F&P highlights mask performance in new guidance 

AUCKLAND, New Zealand – Fisher & Paykel Healthcare expects operating revenue for the first half of the 2024 financial year, which ends Sept. 30, 2023, to be about $790 million, a 14% increase compared to the same period the previous year. 

The company expects net profit after tax to be between $95 million and $105 million.  

“For the first four months of the 2024 financial year, revenue from OSA masks was stronger, and revenue from hospital hardware was marginally lower than assumed,” said Managing Director and CEO Lewis Gradon. “Constant currency group revenue and operating expense results to date remain consistent with the full year guidance we provided in May, with gross margin improvement approaching 200 basis points in constant currency for the full year.” 

Among F&P’s milestones and achievements over the past year: 

• The company acquired land in Karaka for a second New Zealand campus, opened a third building in Tijuana, Mexico, and began fitting out a new manufacturing facility in China 
• It increased the size of its sales force, brought forward future research and development projects 
• It launched its Evora Full face mask and received FDA clearance for the F&P 950 humidification system and Airvo 3 high flow therapy device, expanding the market for those products into the United States. 

“We have some great long-term opportunities ahead of us in hospital and home respiratory therapies, surgical and anesthesia applications, and treatments for obstructive sleep apnea,” Gradon said. “In recent years our products have been used to treat approximately 20 million patients per year, and the market for our products is more than 10 times that. We are confident that we can facilitate changes in clinical practice and reach those underpenetrated markets.” 

Fisher & Paykel also hosted its annual shareholders meeting on Aug. 29, re-electing Pip Greenwood as a director and approving the issue of options to Gradon, among other items.