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Fisher & Paykel Healthcare Corporation Limited (NZX: FPH) announces result for the first half of FY22

Thursday 25th November 2021

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Fisher & Paykel Healthcare Corporation Limited today announced its results for the first half of the 2022 financial year.

For the six months ended 30 September 2021, total operating revenue was $900 million. This was a 1% decline from the same period in the previous financial year, or a 2% increase in constant currency. Net profit after tax for the first half was $222 million, a 2% decline from the prior comparable period, or a 1% decline in constant currency.

Managing Director and CEO Lewis Gradon said, “For nearly two years now, our customers have been working selflessly to care for patients during a pandemic. Our people and our suppliers have also been working under demanding circumstances, and we are grateful for their relentless commitment.

“As you may recall, the first half of the last financial year was a period of extraordinary demand during the initial surges of COVID-19. Our financial results in the first half of the 2022 financial year have continued to be very strong,” Mr Gradon continued.

In the Hospital product group, which includes humidification products used in respiratory, acute and surgical care, revenue for the first half was $670 million, a decline of 2% from the first half of the 2021 financial year, or an increase of 1% in constant currency. Hospital consumables grew 8% in constant currency, and of total Hospital product group revenue, 67% was from the sale of consumables and 33% was from the sale of hardware.

In the Homecare product group, which includes products used in the treatment of obstructive sleep apnea (OSA) and respiratory support in the home, revenue was $227 million, a 0.3% increase over the prior comparable period, or 3% in constant currency.

Gross margin was 63.1%, up 135 basis points or 53 basis points in constant currency compared to the first half of the 2021 financial year. Elevated freight costs and air freight utilisation continued but were lower than the same period last year, impacting gross margin by approximately 190 basis points compared to pre-COVID-19 levels.

The company’s directors have approved an interim dividend of 17 cents per ordinary share. The interim dividend, carrying full New Zealand imputation credit, will be paid on 15 December 2021 with a record date of 3 December 2021.

Please see the links below for details

News Release

Results in Brief

Interim Report 2022

Investor Presentation

NZX Results Announcement

NZX Distribution Notice

Source: Fisher & Paykel Healthcare Corporation Limited

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