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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 profit, in addition to passing the higher cost to customer for the inflation. We are working for better transportation choice from cost optimization perspective in the demand increasing as well as stabilizing factory utilization with having enough main part stock. We also accelerate global optimization of production and procurement as the part of GS26.
Next slide, please. Here are the P&L results. Revenue was JPY 197.3 billion, our highest ever quarterly result. This was a 15% increase from the same quarter of the previous year. Positive growth was 5% when excluding FX. Revenue growth absorbed part of the increase in manufacturing cost caused by inflation. But as activities that have been limited due to COVID-19 resumed, SG&A and R&D expenses rose, resulting in operating profit of JPY 30.4 billion, which was a decrease from the same period of the previous year. On the other hand, profit increased around 40% compared to the fourth quarter of the previous year. Please refer to Slide 14 of the reference materials for that trend.
Next slide, please. This is the operating profit variance analysis. GP increment by sales increase was positive JPY 5.1 billion. Gross margin was positively impacted by mix improvement, primarily due to increased revenue in the TIS business of the Cardiac and Vascular Company, but negative impact from production cost inflation, including materials, logistics, labor and utilities exceeded that positive impact, resulting in minus JPY 3.5 billion. Price was impacted JPY 700 million by the reimbursement price revision but pushed back up JPY 200 million by price increases. SG&A and R&D increased as activities resumed more than they had in the same quarter of the previous year, which was still limited by COVID-19. In addition, upfront expenses increased in the Plasma Innovation business of the Blood and Cell Technologies Company. In FX, [ flow swan ] greatly positive in the currencies of China and the EU, where revenue grew as planned. This was almost offset by the negative impact for unrealized profit from inventory assets with FX rapid change in the end of this quarter.
Next slide, please. Next is revenue by region. Revenue in Japan grew most in the following order: Pharmaceutical Solutions of the Terumo Medical Care Solutions Company, TIS and TA of the Cardiac and Vascular Company. In Europe, the Cardiac and Vascular Company [ led as ] all companies increased revenue. The quarter was not impacted by COVID, and the number of procedures trended as planned. Whole blood product tenders contributed for the Blood and Cell Technologies Company. In the Americas, TIS of the Cardiac and Vascular Company, [ VET ] Market General Hospital products in Terumo Medical Care solutions and Blood Center Solutions in the Blood and Cell Technologies Company, where each driver as all 3 companies increased revenue. The Neurovascular in TA businesses are both growing as planned. The main lockdown of cities in China maximized the impact of reduced number of procedures, but distributor demand was very strong, leading to 8% year-on-year growth when excluding FX. In Asia and others, health care demand recovery resulted in TIS of Cardiac and Vascular and Blood Center Solutions of the Blood and Cell Technologies Company growing as planned.
Next slide, please. I will now explain results by company, starting with Cardiac and Vascular Company. Overall revenue was JPY 116.8 billion or 17% growth. This was 14% growth from the preceding fourth quarter in all regions except Japan, number of procedures recovered to the pre-COVID growth trend. In TIS, Japan was more gradual due to reimbursement price revision impact, but markets outside Japan grew in the double digits with Asia, China and the Americas growing the most, respectively. Recovery and growth in the number of oncology and peripheral procedures was one overall growth factor. Neurovascular saw an increase in number of procedures led by North America and Europe. This led to continued growth by the aspiration catheter as well as expansion of WEB in North America, the Flow Diverter, which was experiencing aggressive competition, pivoted towards recovery, thanks to positive impact from the launch of a [ coated ] product. CV also trended steadily as the number of procedures grew in North America and Europe. Only Japan saw a slight decrease following [indiscernible] demand as a driver in the previous year. In TA, the number of procedures grew in North America and Europe, while the new thoracic stent graft product RelayPro contributed to increased sales in places, including Japan and the United States. As activities resumed more than they had in the COVID impacted previous year, expenses returned in earnest, resulting in decreased segment profit. However, this was as we anticipated.
Next slide, please. Next is the Terumo Medical Care Solutions Company. Overall, revenue was JPY 46 billion for 5% growth. Revenue decreased 1% from the preceding fourth quarter. By business in hospital care solutions, health care demand in Japan was still recovering, while the resumption of surgeries resulted in adhesion barrier growth. Outside Japan, there was growth in General Hospital products such as [ VET ] in the U.S. and indwelling needles for the veterinary market. In Life Care Solutions, products that saw extraordinary demand in the previous year such as thermometers and blood pressure monitors returned back to normal. Self-measurement blood glucose products also experienced price decrease impact as competition intensified. All these factors resulted in deceleration. In pharmaceutical solutions, orders from pharmaceutical companies increased in anticipation of health care demand recovery. In segment profit, gross profit decreased due to the negative impact of rising manufacturing costs caused by Chinese yuan appreciation and less favorable mix in Life Care. In addition, activities resumed more than they had in the same quarter of the COVID impacted previous year. These factors resulted in decreased profit.
Next slide, please. Next is Blood and Cell Technologies Company. Overall revenue was JPY 34.5 billion for 22% growth. Growth was 13% from the directly preceding fourth quarter. In revenue, the global recovery in whole blood collection demand, combined with steady growth in therapeutic solutions and cell processing for strong overall growth. In the Blood Center business, whole blood collection demand recovered globally while automation and innovation in the U.S. and Europe also contributed to increased revenue. Component collection demand also grew steadily in regions, including China. Therapeutic solutions continued to see high demand along with the growth of cell therapy volume, led by Japan, Europe and U.S. Instrument sales continue as hospitals invest in being able to perform this therapy. As the need for cell therapy expands, there is steady demand for cell processing instruments. In profit, impact from rising manufacturing cost in the U.S., combined with upfront investment in plasma innovation and fuller resumption of activities than the same COVID affected quarter of the previous year to result in a decrease. It is also of note that production volume in Costa Rica exceeded plans.
Next slide, please. Lastly, I will introduce the progress of this fiscal year's pipeline for our main products and the major topics. New products whose sales grew greatly in the first quarter were RelayPro, which launched in the United States last year, the WEB Neurovascular product, which benefited from a 17-millimeter model introduction and expansion in the number of facilities using it in the U.S. and FRED X, which further [indiscernible] counter offensive against the competition. As the slide shows, if Relay is approved for additional indications such as dissection, it is expected to see even further growth. And this was the good news that source plasma collection with [indiscernible] has started. One major topic is that Terumo announced its purpose on July 8. Taking into view the next 10 years, the [ Terumo ] purpose expresses in specific terms, the direction that Terumo intends to go upon considering what contributions it can make to global health care to meet the expectations of society.
This concludes my explanation of our earnings. Thank you.