F&P raises earnings guidance

Company also announces expansion in Mexico
Tuesday, February 18, 2014

IRVINE, Calif. – Fisher & Paykel Healthcare announced Feb. 18 that it expects net profit after tax to be NZ$97 million for the financial year ending March 31, 2014, NZ$7 million more than it expected.

F&P had previously projected a net profit of NZ$90 million to $95 million.

“Demand during the second half has been very encouraging, particularly for our Simplus, Eson and Pilairo Q masks, which are used for the treatment of OSA,” stated CEO Michael Daniell in a release.

F&P also announced plans to expand its manufacturing facility in Tijuana, Mexico. It will spend NZ$4 million to increase the size of the facility by two-thirds to accommodate the installation of additional manufacturing equipment for breathing systems and masks.

“We have brought forward the expansion of the Tijuana facility to ensure that we can meet anticipated demand as a result of strong customer acceptance of products, such as our new masks and Optiflow oxygen therapy system,” Daniell stated.