Medirom Healthcare Files 2023 Annual Report

Ticker: MRM · Form: 20-F · Filed: Jun 18, 2024 · CIK: 1819704

Sentiment: neutral

Topics: 20-F, annual-report, healthcare

TL;DR

Medirom filed its 2023 20-F, check it for the latest financials.

AI Summary

Medirom Healthcare Technologies Inc. filed its 20-F annual report for the fiscal year ending December 31, 2023. The filing includes financial data and disclosures related to its operations. Key dates mentioned include the filing date of June 18, 2024, and the reporting period of December 31, 2023. The company is based in Tokyo, Japan.

Why It Matters

This filing provides investors with a comprehensive overview of Medirom's financial performance and business activities for the past fiscal year, crucial for investment decisions.

Risk Assessment

Risk Level: medium — As a foreign private issuer filing a 20-F, the company is subject to different reporting and regulatory standards compared to domestic US companies, which can introduce additional complexities and risks for investors.

Key Numbers

Key Players & Entities

FAQ

What is the primary business of Medirom Healthcare Technologies Inc. as indicated in the filing?

The filing indicates the company's Standard Industrial Classification is SERVICES-PERSONAL SERVICES [7200], suggesting its primary business is in personal services.

Where is Medirom Healthcare Technologies Inc. located?

The company's business and mailing address is located in Tokyo, Japan.

What is the SEC file number for Medirom Healthcare Technologies Inc.?

The SEC file number for Medirom Healthcare Technologies Inc. is 001-39809.

What period does this 20-F filing cover?

This 20-F filing covers the fiscal year ending December 31, 2023.

Are there any specific subsequent events mentioned in the filing related to share-based payments?

Yes, the filing mentions us-gaap:SubsequentEventMember related to us-gaap:EmployeeStockOptionMember and us-gaap:ShareBasedPaymentArrangementEmployeeMember on 2024-03-31.

Filing Stats: 4,501 words · 18 min read · ~15 pages · Grade level 17.5 · Accepted 2024-06-18 17:29:03

Key Financial Figures

Filing Documents

Item 18

Item 17 Item 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No (APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS) Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes No Table of Contents TABLE OF CONTENTS CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS 1 PART I . 2 ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 2 ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE 2 ITEM 3. KEY INFORMATION 2 ITEM 4. INFORMATION ON THE COMPANY 34 ITEM 4.A. UNRESOLVED STAFF COMMENTS 60 ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 60 ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 76 ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 83 ITEM 8. FINANCIAL INFORMATION 86 ITEM 9. THE OFFER AND LISTING 86 ITEM 10. ADDITIONAL INFORMATION 87 ITEM 11.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 95 ITEM 12.

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 97 PART II. 100 ITEM 13 . DEFAULTS, DIVIDENDS ARREARAGES AND DELINQUENCIES 100 ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 100 ITEM 15.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 100 ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 101 ITEM 16B. CODE OF ETHICS AND BUSINESS CONDUCT 101 ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 101 ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 102 ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 102 ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT 102 ITEM 16G. CORPORATE GOVERNANCE 102 ITEM 16H. MINE SAFETY DISCLOSURE 103 I TEM 16I . DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 103 I TEM 16J. I NSIDER TRADING POLICIES 103 ITEM 16K. CYBERSECURITY 104 PART III. 105 ITEM 17.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 105 ITEM 18.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 105 ITEM 19. EXHIBITS 106 i Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Various statements contained in this annual report, including those that express a belief, expectation or intention, as well as those that are not statements of historical fact, are forward-looking statements. These forward-looking statements may include projections and estimates concerning our possible or assumed future results of operations, financial condition, business strategies and plans, market opportunity, competitive position, industry environment, and potential growth opportunities. In some cases, you can identify forward-looking statements by terms such as "may", "will", "should", "believe", "expect", "could", "intend", "plan", "anticipate", "estimate", "continue", "predict", "project", "potential", "target," "goal" or other words that convey the uncertainty of future events or outcomes. You can also identify forward-looking statements by discussions of strategy, plans or intentions. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, because forward-looking statements relate to matters that have not yet occurred, they are inherently subject to significant business, competitive, economic, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. These and other important factors, including, among others, those discussed in this annual report under the headings "Risk Factors", "Operating and Financial Review and Prospects", and "Business Overview" may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements in this annual report. Some of the factors that could cause actual result

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS Not applicable.

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE Not applicable.

KEY INFORMATION

ITEM 3. KEY INFORMATION A. [Reserved] B. Capitalization and Indebtedness Not applicable. C. Reasons for the Offer and Use of Proceeds Not applicable. D. Risk Factors

RISK FACTORS

RISK FACTORS We operate in a dynamic and rapidly changing industry that involves numerous risks and uncertainties. You should carefully consider the factors described below, together with all of the other information contained in this annual report, including the audited and unaudited financial statements and the related notes included in this annual report. These risk factors are not presented in the order of importance or probability of occurrence. If any of the following risks actually occurs, our business, financial condition and results of operations could be materially and adversely affected. Some statements in this annual report, including statements in the following risk factors, constitute forward-looking statements. Please refer to the section entitled "Cautionary Note Regarding Forward-Looking Statements." As used this annual report, the terms "the Company", "Medirom", "we", "our" or "us" may, depending upon the context, refer solely to the Company, to one or more of the Company's consolidated subsidiaries or to all of them taken as a whole. Our functional currency and reporting currency is the Japanese yen (which we refer to as "JPY" or ""). The terms "dollar," "USD," "US$" or "$" refer to U.S. dollars, the legal currency of the United States. Convenience translations included in this annual report of Japanese yen into U.S. dollars have been made at the exchange rate of 140.92 = US$1.00, which was the foreign exchange rate on December 29, 2023 as reported by the Board of Governors of the Federal Reserve System (which we refer to as the "U.S. Federal Reserve") in weekly release on January 2, 2024. Historical and current exchange rate information may be found at www.federalreserve.gov/releases/h10/. 2 Table of Contents Summary Risk Factors Investing in our company involves significant risks. You should carefully consider all of the information in this annual report before making an investment in our company. These risks include the following: Ri

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