F&P updates guidance

IRVINE, Calif. - Fisher & Paykel Healthcare saw lower diagnosis rates of obstructive sleep apnea globally for the first four months of its fiscal year 2021 but mildly elevated rates of mask resupply, the company stated in a recent update.

The company saw 4% revenue growth for masks for the first four months of FY21 compared to the prior comparable period.

Still, “we have maintained our assumption that OSA diagnosis rates are reduced for the year,” F&P stated in the update.

Overall, thanks in large part to growth in home respiratory support, F&P's home care product group saw 5% revenue growth for the first four months of FY21.

The hospital group saw 91% revenue growth in the first four months of FY21.

“Hospital hardware sales have continued to steadily increase over the first four months of FY21 with a more than 390% constant currency revenue growth to the end of July compared to the prior comparable period,” F&P stated. “Our manufactured output of the related consumables has steadily increased over the four months, allowing us to begin some rebuilding of inventory levels after a peak in shipments in April.”

F&P also provided updated guidance: It now expects full year operating revenue for FY21 to be about $1.61 billion and net profit after tax to about $365 million to $385 million.

“The updated guide now assumes that global hospitalizations requiring respiratory support steadily return to normal by the end of this calendar year,” the company stated. “It also assumes that countries around the world continue to build respiratory care infrastructure, including inventory of established ICU vents requiring our humidifiers, and that the trend toward nasal high flow as a preferred frontline therapy continues for both COVID and non-COVID patients.”