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Business Description: Fisher & Paykel Healthcare Corporation Limited (FPH) is involved in the design, manufacture and marketing of heated humidification products and systems for respiratory care and treatment of obstructive sleep apnea. Exporting to over 120 countries FPH's head office and manufacturing operations are located in New Zealand. Major clients are hospitals, home healthcare providers, distributors and manufacturers of medical devices.
Strategy Analysis: FPH is seeking to leverage off its strength by tapping into emerging opportunities that will help it deliver mid-teens growth over the long term. The focus is on expanding the product range, and offering products to treat a wider range of conditions while increasing sales presence in key global markets. Future expansion drivers are based around a consistent growth strategy with the development of complementary products and consumables. In the RH space FPH is seeking to develop products catering to non-invasive ventilation, oxygen therapy, COPD, Laparoscopic surgery and humidity therapy. These areas offer tremendous growth opportunities for FPH. Each AIRVO controller is expected to generate approximately US$1500 in sales. In addition it is anticipated that each COPD patient will go through at least four sets of consumables. In the OSA space FPH recently launched the ICON range of flow generators which has met with an encouraging response. We think FPH now has the right product to compete with the likes of RMD and Philips and we won´t be surprised if it is able to gain share overtime. In addition to delivering new products on a sustained basis FPH is looking at reducing costs by producing lower end commodity type products at its new facility in Mexico. Management thinks this facility is likely to contribute more than NZ$20m p.a. to annual operating profits within five years.
Fisher & Paykel Healthcare reported NPAT up 17.62% to NZ$33.25m for the half-year ended 30 September 2012. The increase in net profit was a result of robust revenue growth, gross margin expansion, disciplined control of expenses and other operational efficiencies. In constant currency terms, operating profit increased 46%. Revenue from ordinary activities were NZ$266.94m, up 6% from last year. Diluted EPS was 6 NZ cents compared to 5.4 NZ cents last year. Net operating cash flow was NZ$32.29m compared to NZ$43.09m last year. The interim dividend declared was 5.4 NZ cents, compared with 5.4 NZ cents last year.
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