Daily ShareChat: Fisher & Paykel Healthcare

The star of Fisher & Paykel Healthcare's first-half result was respiratory humidity which sale sales rise 15% in constant currency terms, says Sarndra Urlich, an analyst at First NZ Capital.

"The RH performance was particularly impressive when you consider that Fisher & Paykel had to contend with some macro headwinds. . . and the fact that there had been some stockpiling of flow generators at the previous comparable period," Urlich says.

"OSA (obstructive sleep apnea), in contrast, reported anaemic, albeit explainable, growth at close to 1%," she says.

Market leader ResMed achieved 10% to 12% growth while the market in general grew 17% to 18% but Fisher & Paykel's poor OSA performance should be made up for in the next two half years with the full rollout of its new ICON product.

"The key positive catalyst for Fisher & Paykel, in our view, will be when and if the ICON gets serious traction in the US," Urlich says.

"The fact that Fisher & Paykel is getting positive feedback regarding this platform is reassuring. Unfortunately, the market will have to wait until the second half of 2011/the first-half of 2012 for transparency around this."

Another meaningful catalyst would be if the New Zealand dollar declined.

Rating: Underperform.

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