F&P's homecare group sees 9% increase in revenues

IRVINE, Calif. - Fisher & Paykel Healthcare reported operating revenue of $1.26 billion for its fiscal year ended March 31, 2020, an 18% increase compared to 2019 or a 14% increase in constant currency.

It reported net profit after tax of $287.3 million, a 37% increase in 2020 vs. 2019 or 30% in constant currency.

The increase in revenue was largely driven by growth in the use of F&P's Optiflow nasal high flow therapy, demand for products to treat COVID-19 patients and strong hospital hardware sales throughout the course of the year.

“The 2020 financial year was already on track to deliver strong growth before the coronavirus impacted sales,” said Lewis Gradon, managing director and CEO. “With new processes, new procedures and new ways of working safely, we managed to double and in some instances triple output for some of our hospital hardware products over just a few months at the end of the year.”

For the homecare product group, which includes products used to treat obstructive sleep apnea and respiratory support in the home, revenue increased 9% in 2020 vs. 2019, or 4% in constant currency, to finish at $457 million for the year. During fiscal year 2020, F&P introduced its Vitera OSA full-face mask in the U.S. market and launched the new Evora compact nasal mask in Australasia, Europe and Canada.

For the hospital group, revenue increased 25% in 2020 vs. 2019, or 21% in constant currency.

F&P says it “cannot predict the scope, duration or impact of COVID-19” on its fiscal year 2021 financial results. For the homecare product group, the company is seeing evidence of both a lower OSA diagnosis rate and mask resupply levels in the beginning of fiscal year 2021, returning closer to expected levels compared to the elevated levels at the end of fiscal year 2020.

F&P estimates that full year operating revenue for fiscal year 2021 will be about $1.48 billion and net profit after tax will be about $325 million to $340 million.