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Fisher & Paykel Healthcare Corporation Limited (NZX: FPH) Record Half Year Result: Net Profit Up 86%

Wednesday 25th November 2020

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Fisher & Paykel Healthcare Corporation Limited today announced its results for the first half of the 2021 financial year, which ended 30 September 2020. Net profit after tax was $225.5 million, up 86% over the same period in the previous financial year, or 87% in constant currency. Operating revenue was $910.2 million, up 59% or 61% in constant currency.

The strong result was driven by the increased demand for the company’s Hospital hardware, in particular its OptiflowTM and AirvoTM systems. This reflected a shift in clinical practice toward using nasal high flow therapy as a front-line treatment for COVID-19 patients in hospital.

In the Hospital product group, which includes products used in acute and chronic respiratory care and surgery, operating revenue grew 93% over the first half of the previous financial year to $681.0 million, or 94% growth in constant currency. Hospital products made up three-quarters of the company’s operating revenue.

In the Homecare product group, which includes products used in the treatment of obstructive sleep apnea (OSA) and nasal high flow therapy in the home, operating revenue grew 5% to $226.2 million, or 6% growth in constant currency.

The company’s directors have approved an interim dividend of 16 cents per ordinary share, an increase of 33% on the interim dividend last year. The interim dividend, carrying full New Zealand imputation credit, will be paid on 16 December 2020 with a record date of 4 December 2020.

Guide for the remainder of FY2021

“We had a strong first half of the year and have continued to expand our installed base of hardware in hospitals,” said Gradon. “Since our last trading update in August, we maintained the same level of both hardware and consumables revenue in our Hospital product group for the half year. In our Homecare product group, OSA masks revenue also continued at similar levels to the first four months of the financial year.

See the links below for more details:

News Release

Results in Brief

Interim Report 2021

Investor Presentation

NZX Results Announcement

NZX Distribution Notice

Source: Fisher & Paykel Healthcare Corporation Limited

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