F&P’s Homecare group hangs on

AUCKLAND, New Zealand – Fisher & Paykel Healthcare reported steady revenue of $469.5 million for its Homecare product group for its financial year ended March 31, 2022, despite downward pressure from supply chain constraints and the COVID-19 pandemic that have reduced new patient diagnoses and set ups. 

The company reported a 1% increase in revenue for the Homecare product group for 2022 compared to the prior year and a 3% increase for OSA masks, specifically. 

“That’s 6% for (masks) for the second half (of 2022),” said Lewis Gradon, CEO and executive director. “Growth in OSA masks is dependent on new patient diagnosis rates and in FY’22, mask revenue continued to be impacted by reduced new patient diagnosis due to COVID-19, as well as the limited supply of the treatment hardware.” 

Overall, F&P reported operating revenue of $1.58 billion for 2022, a 15% decrease compared to the prior year, but the company had a tough comp, with operating revenue of $2 billion for 2021. By comparison, it reported operating revenue of $1.2 billion for 2020. 

Gradon says masks also have good momentum going into 2023, with the launch of the Evora Full, a compact full-face mask, in the United States in May. 

“Our Evora Full mask has been one of the most positive new mask launches we’ve ever experienced, and that’s based on customer feedback and initial sales performance to date in the regions where it’s been available,” he said. 

But growth in masks in 2023 will continue to depend on new patient diagnoses and set ups and the availability of treatment hardware, Gradon says. 

“On all those fronts, we’re expecting some level of growth in the 2023 financial year,” he said.