Win-Partners Co., Ltd. (3183)
Results PresentationFY March 2021
Full year results ending March 2021
Consolidated results summary
Mar 2020Mar 2021YoYRE(Aug11)
Sales64,53762,123-3.7%59,000
Operating profit2,6492,255-14.9%2,000
Recurring profit2,6552,265-14.7%2,000
Net profit1,8721,540-17.7%1,370
  EPS (yen)65.2353.66－47.72
  BPS (yen)714.27736.32－
(￥mil)
What happened in 3/2021 
Spread of COVID-19 infection
Reimbursement price revision in April 2020
Change in the policy for public health and welfare under the Suga administration
What WIN tackled
①Logistic revolution 
➁Higher operational efficiency 
③Focus on CRS
④Reduction in idle inventories
64,537 
62,123 
FY 3/2020FY 3/2021
Highlights
(¥mil)
Non-acute coronary disease treatments had been postponed due to COVID-19
Sales suffered from reimbursement price revision in October 2019 & April 2020
Impact from the absence of sales to a hospital chain remained in Q1     (c. ¥2bn)
Sales -3.7%YoY
vs. plan+5.3%
Trend of the number of cases
-40.0%
-20.0%
AprMayJunJulAugSepOctNovDecJanFebMar
YoY change in the number of cases
in major segments
PCICVS
20202021
Sales impact by the reimbursement  
price revision in April 2020
Segmentimpact(%)
Percutaneous Coronary Intervention (PCI)-3.7
Cardiac Rhythm Segment (CRS)-1.2
Cardiac Vascular Segment (CVS)-0.4
Percutaneous Peripheral Intervension (PPI)-0.8
Neurovascular-1.3
Others-0.1
Total-1.5
Calculated based on reimbursement prices revised in October 2019
Reimbursement prices (¥000)
2019 (Oct)2020 (Apr)
PTCA Ballon Catheter3835- 8.7
DES (Drug Eluting Stent)173161- 6.9
IVUS (Intravascular Ultrasound Catheter)8480- 4.6
Pacemaker763720- 5.6
ICD (Implantable Cardioveter Defibrillator)2,9502,9500.0
CRTD (Cardiac Resychronization Therapy Difibrillator)3,9903,9900.0
Subcutaneous Implantable Defibrillator (S-ICD）3,1203,1200.0
Ablation Catheter126124- 1.6
Cardiac CryoAblation Catheter 6496490.0
Stent graft (abdomen）1,3201,3200.0
Open Stent graft1,1101,1100.0
Heart valve for Transcatheter Aortic Valve Implantation(TAVI) (Balloon-expandable)4,5104,5100.0
Heart valve for TAVI (self-expandable)3,7403,7400.0
PTA Ballon Catheter5655- 1.6
Peripheral Vascular Stent175174- 0.6
Peripheral DES (Drug Eluting Stent)2332330.0
Embolic Coil(electric type)1181180.0
Thrombectomy  Catheters (self-expandable)3863860.0
Change(%)
Neurovascular
ItemsSegment
The reimbursement 
prices of major products
Sales breakdown by segment
Sales(¥mil)VolumeValue(%)Change (pp)
15,977-11.0-15.725.7-3.6
16,353+1.1-5.926.3-0.6
8,670-5.0-5.514.0-0.3
3,468+3.4-0.55.6+0.2
2,718-0.4+3.54.4+0.3
2,489-+13.54.0+0.6
5,427-+39.08.7+2.7
7,017-+2.911.3+0.7
62,123--3.7100.0
Neurovascular
Diabetes mellitus segment (DMS)
Large-sized medical equipment
Others
Percutaneous coronary intervention (PCI)
Cardiac rhythm segment (CRS)
Cardiac vascular segment (CVS)
Percutaneous peripheral intervention (PPI)
YoY growth (%)
Segment
% of sales
suffered from the lower number of cases, the reimbursementprice revision, and the absence of sales to a major customer
suffered from the reimbursement price revision and the absence of sales to a major customer. ABL maintained a steady recovery
suffered from the lower number of cases and the absence of sales to a major customer. SHD (including TAVI) related sales increased   
P P Isaw the number of cases for shunt PTA continue increasing
Neuro-vascular
saw thrombectomy device sales increase
Large equip-ment
obtained some large-scale medical equipment orders and Covid-19 related orders
saw sales of blood glucose measuring equipment and insulin pumpincrease  
Segment review (vs. 3/2021)
Segment review (vs. plan) 
PCI-442 
Large-sized
medical
equipment
DMS109 
CRS173 
PPI198 
Neurovascular
CVS450 
Others2,277 
(¥mil)
Others
Large-sized
medical
equipmentCVSPCIPPICRS
NeurovascularDMS
lower the number of cases
obtained some large-scaleorders in 2H
better  sales of blood glucose measuring equipment and insulin pump
better  shunt PTAsales
better SHD related sales
gained new customers and ABL recovered
better throm-bectomydevice sales
Total +3,123(¥mil)
small/mid-sized equipment and maintenance &  inspection sales increased
2,649 
2,255 
FY 3/2020FY 3/2021
Highlights
(¥mil)
Gross profit margin 12.5%(-0.2pp YoY)- Sales volume decreased due to the lower number 
of cases
- Sales mix changed
SGA -0.6% YoY- General expenses (e.g. travelling) decreased- Labor cost +3% YoY- Number of employees :541(Mar 2020)→547(Mar 2021)
14.9%-
Operating 
profitYoY
vs. plan+12.8%
Quarterly sales and OP
to March 2021
12,843 
15,039 
16,587 
17,653 
542 639 
11,000
14,000
17,000
20,000
Apr- JunJul ‐ SepOct ‐ DecJan - Mar
Sales(￥mil)
Operating profit(￥mil)
(+7.4%)
(+8.7%)
(-6.4%)
(-22.5%)
(-24.8%)
(-62.0%)
( )    YoY
(+10.7%)
(+30.3%)
1,872 
1,540 
(¥mil)
Highlights
FY 3/2019FY 3/2021
-17.7%Net profitYoY
vs. plan+12.4%
Scrap loss for fixed asset: ¥19mil
Consolidated income statements
(¥mil)(%)(¥mil)(%)
Sales64,537100.062,123100.0
 Cost of sales56,36587.354,38087.5
Gross profit8,17212.77,74312.5
 SG&A expenses5,5228.65,4888.8
Operating profit2,6494.12,2553.6
 Non-operating profit180.0120.0
 Non-operating expenses120.010.0
Recurring profit2,6554.12,2653.6
 Extraordinary profit820.100.0
 Extraordinary loss140.0190.0
Pretax profit2,7244.22,2453.6
 Taxes8511.37051.1
Net profit1,8722.91,5402.5
Mar 2020Mar 2021
Consolidated balance sheet
Change
(¥mil)(%)(¥mil)(%)(¥mil)
Current assets35,49991.935,99489.6495
    Cash and deposits17,49545.317,12242.6-373
    Accounts receivable14,66638.015,96639.71,300
    Inventories2,5716.72,3345.8-237
    Other current assets7672.05701.4-197
Fixed assets3,1328.14,19310.41,061
Total assets38,632100.040,187100.01,555
Current liabilities17,09844.317,96044.7862
    Accounts payable15,89941.216,75641.7857
    Taxes payable4351.12770.7-158
    Other current liabilities7622.09262.3164
Fixed liabilities1,0292.71,0882.759
Total liabilities18,12746.919,04947.4922
Net assets20,50553.121,13852.6633
Total liabilities,net assets38,632100.040,187100.01,555
Mar 2020Mar 2021
Consolidated cashflow statements
Mar 2020Mar 2021
Cash flows from operating activities3,2191,850
Net profit before taxes2,7242,245
Depreciation196194
Notes and accounts receivable3,695-1,300
Inventories-215291
Notes and accounts payable-2,269856
Tax paid-966-763
Other54326
Cash flows from investing activities-94-1,276
Time deposits -5,000-5,000
Withdrawal from time deposits5,0005,000
Purchase of tangible assets-107-1,176
Sales proceeds of tangible assets8-
Other4-100
Cash flows from financing activities-918-947
Cash dividends paid-918-947
Net increase in cash and cash equivalents2,206-373
Cash and cash equivalents at beginning of FY 10,28912,495
Cash and cash equivalents at the end of FY12,49512,122
 (¥mil)
Outlook
What WIN plans to do 
① Promotion of logistic revolution
-Support for an experimental study for IC tag utilization on medical devices
-New sales/inventory control system and construction of the new
distribution center 
➁ Focus on CRS
Target 150 CDRs (vs. 92 as at 3/2020)
③ M&A etc.
Continue investigating opportunities in order to expand business
(Topix) Support for an experimental study
for IC tags on medical devices  
Support for IC tag utilization for medical devices used in cath-labs at JichiMedical University Saitama Medical Center (one of MHLW’s studies)
WINInternationalHospital
IC tag issue
tagging
delivery
scan when usedmonitor
replenish?
（device consumption monitoring system）
（scanned data）device
（merits of IC tags）
・scanned remotely (through barriers) ・multiple items can be scanned at once・each item (of the same kind of device) can be identified respectively 
table 
scanner
cardiac device
IC tag
cardiac device
Purpose：to improve operational efficiency at a hospital and to establish traceability of medical devicesTerm     : c.1 year from March 2021
(Topix)  Rendering of the new
distribution center
Consolidated earnings forecasts to March 2022
(¥mil) YoY (%)(%)
Sales64,500+3.8100.0
Operating profit2,500+10.93.9
Recurring profit2,500+10.33.9
Net profit1,700+10.32.6
EPS (yen)59.22
DPS (yen)35.00
62,123 
64,500 
FY 3/2021FY 3/2022E
(¥mil)
Highlights
Sales+3.8%YoY
Reaction from large-scale equipment orders obtained last year
Impact from Covid-19
Sales breakdown by segment
   (¥mil)         YoY(%)% of sales
Percutaneous coronary intervention (PCI)17,590+10.127.3%
Cardiac rhythm segment (CRS)17,420+6.527.0%
Cardiac vascular segment (CVS)9,270+6.914.4%
Percutaneous peripheral intervension (PPI)3,650+5.25.6%
Neurovascular2,970+9.34.6%
Diabetes mellitus segment (DMS)2,650+6.54.1%
Medical equipment ※5,600-9.68.7%
Others5,350-14.48.3%
Total64,500+3.8100.0%
※ Medical equipment segment includes large and small & mid-sized equipment from 3/2022
2,255 
2,500 
FY 3/2021FY 3/2022E
(¥mil)
Highlights
+10.9% YoYOperating 
profit
Sales increase
Forecast of gross profit margins:12.8%, (+0.3pp)
-Intensifying the price negotiations and rebate programs with suppliers
SG&A ¥5.72bn (+4.4%)
-Forecast of the number of employees
547(Mar 2021) → 579 (Mar 2022)
(¥mil)Capex¥70milvs. ¥1.1bn for FY 3/2021
Depreciation¥160 mil
vs. ¥194mil for FY 3/2021
Highlights
+10.3% YoYNet profit
1,540 
1,700 
FY 3/2021FY 3/2022E
Dividends
34 35 
FY 3/2021FY 3/2022E
dividend per share (¥)
payout ratio (%)
59.1 35yen
(+1 yen from March 2021)
Payout ratio
( 59.1%)
Reference
SegmentProduct
・Myocardial 
infarction
・ Angina
・Abnormal 
cardiac rhythm
・Aortic aneurysm・Aortic stenosis 
PPI/Neurovascular
・Arteriosclerosis 
obliterans
DMS/Large equipment
・Diabetes・Diagnosis
PTCA balloon catheter
Drug-eluting stent (DES)
Intravascular ultrasound (IVUS) catheter
Pacemaker
Implantable cardioverter defibrillator（ICD）
Ablation catheter
Stent graft
Transcatheteraortic valve
Mechanical heart valve
Peripheral vascular stentEmbolic Coil
X-ray equipment
Magnetic resonance imaging (MRI)Insulin pump
Drug-CoatedBalloon(DCB)
Disease
Cardiac resynchronization therapy defibrillator (CRTD) 
Major products
Track record of quarterly results
Sales/Operating profit (quarterly)
Operating profit
Sales:¥mil
Operating 
profit: ¥mil
= Year of reimbursement price revisions
10,822 
11,407 
13,223 
14,370 
11,630 
11,957 
13,059 
13,908 
12,582 
13,288 
13,862 
14,412 
13,690 
14,023 
14,499 
15,547 
14,571 
15,182 
16,874 
16,204 
15,875 
15,988 
18,776 
19,135 
17,076 
16,067 
15,447 
15,946 
12,843 
15,039 
16,587 
17,653 
505 545 
688 739 
647 722 783 
595 681 
806 881 
696 739 788 833 794 703 
805 842 
1,062 
757 700 
588 602 
10,000
15,000
20,000
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
FY 2014/3FY 2015/3FY 2016/3FY 2017/3FY 2018/3FY 2019/3FY 2020/3FY 2020/3
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201320142015201620172018201920202020
May 2014
TSE 2nd section
Sep 2014
TSE 1st section
Mar 2015
1 mil share selling
Share price
Effective on 
January 1st, 2017
Stock split1 : 2
株式売出目論見書
Dec 2013360,000 
Share selling
Disclaimer
This material was prepared based on information available and views held at the time it was made. Statements in this material that are not historical facts, including, without limitation, plans, forecasts and strategies are  “forward-looking statements”.Forward-looking statements are by their nature subject to various risks and uncertainties, including, without limitation, a decline in general 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 developmentsto differ materially from those expressed or implied in any forward-looking statement.With the passage of time, information in this material (including, without limitation, forward-looking statements) could be superseded or cease to be accurate. WIN-Partners Co., Ltd. disclaims any obligation or responsibility to update, revise or supplement any forward-looking statement or other information in any material or generally to any extent. Use of or reliance on the information in this material is at your own risk. 
Contact
WIN-Partners Co., Ltd.
Investor Relations
TEL: +81-3-3548-0790
http://www.win-partners.co.jp