F&P Healthcare aims for $US100m sales

By Nick Stride

Friday 8th November 2002

Fisher & Paykel Healthcare is on target for March-year revenue of $US100 million ($213.7 million) as sales of its sleep apnoea products take off.

The company, split off last year from F&P Appliances, yesterday reported a record $33.8 million September first half profit, up from $25.7 million a year ago.

The company highlighted its OSA (obstructive sleep apnoea) product range, whose first-half sales rose by 13.3% to $40.4 million. In US dollar terms sales for the second quarter rose 40%.

This more than compensated for a 5.7% decline in sales of respiratory humidification (RH) products to $50 million. Overall sales were slightly lower at $101.1 million.

In the second quarter US dollar sales also rose for the RH and neonatal and patient warming ranges. The half-year result included an unrealised foreign exchange gain of $9.1 million after tax.

Chief executive Mike Daniell said exchange rate movements had reversed an $8.4 million first quarter gain.

The company had a mix of foreign exchange contracts and call options up to five years forward with a face value of $470 million at average rates of about 46USc and E0.46.

Mr Daniell said RH products sales growth had been achieved in both the humidifier systems consumables and hardware areas. FPH's single-use heated adult and neonatal breathing circuits gained market share.

The company won a "significant" neonatal national tender in South America and introduced its CPAP neonatal bubble units to selected European markets.

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