Fisher & Paykel Healthcare Corporation Limited · NZX:FPH
Fisher & Paykel Healthcare — FY2013 Earnings Presentation
13 slides from Fisher & Paykel Healthcare's earnings presentation, May 2013
Slide 1: Second Half & Full Year Update
FY 2013 Second Half & Full Year Update 1 May 2013 Second Half Highlights Actual CC1 Net profit after tax +22% +54% Operating revenue +9% +14% Gross margin (bps increase) +240- +330- RAC new applications revenue +38% OSA mask revenue +16% 1. CC = constant currency 2
Slide 2: New Products; FY13 Operating Results
New Products • Pilairo™ nasal pillows mask • Eson™ nasal mask • Simplus™ full face mask • ICON™+ flow generator range • Optiflow™ Junior oxygen therapy • Evaqua™2 breathing circuits • AIRVO™2 & myAIRVO™2 flow generator humidifiers 3 FY13 Operating Results NZ$ FY13 (12 months to 31 March 2013) %Reven
Slide 3: Dividend; Respiratory & Acute Care Update
Dividend • Final Dividend – Gross 9.7 NZ cps = 7.0 cps + 2.7 cps imputation credit, NZ residents – Fully imputed – 1.235 cps non-resident supplementary dividend – DRP, 3% discount NZ/AU residents • Gross dividend yield, 17.2 cps, ~5.5% 5 Respiratory & Acute Care Update H2 FY2013 • Operating revenue
Slide 4: Obstructive Sleep Apnea Update; Balance Sheet & Cash Flow FY13
Obstructive Sleep Apnea Update H2 FY2013 • Operating revenue growth – NZ$ +6% – Constant currency +10% • Mask revenue growth – Constant currency +16% • New products roll-out – F&P Pilairo™ – F&P Eson™ – F&P Simplus™ – F&P ICON™+ 7 Balance Sheet & Cash Flow FY13 NZ$M • Operating cash flow 86.4 • Capi
Slide 5: Outlook FY14; Investment Highlights
Outlook FY14 • Expect new products and applications to drive continuation of strong revenue growth • Expect at 0.80 – 0.85 NZD:USD exchange rate: – Operating revenue NZ$610M - NZ$630M – Net profit after tax NZ$85M - NZ$90M 9 Investment Highlights • A leader in respiratory and OSA treatment devices •
Slide 6: Markets and Products
Markets and Products • Respiratory & Acute Care (RAC) – Heated Humidification – Respiratory Care – Neonatal Care – Surgery • Obstructive Sleep Apnea (OSA) – Masks – Flow Generators – Humidifiers Consumable and accessory products Revenue by Product Group represent approx. 76% of core product 12 mon
Slide 7: Lower Care Intensity = Lower Cost
Lower Care Intensity = Lower Cost $50,000 $40,000 Mean cost (2008 US$) $30,000 $20,000 $10,000 $0 Outpatient cohort Urgent outpatient ED cohort Standard admission ICU cohort All cohort cohort Source: Anand A Dalal, Laura Christensen, 2 Fang Liu, and Aylin A Riedel. Direct costs of chronic obstructiv
Slide 8: Respiratory & Acute Care
Respiratory & Acute Care Non-Invasive Invasive Ventilation O2 Therapy Humidity Therapy Ventilation 15 Respiratory & Acute Care • MR850 Respiratory Humidifier System – Invasive ventilation, oxygen therapy and non-invasive ventilation • MR810 Respiratory Humidifier System – Entry level system – Ventil
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,
Slide 10: Revolutionary New Masks
Revolutionary New Masks • Comfortable • Easy to fit • Efficient • Nasal Pillows – F&P Pilairo™ • Nasal – F&P Eson™ • Full Face – F&P Simplus™ 19 + • Stylish, Smart + Simplified • Efficiently integrates with InfoUSB™ and InfoSmart™ Web • Responsive pressure relief - SensAwake™ • ThermoSmart™ Humidifi
Slide 11: Efficient Compliance Reporting; Research & Development
Efficient Compliance Reporting 21 Research & Development • 8.2% of operating revenue, NZ$45.7M1 • Product pipeline includes: – Humidifier controllers – Masks – Respiratory consumables – Flow generators – Compliance monitoring solutions • 107 US patents, 159 US pending, 442 ROW, 260 ROW pending1 1 at
Slide 12: Manufacturing & Operations; Global Presence
Manufacturing & Operations • Vertically integrated – COGs improvements; Mexico, Lean, supply chain • Ample capacity to grow Auckland, New Zealand Tijuana, Mexico – Two buildings: 51,000m² / – 18,000m2/200,000ft2 550,000ft² total – Consumables capacity ramping up – 31,000m2 building 3 completed Novem
Slide 13: Consistent Growth Strategy
Consistent Growth Strategy • Experts in humidification, respiratory care, and obstructive sleep apnea • Provide innovative devices which can improve patient care and outcomes • Continuous product improvement • More devices for each patient • Serve more patient groups – Invasive ventilation, NIV, oxy
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