F&P reports flat home care revenue

AUCKLAND, New Zealand – Fisher & Paykel Healthcare reported total operating revenue of $900 million for the first six months ended Sept. 30, 2021, a 1% decrease compared to the same period the previous financial year. 

Net profit after tax was $222 million, a 2% decrease. 

“For nearly two years now, our customers have been working selflessly to care for patients during a pandemic,” said Lewis Gradon, managing director and CEO. “Our people and 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.” 

In the home care product group, which includes products used in the treatment of obstructive sleep apnea, F&P reported revenue of $227 million for the first six months, a 0.3% increase compared to the same period the previous financial year. 

Due to the continuing uncertainties associated with COVID-19, including the impact on hospitalizations and public and civic responses to case numbers, the company is not providing quantitative revenue or earnings guidance for the remainder of the 2022 financial year. 

“We have not changed our view on outlook for the remainder of the financial year, since we last provided an update on Aug. 18,” Gradon said. “In our home care product group, growth in OSA masks is dependent on new patient diagnosis rates, which may continue to be impacted by COVID-19 and the supply of treatment hardware. We continue to expect new patient diagnoses to be at or above FY21 rates for the second half of the 2022 financial year.”