Fisher & Paykel Healthcare (FPH) H2 2026 earnings summary

Executive summary

• Treated or supported care for approximately 24 million patients globally in FY 2026, with strong hospital hardware sales and broad-based regional growth, especially in the U.S. driven by new product launches such as the F&P Nova Nasal mask for OSA.

• Achieved strong growth in hospital hardware sales, supported by F&P Airvo 3 and F&P 950 systems.

• Construction progressed on the fifth building at the East Tāmaki campus in Auckland for expanded R&D and manufacturing.

• Clinical evidence for Optiflow nasal high flow therapy expanded, with 12 clinical guidelines now supporting its use.

Financial highlights

• Operating revenue reached NZD 2.31–2.3084 billion, up 14% year-over-year (12% in constant currency).

• Net profit after tax was NZD 468.5 million, up 24% year-over-year (28% in constant currency).

• Gross margin improved to 63.7%, up 122 basis points in constant currency.

• Operating margin rose to 27.6%, up 277 basis points in constant currency.

• Fully imputed final dividend of NZD 0.33 per share, total dividends up 22% to NZD 0.52 per share (65% payout ratio).

Outlook and guidance

• FY 2027 operating revenue guidance: NZD 2.45–2.57 billion; net profit after tax: NZD 500–550 million.

• Assumes 10% U.S. tariff on certain respiratory products and Middle East conflict surcharges, with a 50–70 basis point gross margin impact.

• Ongoing efficiency improvements expected to offset these headwinds, targeting gross margin improvement.

• Revenue growth guidance of 6–11% for FY 2027, with hospital consumables and OSA masks expected to maintain growth, but hardware potentially flat or declining.

• Capital expenditure for FY 2027 expected at NZD 230 million.