Fisher & Paykel Healthcare upgrades first-half guidance

The news: Health equipment provider Fisher & Paykel Healthcare has upgraded the guidance for its first-half results on the back of stronger trading conditions.

The numbers: Operating revenue for the six months to 30 September is expected to rise 14% to NZD790 million ($726 million), up from a previous estimate of a 7.6% increase. Net profit for the half-year is likely to be in the range of NZD95 million-NZD105 million. Full year revenue guidance remains unchanged at NZD1.7 billion.

The context: The ASX and NZX-listed company had suffered poor results in FY22, when sales dropped 6% and profit slid 34% amid rising costs and weaker sales. On Tuesday, Chief executive Lewis Gradon told investors at the company’s annual meeting that revenue from the masks business was stronger than assumed in the first four months of the 2024 financial year, while revenue from hospital hardware was marginally lower.