Q1 2023 Terumo Corp Earnings Call Transcript
I am the CFO, Muto. I will now explain the first quarter results for the fiscal year ending March 2023.
First, the highlights of this earnings announcement. Revenue grew positively year-on-year and was the highest ever in a quarter for all 3 companies. Recovery in health care demand, including a number of procedures in addition to FX contribution resulted in double-digit growth in all regions outside of Japan. All regions grew positively year-on-year even when excluding FX impact. In profit, there was impact from inflation, but increased revenue resulted in 8% gross profit growth. Simultaneously, sales promotion, R&D and other activities resumed more than they had in the same quarter of the previous year when they were still partially limited by COVID-19. As a result, operating profit was minus 16% year-on-year, but it was positive 41% compared to the fourth quarter of the previous period that directly preceded it. Progress towards the annual guidance is 25% in sales revenue and 23% in operating
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