22 Jan 2021

Fisher & Paykel Healthcare revenue continues to soar

11:49 am on 22 January 2021

The relentless demand for respiratory products around the world due to Covid-19 hospitalisations has seen the equipment manufacturer Fisher & Paykel Healthcare's revenue continue to skyrocket.

Fisher & Paykel Healthcare's Airvo 2 device used to treat Covid-19 patients

Fisher & Paykel Healthcare's Airvo 2 device used to treat Covid-19 patients Photo: Supplied

From April to December last year, the first nine months of its 2021 financial year, revenue was up 73 percent on the year before.

Chief executive Lewis Gradon said in the hospital product group, which included equipment used in acute and chronic respiratory care and surgery, operating revenue grew 113 percent, hospital hardware revenue grew by more than 400 percent and hospital consumables were up 54 percent.

"In many parts of the world, we have continued to see an influx of Covid-19 patients requiring hospitalisation for respiratory treatment. Healthcare professionals are dealing with pressures unlike anything they have faced before. Our thoughts are with them, the patients under their care, and the families of those who are impacted at this challenging time."

"Given the elevated hospitalisation rates for Covid-19, our hospital hardware sales have continued to be very strong, as has the use of our hospital hardware."

Gradon said there was still significant uncertainty associated with the course of the virus, including the progress and rollout of vaccines, their outcomes and what this would mean for hospitalisation rates.

"[Given this] we have no basis on which to provide formal guidance to results for the full 2021 financial year."

However the company did expect net profit for 2021 to be higher than previous assumptions.

In November the assumption was a full year profit between $400m and $415m.

Its profit for the six months ended September was $225.5m, an 86 percent increase on the year earlier.

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