F&P Healthcare grew homecare revenues by 4% in 2017

Tuesday, May 23, 2017

AUCKLAND, New Zealand – Fisher & Paykel Healthcare reported net profit after tax of NZ$169.2 million for the fiscal year ended March 31, 2017, an increase of 18% over the previous year. Operating revenue was NZ$894.4 million, a 10% increase over the previous year, or 14% growth in constant currency. F&P says both were records for the company. By segment, the hospital product group grew revenues by 15% to NZ$500.4 million, or 19% growth in constant currency; and the homecare product group grew revenues 4% to NZ$381.5 million, or 8% growth in constant currency. “In the homecare product group, our masks continue to perform well, with 9% revenue growth or 13% in constant currency, compared to the previous year,” said CEO Lewis Gradon. “The new F&P Brevida nasal pillows mask, which was launched in August, is already showing great results in the markets where it is available. Our myAirvo home respiratory system is also growing strongly, building from our market-leading position in hospital humidification.” As part of its earnings, F&P also disclosed litigation-related expenses of $20.7 million in the 2017 fiscal year as part of its patent litigation proceedings with ResMed. “We recognize that this is a significant cost and did not enter into litigation lightly,” Gradon said. “We have been providing unique solutions for patients for more than 45 years and we take pride in our proprietary technology. We also respect the valid intellectual property rights of others and we are confident in our position.”