Consolidated Financial Results
for the Fiscal Year Ended March 31, 2024 [IFRS]

April 26, 2024
Listing: Tokyo Stock Exchange
URL: https://corporate.m3.com/en/(Abridged)
Listed company:
M3, Inc.
Securities code:
2413
Representative:
Itaru Tanimura, Representative Director
Contact:
Hirofumi Oba, Corporate Officer
General Meeting of Shareholders
Scheduled date to commence dividend payments:
Scheduled date to file securities report:
Preparation of supplementary materials on financial results: Yes
Holding of financial results briefing: Yes (for analysts and institutional investors)

1.

Tel: +81-3-6229-8900
June 26, 2024
June 10, 2024
June 27, 2024

(Amounts are rounded to the nearest million yen.)

Consolidated Financial Results for the Fiscal Year Ended March 31, 2024 (from April 1, 2023 to March 31, 2024)(1) Consolidated Operating Results(Percentages indicate year-on-year changes.)
Net sales

Fiscal Year ended
March 31, 2024
March 31, 2023

Operating profit

Millions of yen%

238,883
230,818

3.5
10.9

Total comprehensive
incomeMillions of yen

Profit before tax%

Millions of yen

64,381 (10.6)
71,983 (24.3)
Basic earningsper share%

68,840 (7.4)
74,318 (22.7)

Diluted earnings
per share

Net profit
attributable toowners of the parent

Net profit
Millions of yen%

Millions of yen

48,549 (6.6)
51,983 (21.4)

Net profit margin on
equity attributable toowners of the parent

45,271 (7.7)
49,028 (23.2)

Total asset toprofit before
tax ratio

Millions of yen%
Yen
Yen%%
Fiscal Year ended
March 31, 2024
64,058
1.9
66.68
66.63
13.8
15.4
March 31, 2023
62,857(11.3)
72.22
72.17
17.5
19.9(Ref)
Share of profit (loss) of investments accounted for using equity method
Fiscal Year ended March 31, 2024: 1,357 million yen
Fiscal Year ended March 31, 2023: 1,471 million yen(2) Consolidated Financial Position

As ofMarch 31, 2024
March 31, 2023

Operatingprofitmargin%27.0
31.2

Ratio of equity
Equity per share
attributable toEquity attributable toattributable toowners of the parent owners of the parent toowners of the parent
total assets

Total assets

Total equity

Millions of yen

Millions of yen

Millions of yen%

Yen

490,780
400,645366,701
309,518

351,915302,630

71.7
75.5

516.49444.22(3) Consolidated Cash Flow Position

Cash flow from operating
activities

Cash flow from investing
activities

Cash flow from financing
activities

Cash and cash equivalents at
the end of the period

Millions of yen

Millions of yen

Millions of yen

Millions of yen

58,31057,113(39,456)(21,933)

9,432(22,837)

149,661
118,319

Fiscal Year ended
March 31, 2024
March 31, 2023

2.

%

Dividends
Annual dividends per shareFirst
quarterend

Secondquarterend

Third
quarterend

Fiscalyearend

Total

Dividend
payout(Total)

Dividendpayout ratio(Consolidated)

Dividend payout
ratio attributable tothe owners of theparent(Consolidated)
%
4.6
4.4%
Fiscal Year ended
Yen
Yen
Yen
Yen
Yen Millions of yen
March 31, 2023
–
0.00
–
19.00
19.00
12,89926.3
March 31, 2024
–
0.00
–
21.00
21.00
14,25931.5
Fiscal year ending
March 31, 2025–
0.00––––(Forecast)
Notes:
Dividend forecast for the fiscal year ending March 31, 2025 is currently undetermined. It is to be determined after consideration ofcapital needs and condition of cash flow hereafter.
- 1 -3.

Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2025 (from April 1, 2024 to March31, 2025)(Percentages indicate year-on-year changes compared to the same period of the previous fiscal year.)Net sales

Operating profit% Millions of yen

Millions of yen

Profit before tax% Millions of yen

Net profit
Basicattributable toearnings
owners of the parent per share

Net profit% Millions of yen% Millions of yen

Six Months
EndingSeptember
30, 2024

127,000

9.7

28,000(19.0)

28,500(23.6)

19,500(22.4)

Fiscal YearEndingMarch 31,2025

268,000～
273,000

12.2～
14.3

67,000～70,000

4.1～
8.7

68,000～71,000(1.2)～
3.1

47,000～49,000(3.2)
～
0.9%

Yen

17,500(25.2)

25.77

44,000～46,000

(2.8)
～
1.6

64.80
～
67.75

Notes
(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in changes inscope of consolidation): None
(2) Changes in accounting policies and accounting estimates(i) Changes in accounting policies required by IFRS: Yes(ii) Changes in accounting policies other than item (i) above: None(iii) Changes in accounting estimates: None
(3) Number of shares issued (common shares)(i) Total number of shares issued at the end of the period (including treasury shares)
As of March 31, 2024

679,063,600

shares

As of March 31, 2023

678,964,100

shares

As of March 31, 2024

45,151shares

As of March 31, 2023

45,151sharesFiscal Year Ended March 31, 2024

678,962,371

sharesFiscal Year Ended March 31, 2023

678,889,214

shares(ii) Number of treasury shares at the end of the period(iii) Average number of shares outstanding during the period• This financial report is not subject to review procedures by certified public accountants or an audit firm.
• Proper use of financial results forecasts and other special matters(1) Disclaimer about forward-looking statements
The forward-looking statements herein are based on information available to the Company and on certain assumptions
deemed to be reasonable at the date of publication of this document. They are not intended as the Company’scommitment to achieve such forecasts, and actual results may differ significantly due to various factors.
(2) Supplementary materials on financial results
Supplementary materials on financial results will be posted on our website on Friday, April 26, 2024.

- 2 -4. Qualitative Information on Financial Results(1) Explanation of Operating Results
In Japan, we provide various services designed for healthcare professionals, centered on our website at m3.com
with a membership of more than 330,000 physicians (as of April 26, 2024).
In Medical Platform segment, we offer a wide menu of services on the platform at m3.com, catering to variousagendas and purposes of our clients. The services include MR-kun family services, which allow its registeredphysicians to proactively receive continuous and frequent information, marketing research services using our panelof member healthcare professionals, and QOL-kun marketing support services for non-healthcare companies desiring
to advertise their daily life services to physicians. In addition, our group companies engage in the provision of nextgeneration medical representatives or medical marketers and healthcare advertising agency services.
In Evidence Solution segment, our group companies operate businesses serving as the following organizations:
CRO that supports clinical development operations and large-scale clinical research; SMO that supports the overallmanagement and operations of clinical trials at medical institutions conducting clinical trials; and PRO that provides
support for recruiting test subjects and carrying out peripheral operations necessary to conduct clinical development,
clinical research, etc.
In Career Solution segment, M3 Career, Inc. provides job search and placement support services to physicians andpharmacists.
Site Solution segment provides services that assist medical institutions with their operations.
It also provides consumer-facing services, such as AskDoctors at <https://www.AskDoctors.jp/> (available inJapanese only). On this website, the member physicians of m3.com will answer questions from public users about
health and diseases. Furthermore, M3 Education, Inc. provides medical and welfare professional education such as
preparatory services for national examinations.
In Overseas segment, MDLinx, a U.S. portal website designed for healthcare professionals, continues to expand
its member network-based services catering toward pharmaceutical companies. The services available in the U.S.
include career support services for physicians and clinical trial support services. In Europe, Doctors.net.uk, a U.K.
portal website designed for physicians, offers services to pharmaceutical companies. We also offer pharmaceutical
database services in France, Germany, and Spain through the Vidal Group and provide iDoctus, a medical practicemobile app for healthcare professionals, in Spain and Latin America through eDoctores Soluciones, S.L. We steadily
expand business in Asia as well.
The M3 Group operates websites for healthcare professionals and has panels of physicians around the world,including Japan, the U.S., Europe, China, and South Korea. The total number of healthcare professionals who havesigned up for the websites and participated in the panels is now approximately 6.5 million. Using the panels ofphysicians, we also provide global marketing research services.
Consolidated financial results for the Fiscal Year Ended March 31, 2024 are as below.
(Millions of yen, unless otherwise stated)
Fiscal Year ended March 31, 2023 Fiscal Year ended March 31, 2024
(April 1, 2022 to(April 1, 2023 toMarch 31, 2023)
March 31, 2024)

Year-on-year changeNet sales

230,818

238,883+8,065+3.5%

Operating profit

71,98364,381(7,602)(10.6%)

Profit before tax

74,31868,840(5,479)(7.4%)Net profit

51,98348,549(3,434)(6.6%)- 3 -Consolidated financial results by segment
Fiscal Year ended
March 31, 2023
(April 1, 2022 toMarch 31, 2023)
Medical Platform
Evidence Solution
Career Solution
Site Solution
Overseas
Other Emerging Businesses
Adjustment
Total(Millions of yen, unless otherwise stated)
Fiscal Year ended
March 31, 2024
Year-on-year change(April 1, 2023 toMarch 31, 2024)

Segment net sales

93,09893,414+316+0.3%

Segment profit (loss)

41,147

38,626(2,522)(6.1%)

Segment net sales

27,157

26,700(457)(1.7%)

Segment profit (loss)

7,662

6,698(964)(12.6%)

Segment net sales

14,538

16,642+2,104+14.5%

Segment profit (loss)

4,644

4,781

+137

+2.9%

Segment net sales

35,29533,025(2,270)(6.4%)

Segment profit (loss)

3,745

3,735(11)(0.3%)

Segment net sales

62,09569,868+7,773+12.5%

Segment profit (loss)

16,99011,695(5,296)(31.2%)

Segment net sales

3,284

2,633(651)(19.8%)

Segment profit (loss)

945

(290)

(1,235)－

Segment net sales(4,649)(3,399)－－Segment profit (loss)(3,151)(863)－－Net sales

230,818

238,883+8,065+3.5%

Operating profit (loss)

71,98364,381(7,602)(10.6%)

1) Medical Platform
Segment net sales amounted to 93,414 million yen, up 0.3% year on year. This is attributable to strong businesses suchas digitalization support for medical practices, partially offset by a decline in the pharmaceutical marketing support
business as a result of budget cuts by pharmaceutical companies. Segment profit was 38,626 million yen, down 6.1%year on year. This was due to a lower sales contribution year on year from the pharmaceutical marketing support
business, which has higher operating margin than other businesses in the segment.
2) Evidence Solution
Segment net sales amounted to 26,700 million yen, down 1.7% year on year, with segment profit of 6,698 million yen,down 12.6% year on year. This is because COVID-related clinical trial projects, etc. made lower contributions to net
sales compared to the previous fiscal year, although ordinary businesses such as CRO remained solid.
3) Career Solution
Segment net sales amounted to 16,642 million yen, up 14.5% year on year, with segment profit of 4,781 million yen,up 2.9% year on year. This is attributable to a recovery trend in net sales from job search and placement support services
for pharmacists that had been affected by the pandemic, despite the impact of lower contributions from COVID
vaccination support projects compared to the previous fiscal year.
4) Site Solution
Segment net sales amounted to 33,025 million yen, down 6.4% year on year, with segment profit of 3,735 million yen,down 0.3% year on year. This is mainly attributable to the impact of lower contributions from COVID vaccination
support projects and clinical trial projects compared to the previous fiscal year, despite robust ordinary businesses.
5) Overseas
Segment net sales amounted to 69,868 million yen, up 12.5% year on year. This is attributable to solid performance
mainly in Europe and APAC regions. Despite the increase in net sales, segment profit amounted to 11,695 million yen,down 31.2% year on year. This is attributable to lower contributions from COVID-related clinical trial projects, which
are mainly conducted in North America region, compared to the previous fiscal year, as well as the recognition of an- 4 -impairment loss in the clinical trial business in this region.
6) Other Emerging Businesses
Segment net sales amounted to 2,633 million yen, down 19.8% year on year, and segment loss was 290 million yen,with profit of 945 million yen in the previous fiscal year. This segment loss is attributable to an impairment loss for
M3 Education, Inc., which provides medical and welfare professional education such as preparation services fornational examinations, due to a shrinking market for its business related to preparing students for the National Dental
Practitioner’s examination.
Combining all of the above, net sales of the M3 Group for the Fiscal Year Ended March 31, 2024 amounted to 238,883
million yen, up 3.5% year on year, with operating profit of 64,381 million yen, down 10.6% year on year, profit before
tax of 68,840 million yen, down 7.4% year on year, and net profit of 48,549 million yen, down 6.6% year on year.

------------------------------------------------------------------------------------------------------------------------------------------------------------------Disclaimer: This document is a translation of the original Japanese version. The original Japanese version was prepared and disclosed by the Company in accordance withJapanese accounting standards. This document does not contain or constitute any guarantee and the Company will not compensate for any losses or damages arising frominterpretations or actions taken based on this document. In the case of any discrepancies between the Japanese original and this document, the Japanese original is assumed tobe correct.

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