Sales of CPAP masks and accessories grew 14%, driven by the introduction of three new mask models in major markets over the past 10 months.
Summary: Fisher & Paykel Healthcare reported record first-half revenue of $951.2 million, an 18% increase from the previous year, driven by strong sales in its hospital and homecare product lines. The homecare group, which focuses on sleep apnea masks and accessories, achieved a 14% revenue increase in constant currency, supported by the introduction of three new CPAP mask models. The company remains optimistic about continued growth, projecting full-year revenue of up to $2 billion.
Key Takeaways
- Record Revenue Growth – Fisher & Paykel Healthcare achieved record first-half revenue of $951.2 million, an 18% year-over-year increase.
- CPAP Mask Sales Lead Growth – Sales of sleep apnea masks and accessories rose 14% in constant currency, bolstered by three new mask models introduced in the past 10 months.
- Positive Outlook Ahead – The company projects full-year revenue between $1.9 billion and $2 billion, anticipating continued success in both homecare and hospital product groups.
Fisher & Paykel Healthcare reported record first-half revenue of $951.2 million, an increase of 18% from the prior corresponding period—with net profit up 43% over the same period last year—driven by new product launches, changing clinical practices, and strong sales in both hospital and homecare product lines.
“This result was driven primarily by new product introductions and changing clinical practice. Early indications are that a relatively high hospital census during the period may have contributed as well, as hospitals returned to more normalized staffing and capacity, and seasonal hospitalizations in the Northern Hemisphere from FY24 persisted into the beginning of our current financial year,” says managing director and chief executive officer Lewis Gradon, in a release.
For the hospital product group, which includes humidification products used in respiratory, acute and surgical care, first-half revenue was $591.4 million, an increase of 21% over the same period last year in both reported and constant currency. Hospital new applications consumables revenue increased 24% in constant currency.
For the homecare product group, first-half revenue was a record $359.4 million, an increase of 14% on the first half of last year, or 13% in constant currency. Sales of masks and accessories for treating obstructive sleep apnea were up 14% in constant currency.
“We are also pleased with the continued strong performance of our range of masks for patients with obstructive sleep apnea. With the introduction of the F&P Nova Micro mask, alongside our recently launched F&P Solo AutoFit mask and F&P Evora Full, we address a diverse array of patient needs and preferences with our latest technology,” says Gradon in a release.
Looking Ahead
The full-year guidance previously provided in August was for operating revenue to be in the range of approximately $1.9 billion to $2 billion and net profit after tax to be in the range of approximately $320 million to $370 million. At Oct 31 exchange rates, the company continues to guide to full-year operating revenue in the range of approximately $1.9 billion to $2 billion and full-year net profit after tax in the range of approximately $320 million to $370 million.
“In our homecare product group, we have introduced three new mask models into major markets over the last 10 months. They are performing well, and we think they will continue to drive similar results for the remainder of the financial year.”
“For our hospital product group, we expect similar contributions from change in clinical practice and new product introductions. Our revenue guidance range also accommodates a broad range of Northern Hemisphere seasonal hospitalization scenarios, ranging from relatively low to approximately moderate. This variable impact typically occurs later in our second half.
“We are pleased with our performance for the first half of the year. We want to thank our customers, suppliers, clinical partners, employees and shareholders. Their support makes a difference in the quality of life for millions of patients every year,” concludes Gradon in a release.
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