Medical equipment manufacturer Fisher & Paykel Healthcare Corp reported on Thursday that a 53% trading revenue growth for CPAP flow generators and masks contributed to a record operating profit for the company for the last fiscal year. Overall, the obstructive sleep apnea (OSA) product group revenue increased by 34%.
“We see clear opportunities to continue to grow market share in the OSA and intensive care ventilation markets,” said the company’s CEO, Michael Daniell, MD, in a statement issued by the New Zealand-based company on May 25. Not surprisingly, the statement went on to say that the company is going to continue to put resources into research and development in the sleep medicine field and that Fisher & Paykel is very pleased with customer acceptance of its masks and ThermoSmart flow generator technology so far.
The same day the financial news source Bloomberg.com reported that Fisher & Paykel, which has a US health care base in Laguna Hills, Calif, had a 15% gain in second-half profit on sales of sleep apnea products. However, investors had expected the company to do even better and shares fell 5.2% after the news of the profits spread.
The company’s global market share for OSA products is about 8% and is heading toward 9%, Daniell told Bloomberg.com. Fisher & Paykel’s biggest competitors are Respironics, Murrysville, Pa, and ResMed, Poway, Calif, both of which have also reported healthy growth as the sleep therapy market continues to grow.
The Fisher & Paykel report is available as a PDF file online at www.fphcare.com/news.