Today, I would like to present a summary of the first quarter results of FY24 and the outlook for the full year. I will cover the executive summary, and the CFO, Yamaguchi, will give an overview of the first quarter results and the full year forecast. Here are Q1 financial highlights. Revenue was JPY 85.2 billion, which was an increase of JPY 3.9 billion year-on-year, mainly due to the M&A of the EMR, EMR-related business in the prior year and the positive impact of the weaker yen. Operating profit increased by JPY 300 million year-on-year to JPY 2 billion. Compared with the same period of the previous year, decrease in one-off costs for Diabetes Management contributed. Profit attributable to the owners of the parent was -JPY 3.2 billion.
Profit attributable to owners of the parent on cash basis was JPY -1.1 billion. These figures include the impact of FX losses due to weaker yen. The full year forecast remain unchanged from the initial forecast of the year. Revenues forecast at 360 billion, operating profit at JPY 11.1 billion, and cash-based profit at JPY 17.5 billion. The Forex assumptions are the same as the beginning of the fiscal period. The annual dividend plan of the year is also unchanged from the forecast at the beginning of the period, at JPY 42 per share. The details of these numbers will be explained later by our CFO. I would like to explain the quarterly balanced operating profit in the full year forecast, and the steps that will be taken to achieve this plan.
The bar graph on the left shows what we shared at the last results briefing in May, updated with the result of the first quarter. Usually, operating profit tends to increase in the second half of the year due to seasonality. This year, the operating profit will be even more second half heavy, as we expect a market recovery and the launch of several new products in the second half. Operating profit in the first quarter was JPY 2 billion, achieving the internal plan. From the second quarter onwards, we will continue to monitor market trends and manage the progress of our initiatives and steps in each area with a view to achieving our plans. The main points of the measures in the second quarter and beyond are listed on the right-hand side of the slide.
In Diabetes Management , BGM, blood glucose monitoring cost reductions, are being implemented mainly in manufacturing and SG&A in order to generate cash. In CGM, continuous glucose monitoring, preparations are underway to launch the 365-day sensor, and the number of users is expected to increase, mainly in the United States. In Healthcare Solutions , LSI Medience, which conducts clinical testing, the company is looking ahead to a recovery in demand for testing, while at the same time cutting costs. WEMEX, which focuses on EMR, is responding to the demand stimulus from the government-led healthcare, DX policy , such as electronic prescriptions. Mediford is strengthening its sales efforts to increase orders for non-clinical and clinical trials.
In the Diagnostics and Life Sciences area, which will be a bigger focus in the future, capital investment demand is expected to recover in Europe and the U.S., and while Epredia in Pathology is expected to expand in the digital Pathology area, including the launch of new products. In addition, Biomedica expects to increase sales through the launch of new products, such as live cell metabolic analyzers. In diagnostic sales of PATHFAST, which enables rapid diagnostics of cardiac and other diseases, will be strengthened, particularly in overseas markets. I will explain in more detail the current progress and the future steps in each area. In Diabetes Management , we will continue to aim to stabilize earnings in BGM and accelerate growth in CGM. BGM achieved the plan for both revenue and operating profit in the first quarter, partly due to the favorable impact of foreign exchange.
In the second quarter and beyond, we will continue to take measures by country and region to maintain profit margins amid the shrinking market. In CGM, we are working on increasing the number of users and expanding the product pipeline. First, as measures to increase the number of users, we will strengthen our marketing and inside sales activities. And so far, we have increased the number of users worldwide to over 4,400 at the end of the last year. And we will also provide Eversense to a remote patient monitoring system led by Mercy Health System, a healthcare organization with 30 hospitals in the U.S., to promote even more comprehensive diabetes solution for medical institutions, healthcare professionals, and patients. As for the expansion of our product pipeline, with the FDA's designation of iCGM in April, we have expanded our potential to include patients using insulin pumps.
We are currently discussing with several pump manufacturers for partnership. 510(k) application for the 365-day sensor was submitted to the FDA in May, and expected to be launched in the United States in the third quarter of this year. Through these activities, we expect to have more than 6,000 users by the end of 2024. I'd like to explain our entry into the process development area of cell and gene therapy, which is a plan for this fiscal year in Biomedica, one of our core businesses in the diagnostics and life science area. Please see the chart at the bottom of the page. Biomedica has a high global market share in its product line, such as ultra-low temperature freezers and CO2 incubators in the foundation area at the lower left, and has a broad customer base, including academia, pharmaceutical companies, hospitals, and CDMOs.
In this area, we will continue to strengthen our product and sales capabilities to increase revenues. Utilizing our strong customer base and technological capabilities, we will launch products to solve issues in terms of process development and commercial manufacturing in the growing cell and gene therapy area. I will move from the upper left to the upper right on the chart. Our first target will be to enter the culture process, where quality, cost, and delivery time are often issues due to the fact that it is mainly a manual process. Furthermore, we'll expand into process development, and then into commercial manufacturing using our technology, which has strengths in the basic research. Our first product in this cell and gene therapy area is LiCellMo, a live cell metabolism analyzer to be launched in this fiscal year. In addition to this, we plan to introduce an automated culture system.
I will briefly explain the core technologies of LiCellMo and automated culture system, as well as the value and solutions provided by these new products. On the left-hand side of the diagram, the core technology of, Diabetes Management , blood glucose meter, is a glucose measurement sensor technology. From this core technology, we have developed a technology for continuous measurement of glucose and lactate in a cell culture environment. This continuous measurement technology makes it possible to visualize changes in cell metabolism over time that were previously invisible. The ability to index cellular changes allows you to easily improve the quality and reproducibility of the cell culture experiments, while using the same culture procedures and culture vessels as before. That is what LiCellMo is all about, to be launched in this fiscal term.
On the right, showing the automated culture system, which utilizes LiCellMo's metabolic analysis technology to automatically maintain an optimal culture environment for each cell by controlling glucose and lactate concentrations. This system reduces quality issues caused by the current manual process and realizes stable, low-cost cell culture. In this way, we will continue to leverage our core technologies to develop new products and explore new areas. That concludes my explanation about the executive summary. I will now hand it over to CFO Yamaguchi.
I'm Yamaguchi, and I was appointed as CFO this July. Thank you for this opportunity. I would like to give you the summary of the Q1 result of FY 2024, and then explain about the outlook for the full year.
... but, there's been no changes basically from the outlook that we provided in May, so I'll keep it brief. Starting with the overview of the first quarter consolidated results. Consolidated revenue for the first quarter was JPY 85.2 billion, a record high from Q1 due to the contribution of EMR-related business acquired in October last year, and positive FX impact of weaker yen. Consolidated OP increased by 300 million year-on-year to JPY 2 billion, mainly due to a significant decrease in one-off cost incurred in the prior year in the BGM business and higher profits in the LSIM business. Overview of each business will be explained in more detail later. Profit before tax was a loss of JPY 2.8 billion, due to JPY 4.9 billion posted in financial expenses.
There are two main items in the breakdown of financial expenses: JPY 1.6 billion in interest expenses on borrowings from financial institutions, and the other is a FX valuation loss of JPY 3.3 billion on foreign currency denominated loans from subsidiaries. The first point, interest expenses decreased by JPY 800 million year-on-year, due to refinancing at the end of June last year of loans denominated U.S. dollars with high interest rates into yen in full, as well as a decrease in our sorting patterns. And the second point, FX valuation loss of JPY 3.3 billion, is at almost the same as the previous period. This will be explained later. After tax adjustment, profit attributable to owners of the parent amounted to JPY 3.2 billion in loss, flat year-over-year. EBITDA increased by JPY 1 billion - JPY 9.3 billion.
The larger increase compared to operating profit was due to higher amortization expense due to M&A and foreign exchange effects. Adjusted EBITDA after adding one-off costs fell by JPY 500 million - JPY 9.5 billion. The decline in adjusted EBITDA in Diabetes Management was not offset by other businesses. Finally, profit attributable to the owners of the parent on a cash basis was at loss of JPY 1.1 billion, adjusted for JPY 2.7 billion in amortization of M&A-related depreciable assets, but still heavily impacted by FX write-downs in financial expenses. The exchange rate applied in the first quarter was JPY 168 to the dollar, to the euro, and JPY 156 to the euro. Our yen was significantly weaker year on year against both currencies.
Next, I would like to explain a little about the pre-tax FX loss of JPY 3.3 billion that I mentioned earlier. Please turn to page 27 in appendix. Based on accounting standards, FX gains and losses from settlement and valuation of foreign currency, receivables and payments, are recognized as financial income or financial expenses. In Q1, FX valuation loss was incurred mainly due to euro-denominated borrowings from subsidiaries held in the company due to impact of a weakening of the yen, weaker yen. This is a valuation loss at present, and assuming the current balance, if yen appreciates at the end of the future quarters compared to the end of Q1, we could have valuation gain, so it could swing the other way. Going back to the presentation. Page 12 shows the quarterly trends in revenue and operating profit.
As we have explained in the past, due to the nature of our business, both revenue and operating profit tend to grow in the second half of the year, and the first quarter results usually show a low rate of progress towards the full year forecast. In the current fiscal term, we had expected this trend to become more pronounced in light of market conditions, but both revenue and operating profit for the fiscal first quarter this fiscal year exceeded our internal plan and increased year-on-year. Page 13 explains the results of revenue by segment and the business unit. We changed the breakdown of the segments from this fiscal year. The details of the changes are shown in a chart on Page 30 of the appendix, so please refer to that as well.
In November last year, the diagnostics business included in Diabetes Management and the diagnostics business included in the LSI Medience business of Healthcare Solutions were integrated and transferred to Diagnostics and Life Sciences , and classified as a diagnostic business starting this fiscal year. In the Diagnostics and Life Sciences , in addition to the existing Pathology and biomedical businesses, the diagnostics business was added, making the total of three businesses. In addition, the drug discovery support business, which was previously included in the LSI Medience business of the Healthcare Solutions, became the new company, Mediford, in November last year, and was classified as a CRO business in the current fiscal year. Therefore, the Healthcare Solutions now consists of three businesses. Please note that the figures for the previous fiscal year in this material present the ones after reclassification and year-on-year changes are based on the reclassified figures.
Now, let's look at the actual revenue by segment and business unit. Diabetes management revenues landed on par year-on-year, but were down 9.9%, excluding the impact of foreign exchange rate. Healthcare Solutions increased 8.2% year-on-year to JPY 30.3 billion. The Healthcare IT Solutions acquired the electronic medical record business from FUJIFILM Healthcare Systems in the third quarter of the previous year, helping the revenue increase to 14.4% year-on-year. Revenues from Diagnostics and Life Sciences increased 4.9% year-on-year to JPY 31.0 billion. Excluding the effect of foreign exchange rate, revenue decreased to 4.4%. I'll explain more details of each segment later on. The bridge chart on page 14 shows a breakdown of year-on-year changes in revenue and operating profit.
The top chart shows revenue, excluding the favorable impact of JPY 5.1 billion from foreign exchange, the growth rate was -1.6% year-on-year. The increase in revenue in the LSI Medience and the effect of M&A in the Healthcare IT solutions were not enough to offset the impact of the shrinking BGM market in developed countries in Diabetes Management and the stagnant market conditions in Biomedica. The graph below shows the breakdown of changes in operating profit. Excluding the foreign exchange impact of -JPY 300 million, operating profit increased 37.7% year-on-year. The decrease of one-time expenses in Diabetes Management and a higher profit from the LSI Medience in Healthcare Solutions compensated for the lower profit in diagnostic and life sciences. Next, I will provide an overview of revenue and operating profit by segment.
First is Diabetes Management . As I mentioned, the diagnostics business was transferred to Diagnostics and Life Sciences . Figures for the same period of the previous year have also been reclassified into the same category. Revenues were flat year-on-year, while operating profit increased to 2.8% year-on-year. BGM is growing in emerging countries and growing market share in developed countries such as Europe. The impact of the termination of the sales collaboration in the US has been smaller, but the impact of the ongoing market contraction in developed countries and the shift to lower price channels are continuing. CGM revenue increased due to the increase in the number of users, but revenue excluding the effect of foreign exchange declined year-on-year in this segment. Operating profit margin improved 0.2% year-on-year to 7.2%, and operating profit increased.
The main reason for this improvement was a decrease of JPY 1.4 billion in restructuring cost for the BGM business recorded in the same period last year. The effect of this restructuring were also felt this period, offsetting the increase and expenses due to foreign exchange rate and a decline in profit margin due to a deteriorating sales channel mix. Next is Healthcare Solutions. In this segment, the diagnostic business, previously included in LSI Medience, was transferred to Diagnostics and Life Sciences , and the drug discovery support business was classified as CRO and listed as three businesses together. Revenue increased by 8.2% and operating profit 45.9% compared to the same period last year.
In LSI Medience, in addition to an increase in number of general tests, there were also increase in revenue from sales in, the esoteric tests, such as the GenMine TOP Cancer Genome Profiling system test, which was launched in the second quarter last year. In Healthcare IT Solutions, revenue increased year-on-year due to the effect of M&A in the second quarter of the previous fiscal year, despite a temporary decline in demand associated with mandatory online qualification system this year. OP improved to 4.1%, and the online eligibility system demand decreased, and this had a negative impact. But LSI Medience increased revenue, cost saving was done, and JPY 400 million increase was seen. Last but not least, diagnostics and life science.
In addition to Pathology and Biomedica, Diagnostics has been added to these three businesses, and the revenue in this segment increased by 4.9%, but operating profit was down by 9.8% year-on-year. Pathology revenue increased due to strong sales in consumables in Europe and the USA and the positive impact of foreign exchange rates, despite the impact of market conditions, mainly in China. Biomedica revenue was same level as previous year, despite the previous impact of foreign exchange rates and price increases, mainly due to the continued impact of stagnant market conditions, including restrained capital investments. In diagnostics, sales declined due to lower sales of electronic pharmaceutical injectors, which had been strong in the previous year.
The operating margin deteriorated by 3.6% year-on-year to 4.3%. In addition to the impact increased revenues, Pathology business saw an improved net profitability due to cost-cutting measures, such as lower transportation cost. On the other hand, there was also an impact of lower sales in biomedical diagnostics, production investment due to lower sales of core products and the higher costs due to foreign exchange. Page 18 shows sales revenue by region. In Japan, sales increased by 4.2% year-on-year, with M&A effects offsetting a temporary decline in demand for online qualification systems, eligibility systems, and the lower sales of electronic pharmaceutical injectors. In Europe, demand continued to decline due to the shrinking BGM market and the ongoing impact of stagnant market conditions.
North America, impact of termination of BGM sales collaboration continued, but sales in both regions increased year-on-year due to the positive impact of exchange rates and recovery in the Pathology business. In the Rest of the World , revenues decreased mainly due to the impact of deteriorating market conditions in the Chinese market. Page 19 shows the reconciling items by segment, from operating profit to adjusted EBITDA and from profit attributable to owners of the parent to cash-based profit.... attributable to owners of the parent. The top table shows the reconciling items from operating profit to adjusted EBITDA, where depreciation increased in Healthcare Solutions in relation to M&A in the previous year and in Diagnostics and Life Sciences due to foreign exchange effect.
Reconciling items from EBITDA to adjusted EBITDA, there were one-time expenses of JPY 1.4 billion in non-business management related to restructuring in the same period last year, but nothing significant in the first quarter of this year. The table at the bottom shows reconciling items from profit attributable to owners of the parent to cash-based profit attributable to owners of the parent, which is a basis for our dividend payout ratio. Adjustment items are limited to the four items listed here in the first quarter of the current year. We have adjusted for depreciation, amortization of tangible and intangible assets related to M&A and income tax equivalent of such amounts. Next is the consolidated balance sheet. At the end of the first quarter, there were no significant changes from the end of the previous period. Let me briefly explain the changes in major assets and liabilities.
The balance of goodwill was JPY 217.2 billion, an increase of JPY 8.5 billion from the end of the previous period. That's due to foreign exchange effect. Net interest-bearing debt was JPY 241.2 billion. Although JPY 8.7 billion of borrowings were prepaid in the first quarter, this was JPY 3.2 billion more than at the end of the previous period, due to the decrease in cash and cash equivalents and the effect of foreign exchange rate on some euro-denominated borrowings. The increase in net debt and the decrease in Adjusted EBITDA also had an impact, resulting in net debt Adjusted EBITDA ratio of 4.9 times. Factors contributing to the increase and decrease in cash and cash equivalents are briefly discussed on the next page. Cash and cash equivalents decreased by JPY 8.6 billion from the end of the previous year.
During the first quarter, while operating cash flow was JPY 5.2 billion, there were capital expenditures of JPY 3.6 billion, repayment of borrowings of JPY 8.7 billion, and EI and dividend payment of JPY 2.1 billion, which were about the same as in previous years. That's all for the results. I will now explain the outlook for the fiscal full year. As Taguchi reported earlier, we haven't changed our full year forecast announced in May. Leaving the foreign exchange assumption unchanged at present, we have made the decision to leave it unchanged in light of the current foreign exchange situation and the state of our business from July through the most recent period. Therefore, the pages that follow are reiteration of May forecast, and I will omit the explanation here. If you have any questions, I'll be happy to answer them during Q&A.