Fisher and Paykel raises guidance on strong recent performance

Medical Company Financials

Fisher and Paykel has raised its earnings guidance for the fiscal year ending March 31st 2013, thanks to the encouraging business performance it has experienced in recent months.

The medical technology firm now expects its net profit after tax to come to approximately NZ$75 million (41.01 million pounds) for the 12-month period, up from the previous guidance range of NZ$69 million to NZ$72 million.

Better-than-expected results for the second half of the year were cited as the reason for this change, with margins improving despite the continuing strength of the NZ dollar.

Michael Daniell, Fisher and Paykel Healthcare's chief executive officer, said: "We are expecting constant currency operating revenue growth for the second half to increase to approximately 14 percent, up from eight percent for the first half."

The company - which sells its products in more than 120 countries worldwide - also announced plans to launch a new full face mask called Simplus this year for the treatment of obstructive sleep apnoea.

It will be made available in New Zealand and Australia from April 2013, followed by Canada and Europe, with the US receiving the product on receipt of Food and Drug Administration clearance.

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