FY2024 Q1

Financial Briefing Material
August 2, 2024
JMDC Inc.

Section 1
FY2024 Q1 Performance Report2FY2024 Q1: Performance Highlights
High growth is continuing, especially in Healthcare-Big Data Business. Profit growth is also at a healthy level, excluding the i mpact of thetransfer of subsidiaries in the previous Q1.

(Million JPY)

Healthcare-Big Data
Revenue

Revenue of businessfor Industry

8,422

Y-o-Y

Y-o-Y+47％+27％(Million JPY)

Tele-medicine
RevenuePep Up related sales

1,718

Y-o-Y+50％

Consolidated Revenue

Y-o-Y+26％[Excluding impact of transferof subsidiaries, etc.]+38％

Consolidated EBITDA

遠隔医療Y-o-Y+2％[Excluding impact of transferof subsidiaries, etc.]+25％

調剤薬局支援+15％

Number of Pep Up IDs

6.89 million people
3

Note: IFRS-based
EBITDA: Operating profit + Depreciation and amortization costs ± Other profits and/or losses

FY2024 Q1: Management Viewpoints
In order to further deepen the understanding of shareholders, investors and other stakeholders, we will provide management vi ewpoints.

Management Viewpoints••Evaluation of FY2024 Q1 performance••

Forecast for Q2 of FY2024••Sense of market conditions in FY2024,
the post-COVID-19••

Financial Status after Large-scale M&Aand Future Fundraising•

While revenues have been steady, we are concerned that profits may be causing concern to investors.
However, the reason for the low profit growth rate is clear, and we view the actual situation as healthy. Due to special factors such as thetransfer of subsidiary Unike in the previous Q1, operating income in the previous year (FY2023) Q1 recorded an extraordinary 136% increasecompared to FY2022 Q1. When measuring the soundness of business growth, it is necessary to exclude the impact of these special factors inthe previous year. We appreciate your understanding that these special factors may have obscured the results.
The core Healthcare-Big Data business areas also performed well, with the business for Payers growing significantly due in part to theacquisition of Cancerscan. In addition, for Industry, consulting services for pharmaceuticals continued to do well, and services for medical
institutions were also solid due to the expansion of services, so there are no concerns about Normalized Revenue/EBITDA.
Although we previously did not disclose the half-year forecast, we have decided to do so this time in order to give investors a correctunderstanding of the situation, given our concern that the business outlook for the current fiscal year has become unclear due to the special
factors mentioned earlier.
The overview of Q2 is expected to show significant growth due to organic growth as well as the contribution of revenue from Cancerscan. Itshould be noted that revenue from Cancerscan, which operates businesses for local governments, had previously been recorded concentrated
in Q4, but by correctly recognizing revenue in line with the business reality, it is now expected to contribute to revenue and profit in Q2 as well.

Looking back on the changes that occurred during the COVID-19, expectations for digital transformation rose in various businesses amid theneed for a mandatory review of existing operations, and numerous initiatives were tried. However, few of these efforts were able to generate
an impact commensurate with the high expectations, and after the Covid-19 convergence, a sense of disappointment and a sense of reality
caused many efforts to falter and stagnate. For example, the digitalization of MR activities for pharmaceutical companies was one such
example.
On the other hand, JMDC's services to date have been used to improve the accuracy of various decisions in the healthcare industry by using
data to observe the actual status of diseases and medical practices, and not primarily to digitally replace existing operations. Therefore, in ourview, while there were no major tailwinds for us in the Covid-19 disaster, there has been no reversal either.
After the Covid-19, clients are becoming more data literate and seeking more accurate decision making under the swing back to operational
optimization. In particular, pharmaceutical companies are increasingly focusing on the use of data to optimize resource allocation and efficientpromotion methods that provide ROI, and the scope of projects is expanding in response to the growing expectations for our data, analysis,and consulting capabilities. We will continue to promote true evolution based on the essential value of data.
We have achieved sound cash management by borrowing while promoting integrated cash management at group companies. We are in aposition to respond flexibly to new investments and do not expect to raise funds in the immediate future unless there is a major investment 4
project that will significantly evolve our business structure.

FY2024 Q1: Summary of Consolidated Performance
Excluding the impact of transfer of subsidiaries in the previous Q1, both revenue and profit grew steadily.

(Unit: Million JPY)

FY2023 Q1

FY2024 Q1[Reference]
Excluding impact oftransfer of subsidiaries, etc.

Y-o-YRevenue

6,698

8,422Operating profit(Rate)

2,546

1,089(38%)(13%)

Profit before taxes(Rate)

2,552

1,072(38%)(13%)

Profit attributable toowners of parent(Rate)

2,040727

(31%)

(9%)

EBITDA(Margin)

1,679

1,718(25%)(20%)+26%+38%-57%+20%

-58%

+17%

-64%

+23%+2%+25%
5Note: IFRS-based
EBITDA: Operating profit + Depreciation and amortization costs ± Other profits and/or losses, EBITDA margin: EBITDA/Revenue

FY2024 Q1: Quarterly Consolidated Revenue/EBITDA
We believe that we have made a good start in Q1, the trough of revenue and profit for the fiscal year. A discussion of normal ized revenue andEBITDA is provided on the next page.
Quarterly Trends of Consolidated Revenue

Quarterly Trends of Consolidated EBITDA/margin(Unit: Million JPY)

(Unit: Million JPY and %)EBITDA
Margin262025+ 26%+ 2%

10,099

7,482
5,776

Q16,698

6,283

Q2Q3

FY2022

Q48,422

8,534

8,266

Q1

3,282

2,885

EBITDA

7,049

2,376

Q2

Q3

Q4

FY2023

Q1FY2024

1,521

1,434

Q1Q2Q3

FY2022Full-year EBITDA margin

28%Note: IFRS-based
EBITDA: Operating profit + Depreciation and amortization costs ± Other profits and/or losses, EBITDA margin: EBITDA/Revenue

2,384

Q41,679

1,623

Q1Q21,718

Q3FY2023

Q4Q1

FY2024Full-year EBITDA margin Full-year EBITDA margin

29%28%(plan) 6

FY2024 Q1: Y-o-Y comparison of Normalized Revenue/EBITDA excluding the impact oftransfer of subsidiaries, etc.
In the previous Q1, there was a transfer of subsidiaries and a reversal of provision for directors' retirement benefits of a subsidiary. Excludingthese effects, the normalized revenue/EBITDA of the business continued to expand steadily.
Consolidated Revenue/ EBITDA (Q1)
(Amount basis)

Contribution of the transferred subsidiaries (+)+ 26%• Growth rate excluding the impact oftransfer of subsidiaries, etc, isRevenue +38%, EBITDA +25%,
maintaining both business scale
expansion and profitability.

+ 2%

+ 38%

+ 25%

• Previous Q1 Revenue/EBITDA
includes the following➢ Contribution to Revenue/EBITDAof transferred subsidiaries➢ Reversal of provision for directors'
retirement benefits of asubsidiary(Positive impact onEBITDA)FY2023
Q1

FY2024Q1

FY2023Q1

FY2024
Q17

Note: IFRS-based
EBITDA: Operating profit + Depreciation and amortization costs ± Other profits and/or losses,

FY2024 Q1: Performance by Segment
The growth potential of the Healthcare-Big Data segment and the high profitability of the Tele -medicine segment both generate sustained growth.

FY2023 Q1(Unit: Million JPY)

FY2024 Q1

Y-o-Y

Healthcare-Big Data

Revenue
EBITDA(Margin)

4,497
1,294(29%)

6,606
1,301(20%)

+47%
+1%

Tele-medicine

Revenue
EBITDA(Margin)

1,307
448(34%)1,500532(36%)+15%+19%

Dispensing Pharmacy
SupportRevenue
EBITDA(Margin)969
87(9%)

326
58(18%)-66%-33%

Adjustment

Revenue
EBITDA

-76-151-10-174

8Note: IFRS-based
EBITDA: Operating profit + Depreciation and amortization costs ± Other profits and/or losses, EBITDA margin: EBITDA/Revenue

Section 2
Performance forecast for Q2 of FY2024

9FY2024 Q2 (single-quarter): Performance Forecast
The growth rate of revenue and profit for this Q1 is somewhat unclear due to special factors as mentioned earlier. In light o f this, we are disclosing H1
forecasts in order to improve visibility for investors. The ongoing Q2 is expected to show stronger than usual growth in both revenue and profit due to theexpansion of the Healthcare-Big Data Business areas.
(Unit: Million JPY)

ActualFY2023 Q2 (single-quarter)Plan
FY2024 Q2 (single-quarter)

Revenue

7,048

10,277

Operating profit

1,056

1,710

(15%)

(17%)

1,062

1,677

(15%)

(16%)

Profit attributable toowners of parent

621

1,122(Rate)

(9%)

(11%)

1,623

2,281(23%)(22%)(Rate)

Profit before taxes(Rate)EBITDA(Margin)

Y-o-Y+46%+62%+58%+80%+41%
10Note: IFRS-based
EBITDA: Operating profit + Depreciation and amortization costs ± Other profits and/or losses, EBITDA margin: EBITDA/Revenue

[Reference] FY2024 H1: Performance Forecast
For H1, the impact of special factors is expected to diminish, leading to a healthy growth rate for both revenue and EBITDA.

(Unit: Million JPY)

ActualFY2023 H1Plan
FY2024 H1

Revenue

13,746

18,700Operating profit(Rate)

3,602

2,800(26%)(15%)

Profit before taxes(Rate)

3,615

2,750(26%)(15%)

Profit attributable toowners of parent(Rate)

2,662

1,850(19%)(10%)

EBITDA(Margin)

3,303

4,000(24%)

(21%)

Y-o-Y

[Reference]
Excluding impact oftransfer of subsidiaries, etc.

+36%

+42%

-22%

+37%

-24%

+33%

-31%

+46%

+21%+33%
11

Note: IFRS-based
EBITDA: Operating profit + Depreciation and amortization costs ± Other profits and/or losses, EBITDA margin: EBITDA/Revenue

[Reference] FY2024 Q1: Performance by Segment
The core segment, Healthcare-Big Data, is expected to drive growth and continue the trend in each business segment.

ActualFY2023 H1(Unit: Million JPY)Plan
FY2024 H1

Y-o-Y

Healthcare-Big Data

Revenue
EBITDA(Margin)

9,834
2,492(25%)

15,0003,300(22%)+53%+32%

Tele-medicine

Revenue
EBITDA(Margin)

2,740
1,014(37%)

3,100
1,100(36%)+13%+8%Dispensing Pharmacy
Support

Revenue
EBITDA(Margin)

1,261
133(11%)620
80(13%)-51%-40%

Adjustment

Revenue
EBITDA

-89-338-20-48012Note: IFRS-based
EBITDA: Operating profit + Depreciation and amortization costs ± Other profits and/or losses, EBITDA margin: EBITDA/Revenue

Section 3Healthcare-Big Data Business

13Healthcare-Big Data Business: Revenue
Revenue continued to grow steadily, and preparations for monetization of the data base, which expanded significantly in the p revious fiscal year, areprogressing well. On the other hand, profits increased only slightly due to the impact of the reversal of provision for direc tors' retirement benefits ata subsidiary in the previous Q1.
Quarterly Trends of Revenue

Quarterly Trends of EBITDA(Unit: Million JPY)

+ 47%

(Unit: Million JPY)

+ 1%

8,409

6,606

6,814

2,464

6,077
5,337

5,2413,749

1,993

Q22,115

4,497

4,1531,124

Q12,928

Q3Q4Q1FY2022

Q2Q3FY2023

Q4Q1FY2024

Q11,294

1,301

1,197903

Q2Q3FY2022

Q4Q1Q2Q3FY2023

Q4Q1FY2024

14
Note: IFRS-based
EBITDA: Operating profit + Depreciation and amortization costs ± Other profits and/or losses

For Industry: Business Status of Data Utilization
The business for Industry, which is the core of our revenue, is steadily expanding its scale of operations as its data -driven services arediversifying, especially for pharmaceutical companies.

Quarterly Revenue Trends of Business for Industry

Yearly Revenue Trends of Business for Industry(Unit: Million JPY)

(Unit: Million JPY)

June 2024 LTM

+ 27%
3,507
2,901

12,075

3,623

2,946
2,510

1,834

+ 25%

June 2023 LTM

9,659

2,434

1,916

1,895

11,557
9,578
Q1

Q2

Q3

Q4

FY2022Q1Q2Q3FY2023Q4Q1

FY20243,422
FY20194,862
FY20206,604

FY2021

FY2022

FY2023

FY202415
LTM: Last Twelve Months (the past 12 months from the latest quarter)For Payers, Individuals, and Medical Service Providers: State of Business
The business for Payers/Individuals is growing rapidly due to sustained growth in Pep Up -related sales and the grouping of Cancerscan. Thebusiness for Medical Service Providers continues to expand its scale of operations through the expansion of services for medi cal institutions
and clinics.
Quarterly Revenue Trends of Business for Payers/individuals

Quarterly Revenue Trends of Business for Medical Service Providers(Unit: Million JPY)

(Unit: Million JPY)

+ 38%

+ 157%
2,017

2,840

2,827

Q4Q12,286

1,403

1,210

1,101

1,410

940
466

Q1651704

Q2Q3

1,544

1,766

1,967

2,052

Q4Q11,915547

FY2022Q4Q1Q2Q3

FY2023

Q4Q1

FY2024

Q1Q2Q3

FY2022

Q2Q3

FY2023

FY202416

Section 4
Tele-medicine Business andDispensing Pharmacy Support Business17Tele-medicine Business (Tele-RAD services): Summary
The number of radiologists is approx. 6,000 while there are 110,000 medical institutions and 150 million diagnostic images ta ken each year inJapan. JMDC aims to fill this gap through effective use of resources of radiologists.

Matching of diagnostic imaging
request and contracted radiologists

Largest market
レコード
share of 30% inJapan

Conducting Tele-medicine by DtoD

Contracted medicalinstitutions

1,460

Radiologists

ImageDBRadiologist DB

1,153
18

Note: Market share is calculated by Doctor Net. The number of contracted medical institutions and radiologists are the total number of institutions and radiologists with which Doctor Net has service contracts.
Source: Ministry of Health, Labour and Welfare "Survey on Medical Facility Dynamics in 2020," List of Radiologists on the website of the Japan Radiological Radiological Society.

Tele-medicine Business: Performance
Both business scale expansion supported by solid demand and improved profitability from enhanced operational capabilities hav e been sustained.

Quarterly Revenue Trends of Tele-medicine Business

Quarterly Trends of EBITDA(Unit: Million JPY)

(Unit: Million JPY)

+ 15%

1,175

1,264

1,433

1,359
1,239

1,431

1,407

+ 19%

1,500

1,307

566
439

485

492

556
504

448

532

352

Q1Q2Q3

FY2022Q4Q1Q2Q3

FY2023

Q4Q1FY2024

Q1Q2Q3

FY2022Q4Q1Q2Q3FY2023

Q4Q1

FY202419
Note: EBITDA: Operating profit + Depreciation and amortization costs ± Other profits and/or losses

[Reference] Tele-medicine Business: Accumulation of remote reading service sales
We believe that business performance will continue to expand steadily, supported by continued strong demand.

Revenue of Remote Image Interpretation Matching Services (Unit: Million JPY)
5,000
Contracted in FY2023

4,500

Contracted in FY2022
4,000

Contracted in FY2021

3,500

Contracted in FY2020

3,000

Contracted in FY2019
Contracted in FY2018

2,500

Contracted in FY2017
Contracted in FY2016

2,000

Contracted in FY2015
1,500Contracted in FY2014
1,000
Contracted in FY2013 or before

500
0Mar. 2015

Mar. 2016

Mar. 2017

Mar. 2018

Mar. 2019

Mar. 2020

Mar. 2021

Mar. 2022

Mar. 2023

Mar. 2024
20

Note: Revenues in this slide are for JMDC’s management. Doctor-NET has been consolidated since April 2018, but the above figures include Doctor-NET's revenue for the prior periods.

Dispensing Pharmacy Support Business: Performance
At the end of June last year, we transferred our subsidiaries. Although the size of this segment has shrunk, it continues to generate stablerevenue and profit.
Quarterly Revenue Trends of Dispensing Pharmacy Support Business

Quarterly Trends of EBITDA(Unit: Million JPY)

Contribution of the transferred subsidiaries (+)(Unit: Million JPY)

Contribution of the transferred subsidiaries (+)+ 8%+ 62%292
273262289287

301

295326302

5118

Q1Q2Q3

FY2022Q4Q1Q2Q3

FY2023Q4Q1

FY2024

ラベルQ1Q2212936

Q3

Q4

Q1

FY2022

4541

Q2

Q3

FY20235458

Q4Q1

FY202421
Note: EBITDA: Operating profit + Depreciation and amortization costs ± Other profits and/or losses

This document is intended to provide corporate and other information concerning JMDC Inc. ("JMDC") and its Group. It is not intended to solicit
people for acquisition of shares and securities issued by JMDC, either in Japan or any other country.
Forward-looking statements in this document, including the JMDC Group's goals, plans, estimates, and forecasts, merely reflect decisions or ideasof the JMDC Group as of the time of writing. The actual results of the Group, including operating results and financial position, may vary greatly

from the content of this document and assumptions based on the content depending on the economic situation at home and abroad, industrialtrends, business competition, securing of human resources, technical innovation, and other factors of the business environment.
The information described in this document concerning the industry, market trends, economic situation, etc. was prepared based on the information
available as of the time of writing and the JMDC Group provides no warranty as to the authenticity, accuracy, reasonableness, and completenessof such information. The information regarding other companies, etc., described in this document is quoted from public information or dataprepared by third parties, and JMDC has not independently verified and does not guarantee the accuracy and appropriateness of such information.
In addition, this document may describe information based on the JMDC Group's judgment, forecast, or estimation about the industry, markettrends, economic situations, etc. Such information, however, merely reflects decisions or ideas as of the time of writing and the actual values may
greatly differ from the information. The information regarding potential profit-earning opportunities for JMDC Group in this document is only anindication of the potential (scale) of future profit-earning opportunities that JMDC currently assumes based on certain assumptions, and does not
represent our forecast, plan, estimate, or target for our performance at a specific point in the future. In addition, actual results may differ materiallyfrom those described in this document.
Financial data and other indicators of other companies cannot be directly compared with the corresponding indicators of JMDC due to differencesin accounting standards, calculation methods, etc. Future changes in circumstances may affect the content of this document, however, JMDC
takes no responsibility for updating or correcting this document. The content of this document is subject to change without prior notice.
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