Fisher & Paykel Healthcare (FPH) H2 2025 earnings summary

Executive summary

• Supported treatment of 22 million patients globally in FY 2025, with new product launches in hospital and home care segments, including Nova Nasal, Airvo 3, and 950 systems.

• Surpassed NZ$2 billion in annual revenue for the first time, reflecting strong operational performance and global expansion with new manufacturing facilities and construction of a fifth building at East Tamaki/Auckland.

• Maintained strong innovation with significant R&D investment, totaling NZD 227 million (11% of revenue), and a growing patent portfolio.

Financial highlights

• Operating revenue reached NZD 2.02 billion, up 16% year-over-year (14% in constant currency).

• Net profit after tax was NZD 377.2 million, up 43% year-over-year.

• Gross margin improved to 62.9%, up 181 basis points year-over-year (129 bps in constant currency).

• Operating margin rose to 25.2%, up 379 basis points (260 bps in constant currency).

• Operating cash flow was NZD 549 million, up 28% year-over-year; net cash at year-end was NZD 200.5 million.

Outlook and guidance

• FY 2026 operating revenue expected between NZD 2.15–2.25 billion; NPAT between NZD 390–440 million at April exchange rates.

• Gross margin expected to improve by approximately 50 basis points in constant currency in FY 2026, after offsetting a 50 basis point tariff impact.

• CapEx for FY 2026 projected at NZD 225 million, with major investments in land and buildings.

• Hospital consumables revenue guidance is sensitive to seasonal respiratory hospitalisations, which typically account for less than 5% of the business but can swing results.

• OSA mask guidance assumes similar market conditions as 2H FY 2025, with expected growth around 9%.