Fisher & Paykel Healthcare Corporation Limited · NZX:FPH
Fisher & Paykel Healthcare — NZX Australasian Media Day 2003
20 slides from Fisher & Paykel Healthcare's conference presentation, Nov 12, 2003
Slide 1: NZX Australasian Media Day
NZX Australasian Media Day 12 November 2003
Slide 2: Investment Highlights
Investment Highlights • Leading player in heated humidification devices and consumables for a variety of respiratory markets • Estimated US$1.2 billion+ market opportunity • High level of innovation • Global presence • Competitive NZ cost base • Strong financial performance • Experienced management
Slide 3: Operating Results US$
Operating Results US$ H1FY04 (6 mths) % Revenue US$M %Ìpcp Operating revenue 100% 60.3 +27% Gross profit 70.5% 42.6 +32% SG&A 28.8% 17.4 +36% R&D 6.4% 3.9 +47% Total Operating Expenses 35.3% 21.3 +38% Operating Profit 35.3% 21.3 +27% Profit after Tax 24.1% 14.5 -8% 3
Slide 4: Operating Results NZ$
Operating Results NZ$ H1FY04 (6 mths) % Revenue NZ$M %Ìpcp Operating revenue 100% 104.9 +4% Gross profit 70.5% 74.0 +8% SG&A 28.8% 30.2 +11% R&D 6.4% 6.8 +20% Total Operating Expenses 35.3% 37.0 +12% Operating Profit 35.3% 37.0 +4% Profit after Tax 24.1% 25.2 -25% 4
Slide 5: Markets and Products
Markets and Products • Respiratory humidification • Obstructive sleep apnea Neonatal • Neonatal and other OSA 41% and other 10% Respirato ry Humid- ¯ Consumable products represent ification 49% approx. 50% of core product sales * 12 months to 31 March 2003 5
Slide 6: Respiratory Humidification
Respiratory Humidification • Normal airway humidification is bypassed or compromised during ventilation or O2 therapy • Mucociliary transport system operates less effectively – increases risk of infection – impairs gas exchange • Need to deliver gas at physiologically normal levels – 37°C body core
Slide 7: Market Opportunity
Market Opportunity Humidification systems are utilized to create, control and deliver optimal levels of humidity • Estimated US$300+ million market worldwide – heated humidifier controllers – humidifier chambers + – breathing circuits + – unheated humidifiers – oxygen therapy supplies ¯ Heated humid
Slide 8: Fisher & Paykel's Humidification Systems
Fisher & Paykel’s Humidification Systems Fisher & Paykel has a full range of industry-leading respiratory humidification systems Products include: MR850 Respiratory Humidification System – invasive ventilation, O2 therapy and non-invasive ventilation – patented flow measuring technology – integrated
Slide 9: Single-use Components
Single-use Components Single-use chambers – patented auto filling MR290 – manual filling models Single-use breathing circuits – adult and neonatal – patented spiral heater wire – less condensation – delivery of optimal humidity – New technology in pipeline Breathing circuit components – filters – ca
Slide 10: Respiratory Humidification Update
Respiratory Humidification Update • Revenue growth (US$) H1 FY04 +37% on pcp Weaning Kit • Sales growth driven by chamber and circuit sales, acceptance of MR850 system • Continued market share Catheter Mount Filter growth in breathing circuits, rapid uptake of neonatal circuits • SARS ˜ US$2M Non-in
Slide 11: Obstructive Sleep Apnea
Obstructive Sleep Apnea • Temporary closure of airway during sleep • Can greatly impair quality of sleep, leading to fatigue; also associated with stroke and heart attack • Estimated US$700+ million worldwide market, growing 15%-20% Normal breathing • 12 million affected by OSA in US alone • Most co
Slide 12: Fisher & Paykel's CPAP Systems
Fisher & Paykel’s CPAP Systems Fisher & Paykel has a broad range of CPAP products, including flow generators, humidifiers and masks Products include: • HC150 Humidifier – suitable for use with most OSA flow generators – patented Ambient TrackingTM system • HC220/HC221LE Integrated Flow-Generator Hum
Slide 13: Mask Systems
Mask Systems • FlexiFit™ Nasal Masks – patented sliding attachment – flexible FlexiFit™ foam cushion – bias flow diffuser ¯ less leaks, greater comfort • Oracle™ Oral Mask – proprietary oral interface – no headgear required • Three new masks in pipeline 13
Slide 14: CPAP/Obstructive Sleep Apnea Update
CPAP/Obstructive Sleep Apnea Update • Revenue growth (US$) H1FY04 +15.4% on pcp • Flow generator revenue growth +28% Q2 on pcp • HC221LE flow generator introduced • HC211 convertible flow generator introduced, expands market opportunity • HC405 FlexiFit™ nasal mask introduced • New flow generators,
Slide 15: Neonatal Warmers and CPAP
Neonatal Warmers and CPAP • Radiant Warmers – 400,000 pre-term live births per year in US – warmers required in delivery and NICU – precise and stable temperature control • Infant CPAP System – proprietary bubble CPAP, non- invasive, oscillating pressure – lower risk alternative to ventilation 15
Slide 16: Neonatal and Warming Update
Neonatal and Warming Update • Revenue growth (US$) H1FY04 +48% • Strong infant warmer revenue growth • Growing acceptance of Neopuff infant resuscitator and neonatal CPAP system 16
Slide 17: Research & Development
Research & Development • 130 engineers, scientists, physiologists • R&D increase to 6.4% of revenue H104 • Significant new product pipeline for FY2004 – Flow generators – Masks – Breathing circuit technology – Patient warmer • Competitive NZ cost base • 32 US patents, 53 US pending *, 48 ROW, 186 RO
Slide 18: Global Presence
Global Presence % of Revenue* • Direct – hospitals, alternate site, home care North dealers America – sales offices in USA/Canada, 49% UK/Ireland, France/Benelux/Italy/ Spain, Germany/Austria, Australia Other 3% and NZ – Ongoing international expansion Asia • Distributors Pacific – 100 distributors
Slide 19: Growth Drivers
Growth Drivers • Maintain high level of innovation – continue to improve existing product lines – develop complementary product offerings • Target new medical applications – e.g. COPD • Increase international presence, – e.g. Italy, Spain, China
Slide 20: Fisher & Paykel Healthcare
Fishers Paykel HEALTHCARE Fishers Paykel EALTHCARE
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