Financial Results for the Fiscal Year Ended March 31, 2023 (FY2022)

May 15, 2023

Naoki Muto

Chief Accounting and Financial Officer Terumo Corporation

Safe Harbor for Forward-Looking Statements and Use of Document

Among the information that Terumo discloses, the forward-looking statements including financial projections are based upon our assumptions using information available to us at the time and are not intended to be guarantees of future events or performance. Accordingly, it should be noted that actual results may differ from those forecasts or projections due to various factors. Factors affecting to actual results include, but are not limited to, changes in economic conditions surrounding Terumo, fluctuations of foreign exchange rates, and state of competition. Information about products (including products currently in development) which is included in this material is not intended to constitute an advertisement or medical advice.

©TERUMO CORPORATION

2 / 27

Highlights

FY22 Revenue

Highest-ever sales revenue and OP; profit for the period increased US drove sales revenue growth; +5% group-wide (excluding FX)

Profit temporarily down in Q4; shortfall against Feb. guidance

FY23 guidance

Continued global growth, +6% sales revenue growth (excluding FX) Expand high-margin products for double-digit OP growth

©TERUMO CORPORATION

3 / 27

P&L

Revenue: Highest ever. Strong demand continued in C&V field, especially US

OP: Although highest ever, impact from raw materials price increases and one-time Q4 costs drove profitability down

100M JPY

FY 21 Q4 YTD

FY 22 Q4 YTD Change

Change excluding

FX impact

Revenue

7,033

8,202

17%

5%

Gross Profit

3,693

4,174

13%

2%

（%）

(52.5%)

(50.9%)

SG&A Expenses

1,991

2,383

20%

7%

（%）

(28.3%)

(29.1%)

R&D Expenses

518

616

19%

7%

（%）

(7.4%)

(7.5%)

Other Income and Expenses

-25

-2

-

-

Operating Profit

1,160

1,173

1%

-5%

（%）

(16.5%)

(14.3%)

Adjusted Operating Profit

1,344

1,380

3%

-6%

（%）

(19.1%)

(16.8%)

Profit before Tax

1,145

1,161

1%

（%）

(16.3%)

(14.2%)

Profit for the Year

888

893

1%

（%）

(12.6%)

(10.9%)

Average exchange rate (USD/EUR)

112JPY/131JPY 135JPY/141JPY

FY21 Q4

FY22 Q4

Change

1,798

2,022

12%

905

990

9%

(50.3%)

(49.0%)

528

597

13%

(29.4%)

(29.5%)

144

160

11%

(8.0%)

(7.9%)

-18

5

-

215

238

11%

(12.0%)

(11.8%)

273

284

4%

(15.2%)

(14.1%)

215

240

12%

(11.9%)

(11.9%)

171

191

12%

(9.5%) (9.5%) 116JPY/130JPY 132JPY/142JPY

©TERUMO CORPORATION

4 / 27

Operating Profit Variance Analysis (Q4 YTD)

(100M JPY)

Gross

Pricing

G/P

margin

+27 SG&A

FX

increment

Reimbur-

R&D

by

sales

sement

increase

price, etc.

-28

FY21

FY21

FY22

FY22

Q4 YTD

Q4 YTD

Q4 YTD

Q4 YTD

Operating Adjusted

Adjusted Operating

Profit

Operating

Operating

Profit

Profit

Profit

GP increment by sales increase:

Increased demand and new product contribution grew sales

Gross margin:

Unprecedented raw materials price increases etc. continued

Price:

Price increases that we continued through the period insufficient to make up for negative impact

SG&A, R&D:

Expense control while continuing investment in growth fields

FX:

Large positive impact due to yen depreciation

©TERUMO CORPORATION

5 / 27

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

Terumo Corporation published this content on 15 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 May 2023 06:27:02 UTC.