3

Medical equipment

10,3609,200+1,160+12.6

Others6,143

6,230-86-1.4

77,06475,500+1,564+2.1Segment (¥ mil.)Forecast

Sales

Percutaneous coronary intervention (PCI)

17,359Cardiac rhythm segment (CRS)

Total

10

Operating profit
YoY+6.4%vs. forecast-7.2%(¥ mil.)

2,470

3/20232,6263/2024⚫ Gross profit margin 12.4% (+0.2 pp YoY)

- Enhanced buying-power on the back of increased sales⚫ SGA +11.6% YoY (labor costs: +10.3% YoY, other expenses: +14.8% YoY)
- Full consolidation of TO-SAY and TRYTECH- Reinforced sales activities- One-off expenses (such as 10th anniversary-related expenses)- Number of employees: 609 (Mar 2023) → 629 (Mar 2024)⚫ Operating profit was in line with the forecast excluding theone-off expenses

11

Net profit
YoY-10.3%

vs. forecast-4.9%(¥ mil.)

2,047

1,835

3/20233/2024⚫ Absence of profit from fixed asset sales

booked last year
⚫ Extraordinary profit: ¥76 mil.

- Investment profit from silent partnership investment: ¥72mil.

⚫ Extraordinary loss: ¥4 mil.
- Loss from land sale・Capital expenditure ¥369 mil. (¥830 mil. to 3/2023)
・Depreciation ¥195 mil. (¥160 mil to 3/2023)

12

Consolidated income statement
Mar 2023(¥ mil.)Sales

Mar 2024(%)(¥ mil.)(%)

70,854100.0

77,064

100.0

Cost of sales

62,192

87.8

67,52987.6

Gross profit

8,662

12.2

9,534

12.4

SG&A expenses

6,192

8.7

6,907

9.0

Operating profit

2,470

3.5

2,626

3.4

Non-operating profit

80.0

28

0.0

Non-operating expenses

60.0

5

0.0

2,472

3.5

2,649

3.4

Extraordinary profit

543

0.8

76

0.1

Extraordinary loss

71

0.1

4

0.0

2,944

4.2

2,720

3.5

897

1.3

884

1.1

2,047

2.9

1,835

2.4

Recurring profit

Pretax profit
Taxes

Net profit

13

Consolidated balance sheet
Mar 2023(¥ mil.)Mar 2024(%)(¥ mil.)Change(%)(¥ mil.)Current assets

38,67188.1

42,08388.2+3,412

Cash and deposits

16,771

38.2

18,16038.0+1,389Accounts receivable

17,62540.2

20,29742.5+2,672Inventories

2,813

6.4

2,702

5.7-111

Other current assets

1,461

3.3

923

1.9-538

Fixed assets
Total assets
Current liabilities

5,211

11.9

5,646

11.8

+435

43,883100.0

47,729100.0+3,846

19,88445.3

23,06948.3+3,185

Accounts payable

18,56942.3

21,25544.5+2,686

Taxes payable

447

1.0

499

1.0+52Other current liabilities

867

2.0

1,314

2.8+447

1,216

2.8

2.7+5921,10048.1

1,275
24,34451.0+3,244

22,782

51.9

23,38549.0+603

43,883100.0

47,729100.0+3,846

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
Proceeds from purchase of shares of subsidiaries resulting in change in scope of consolidation

Proceeds from sales of non-current assets
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 2023

Mar 2024

445

3,043

2,944
166-640-641
921-1,081-1,2242,720
195-2,442230
2,558-953
733

1,916

-219

-505
3,402
-970
-10

1508-502
123-1,162 -1,445
-994
-168

-1,420-24

1,198 1,378
10,572 11,771
11,771 13,150 15

Outlook for fiscal year ending March 2025

Business environment⚫ Reimbursement price revision⚫ Start of the physician’s work style reform⚫ Penetration of digital transformation andincreasing need for artificial intelligence⚫ 5.8% pay rise for this fiscal year
17

WIN’s initiatives to increase sales⚫ Continuous support for customers to growthrough the collection of issues that customers
tackle and proposals to solve the issues⚫ Increase sales for existing customers⚫ Continue allocating management resources togrowing markets

18

WIN’s initiatives to increase profits⚫ Negotiate to raise selling prices with customers⚫ Reinforce procurement price negotiations withsuppliers and rebate programs⚫ Decrease idle inventories⚫ Improve operation efficiency by utilizing IC tags
and generative AI
19

Consolidated earnings forecasts for FY ending March 2025(¥ mil.)YoY (%)

(%)

Sales

78,000

+1.2

100.0

Operating profit2,750+4.7

3.5

Recurring profit

2,750+3.8

3.5

Net profit

1,860+1.3

2.4

EPS (yen)

65.12
51.00

DPS (yen)

20

SalesYoY+1.2%(¥ mil.)77,06478,0003/20243/2025E⚫ Increase sales for existing customers andgain new customers⚫ Expand sales in growing markets⚫ Price negotiation with customers in liaison

with suppliers

21

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

Percutaneous coronary intervention (PCI)

17,540+1.0

22.5

Cardiac rhythm segment (CRS)

19,490+4.4

25.0

Cardiac vascular segment (CVS)

13,600+5.5

17.4

Percutaneous peripheral intervension (PPI)

4,440+3.3

5.7

Neurovascular

3,930+6.3

5.0

Diabetes mellitus segment (DMS)

3,830+5.1

4.9

Medical equipment

8,210 -20.8

10.5

Other

6,960 +13.3

8.9

Total

78,000+1.2

100.0
22

Operating profit
YoY+4.7%(¥ mil.)

2,750
2,626

3/20243/2025E⚫ Forecast of gross profit margin: 12.8% (+0.4 pp YoY)
- Price hike negotiations with customers- Reinforcement of price negotiations with suppliers and rebate programs- Further reduction in idle inventories- Higher operational efficiency leveraged by the operation expansion of WHG⚫ SG&A ¥7.21 bn. (+4.4% YoY)

- Forecast of the number of group employees: 629 (Mar. 2024) → 653 (+24, Mar. 2025)
23

Net profit
YoY

+1.3%

(¥ mil.)

1,835

1,860

3/20243/2025E⚫ Absence of extraordinary profit booked last year
⚫ Capital expenditure⚫ Depreciation¥340mil. ( ¥369 mil. for 3/2024)¥210mil. (¥195 mil. for 3/2024)
24

Dividends & payout ratio

51+1 yen from FY ended March 2024
Prospective payout ratio

78.3

yen%

78.3

50.0
77.6

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

45.0
40.0

30.0
32.3

25.0

25.0

20.0
15.0

54.8

50.6

35.0
34.9

17.5

70.0

14.0

60.0
50.0

34.8

51.0

27.9

1.5
16.0

2.0

80.0

69.4

63.4

20.5

26.0

27.7
27.0

32.0

33.0

34.0

35.0

90.0

50.0
40.0
30.0

36.0

20.0
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

'25/3(E)25

Social contributions by WIN-Partners Group
Corporate Philosophy
The WIN-Partners group offers a better quality of life to all and contributes to creating a rich society.

Multi-specialist to support a safe and reliable medical system
Corporate Base

Outcome

OutputStrong financial capital・Net assets: ¥23,385mil.
・Cash & deposit ¥ 18,519mil.

●Sustainable medicalcare delivery system

Support forcustomers togrow

Human capital composed of alimited number of employees
・Group employees: 629
・CDR: 116

Social capital that supports ahigh presence in minimallyinvasive medical care・No.1 in cardiac catheters
・Number of medical institutions: 495
・Sales network: 28 offices
throughout Japan

Distribution capital that
supports effective logistics
・WIN Heart Gate・Utilization of RFID

Logistics
revolution in
medical device
distribution

Customers’
growth is our
growth

Tie-ups andM&As

Higheroperational
efficiency at
medicalinstitutions

Sustainability
management●Development of
medical technologies
and devices●Maintaining adequate
medical expenses●Penetration andexpansion ofminimally invasive
medical care
●Improvement in QOL ofpatients26

References

Sales impact by the reimbursement
price revision in April
Segment

Assumedimpact (%)

Percutaneous Coronary Intervention (PCI)-4.0

Cardiac Rhythm Segment (CRS)-2.3

Cardiac Vascular Segment (CVS)-0.4

Percutaneous Peripheral Intervension (PPI)-2.3

Brain Surgery-0.3

Others-0.4

Total-1.7

Calculated based on the actual sales volume and product mix for FY ended March 2024(June～March)

28

Reimbursement prices ofmajor products
Segment

PCIItems
PTCA balloon catheter
Drug eluting stent (DES)PPI
Neurovascular2024(Jun.)

Change (%)

29120
66

593
2,820
3,260
3,120
117
649
1,320
1,110

516
2,660
3,260
3,120112649
1,320
1,110

- 9.4
- 11.8- 8.3- 13.0
- 5.7
0.0
0.0
- 4.3
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

4,510

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
50
171233
117
386

3,740
47
159
233
116
386

0.0
- 6.3- 0.60.0
- 0.9
0.0

Pacemaker
Implantable cardioveter defibrillator (ICD)

CVS

2022(Apr.)
32
136
72

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 graft29

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 orreliance on the information in this material is at your own risk.

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

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