Financial and Operating Results for the First Half of 2021

Exhibit 99.2

November 8, 2021

Medirom Healthcare Technologies Inc.

Reports Financial and Operating Results for the First Half of 2021

New York - November 8, 2021 - MEDIROM Healthcare Technologies Inc. (NasdaqCM: MRM, "MEDIROM"), a leading holistic health services provider in Japan, today announced MEDIROM's interim financial results for the six month ended June 30, 2021.

FY 2021 Interim Financial Highlights

• Total revenue for the first half of the year increased by 57.0% to JPY2,127 million (US$19.1 million) from JPY1,356 million in a year ago period, due to the recovery from the COVID-19 negative impact in 2020.
• Cost of revenues increased by 39.4% to JPY1,768 million (US$15.9 million) from JPY1,269 million in a year ago period, as a result of the reopening of the salons and salon acquisitions.
• SG&A increased by 61.3% to JPY840 million (US$7.5 million) from JPY521 million in a year ago period, as a result of the stock compensation expenses and increased professional fees.
• Net loss of JPY521 million (US$4.6 million) was recorded due to the increased cost of revenues and SG&A. JPY148 million of the stock compensation expense was one of the major factors of the loss.
• Adjusted EBITDA and Adjusted EBITDA margin were negative JPY291 million (US$2.6 million) and minus 13.7%, respectively.
• Cashflow from Operating Activities was negative JPY348 million (US$3.1 million), mainly due to the decrease in net income.
• Cashflow from Investing Activities was negative JPY410 million (US$3.6 million), primarily due to salon acquisitions.
• Cashflow from Financing Activities was negative JPY 326 million (US$2.9 million), due to the deferred offering costs and bank loan repayment.
• Net cash decreased by JPY 1,084 million (US$9.7 million).

Corporate Highlights 1H2021

• Number of Salons increased by 24 stores to 313 as of June 30, 2021 from 289 stores as of June 30, 2020, primarily attributed to the acquisition of SAWAN in May 2021.
• Sales per Customer increased by 1.9%, from JPY6,234 in June 2020 to JPY6,350 in June 2021.
• Operation Ratio improved by 7.8 percentage points to 48.6% in June 2021 from 40.8% in the same month of 2020.
• Total Customers Served also recovered by 41.9% to 373,723 in the first half of 2021 from 263,351 in the same period in 2020.
• Our mobile application LavⓇ is being upgraded for general consumers use on top of the engagement by Specific Guidance Program.
• In December 2021, we are planning to launch a self-charging smart bracelet, MOTHER TrackerⓇ in Japan.

Outlook and perspective FY 2021 and FY2022

• The Declaration of Emergency for COVID-19 was lifted in October 2021. There is no closed salon.
• After observing the KPIs transition in FY2020 and ongoing FY2021, we concluded that our industry is regarded as a necessary service for people's daily life. We believe that relaxation salon business segment will continue to stay stable, and that we can generate reasonable profit by controlling the cost and expenses.
• We will actively look for the opportunities to grow our salon business through M&A transactions.

• Due to the nature of the Company's business and its strategy, such as the sale of directly-operated salons to franchisees in the second half of the year and the rise in sales in summer, sales and profits tend to be skewed toward the second half of the year. This trend has been observed for the past 10 years.

Recent Developments

On October 31, 2021, Ms. Miki Aoki, resigned as a member of our board of directors to assume a role as director of our subsidiary, Bell Epoc Wellness Inc. Ms. Aoki indicated that her resignation is not due to any disagreement with the Company on any matter relating to its operations, policies or practices. The Company has no immediate plans to replace Ms. Aoki for the time being, however, it will consider nominating a new director(s) for the next annual shareholders meeting. Bell Epoc Wellness Inc. changed its name to Wing Inc. effective November 1, 2020

Comments from the CEO

Kouji Eguchi, Chief Executive Officer of MEDIROM, stated, "I want to emphasize our view of Medirom's importance to the communities where we have a presence and of our ongoing focus on keeping our employees safe while supporting customers during the pandemic. Throughout 2020, we expanded our business model while operating in the challenges posed by the COVID-19 pandemic by providing a level of customer service that our customers have come to know and love."

"The increase in revenues reflects the foundation we have built and continue to expand upon even during challenging times. At the end of June of this year we had 313 salons, an increase of 24, as compared to 289 at the end of June of last year," continued Mr. Eguchi. "We are looking forward to the future as we carefully and strategically plan to expand our operations and meet the demand of our partners and customers."

FORWARD-LOOKING STATEMENTS

The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 protects companies from liability for their forward-looking statements if they comply with the requirements of the Act.

Non-GAAP Financial Measures

This press release includes non-GAAP financial metrics that we use to help us evaluate our business, identify trends affecting our business, formulate business plans, and make strategic decisions. Adjusted EBITDA and Adjusted EBITDA Margin are financial measures that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles in the United States of America ("GAAP"). Definitions for such non-GAAP measures can be found in the Appendix to this presentation. Any non-GAAP financial measures used in this presentation are in addition to, and not meant to be considered superior to, or a substitute for, the Company's financial statements prepared in accordance with GAAP. A reconciliation of each of these non- GAAP measures to their nearest GAAP measure is set forth in the Appendix to this presentation.

The Company believes these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. The Company's management uses these non-GAAP measures to compare our performance to that of prior periods for trend analyses and for budgeting and planning purposes. These measures are used in monthly financial reports prepared for management and our board of directors. We believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends in and in com paring our financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. Management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in our financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. Undue reliance should not be placed on these measures as the Company's only measures of operating performance, nor should such measures be considered in isolation from, or as a substitute for, financial information presented in compliance with GAAP. Non-GAAP financial measures as used in respect of the Company may not be comparable to similarly titled amounts used by other companies.

(1) For a reconciliation of Adjusted EBITDA to net income (loss), the most comparable U.S. GAAP measure, see the following table.

Reconciliation of non-GAAP measures:		Year ended December 31,
(in thousands, except Adjusted EBITDA margin)		2020($)			2020(¥)			2019(¥)
Net (loss) income		$	(5,225)		¥	(539,170)		¥	17,335
Dividend income and interest income			(13)			(1,334)			(1,338)
Interest expense		128			13,234			13,591
Gain from bargain purchases			-			-			(6,487)
Other, net		(1,272)			(131,299)			(4,153)
Income tax expense			(848)			(87,519)			15,961
Equity in earnings (loss) of investment		-		-		(559)
Operating income	$	(7,230)		¥	(746,088)		¥	34,350
Depreciation and amortization		604			62,290			46,174
Losses on sales of directly-operated salons to franchises			-			-			9,600
Losses on disposal of property and equipment, net and other intangible assets, net		328			33,841			4,631
Impairment loss on long-lived assets			1,031			106,501			44,546
Adjusted EBITDA		$	(5,267)		¥	(543,456)		¥	139,301
Adjusted EBITDA margin		(16.3)%		(16.3)%		3.6 %

(2) Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA for a period by total revenue for the same period.

About MEDIROM Healthcare Technologies Inc.

MEDIROM operates 316 (as of September 30, 2021) relaxation salons across Japan, Re.Ra.KuⓇ, being its leading brand, and provides healthcare services. In 2015, MEDIROM entered the health-tech business, and launched new healthcare programs using on-demand training app called "LavⓇ", which is developed by the company. MEDIROM also entered the device business in 2020 and is developing a smart tracker "MOTHER TrackerⓇ". MEDIROM plans to expand the scope of its business to include data analysis utilizing the data it has collected since formation of the company.

URL: https://medirom.co.jp/en

Contacts:

Investor Relations Team

[e-mail]

MEDIROM HEALTHCARE TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF JUNE 30, 2021 (UNAUDITED) AND DECEMBER 31, 2020

(Yen in thousands, except share data)

			June 30,		December 31,
			2021			2020
ASSETS
Current assets:
Cash and cash equivalents		¥	354,950		¥	1,439,733
Accounts receivable-trade, net of allowances of ¥5,484 and ¥4,426, respectively			89,416			148,540
Accounts receivable-other			305,851			411,278
Inventories			10,904			7,956
Prepaid expenses and other current assets			111,057			79,717
Total current assets			872,178			2,087,224
Property and equipment, net			330,692			235,930
Goodwill			535,246			150,720
Other intangible assets, net			91,036			97,615
Investments			53,020			500
Long-term accounts receivable-other, net of allowances of ¥125,939 and ¥131,759, respectively			115,247			116,942
Right-of-use asset - operating lease, net			1,709,722			1,578,828
Lease and guarantee deposits			784,796			710,636
Deferred tax assets, net			613,311			655,591
Other assets			94,768			79,480
Total assets	¥	5,200,016	¥	5,713,466
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable		¥	62,244		¥	67,016
Accrued expenses			814,390			889,112
Current portion of long-term borrowings			181,884			242,281
Accrued income taxes			13,211			43,198
Contract liability (current)			92,988			172,063
Advances received			438,482			461,665
Short-term lease liability			702,685			658,320
Other current liabilities			141,550			118,933
Total current liabilities			2,447,434			2,652,588
Long-term borrowings - net of current portion			573,275			668,380
Deposit received			340,525			375,463
Long-term contract liability - net of current portion			297,523			333,978
Long-term lease liability - net of current portion			1,059,530			992,892
Asset retirement obligation			256,967			191,192
Other liabilities			18,693			7,716
Total liabilities			4,993,947			5,222,209
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY:
Common stock, no par value; 19,899,999 shares authorized; 4,975,000 shares issued and 4,882,500
shares outstanding at June 30, 2021; 9,999,999 shares authorized; 4,915,000 shares issued and
4,822,500 shares outstanding at December 31, 2020			1,223,134			1,179,313
Class A common stock, no par value; 1 share authorized; 1 share issued and 1 share outstanding at
June 30, 2021 and December 31, 2020			100			100
Treasury stock, at cost- 92,500 common shares at June 30, 2021 and December 31, 2020			(3,000)			(3,000)
Additional paid-in capital			1,210,907			1,018,146
Accumulated deficit			(2,225,072)			(1,703,302)
Total shareholders' equity			206,069			491,257
Total liabilities and shareholders' equity		¥	5,200,016		¥	5,713,466

MEDIROM HEALTHCARE TECHNOLOGIES INC.

CONDENSED CONSOLIDATED STATEMENTS OF LOSS (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2021 AND 2020

	(Yen in thousands, except share and per share data)
			Six months ended June 30,
			2021			2020
Revenues:
Revenue from directly-operated salons	¥	1,421,413	¥	751,267
Franchise revenue			689,148			593,236
Other revenues			16,918			11,774
Total revenues			2,127,479			1,356,277
Cost of revenues and operating expenses:
Cost of revenue from directly-operated salons			1,415,685			866,297
Cost of franchise revenue			335,458			394,906
Cost of other revenues			17,764			8,017
Selling, general and administrative expenses			840,760			521,364
Total cost of revenues and operating expenses			2,609,667			1,790,584
Operating loss			(482,188)			(434,307)
Other income:
Dividend income			2			2
Interest income			506			674
Interest expense			(6,683)			(6,076)
Gain from bargain purchases			1,014			1,624
Government subsidies			1,065			12,230
Other, net			19,733			1,912
Total other income			15,637			10,366
Loss before income tax expense			(466,551)			(423,941)
Income tax expense			55,219			19,030
Net loss		¥	(521,770)		¥	(442,971)
Net loss per share
Basic	¥	(107.09)	¥	(110.12)
Diluted		¥	(107.09)		¥	(110.12)
Weighted average shares outstanding
Basic			4,872,224			4,022,501
Diluted			4,872,224			4,022,501