F&P Healthcare reports double-digit decreases

AUCKLAND, New Zealand – Fisher & Paykel Healthcare reported a 23% decline in operating revenue to $690.6 million for the first half of the 2023 financial year.

The company pointed out, however, that this was more than the $670 million guided in an August trading update and a 21% increase on the comparable pre-pandemic period.  

“Consistent with what we signaled in August, first half revenue was down on the prior corresponding period, as we lapped significant COVID-19-driven demand,” said Managing Director and CEO Lewis Gradon. “Compared to pre-pandemic levels, this represents solid growth.”

Net profit after tax for the first half was $95.9 million, a 57% decline from the prior comparable period or a 65% decline in constant currency.

In the Homecare product group, which includes products used in the treatment of obstructive sleep apnea (OSA) and respiratory support in the home, F&P reported revenue was $249.9 million, a 10% increase over the prior comparable period, or 4% in constant currency. OSA masks and accessories revenue increased 16% on the prior comparable period or 10% in constant currency.

“It has been pleasing to see a strong reception for our new Evora Full mask, which we began selling into the United States in April following 510(k) approval,” Gradon said. “Initial feedback from clinicians and end users has been positive, and this provides added momentum for our team working hard on a robust product pipeline.”

F&P says it will not be providing full-year quantitative revenue or earnings guidance at this time due to:

• The rate of COVID-19 hospitalizations and the related intensity of respiratory support required;
• The severity and duration of a Northern Hemisphere flu season;
• The magnitude of RSV (respiratory syncytial virus) hospitalization surges currently experienced in some regions; and
• The impact of ongoing hospital staffing challenges on the surgical procedure backlogs in many countries.