Another positive update from NZ respiratory products group, Fisher & Paykel Healthcare (ASX:FPH), on Friday.
The company was upbeat about the first half of the year and raised its full-year guidance.
The medical devices company expects first-half revenue for the six months ending September to be in the range of approximately NZ$940 million to NZ$950 million, and net profit after tax in the range of approximately NZ$150 million to NZ$160 million.
At the midpoints, this would equate to 18% growth in reported operating revenue and 44% growth in reported net profit after tax compared to the first half of the 2023-24 year.
For the full year, the company now sees a slight improvement on the guidance issued with the annual results earlier this year.
“The full year guidance previously provided in May was for operating revenue to be in the range of approximately $1.9 billion to $2.0 billion and net profit after tax to be in the range of approximately $310 million to $360 million,” the company said on Friday.
Now, at 31 July exchange rates, the company continues to expect full year operating revenue to be in the range of approximately $1.9 billion to $2.0 billion and now expects full year net profit after tax to be in the range of approximately $320 million to $370 million.
CEO Lewis Gradon said in the update that “We expect the remainder of the financial year for our Hospital product group to have similar underlying contributions from changes to clinical practice and new product introductions.”
“We have not changed our view on the revenue guidance range for the full year due to the additional and variable impact of Northern Hemisphere seasonal hospitalisation rates, which historically occur towards the end of our second half.”
“In our Homecare product group, the new masks we have introduced are performing well, and we think this will continue to be an underlying driver into our second half.”
“Our hospital products are market leaders, our masks for treating obstructive sleep apnea are getting positive reviews, and we have expanding opportunities in anesthesia and surgery. We are in a strong position to achieve our long-term revenue aspirations,” Mr Gradon said.
FPH upgraded its 2023-24 performance in the final month of the March financial year, and it seems the positives in that statement have continued into 2024-25.
Friday’s upgrade came ahead of the 2023-24 annual meeting to be held next Wednesday.