F&P Healthcare lifts profit forecast

Last updated 15:04 20/08/2014

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A weaker New Zealand dollar has prompted medical device manufacturer Fisher & Paykel Healthcare to raise its profit forecast for the next financial year to $100 million.

In May, when the kiwi was hovering at 86 cents to the United States dollar, the company forecast a net profit of $97m for the year to March.

But at the company's annual shareholder meeting in Auckland this afternoon, chief executive Michael Daniell said the forecast had been raised by $3m, based on an exchange rate of 84c to the US dollar.

He said revenue growth so far this year had been "robust", thanks to a growing acceptance by clinicians and healthcare providers of F&P's respiratory care systems and products for the treatment of obstructive sleep apnoea.

"We released a broad range of new products in the last year and we have a substantial pipeline in development, with a large number of exciting new products to be introduced over the next 12 to 18 months," Daniell said.

At current exchange rates, the company said, it expected operating revenue for the first half of the financial year to be about $315m and net profit to be about $45m.

Assuming an exchange rate of 84c to the US dollar for the rest of the year, the company said, full-year operating revenue was now expected to be about $650m.

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