Fisher & Paykel Healthcare updates FY24 guidance

Fisher & Paykel Healthcare Corporation Limited (ASX: $FPH) has revised its revenue and earnings guidance for the financial year ending 31 March 2024. The company now anticipates full year operating revenue to be approximately $1.73 billion, up from the previous guidance of $1.7 billion. The updated underlying profit after tax is expected to range between approximately $260 million to $265 million, excluding any fair value changes.

Executive Commentary on FY24 Guidance Update

In the Hospital product group, there has been a continuation of solid demand for our hospital consumables across the product portfolio throughout the second half, which is towards the upper end of our expectations from November. In OSA masks, we have continued to see strong performance from our Evora Full mask. We have received positive feedback on our revolutionary F&P Solo mask after the recent release in early markets, and we look forward to its introduction in more countries in the coming months.

Summary of FY24 Guidance Update and Future Plans

Fisher & Paykel Healthcare has adjusted its FY24 revenue and earnings guidance, expecting an increase in operating revenue to approximately $1.73 billion. The company's strong performance in the Hospital product group and OSA masks has contributed to this update. Additionally, the company will undergo a revaluation of its company-owned land, which may impact the reported net profit after tax for the year. Looking ahead, Fisher & Paykel Healthcare plans to develop a new campus over the next 30 to 40 years, with the expectation of submitting an application for re-zoning of the Karaka land next financial year and receiving approvals over the coming years. The company aims to provide significant economic, social, and environmental benefits through the development of its second campus.