Fisher & Paykel Healthcare Raises Earnings Guidance at 2013 Annual Shareholders’ Meeting
Fisher & Paykel Healthcare Corporation Limited (NZSX:FPH, ASX:FPH) announced today at its annual shareholders’ meeting that it
has raised its earnings guidance for the financial year ending 31 March 2014.
Assuming an exchange rate of approximately 80 cents and taking into account increased underlying growth and margin
improvement, the company expects net profit after tax to be in the range of NZ$90 million to NZ$95 million. The full
year net profit guidance provided by the company in May, based on an exchange range of 80 cents to 85 cents for the NZ
dollar to the US dollar, was NZ$85 million to NZ$90 million.
“Growth so far this year has continued to be robust and we expect first half revenue to grow approximately 15% in
constant currency” commented Michael Daniell, Fisher & Paykel Healthcare’s CEO. “Demand for our RAC care products has continued to be particularly strong, with the proportion
of our revenue from products used in new applications continuing to increase. We expect RAC constant currency revenue
growth of about 18% for the first half.”
“For our OSA product group, mask revenue growth continues to be very encouraging and we are expecting first half
constant currency revenue growth to also be well above market at about 14%.”
“There is a global trend to carefully manage growth in healthcare expenditure, which fits very well with our strategy of
offering innovative medical devices that can help to reduce the overall healthcare costs per patient, by improving
effectiveness and efficiency of care. That in turn is supportive of margins, as we increasingly demonstrate the benefits
our products can offer” concluded Mr Daniell.
At current exchange rates, the company expects operating revenue for the first half to be approximately NZ$310 million
and net profit after tax to be approximately NZ$43 million dollars. That would represent about 30% net profit growth,
driven by a combination of robust revenue growth, improving gross margins and favourable hedging. Assuming an exchange
rate of approximately 80 cents, the company now expects full year operating revenue to be in the range of NZ$625 million
to NZ$645 million.
The company has provided the attached Chairman’s speech, CEO’s speech and slide presentation for the 2013 annual shareholders’ meeting as well as an update on the company’s foreign exchange hedging position as at today’s date.
For more information about the company visit our website www.fphcare.com.
ENDS