Half Year 2026 Fisher & Paykel Healthcare Corporation Ltd Earnings Call Transcript
Key Points
- Fisher & Paykel Healthcare Corp Ltd (FSPKF) achieved $1 billion in first-half revenue for the first time, marking a significant milestone.
- The company reported a 14% increase in operating revenue compared to the prior period, with a 12% increase in constant currency terms.
- Net profit after tax rose by 39% from the previous period, or 28% in constant currency, indicating strong financial performance.
- The Hospital product group saw a 17% increase in operating revenue, driven by broad-based strength across the hospital consumables business.
- The company has made significant progress in its manufacturing efficiency and other margin improvement efforts, resulting in a gross margin increase of 110 basis points.
- US tariffs on hospital products sourced from New Zealand negatively impacted the gross margin by 32 basis points in the first half.
- The company anticipates that the full-year hardware results will likely moderate from the strong first-half performance, indicating potential variability in future revenue.
- Operating expenses grew by 8%, reflecting higher investments and a modest increase in personnel, which could pressure future profitability.
- The company faces potential headwinds from global tariffs, which could impact gross margins by approximately 130 basis points on an annualized basis.
- The guidance for the second half suggests a potential decline in net profit after tax, partly due to the full impact of tariffs and expected moderation in hardware sales.
Welcome to Fisher & Paykel Healthcare's results conference call. My name is Lisa, and I'll be your operator for today's call. [Operator Instructions] Please note, this conference call is being recorded.
I would now like to turn the call over to Marcus Driller, VP Corporate.
Thank you, Lisa. Well, good morning, everyone, and welcome to the conference call for Fisher & Paykel Healthcare's First Half Results for the 2026 financial year. On the call today are Lewis Gradon, Managing Director and Chief Executive Officer; Lyndal York, Chief Financial Officer; Andy Niccol, Chief Operating Officer; Justin Callahan, VP, Sales and Marketing; and Andrew Somervell, VP of Products and Technology. Lewis and Lyndal will first provide an overview of the results, and then we'll move on to questions. We'll be discussing our results for the 6 months ended 30 September 2025.
Earlier today, we provided our 2026 interim report, including financial statements and
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