Fisher & Paykel breaks records
AUCKLAND, New Zealand – Fisher & Paykel Healthcare reported net profit after tax of NZ$77.1 million for the year ended March 31, 2013, according to a press release. The record earnings reflect a 20% increase compared to the prior year. Full-year operating revenue climbed 8% above the prior year to NZ$556.3 million, also a record. Growth was fueled primarily by strong demand for products in two groups: respiratory and acute care, and obstructive sleep apnea (OSA). Michael Daniell, CEO of Fisher & Paykel, said in the release that the company’s Pilairo nasal pillow and Eson nasal masks drove OSA revenue growth of 16% in the second half of the year. The company increased expenses on research and development by 9% from the previous year, as it looks to expand its product lines. “We expect our underlying revenue growth to continue to be robust this year, driven by a broad range of new products and applications,” Daniell stated.