Fisher & Paykel Healthcare profit up 86pc
Fisher & Paykel Healthcare, which has benefited from a surge in demand for its breathing aids during the coronavirus pandemic, posted an 86 per cent jump in firsthalf profit and lifted its forecast for the full year.
After-tax profit rose to $225.5 million in the six months to September 30, from $121.2m last year. Revenue increased 59 per cent to $910.2m.
Fisher & Paykel Healthcare has experienced unprecedented demand for its breathing devices this year as hospitals stocked up on the machines and accessories used to help treat patients with the coronavirus.
During the half year, demand for its hospital hardware increased, as clinicians increasingly used nasal high flow therapy as a frontline treatment for Covid-19 patients in hospital.
Revenue for the company’s hospital products division, which includes products used in acute and chronic respiratory care and surgery, surged 93 per cent to $681m, with hospital products making up threequarters of the company’s total operating revenue.
‘‘Sales in hardware and consumables continued to track surges in Covid-19 globally, as the virus moved across Europe, North America, South America and South Asia,’’ said chief executive Lewis Gradon.
Gradon said the company’s biggest achievement ‘‘by far’’ was ramping up production to cope with demand. It increased production of some of its hospital hardware products by more than six times and doubled output for some of its hospital consumable products since January.
Fisher & Paykel Healthcare has brought forward plans to increase its manufacturing capacity to cope. It accelerated installation of production lines in its Daniell building, its fourth New Zealand manufacturing facility, which was completed during the half year. It is also planning for a third plant in Mexico, expected to be completed in its 2023 financial year.