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- Release Date: 27/08/13 15:47
- Summary: ADDRESS: FPH: FPH Raises Earnings Guidance at 2013 ASM
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FPH
27/08/2013 13:47
ADDRESS
REL: 1347 HRS Fisher & Paykel Healthcare Corporation Limited
ADDRESS: FPH: FPH Raises Earnings Guidance at 2013 ASM
FISHER & PAYKEL HEALTHCARE RAISES EARNINGS GUIDANCE AT 2013 ANNUAL
SHAREHOLDERS' MEETING
Auckland, New Zealand, 27 August 2013 - Fisher & Paykel Healthcare
Corporation Limited (NZSX:FPH, ASX:FPH) announced today at its annual
shareholders' meeting that it has raised its earnings guidance for the
financial year ending 31 March 2014.
Assuming an exchange rate of approximately 80 cents and taking into account
increased underlying growth and margin improvement, the company expects net
profit after tax to be in the range of NZ$90 million to NZ$95 million. The
full year net profit guidance provided by the company in May, based on an
exchange range of 80 cents to 85 cents for the NZ dollar to the US dollar,
was NZ$85 million to NZ$90 million.
"Growth so far this year has continued to be robust and we expect first half
revenue to grow approximately 15% in constant currency" commented Michael
Daniell, Fisher & Paykel Healthcare's CEO.
"Demand for our RAC care products has continued to be particularly strong,
with the proportion of our revenue from products used in new applications
continuing to increase. We expect RAC constant currency revenue growth of
about 18% for the first half."
"For our OSA product group, mask revenue growth continues to be very
encouraging and we are expecting first half constant currency revenue growth
to also be well above market at about 14%."
"There is a global trend to carefully manage growth in healthcare
expenditure, which fits very well with our strategy of offering innovative
medical devices that can help to reduce the overall healthcare costs per
patient, by improving effectiveness and efficiency of care. That in turn is
supportive of margins, as we increasingly demonstrate the benefits our
products can offer" concluded Mr Daniell.
At current exchange rates, the company expects operating revenue for the
first half to be approximately NZ$310 million and net profit after tax to be
approximately NZ$43 million dollars. That would represent about 30% net
profit growth, driven by a combination of robust revenue growth, improving
gross margins and favourable hedging. Assuming an exchange rate of
approximately 80 cents, the company now expects full year operating revenue
to be in the range of NZ$625 million to NZ$645 million.
The company has provided the attached Chairman's speech, CEO's speech and
slide presentation for the 2013 annual shareholders' meeting as well as an
update on the company's foreign exchange hedging position as at today's date.
Contact: Michael Daniell, MD/CEO on +64 9 574 0161 or Tony Barclay, CFO on
+64 9 574 0119. For more information about the company visit our website
www.fphcare.com
End CA:00240240 For:FPH Type:ADDRESS Time:2013-08-27 13:47:31
