Cofoe Medical Technology (301087) Q3 2024 earnings summary

Executive summary

• Q3 revenue reached ¥690.0M, up 14.09% YoY; net income attributable to shareholders was ¥66.9M, up 55.51%.�

• 9M revenue rose 5.87% to ¥2.249B; attributable net income increased 4.12% to ¥251.9M.�

• 9M operating cash flow was ¥435.9M, up 17.84% YoY.�

Financial highlights

• Q3 adjusted net income, excluding non-recurring items, was ¥52.7M, up 123.78% YoY; 9M adjusted net income was ¥218.8M, up 12.59%.�

• 9M non-recurring gains totaled ¥33.1M; fair-value and investment-related gains were notable contributors.�

• 9M sales and marketing expense rose 35.49% to ¥711.7M, alongside increased hearing-business store expansion, service and promotion spending, and advertising.�

• 9M investment income was ¥15.0M versus ¥0.9M a year earlier; fair-value gains fell to ¥2.5M from ¥33.4M.�

Segment performance

• Hearing-business store growth drove ¥65.5M of additional selling expense; increased online and offline service and promotion spending added ¥71.4M, and advertising added ¥13.3M.�