I may be wrong - but it seems the result is quite a bit weaker than expected. They have also had better masks results and weaker hospital results. I believe the masks are much higher margin than the devices, so a higher margin is not really so indicative of performance but rather product mix.
It was noticeable that they used a forex rate of USD 62c, whereas it is currently 59c, so there is a ??? 2.5% (to split the impact) upward adjustment to first half revenue and PAT to be made perhaps, ignoring EUR and Mexico. So that seems to put revenue on target in NZD - but not for CC adjusted rev, at 810 NZD and normal 47.5% HY skew.
The strange thing is that they didn't really provide any context as to why PAT margins are so low considering the sales mix (unless I am mistaken about margins), while gross margins are on target. So they are having a cost blow-out in SGA and R and D?
The stock has been beaten up - so maybe it is priced about right - not sure.
FPH Price at posting:
$20.23 Sentiment: Hold Disclosure: Held
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