Consolidated Financial Results
for the Three Months Ended June 30, 2021 [IFRS]July 28, 2021

(Abridged)
Listed Company:
M3, Inc.
Securities Code:2413
Representative:(Title)CEO(Name) Itaru TanimuraContact:(Title)Director (Name) Eiji Tsuchiya
Submission of quarterly report: August 6, 2021
Preparation of explanatory materials for quarterly financial result: Yes
Assembly for briefing of quarterly financial results: No

1.

Listed Stock Exchange: Tokyo
URL: https://corporate.m3.com/en/
TEL: 03-6229-8900
Dividend payment commencement date: ―(amounts rounded to the nearest million yen)
Consolidated Financial Results for the Three Months Ended June 30, 2021
(From April 1, 2021 to June 30, 2021)(1) Consolidated Operating Results (Cumulative)(% figures show year-on-year change)
Net sales

Three months ended
June 30, 2021
Three months ended
June 30, 2020

Operating profit

Net profit

Million Yen%

Millionyen%

MillionYen%

MillionYen%

46,40330.8

24,651

119.1

24,763120.7

16,919121.1

35,47815.3

11,253

26.4

11,222

25.8

7,650

27.9

Profit attributable toowners of the parent
Three months ended
June 30, 2021
Three months ended
June 30, 2020

Pre-tax profit

Total comprehensive
incomeMillion%Yen

Million Yen%

15,769143.8

17,004

6,467

31.7

7,494

Basic earnings pershare

Diluted earnings pershare

YenYen

126.9

23.23

23.21

52.7

9.53

9.52

(2) Consolidated Financial Position

As of June 30, 2021
As of March 31, 2021

2.

Total assets

Total equity

Million Yen
272,049
273,123

Million Yen
211,590
207,260

Equityattributable toowners of theparent
Million Yen
206,166
199,813

Ratio of equity
attributable toowners of theparent%
75.8
73.2

Equity per share
attributable toowners of theparent
Yen
302.91
293.64

Dividends
First
quarter-end
Yen――

Annual dividends per share
SecondThird
Fiscal yearquarter-end
quarter-end
end
Yen
Yen
Yen
0.00
―
12.00

Fiscal year ended March 31, 2021
Fiscal year ending March 31, 2022
Fiscal year ending March 31, 2022 (Forecast)
0.00――(Note) 1 Amendments to forecasts of dividends recently announced: None
2 Dividend forecast for the fiscal year ending March 31, 2022 is currently undetermined. It is to be
determined after consideration of capital needs and condition of cash flow hereafter.

－1 －Total
Yen
12.00
―3.

Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2022
(From April 1, 2021 to March 31, 2022)
Consolidated financial results forecast for the fiscal year ending March 31, 2022 is undisclosed due to the inability
to reasonably gauge the COVID-19 global pandemic impact on M3 group’s business environment. Forecasts will
be provided promptly once the environment allows for proper estimates.

※ Notes(1) Changes in significant subsidiaries during the period (changes in specific subsidiaries accompanying changes
in scope of consolidation): None
(2) Changes in accounting policies and accounting estimates:(i) Changes in accounting policies required by IFRS: None(ii) Changes in accounting policies other than item (i) above: None(iii) Changes in accounting estimates: None
(3) Number of shares issued (common stock)(i) Number of shares outstanding at the end of the period (including treasury shares)
As of June 30, 2021
678,786,600
As of March 31, 2021
678,785,600(ii) Number of treasury stock at the end of the period
As of June 30, 2021
45,067
As of March 31, 2021
45,067(iii) Average number of shares during the period (cumulative)

sharessharessharesshares

As of June 30, 2021

678,741,461

shares

As of June 30, 2020

678,599,342

shares※ Indication regarding implementation status of the quarterly review proceduresThis quarterly financial report is outside the scope of the review procedures for quarterly financial statements.
※ Explanation of proper use of financial results forecasts, and other special matters(1) Caution regarding statements concerning the future
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 theCompany’s commitment to achieve such forecasts, and actual results may differ significantly due to various factors.
(2) Explanatory materials for quarterly financial result
Explanatory materials for quarterly financial results will be posted on our website on Wednesday, July 28, 2021.

－2 －4. Qualitative Information on Quarterly Results(1) Explanation of consolidated operating results
In Japan, various services are provided for the 300,000+ physician members via the “m3.com” website designed
for medical professionals.
Medical Platform includes services which allow member physicians to proactively receive continuous andfrequent information via the “m3.com” platform such as the “MR-kun” family services, marketing researchcapabilities paneling the physician members, and “QOL-kun” which provides marketing support for nonhealthcare related corporates desiring to advertise daily life services to doctors, offering a wide menu of services
catering towards various agendas and purposes of our clients. Additionally, provision of next generation sales
reps, or “Medical Marketers,” and healthcare advertisement agency services are also being expanded via groupcompanies.
Evidence Solution includes clinical trial related services centered around “Mr. Finder” which excavates
institutions and patient participants for clinical studies, large-scale clinical study services, assistance withclinical trial operations by CROs, and administrative and operations support across the entire clinical trial
process by SMOs, all provided through various group companies.
Career Solution provides job search and placement services for physicians and pharmacists through M3 Career,Inc.
Site Solution provides services supporting medical institutions.
Furthermore, consumer facing services such as the “AskDoctors” (https://www.AskDoctors.jp/) website whichconnects public users with “m3.com” member physicians for answers to daily health questions, medical
professional education such as national examination preparatory services provided by TECOM Corporation(currently M3 Education, Inc.), and equity method affiliate LINE Healthcare Corporation established withLINE Corporation to operate an online healthcare business, are all being expanded.
In Overseas, the U.S. portal website, “MDLinx,” designed for healthcare professionals, continues to expand its
member network based services catering towards pharmaceutical companies, as well as its career support
services for physicians and clinical trial support services. In Europe, the “Doctors.net.uk” U.K. portal website isexpanding services for pharmaceutical companies, along with pharmaceutical database services offered by theVidal Group in France, Germany, and Spain. Health business expansion continues in Asia as well.
Furthermore, Medlive Technology Co., Ltd., which operates the China business through its subsidiary, Jinye
Tiancheng (Beijing) Technology Co., Ltd., has been deconsolidated from M3 as a result of M3’s loss of control,and will become an equity-method affiliate of M3, as stated in the June 18th press release titled “Announcement
Regarding the Recognition of Gains Relating to Loss of Control Over Subsidiaries.”
Additionally, membership and panel participation at websites operated by M3 group starting with Japan, U.S.,
Europe, China, and Korea, now totals roughly 6 million physicians, enabling provision of marketing researchservices that span across a global scale.
Consolidated quarterly results for the first quarter (cumulative) is as below.
Three months ended
Three months ended
June 30, 2020
June 30, 2021
First quarter(April 1, 2021 to(April 1, 2020 tocomparison
June 30, 2020,
June 30, 2021,cumulative)
cumulative)(Unit: Million Yen)
(Reference)Previous consolidated
fiscal year
(April 1, 2020 toMarch 31, 2021)

Net sales

35,47846,403+10,926+30.8%

169,198

Operating Profit

11,25324,651+13,398+119.1%

57,972

Pre-Tax Profit

11,222

24,763+13,541+120.7%

58,264

Net Profit

7,650

16,919+9,268+121.1%

41,198－3 －(Segment results)(Unit: Million yen)Three months ended Three months ended
June 30, 2020
June 30, 2021
(April 1, 2020 to(April 1, 2021 toJune 30, 2020,
June 30, 2021,
cumulative)
cumulative)

Medical Platform
Evidence Solution
Career Solution
Site Solution
Overseas
Other Emerging
Businesses
Adjustment

Total

First quartercomparison

Segment Net Sales

13,612

18,932+5,320+39.1%

Segment Profit

6,200

8,179+1,979+31.9%

Segment Net Sales

4,725

4,833+108+2.3%

Segment Profit803858+55+6.8%

Segment Net Sales

5,369

4,883-486-9.1%

Segment Profit

2,364

2,466+102+4.3%

Segment Net Sales

3,668

5,329+1,661+45.3%

Segment Profit

140520+380+271.6%

Segment Net Sales

8,242

12,662+4,420+53.6%

Segment Profit

1,960

12,952+10,992+560.8%

Segment Net Sales

656711+55+8.3%

Segment Profit

37-180-217－

Segment Net Sales-795-947－－

Segment Profit-251-144－－Net Sales

35,47846,403+10,926+30.8%

Operating Profit

11,25324,651+13,398+119.1%

1) Medical Platform
Due to a rapid increase in demand from pharmaceutical companies in response to the COVID-19 pandemic,
Medical Platform segment sales reached 18,932 million yen, higher by 39.1% versus previous year. Upfront
investments aimed for future growth have raised SG&A mainly around personnel costs, however, Medical
Platform segment produced profits of 8,179 million yen, higher by 31.9% versus previous year.
2) Evidence Solution
Recovery from the temporary halt in projects due to the COVID-19 pandemic produced total sales of 4,833
million yen, higher by 2.3% versus previous year. Segment profit was 858 million yen, higher by 6.8% versus
previous year.
3) Career Solution
Dampened activity mainly from pharmacists due to COVID-19 impact resulted in sales of 4,883 million yen,lower by 9.1% versus previous year, however, sales mix improvement produced segment profits of 2,466 million
yen, higher by 4.3% versus previous year.
4) Site Solution
In addition to an increase in affiliate medical institutions, comparison with the previous fiscal year thatexperienced significant COVID-19 impact, segment sales amounted to 5,329 million yen, higher by 45.3% versus
previous year, and profit of 520 million yen, higher by 271.6% versus previous year.

－4 －5) Overseas
All regions performed well starting with the US clinical trial business which was positively impacted by theCOVID-19 pandemic, resulting in segment sales of 12,662 million yen, higher by 53.6% versus previous year.
Appropriation of gains related to the loss of control over Medlive which owns the subsidiary that operates theChina business, resulted in segment profit of 12,952 million yen, higher by 560.8% versus previous year.
6) Other Emerging Businesses
Recovery trend from negative impact of COVID-19 has brought segment sales to 711 million yen, higher by
8.3% versus previous year, and losses of 180 million yen (previous year, same period: profit of 37 million yen) due
to valuation changes in held assets.

Combining all of the above, results for the entire group for the three months ended June 30, 2021, amounted
to sales of 46,403 million yen, higher by 30.8% versus previous year, and operating profit of 24,651 million yen,higher by 119.1% versus previous year. Pre-tax profit was 24,763 million yen, higher by 120.7% versus previousyear, and net profit was 16,919 million yen, higher by 121.1% versus previous year.

Disclaimer:This document is a translation of the original Japanese version. The original Japanese version was prepared and disclosed by theCompany in accordance with Japanese disclosure format. This document does not contain or constitute any guarantee and theCompany will not compensate for any losses or damages arising from interpretations 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 to be correct.

－5 －