F&P reports 28% increase in mask revenue  

AUCKLAND, New Zealand – Fisher & Paykel Healthcare continues to post solid results for its Homecare Product Group, buoyed by masks and accessories for sleep apnea, but CEO Lewis Gradon warned that the company faces tougher comps in the second half of its 2024 fiscal year. 

The company reported revenue of $314.4 million for the Homecare Product group for the first half of FY24, a 26% increase from the prior comparable period. 

“Evora Full was introduced in the U.S. (in May 2022) and our teams are continuing to receive very positive feedback on that mask’s performance and comfort from our customers,” Gradon said during a conference call to discuss the company’s latest financial results. 

F&P reported revenue for masks and accessories increased 28% in constant currency. 

In the second half of FY24, however, F&P will be “lapping” a prior comparable period when the supply of CPAP devices “freed up” and providers were able to make significant progress in reducing a backlog of patients, Gradon said. 

“I would say big time, yes,” he said when asked by an analyst if the second half of FY24 would be tougher than the prior comparable period. 

F&P does expect to see another boost to the Homecare Product Group when it launches Solo – “quite a significant step forward in mask innovation,” Gradon says – in the United States. To date, the mask is only available in New Zealand and Australia. 

“We haven’t put a hard date on (the launch in the U.S.),” he said. “We’re hoping it’s early in the (new fiscal year). For us, it’s really as we get manufacturing up to speed and get manufacturing capacity stable – reliable and enough volume – we’ll release it.”