FPH fisher & paykel healthcare corporation limited

Ann: FORECAST: FPH: FPH Lifts Earnings Guidance,

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    • Release Date: 18/02/14 10:41
    • Summary: FORECAST: FPH: FPH Lifts Earnings Guidance, Expanding Mexico
    • Price Sensitive: No
    • Download Document  3.06KB
    					FPH
    18/02/2014 08:41
    FORECAST
    
    REL: 0841 HRS Fisher & Paykel Healthcare Corporation Limited
    
    FORECAST: FPH: FPH Lifts Earnings Guidance, Expanding Mexico
    
    FISHER & PAYKEL HEALTHCARE LIFTS EARNINGS GUIDANCE, ANNOUNCES MEXICO
    MANUFACTURING EXPANSION
    
    Auckland, New Zealand, 18 February 2014 - Fisher & Paykel Healthcare
    Corporation Limited (NZSX:FPH, ASX:FPH) announced today that it had raised
    its earnings guidance and will expand its manufacturing facility in Tijuana,
    Mexico.
    
    The company now expects net profit after tax to be approximately NZ$97
    million for the financial year ending 31 March 2014, assuming a continuation
    of current exchange rates. At its previous guidance update in November 2013,
    the company said it expected full year net profit to be in the range of NZ$90
    million to NZ$95 million.
    
    "Demand during the second half has been very encouraging, particularly for
    our Simplus, Eson and Pilairo Q masks, which are used for the treatment of
    OSA", commented Michael Daniell, Fisher & Paykel Healthcare's CEO.
    
    "Operating margin has continued to improve as a result of product mix,
    operating efficiency gains and manufacturing at our Mexico facility".
    
    The company also announced that it will expand its available manufacturing
    area in Tijuana, Mexico.
    
    The NZ$4 million fit-out will increase the Mexico facility manufacturing area
    by two thirds and will accommodate the installation of additional
    manufacturing equipment over the next three years for products such as
    breathing systems and masks. The company expects the plant to be
    manufacturing approximately half of the company's consumable product volume
    within three years.
    
    "We have brought forward the expansion of the Tijuana facility to ensure that
    we can meet anticipated demand as a result of strong customer acceptance of
    products such as our new masks and Optiflow oxygen therapy system", said Mr
    Daniell.
    
    "Our focus on medical devices which can improve the effectiveness and
    efficiency of care supports the increasing emphasis of health systems on
    patient outcomes. For example, in the United States later this year, Medicare
    will begin to penalise hospitals for excessive chronic respiratory patient
    readmissions. We believe that this will increase the demand for our products
    which can help to improve care in the home for patients with chronic
    respiratory disease".
    
    "We are also continuing to invest at our site in Auckland, with a number of
    exciting new product platforms and associated manufacturing lines currently
    being developed", concluded Mr Daniell.
    
    Contact: Michael Daniell, MD/CEO on +64 9 5740161 or Tony Barclay, CFO on +64
    9 574 0119.  For more information about the company visit www.fphcare.com
    
    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 (RAC) and the
    treatment of obstructive sleep apnea (OSA).  The company's products are sold
    in more than 120 countries worldwide.  For more information about the company
    visit www.fphcare.com.
    End CA:00247099 For:FPH    Type:FORECAST   Time:2014-02-18 08:41:20
    				
 
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