Fisher & Paykel Healthcare Corporation Limited · NZX:FPH
Fisher & Paykel Healthcare — FY2012 Earnings Presentation
12 slides from Fisher & Paykel Healthcare's earnings presentation, May 2012
Slide 1: Full Year Update FY2012
Full Year Update FY2012 May 2012 1 Investment Highlights • A leader in respiratory and OSA treatment devices • Consistent growth strategy • Estimated US$3.0+ billion and growing market opportunity • High level of innovation • Global presence • Strong financial performance NZSX:FPH, ASX:FPH 2
Slide 2: Operating Results US$ and NZ$
Operating Results US$ FY12 (12 months to 31 March) %Revenue US$M PCP CC2 Operating revenue 100% 417.1 +12% +8% Cost of Sales 46.8% 195.1 +17% +8% Gross profit 53.2% 222.0 +9% +9% Other income 1.9 SG&A 27.6% 115.1 +11% +6% R&D 8.1% 33.9 +18% +7% Total Operating Expenses 35.7% 149.0 +12% +6% Operati
Slide 3: Dividend; Respiratory & Acute Care Update
Dividend • Final Dividend – Gross 9.7cps = 7.0 cps + 2.7 cps imputation credit, NZ residents – Fully imputed based on 28% tax rate – 1.235 cps non-resident supplementary dividend – DRP, 3% discount NZ/AU residents • Total Dividends for FY2012 – Gross 17.2cps = 12.4 + 4.8 cps imputation credit, NZ re
Slide 4: Obstructive Sleep Apnea Update; Balance Sheet & Cash Flow
Obstructive Sleep Apnea Update • Operating revenue growth FY12 – US$ +7% – Constant currency +3% • Flow generator revenue growth – US$ +22% – Constant currency +18% • New products – Zest™ Q Nasal mask – Pilairo™ nasal pillows – InfoSmart™ web – ICON™ Premo with SensAwake™ responsive pressure relief
Slide 5: Outlook FY2013; Markets and Products
Outlook FY2013 • Expect constant currency revenue growth to increase through the year as new products gain traction • Expect over NZD:USD exchange rate range of 0.75 to 0.80: – Operating revenue NZ$540M - NZ$560M – Net profit after tax NZ$62M - NZ$70M 9 Markets and Products • Respiratory & Acute Car
Slide 6: 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 11 Respiratory &
Slide 7: Respiratory & Acute Care
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 opportunity (HumiGard™) – laparoscopic
Slide 8: Obstructive Sleep Apnea; ICON Stylish on the Outside
Obstructive Sleep Apnea • Temporary closure of airway during sleep • Can greatly impair quality of sleep, leading to fatigue; also associated with hypertension, stroke and heart attack • Estimated US$2.2+ billion worldwide market, growing 6-8% • Potentially 50-60 million affected worldwide • Most c
Slide 9: ICON Smart on the Inside
ICON™ Smart on the Inside Combination of Clinical technologies • Responsive pressure relief - SensAwake™ • ThermoSmart™ Humidifier Breathing Tube Technology • Auto-adjusting CPAP • SmartStick™ USB and InfoSmart™ Data Management 17 Efficient Compliance Reporting 18
Slide 10: Broad Mask Range; Research & Development
Broad Mask Range Four interface categories • Nasal Masks – patented glider – FlexiFit™ technology – Zest™ Petite, Plus, Q • Full Face Masks – under chin seal – patented glider – FlexiFit™ technology – Forma™ with Flexifoam™ • Oral Mask – Oracle™ oral interface • Nasal Pillows Mask – very light – Opu
Slide 11: 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 completion November 2012, total cost ~ NZ$95M – 100 acres/40ha land
Slide 12: 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 • Increase international presenc
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