Fisher & Paykel posts record year, plays it safe for 2015

Tuesday, May 27, 2014

IRVINE, Calif. – Fisher & Paykel Healthcare on May 23 reported a net profit after tax of NZ$97.1 million for the financial year ended March 31, 2014, a 26% increase compared to the previous year.

The manufacturer also reported operating revenue of NZ$623.4 million, a 12% increase.

“Our record results reflect that hospital clinicians and homecare providers are increasingly using our innovative products to help to improve care and outcomes,” stated CEO Michael Daniell in a press release.

By product group, F&P reported revenues of NZ$336.9 million for respiratory and acute care for 2014, a 12% increase over 2013; and NZ$270 million for obstructive sleep apnea, a 15% increase. Within OSA, F&P highlighted a 26% increase in operating revenue in the second half for masks.

Looking to 2015, F&P projects net profit to be similar to 2014 and for operating revenue to hit NZ$640 million.

“At current exchange rates, we anticipate an operating profit headwind of approximately NZ$32 million in the 2015 financial year from both reduced hedging and less favorable spot rates,” Daniell stated. “Despite the challenge of this large roll-off in hedging, we have momentum in both of our product groups and we believe that we can offset that headwind in the 2015 financial year.”