F&P hits $2B-plus in revenue for first time

AUCKLAND, New Zealand – Fisher & Paykel Healthcare reported record total operating revenue of $2.02 billion for the full year ended March 31, 2025, a 16% increase from the prior financial year or 14% in constant currency. 

Revenue was driven by broad-based growth in hospital consumables and double-digit growth in masks for treating obstructive sleep apnea, the company says. 

“During the 2025 financial year, we stayed focused on the fundamentals of our business, and we achieved strong results, with annual revenue of more than $2 billion for the first time in our history,” said Lewis Gradon, managing director and CEO. 

For the Homecare product group, F&P reported revenue of $739.9 million, a 13% increase from the prior financial year or 11% in constant currency. Revenue for OSA masks was up 14% or 11% in constant currency. 

F&P reported gross margin of 62.9% for the full year, an underlying performance increase of 181 basis points or 129 basis points in constant currency. The company says it remains committed to returning to its long-term gross margin target of 65%. 

Other highlights from the release: 

• The company invested $226.9 million in research and development. Its new products included two new masks, the F&P Nova Micro in April and the F&P Nova Nasal in March. 

• The board has approved a dividend of 24 cents per share for the second half of the year. This takes the total dividend for the year to 42.5 cents per share, a 2% increase over the prior year. 

• The company expects full year operating revenue to be in the range of about $2.15 billion to $2.25 billion for the 2026 financial year, assuming current global tariff rates, policies and applications. 

“Looking ahead, we will continue to apply the fundamental principles that have guided us for decades,” Gradon said. “We have a strong new product pipeline and are confident that we will continue to introduce innovative products and therapies that enhance patient care and improve health outcomes worldwide.” 

• Related: F&P works through impact of tariffs & touts mask performance in first half of year.