F&P Healthcare chief executive and managing director Lewis Gradon. [Source: NZ Herald]
Fisher and Paykel Healthcare’s net profit fell 57 per cent to $95.9 million as sales declined to more sedate levels after a Covid-driven rush.
The bottom line figure was slightly above the top end of company guidance, issued in August, of $95m.
The respiratory products maker said its revenue for the six months to September fell by 23 per cent to $690.6m but was above the $670m figure guided by the company.
F&P Healthcare raised its interim dividend by half a cent to 17.5 cents a share.
Managing director and CEO Lewis Gradon said the result was consistent with what the company signalled in August.
“Compared to pre-pandemic levels, this represents solid growth,” Gradon said.
Over the last two financial years F&P Healthcare has supplied $880 million worth of hospital hardware, the equivalent of about 10 years’ hardware sales prior to the pandemic.
The March 2021 year was the peak, with revenue hitting a record $1.97 billion, up 56 per cent on the previous year’s, and net profit coming in at $524m, up 82 per cent.
Looking ahead, the company said its second half would be impacted by several factors, including:
• The rate of Covid-19 hospitalisations and the related intensity of respiratory support required
• The severity and duration of a Northern Hemisphere flu season
• The magnitude of RSV (respiratory syncytial virus) hospitalisation surges currently experienced in some regions
• And the impact of ongoing hospital staffing challenges on the surgical procedure backlogs in many countries.