BNZ card risk for the forgetful

A week after being recognised in one of the world’s most prestigious medical journals, Fisher & Paykel Healthcare has posted a record profit.

The medical device manufacturer has outperformed its own forecast, reporting a record profit of $113.2 million for the year to March 31, a 17 per cent increase on the prior year.

Investors reacted positively to the result, with shares trading up 32 cents at $6.62 shortly after the market opened.

The company, which provides respiratory and acute care systems and products for the treatment of obstructive sleep apnoea (OSA), indicated in November that it expected net profit between $105m to $110m.

Chief executive Michael Daniell said the profit was achieved despite a $26.7m reduction in foreign exchange hedging gains.

A final dividend of 8 cents a share would be paid on July 10, an increase of 14 per cent on the previous year.

‘‘We are pleased with our record results, which demonstrate the success of our consistent growth strategy,’’ Daniell said.

Total revenue increased 8 per cent to $672.3.

Revenue from products used in applications outside the company’s traditional invasive ventilation market grew 26 per cent, which included Optiflow and AIRVO systems.

On May 21 the New England Journal of Medicine published a positive clinical trial result, in which Fisher & Paykel Healthcare’s Optiflow masks were used.

The trial, included 310 patients and was conducted in 23 intensive care units in France and Belgium.

It found a significant reduction in mortality for acute hypoxemic respiratory failure patients treated with Optiflow nasal high flow therapy compared to standard oxygen therapy or noninvasive ventilation.

Fisher & Paykel Healthcare medical devices products were used to treat an estimated 10 million patients in the year to March 31, Daniell said.

The company was focused on improving its products, serving more patient groups, extending its range of products and growing its international presence.

‘‘We believe that this strategy will continue to deliver robust revenue growth in the current year,’’ Daniell said.

The company is forecasting a net profit for the current financial year if between $125m to $130m, Daniell said.

From July 19 Fisher & Paykel Healthcare would take responsibility for sales and support of its portfolio of respiratory care products in the US. BNZ customers risk having their insurance premium or utility payments bounce if they are surprised to receive replacement credit cards in the mail and forget to update their automatic payments.

Bank of New Zealand is issuing ‘‘Advantage’’ credit cards to replace all of its 100,000-plus GlobalPlus credit cards, ahead of their normal expiration dates, after Air New Zealand terminated its Airpoints reward scheme with the bank.

The Advantage cards, which do not sport the GlobalPlus logo, have different expiry dates from the cards they replace and come with letters that say customers are ‘‘good to go’’ once they activate the cards.

However, that will not always be true for customers who have set up automatic payments from their credit card accounts, many of whom will need to contact payees to advise them of the new expiry dates if they activate them.

Insurance Council operations manager Terry Jordan believed all insurers required customers to tell them of changes to their card’s expiry date if they paid their premiums by automatic payment from their credit card account. AMI Insurance stipulates five days’ notice in its terms and conditions.

If they failed to do that, their payment would bounce, he said. ‘‘The process wouldn’t work because the numbers wouldn’t match.’’

Jordan said banks, when they sent out replacement cards, should included a note saying ‘‘please advise your payees of the changes’’.

BNZ spokeswoman Katherine Cornish said customers who did not receive their new cards because they were away, or who chose not to activate them, would find their existing GlobalPlus cards still worked.