Fisher & Paykel Healthcare Corporation Limited · NZX:FPH
Fisher & Paykel Healthcare — UBS Australian Healthcare Conference 2006
14 slides from Fisher & Paykel Healthcare's conference presentation, Nov 16, 2006
Slide 1: UBS Australian Healthcare Conference Sydney
UBS Australian Healthcare Conference Sydney 16 November 2006
Slide 2: Operating Results NZ$
Operating Results NZ$ H1FY07 (6 mths) % Revenue NZ$M %Ìpcp Trading revenue 100% 173.2 +28% Gross profit * 59.7% 103.4 +8% SG&A 27.6% 47.9 +20% R&D 5.5% 9.5 +13% Total Operating Expenses 33.1% 57.3 +19% Operating Profit 26.6% 46.1 -3% * GP: Net hedge gains contributed NZ$2.8M (NZ$22.6M pcp) 2
Slide 3: Operating Results US$
Operating Results US$ H1FY07 (6 mths) %Revenue US$M %Ìpcp Trading revenue 100% 109.4 +15% Gross profit 59.7% 65.3 -3% SG&A 27.6% 30.2 +8% R&D 5.5% 6.0 +2% Total Operating Expenses 33.1% 36.2 +7% Operating Profit 26.6% 29.1 -12% 3
Slide 4: Constant Currency Growth
Constant Currency Growth H1FY07 (6 mths) Trading revenue +22% Respiratory Humidification +23% Obstructive Sleep Apnea +20% Neonatal +23% SG&A +12% R&D +14% 4
Slide 5: Markets and Products
Markets and Products • Respiratory Neonatal Distributed 8% 2% humidification • Obstructive sleep apnea Resp. • Neonatal Hum. 44% OSA 46% ¯ Consumable products represent approx. 62% of core Revenue by Product product sales 6 months to 30 Sept 2006 5
Slide 6: Expanding Opportunities
Expanding Opportunities Invasive Ventilation Non-invasive Ventilation O2 Therapy COPD Device Coming … Late FY07 Humidity Therapy Laparoscopic Insufflation 6
Slide 7: Respiratory Humidification Update
Respiratory Humidification Update • 12% revenue growth US$, 23% constant currency • MR850, MR810 placements growing breathing circuit market share • Good early acceptance of new interfaces; NIV, O2 therapy, humidity therapy • MR860, preparing for beginning of international introduction • COPD home s
Slide 8: OSA Update
OSA Update • 20% revenue growth US$, 21% constant currency • 28% combined mask and flow generator revenue growth • Introducing FlexiFit 432 full face mask • ThermoSmart volume growing rapidly • Auto pressure setting flow generator due for introduction early CY2007 8
Slide 9: Neonatal Update
Neonatal Update • 16% revenue growth in US$, 23% constant currency • Very strong growth for BubbleCPAP, Neopuff resuscitator • Good early demand for new O2 therapy system, resuscitation masks 9
Slide 10: Research & Development
Research & Development • 190 engineers, scientists, physiologists • Adding to teams, expect R&D expense growth to increase 2H • 5.5% of revenue H1FY07 • Product pipeline includes – Flow generators – Masks – Humidification system for COPD therapy – Respiratory consumables • 61 US patents, 71 US pendi
Slide 11: Global Presence
Global Presence • Direct – hospitals, home care dealers Asia – Sales/support offices in USA/Canada, Pacific/Other UK/Ireland, France/Benelux/Italy/ 22% Spain, Germany/Austria/Switzerland, India, Japan, UAE, China, Taiwan, Europe Sweden, Brazil, Australia and 29% NZ – 350+ staff – Ongoing internation
Slide 12: Balance Sheet
Balance Sheet • NZ$28.1M debt at 30 September 2006 • NZ$5.4 cps interim dividend • Invested in capacity expansion with completion of NZ$60M second building • NZ$27M ongoing share buyback; NZ$15.3M completed to date • 45% annualised pre-tax return on average funds employed FY07 (H1FY06 50%) 12
Slide 13: Growth Drivers
Growth Drivers Consistent strategy: • Continue to improve existing product lines • Develop complementary products/ consumables • Target new medical applications – e.g. COPD, NIV, O2 therapy, insufflation • Increase international presence 13
Slide 14: Improving Patient Care in More Places
IMPROVING PATIENT CARE IN MORE PLACES
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