F&P reports ‘unprecedented result’

AUCKLAND, New Zealand – Fisher & Paykel Healthcare reported operating revenue of $1.97 billion for the full year ended March 31, 2021, an increase of 56% over the previous year or 61% in constant currency. 

The company reported net profit after tax was $524 million, an increase of 82% or 94% in constant currency. 

“The unprecedented result was driven by our Hospital product group, which includes Optiflow and Airvo systems used to deliver nasal high flow therapy,” said Lewis Gradon, managing director and CEO. “Sales of our Hospital hardware and consumables have continued to track COVID-19 hospitalization surges in countries around the world.” 

F&P reported revenue for the Homecare product group of $466 million, an increase of 2% or 4% in constant currency. 

The company declined to provide guidance for the 2022 financial year due to the ongoing uncertainties of vaccinations, lockdowns, COVID-19 variants, localized waves and return to stable hospitalization rates around the world. 

“We expect our Hospital and Homecare revenue for FY22 to be impacted by the number of COVID-19 related hospitalizations around the world,” Gradon said. 

As part of its financial results, F&P announced a profit-sharing bonus of $29 million for the 2021 financial year for employees who have worked for the company for a qualifying period. 

The company also announced a new foundation to support and fund health research and programs that improve access to health care, support environmental protection initiatives and promote awareness of opportunities in science, technology, engineering and mathematics. The value of total donations to the Fisher & Paykel Healthcare Foundation in 2021: $26 million.