Ann: FORECAST: FPH: Fisher & Paykel Healthcare Upgrades Earnings Guidance

• Release Date: 27/08/15 12:04
• Summary: FORECAST: FPH: Fisher & Paykel Healthcare Upgrades Earnings Guidance
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					FPH
27/08/2015 12:04
FORECAST
PRICE SENSITIVE
REL: 1204 HRS Fisher & Paykel Healthcare Corporation Limited

FORECAST: FPH: Fisher & Paykel Healthcare Upgrades Earnings Guidance

FISHER & PAYKEL HEALTHCARE UPGRADES EARNINGS GUIDANCE

Auckland, New Zealand, 27 August 2015 - Fisher & Paykel Healthcare
Corporation Limited (NZSX:FPH, ASX:FPH) announced today that it has upgraded
its earnings guidance for the financial year ending 31 March 2016.

The medical device manufacturer, which provides respiratory care systems and
products for the treatment of obstructive sleep apnea, today advised that at
an exchange rate of approximately 65 cents for the NZ dollar to the US dollar
for the balance of the year, it expects full year net profit after tax to be
approximately NZ$135 - NZ$140 million.The full year net profit guidance
provided by the company in May, based on an exchange range of 72 cents for
the NZ dollar to the US dollar, was NZ$125 - NZ$130 million.

"Revenue growth so far this year has continued to be robust and we expect
first-half constant currency operating revenue growth of approximately 12%,
reduced slightly as expected, due to an inventory sell down by our previous
hospital distributors in the US. The US distribution transition has proceeded
well" commented Michael Daniell, Fisher & Paykel Healthcare's CEO.

"As 99% of our revenue is generated outside of New Zealand, our NZ dollar
results can be influenced by exchange rate movements. This year, the NZ
dollar has weakened against a number of other currencies, which has been
welcomed by exporters.

"Strong demand has continued into this financial year, driven by increasing
adoption by clinicians and healthcare providers of the solutions we provide.

"In our respiratory and acute care product group we are seeing strong
customer demand for our Optiflow and AIRVO systems used in the delivery of
oxygen therapy and nasal high flow therapy. In our OSA business our masks,
particularly the Simplus full face mask and Eson nasal mask, continue to gain
share."

"We announced the first of a large number of exciting new products in May,
with the introduction of a range of innovative products for use with our
AIRVO system. Over the next year or so, we will be introducing many more new
products, right across our range, with new masks, humidifier systems,
breathing circuits and flow generators coming" concluded Mr Daniell.

At current exchange rates, the company expects operating revenue for the
first half to be approximately NZ$380 million and net profit after tax to be
approximately NZ$60 million.  Assuming an NZ:US exchange rate of
approximately 65 cents for the balance of the year, the company now expects
full year operating revenue to be approximately NZ$800 million.

The company has provided the attached update on the company's foreign
exchange hedging position as at today's date.

About Fisher & Paykel Healthcare
Fisher & Paykel Healthcare is a leading designer, manufacturer and marketer
of products and systems for use in respiratory care, acute care, surgery and
the treatment of obstructive sleep apnea.  The company's products are sold in
over 120 countries worldwide. For more information about the company, visit
our website www.fphcare.com.

Ends

Contact: Marcus Driller, Investor Relations & Corporate Affairs Manager on
+64 9 574 0110

Foreign Exchange Hedging Position
The hedging position for our main exposures, the US dollar and Euro, as at
today's date is:

 Year to 31 March
 2016 2017 2018 2019 2020 2021
USD % cover of expected exposure 97% 59% 22% 19% 18% 7%
USD average rate of cover 0.726 0.695 0.665 0.645 0.628 0.619
EUR % cover of expected exposure 93% 66% 14% 0% 0% 0%
EUR average rate of cover 0.578 0.581 0.604 N/A N/A N/A
End CA:00269177 For:FPH    Type:FORECAST   Time:2015-08-27 12:04:59