Fisher & Paykel Healthcare Corporation Limited · NZX:FPH
Fisher & Paykel Healthcare — FY2025 Earnings Presentation
48 slides from Fisher & Paykel Healthcare's earnings presentation, May 28, 2025
Slide 1: Full Year Results Presentation FY2025
Full Year Results Presentation FY2025 Fisher & Paykel For the year ended 31 March 2025 HEALTHCARE
Slide 2: Disclaimer
Disclaimer The information in this presentation is for general purposes only and should be read in conjunction with Fisher & Paykel Healthcare Corporation Limited’s (FPH) Annual Report 2025 and accompanying market releases. Nothing in this presentation should be construed as an invitation for subscr
Slide 3: Business highlights
Business highlights IMPACTED the lives of approximately 22 million patients globally. SURPASSED $2 billion in annual revenue for the first time in our company’s history. CONTINUED roll-out of F&P Airvo 3™ and F&P 950™ into the United States. LAUNCHED our new F&P Nova™ Nasal mask for treating obstruc
Slide 4: Operating revenue
2024 (including adjustments for abnormal items) 2025* Reported Product recall Revaluation of Deferred tax*** Underlying Reported Underlying Underlying Year ended 31 March (NZ$M) (NZ$M) land (NZ$M) (NZ$M) (NZ$M) (NZ$M) growth PCP^ growth CC** Operating revenue 1,742.8 - - - 1,742.8 2,021.0 16% 14%
Slide 5: FY25 Hospital Revenue Composition
HARDWARE FY25 HOSPITAL REVENUE COMPOSITION 10% CONSUMABLES Invasive Noninvasive OptiflowTM OptiflowTM Surgical ventilation ventilation nasal high flow anesthesia 90% Hardware Consumables
Slide 6: New applications
• • • *New applications = Noninvasive ventilation (NIV), nasal high flow for general respiratory and anesthesia, surgical
Slide 7: FY25 Homecare Revenue Composition
FY25 HOMECARE REVENUE COMPOSITION HARDWARE 12% CONSUMABLES CPAP Therapy/OSA Home Respiratory Support 88% Hardware Consumables
Slide 8: Homecare product group
Homecare product group 8 Fisher & Paykel HEALTHCARE
Slide 9: Gross Margin
GROSS MARGIN 70% • 60% 50% 40% • 30% 20% 10% 0% FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24* FY25 Long-term gross margin target *Underlying gross margin excludes the product recall provision
Slide 10: Operating (EBIT) Margin
OPERATING (EBIT) MARGIN 40% • 35% • 30% 25% 20% • 15% • 10% 5% • 0% FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24* FY25 Long-term operating margin target *Underlying operating margin excludes the product recall provision
Slide 11: Cash flow and balance sheet
FY24 NZ$M FY25 NZ$M Operating cash flow 429.6 548.6 Capital expenditure (including purchases of intangible assets) (339.0) (103.0) Lease liability payments (16.8) (18.5) Free cash flow 73.8 427.1 FY24 NZ$M FY25 NZ$M Net cash / (debt) (including short-term investments) (32.2) 200.5 Total assets 2,281
Slide 12: Dividend History
Dividend * Increased final dividend by 2% DIVIDEND HISTORY compared with FY24 - 24.0 cps + 9.33 cps imputation credit for NZ residents (gross dividend of NZ 33.33 cps) - Fully imputed - 4.24 cps non-resident supplementary dividend 2 + A .4 ° * Total dividend for the year increased by ° 2% to 42.5 cp
Slide 13: Reconciliation of Constant Currency to Reported
FY24 FY25 Change Reconciliation of Constant Currency to Reported Revenue NZ$M NZ$M NZ$M Revenue (constant currency) 1,697.1 1,929.1 232.0 Spot exchange rate effect 53.9 94.4 40.5 Foreign exchange hedging result (15.3) (2.5) 12.8 Balance sheet revaluation 7.1 - (7.1) Total impact of foreign exchange
Slide 14: Outlook
• • *At 30 April 2025 exchange rates of NZD:USD 0.59, NZD:EUR 0.52, NZD:MXN 11.61.
Slide 15: Key Financials
- , d = Key Financials
Slide 16: Key financials
% of Revenue NZ$M PCP^* CC** Operating revenue 100% 1,069.8 14% 11% Hospital operating revenue 64% 688.9 15% 12% Homecare operating revenue 36% 380.5 13% 9% Hospital new applications consumables revenue 43% 458.4 17% 13% OSA masks revenue 29% 309.0 13% 9% Gross profit 64% 682.2 219 bps 72 bps SG&A
Slide 17: Hedging position for our main exposures
• Year to 31 March Hedging position for our main exposures FY31- FY26 FY27 FY28 FY29 FY30 FY35* USD % cover of estimated exposure 90% 70% 65% 50% 45% 0% USD average rate of cover 0.605 0.598 0.586 0.574 0.559 0.536 EUR % cover of estimated exposure 85% 70% 65% 50% 45% 10% EUR average rate of cover 0
Slide 18: Revenue, cost of sales and operating expenses by currency
FY25 (for the year ended 31 March 2025) REVENUE BY CURRENCY COST OF SALES BY CURRENCY OPERATING EXPENSES BY CURRENCY 1% 5% 16% 29% 17% <1% 39% 9% 2% 49% 50% 1% 19% 25% 37% NZD USD EUR MXN Other NZD USD EUR MXN Other NZD USD EUR MXN Other
Slide 19: Overview
Overview Fisher & Paykel HEALTHCARE
Slide 20: Company at a glance
• • • • • • • • • • Note: people numbers are represented as full-time equivalents
Slide 21: Product applications
Invasive Noninvasive Hospital Home Respiratory Obstructive Sleep Respiratory Support Anesthesia Support Apnea Ventilation Ventilation Infant Care Surgical Applications outside of invasive ventilation
Slide 22: Long-term growth aspirations
The image above is an illustration of the company’s long-term growth aspirations. It is not a graph and should not be interpreted as being indicative of levels of revenue or profitability in the short term.
Slide 23: Consistent growth strategy
Consistent growth strategy 23 OUR INPUTS Our people | 50+ years of trusted relationships Excellence in R&D Global supply networks Trusted brand Ti SUSTAINABLE, PROFITABLE GROWTH We aim to grow our business in a way that is sustainable and profitable over the long term GLOBAL REACH CHANGE CLINICAL In
Slide 24: F&P product fundamentals
F&P product fundamentals What are we here to do? A drive to not only improve, but transform, clinical practice. Provide products with protected value differentiation. Get our products, including the evidence, knowledge and supporting tools, into the hands of the customer A deep understanding of the
Slide 25: Key facts for year ended 31 March 2025
• • − − − − − • * For year ended 31 March 2025 † As at 31 March 2025
Slide 26: US Patent Portfolio
FISHER & PAYKEL HEALTHCARE US PATENT PORTFOLIO (2008 – 2025) 800 700 600 500 400 300 200 100 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 US Patents US Patent Applications * As at 31 March 2025
Slide 27: Changing clinical practice
Changing clinical practice » « Using clinical evidence to drive change *« Multi-layered with multiple stakeholders * Building confidence with usage inline with the evidence, demonstrating value *« Products in each care area builds familiarity and confidence * Customer experience builds trust and con
Slide 28: Revenue by Region
• Revenue by Region 12 months to 31 March 2025 − − 4% 21% 48% − − • 27% − • − North America Asia Pacific Europe Other •
Slide 29: Fifth building at East Tamaki campus
• • • • • An artist’s render of our fifth building at our East Tamaki campus in Auckland, New Zealand •
Slide 30: Hospital
Slide 31: Invasive ventilation
Invasive ventilation @ Invasive ventilation refers to respiratory support delivered directly to a patient’s lower airways via an endotracheal (ET) or tracheostomy tube. * Normal airway Reet E\exprerery Unb < pammiteston is bypassed $n HEE or compromised during ones 8 ventilation | ¢« Mucociliary tra
Slide 32: Revenue growth in new applications consumables
Noninvasive OptiflowTM OptiflowTM Surgical ventilation nasal high flow anesthesia CONSTANT CURRENCY REVENUE GROWTH RATE 60% IN NEW APPLICATIONS CONSUMABLES* 50% 40% 30% 20% 10% 0% -10% FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 * Adjusted to exclude impact of US distr
Slide 33: Noninvasive ventilation
Noninvasive ventilation ) Noninvasive ventilation involves the delivery of oxygen (ventilation support) via a face mask and without the need for endotracheal intubation. Why would somebody require noninvasive ventilation: e Acute and chronic respiratory failure, chronic obstructive pulmonary disease
Slide 34: Our NIV masks and their unique features
Our NIV masks and their unique features ) Nivairo RollFit™ auto- Patented TubeFit™ Bridge-free™ NIV adjusting seal technology sa Fisher & Paykel HEALTHCARE
Slide 35: Optiflow nasal high flow therapy
Optiflow nasal high flow therapy © Optiflow nasal high flow therapy provides respiratory support to patients by delivering heated, humidified air and oxygen at flow rates up to 70 L/min via an Optiflow nasal cannula and a system such as the Airvo 2, Airvo 3, F&P 850 or 950. Patient groups who may be
Slide 36: Conventional oxygen therapy vs non-invasive ventilation
CONVENTIONAL NON-INVASIVE OXYGEN THERAPY VENTILATION
Slide 37: Primary support guidelines
Primary support ESICM, ERS, SSC, AARC, MEDICAL ACP, TSANZ, WHO Primary support ESICM, ERS POST-OPERATIVE Pre-escalation support/ Peri- ESICM intubation Post-extubation/ ESICM, ERS, AARC, ACP De-escalation support Complementary support ERS (NIV-rested/proning) Prophylactic support AARC (Require oxyge
Slide 38: Nasal high flow clinical papers published annually
NASAL HIGH FLOW CLINICAL PAPERS PUBLISHED ANNUALLY 800 700 • 600 500 400 300 200 100 0 Annual total of studies (calendar year) Source: PubMed. Includes adult and paediatric/neonatal studies.
Slide 39: Optiflow in Anesthesia
Optiflow in Anesthesia The F&P Optiflow THRIVE™ system enables users to deliver THRIVE™ transnasal humidified rapid-insufflation ventilatory exchange and nasal high flow (NHF) therapy, which has been shown to optimize oxygenation during general anesthesia and procedural sedation’. 39 Optiflow TRACE
Slide 40: Surgical humidification
Surgical humidification Surgical humidification is the delivery of warm, humidified CO, in laparoscopic and open surgery. Current standard of care is dry CO, gas to the surgical site Causes evaporation and cooling Surgical humidification reduces the incidence of peri-operative hypothermia?" and impr
Slide 41: Homecare
= Homecare
Slide 42: Obstructive sleep apnea
Obstructive sleep apnea @ Obstructive sleep apnea (OSA) is characterized by episodes of a complete (apnea) or partial collapse (hypopnea) of the upper airway with an associated decrease in oxygen saturation or arousal from sleep. * OSA is an underdiagnosed medical condition, with multiple negative o
Slide 43: Mask matters most
Mask matters most @ * Masks are key to compliance * Unique, patented designs * Released our new F&P Solo™ into the United States in April 2024, followed by the Nova™ Micro in November. Our latest mask, Nova Nasal, is now available in New Zealand and Australia rf Evora Full Solo Nova Micro Nova Nasal
Slide 44: Home respiratory support
Home respiratory support es) The F&P myAirvo™ system delivers humidified high flow therapy to chronic respiratory patients at home and in long-term care facilities. ¢ Chronic obstructive pulmonary disease (COPD) is a lung disease which is commonly associated with smoking ¢ Chronic respiratory diseas
Slide 45: Operating Sustainably
= Operating Sustaina 45
Slide 46: Scope 1 emissions
• • • Scope 1 emissions (tonnes CO2e) 2,329 2,013 2,295 Scope 2 emissions (tonnes CO2e) – location-based 14,529 14,293 13,232 Scope 2 emissions (tonnes CO2e) – market-based 11,105 12,253 12,406 Scope 1 & 2 emissions subtotal (tonnes CO2e) – using location-based Scope 2 16,858 16,281 15,527 Scope 1 &
Slide 47: Shareholding structure as at 31 March 2025
• Shareholding structure as at Geographical ownership as at 31 March 2025 31 March 2025 <1% 2% 4% 3% 16% 18% 7% 36% 16% 62% 34% Australia New Zealand North America UK NZ Institutions Other Institutions Europe (ex UK) Asia Brokers & Retail Other Rest of World
Slide 48: References
1. Rochwerg, Bram et al. “The role for high flow nasal cannula as a respiratory support strategy in adults: a clinical practice guideline.” Intensive care medicine vol. 46,12 (2020): 2226-2237. doi:10.1007/s00134-020-06312-y 2. Oczkowski, Simon, et al. “ERS Clinical Practice Guidelines: High-flow Na
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