Shin Nippon Biomedical Laboratories : Notice Regarding Revisions of the Earnings Forecasts for the Six Months and Full-Year of the Fiscal Year Ending March 31, 2023

Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.

	July 29, 2022
Company name	Shin Nippon Biomedical Laboratories, Ltd.
Representative	Representative Chairman, President & CEO
	Ryoichi Nagata
Listing	TSE PRIME : ticker code 2395
Inquiries	Managing Executive Officer, Senior Director,
	Corporate Communications, Toshiyuki Iwata
TEL	[phone]

Notice Regarding Revisions of the Earnings Forecasts

for the Six Months and Full-Year of the Fiscal Year Ending March 31, 2023

Shin Nippon Biomedical Laboratories, Ltd. (hereinafter, "the Company") announces the revisions to the forecast of the first six months and the full-year consolidated results for the fiscal year ending March 31, 2023 (from April 1, 2022 to December 31, 2023) announced on May 6, 2022, in view of the latest earnings trends.

1．Revisions to the forecast of the consolidated results for the fiscal year ending March 31, 2023

(1) Revisions to the forecast of the first six months consolidated financial results from April 1, 2022 to September 30, 2022

		Operating		Profit		Profit
	Net Sales	Ordinary profit	attributable to
	profit		per share
			owners of parent
	Millions of yen	Millions of yen	Millions of yen	Millions of yen		Yen
Previous Forecasts (A)	9,500	2,450	2,950	2,050		49.24
Revised forecasts (B)	10,570	2,510	4,700	3,310		79.50
Changes (B - A)	+1,070	+60	+1,750	+1,260
Changes (%)	+11.3	+2.4	+59.3	+61.5
ref.）Results of the six months of the	7,961	1,969	2,529	3,503		84.15
fiscal year ended March 31, 2022
(2) Revisions to the forecast of the full year consolidated financial results from April 1, 2022 to March 31, 2023
	Net Sales	Operating	Ordinary profit	Profit		Profit
	attributable to
	profit		per share
			owners of parent
	Millions of yen	Millions of yen	Millions of yen	Millions of yen		Yen
Previous Forecasts (A)	19,600	5,000	6,000	4,300		103.28
Revised forecasts (B)	22,830	5,210	7,890	5,590		134.27
Changes (B - A)	+3,230	+210	+1,890	+1,290
Changes (%)	+16.5	+4.2	+31.5	+30.0
ref.）Results of the fiscal year ended	17,748	4,195	7,078	7,127		171.20
March 31, 2022

2．Reasons for the revisions to the consolidate financial results forecasts

As announced in the "Notice of Result of Tender Offer for Shares of Common Stock of Ina Research Inc. and Change in Subsidiaries" on July 14, 2022, Ina Research Inc. became Company's consolidated subsidiary on July 20, 2022. Reflecting this event and in consideration of effects of the goodwill amortization related to Ina Research Inc. acquisition and recent foreign exchange and currency trends, the Company revised the consolidated financial forecasts for the fiscal year ending March 31, 2023 as above. The Company's sales, operating profit, ordinary profit and profit attributable to owners of parent are all expected to exceed the original forecast announced in May 2022.

Foreign exchange gain of ¥1,686 million was posted in the first three month of the fiscal year ending March 31, 2023, based on the foreign exchange rate of 136.64 Japanese yen to the US dollar. The newly revised forecast figures in the full-year outlook above are also based on the assumed exchange rate of 136.64 Japanese yen to the US dollar.

(NOTE) Financial forecasts and other statements above are based on information available as of the date of this announcement. Actual performance may differ substantially due to various factors in the future