Fisher & Paykel Healthcare Corporation Limited · NZX:FPH
Fisher & Paykel Healthcare — FY2011 Earnings Presentation
13 slides from Fisher & Paykel Healthcare's earnings presentation, May 2011
Slide 1: Full Year Update FY2011
Full Year Update FY2011 May 2011 1 Investment Highlights • A leader in respiratory and OSA treatment devices • Consistent growth strategy • Estimated US$3.0+ billion and growing market opportunity • High level of innovation • Global presence • Strong financial performance NZSX:FPH, ASX:FPH 2
Slide 2: Operating Results US$ / NZ$
Operating Results US$ FY11 (12 months to 31 March) %Revenue US$M Ìpcp Operating revenue 100% 371.0 +9% Gross profit 54.9% 167.4 +6% Other income 0.9 SG&A 28.0% 104.0 +11% R&D 7.8% 28.8 +20% Total Operating Expenses 35.8% 132.8 +13% Operating Profit 19.3% 71.6 +3% Profit after Tax 12.6% 46.9 -4% (bef
Slide 3: Result Commentary and Dividend
Result Commentary • Revenue growth rate impacts in first 2-3 quarters: – H1N1 related demand in FY10 – Anticipation of ICON launch • FY11 Constant currency growth – Operating revenue 4.8% – Cost of sales 1.3% – Gross profit 8.0% – Operating expenses 7.8% – Operating profit 5.4% • Q4 revenue growth i
Slide 4: Respiratory & Acute Care Update
Respiratory & Acute Care Update • Operating revenue growth Q4 FY – US$ 24% 13% – Constant currency 19% 9% • Consumables revenue growth Q4 FY – US$ 27% 18% – Constant currency 21% 13% • New applications (NIV, O2, humidity) revenue growth Q4 FY – US$ 42% 32% – Constant currency 34% 26% – New applicati
Slide 5: OSA Update; Balance Sheet & Cash Flow FY11
OSA Update • Operating revenue growth Q4 FY – US$ 17% 8% – Constant currency 11% 4% • Flow generator revenue growth Q4 FY – US$ 51% 17% – Constant currency 42% 11% • New products – ICON Auto and Novo introduced to North America Q4 – InfoSmart client, DataZone, LabPort, LabSmart 9 Balance Sheet & Cas
Slide 6: Outlook FY2012; Markets and Products
Outlook FY2012 • Revenue Growth accelerated in Q4 FY11, expect continued strong constant currency growth • Expect positive contribution from Mexico manufacturing and Japan sales office • Plan for revenue growth to exceed expense growth • Expect constant currency net profit growth better than 20% • E
Slide 7: Respiratory Humidification
Respiratory Humidification • Normal airway humidification is bypassed or compromised during ventilation or O2 therapy • Mucociliary transport system operates less effectively • Need to deliver gas at physiologically normal levels – 37 oC body core temperature – 44mg/L 100% saturated 13 Respiratory &
Slide 8: Respiratory & Acute Care - Infant
Respiratory & Acute Care - Infant 15 Respiratory & Acute Care • MR850 Respiratory Humidifier System – invasive ventilation, O2 therapy and non-invasive ventilation • MR810 Respiratory Humidifier System – entry level system – ventilation and O2 therapy – optional heated breathing circuit • Surgical o
Slide 9: Single-use Respiratory Care Systems; Obstructive Sleep Apnea
Single-use Respiratory Care Systems • Single-use chambers – patented auto filling MR290 • Single-use breathing circuits – patented spiral heater wire – proprietary Evaqua expiratory tube – minimal condensation – delivery of optimal humidity • Breathing circuit components – filters, catheter mount, w
Slide 10: ICON Stylish on the Outside / Smart on the Inside
ICON Stylish on the Outside • Aesthetic appeal • Forward facing clock with adjustable brightness • Intuitive SmartDial™ • Swivel Elbow • Hidden Water Chamber • Customisable AlarmTunes™ 19 ICON Smart on the Inside Combination of Clinical technologies • ThermoSmart™ Humidifier Breathing Tube Technolog
Slide 11: Broad Mask Range; Research & Development
Broad Mask Range Four interface categories • Nasal Masks – patented glider – FlexiFit™ technology – Zest™ Petite, Plus • Full Face Masks – under chin seal – patented glider – FlexiFit™ technology – Forma™ with Flexifoam™ • Oral Mask – Oracle™ oral interface • Nasal Pillows Mask – very light – Opus 3
Slide 12: Manufacturing; Global Presence
Manufacturing • Vertically integrated – electronics assembly – injection moulding – motor assembly – clean manufacturing • Ample capacity to grow New Zealand, Auckland – two buildings 51,000m²/ 550,000ft² total – 31,000m2 building 3 underway, total cost ~ NZ$95M – 100 acres/40ha land Mexico Facility
Slide 13: Revenue Growth US$; Growth Strategy
Revenue Growth US$ 380 360 CAGR FY ended 31 March FY 2004 340 TOTAL16% FY 2005 320 FY 2006 300 FY 2007 280 260 FY 2008 240 FY 2009 CAGR 13% CAGR 20% FY 2010 220 US$M 200 FY2011 180 160 140 120 100 80 60 40 20 0 Respiratory/ Acute OSA Other TOTAL 25 Growth Strategy • Experts in humidification, respir
Fisher & Paykel Healthcare — FY2011 Earnings Presentation on 6ix