Fisher & Paykel Healthcare Corporation Limited announces that it has updated its earnings guidance for the financial year ending 31 March 2018. The company is holding its annual shareholders’ meeting in Auckland today commencing at 2:00pm.
Trading has been in-line with expectations for the first five months of the financial year. The full year guidance provided in May, based on an NZ:US exchange rate of 69 cents, was for operating revenue to be approximately NZ$1 billion and net profit after tax to be approximately NZ$180 to NZ$190 million. There has been a firming of the NZ dollar since May. Assuming an NZ:US exchange rate of approximately 72.5 cents for the balance of the year, the company now expects full year operating revenue to be approaching NZ$1 billion and net profit after tax to be in the range of approximately NZ$180 to NZ$190 million.
At current exchange rates the company expects operating revenue for the first half of the 2018 financial year to be approximately NZ$460 million and net profit after tax to be approximately NZ$80 million.
“The year has started well,” said Lewis Gradon, Managing Director and CEO of
Fisher & Paykel Healthcare. “Both of our product groups have performed well, particularly in masks for our Homecare product group, and Optiflow nasal high flow therapy in our Hospital product group.
“Our guidance for growth in first half reported profit accommodates the adverse movement in currency since May and a full half of patent litigation costs.
“Recently we were pleased to announce the release of Optiflow Junior 2, a new infant cannula range used for nasal high flow therapy, and SleepStyle, a CPAP device used for patients with obstructive sleep apnea. Both of these products have been doing very well in Australasia and we look forward to releasing these products to other global markets over the coming year.”
The company has provided the Chairman’s speech, CEO’s speech and slide presentation for the 2017 Annual Shareholders’ Meeting to the NZX and ASX today, and provided the attached update on the company’s foreign exchange hedging position as at today’s date. The annual shareholders’ meeting is scheduled to begin at 2:00pm NZST, 12:00pm AEST (10:00pm USEDT) and will be broadcast simultaneously over the internet. To listen to the webcast, access the company’s website at www.fphcare.co.nz/asm.
The company also advises that director Michael Daniell has been appointed to the Audit & Risk Committee replacing Lindsay Gillanders who will retire at the close of the Annual Shareholders’ Meeting.
About Fisher & Paykel Healthcare
Fisher & Paykel Healthcare is a leading designer, manufacturer and marketer of products and systems for use in respiratory care, acute care, surgery and the treatment of obstructive sleep apnea. The company’s products are sold in over 120 countries worldwide. For more information about the company, visit our website www.fphcare.com.
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Foreign Exchange Hedging Position
The hedging position for our main exposures, the US dollar and Euro, as at today’s date is:
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|USD % cover of expected exposure
|USD average rate of cover
|EUR % cover of expected exposure
|EUR average rate of cover