Fisher & Paykel Healthcare Corporation Limited · NZX:FPH
Fisher & Paykel Healthcare — H1 FY2012 Earnings Presentation
12 slides from Fisher & Paykel Healthcare's earnings presentation, November 2011
Slide 1: Half Year Update FY2012
Half Year Update FY2012 November 2011 1 Investment Highlights • A leader in respiratory and OSA treatment devices • Consistent growth strategy • Estimated US$3.0+ billion and growing market opportunity • High level of innovation • Global presence • Strong financial performance NZSX:FPH, ASX:FPH 2
Slide 2: Operating Results US$ and NZ$
Operating Results US$ FY12 (6 months to 30 September) %Revenue US$M PCP CC2 Operating revenue 100% 205.7 +18% 11% Gross profit 52.5% 108.1 +12% +8% Other income 0.9 1.0 SG&A 28.7% 59.1 +11% 3% R&D 7.9% 16.2 +23% +7% Total Operating Expenses 36.6% 75.3 +13% +4% Operating Profit 16.4% 33.8 +12% +31%
Slide 3: Dividend; Respiratory & Acute Care Update
Dividend • Interim Dividend – 5.4 cps – Fully imputed based on 28% tax rate, NZ residents – 0.953 cps non-resident supplementary dividend – DRP, 3% discount NZ/AU residents 5 Respiratory & Acute Care Update H1 FY12 • Operating revenue growth – US$ 22% – Constant currency 15% • Consumables revenue gr
Slide 4: Respiratory & Acute Care Update; OSA Update
Respiratory & Acute Care Update • New products – Evaqua™ II breathing circuits – NIV mask – Neonatal Bubble CPAP masks – Infant resuscitator consumables – HumiGard™ surgical humidification system for laparoscopic surgery, open surgery 7 OSA Update • Operating revenue growth H1 FY12 – US$ 14% – Const
Slide 5: Balance Sheet & Cash Flow H1 FY12; Outlook FY2012
Balance Sheet & Cash Flow H1 FY12 • NZ$43.1M operating cash flow • NZ$27M capex, (NZ$18M building 3), NZ$12M D&A • NZ$103.2M net debt • NZ$309.7M total shareholders equity • NZ$523.9M total assets • 26% pre-tax return on equity, annualised 15% on total assets • NZ$470M of hedging in place as at 30 S
Slide 6: Markets and Products; Respiratory Humidification
Markets and Products • Respiratory & Acute Care Distributed /Other – Heated Humidification OSA 3% – Respiratory Care 45% – Neonatal Care – Surgery • Obstructive Sleep Apnea – Masks – Flow Generators Respiratory – Humidifiers & Acute 52% Consumable and accessory products Revenue by Product represen
Slide 7: Respiratory & Acute Care
Respiratory & Acute Care 13 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 opportunit
Slide 8: 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 9: 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™ 17 ICON™ Smart on the Inside Combination of Clinical technologies • ThermoSmart™ Humidifier Breathing Tube Technol
Slide 10: Compliance Reporting; Broad Mask Range
Compliance Reporting 19 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
Slide 11: Research & Development; Manufacturing
Research & Development • ≈ 300 engineers, scientists, physiologists1 • 7.9% of operating revenue2 • Product pipeline includes – flow generators – humidifier controllers – compliance monitoring solutions – masks – respiratory consumables • 92 US patents, 100 US pending, 366 ROW, 196 ROW pending1 1 at
Slide 12: Global Presence; Growth Strategy
Global Presence • Direct/offices – hospitals, home care dealers Asia Pacific /Other – sales/support offices in North America, 22% Europe, Asia, South America, Middle East and Australasia, 15 distribution centres – >500 staff in 30 countries – ongoing international expansion • Distributors Europe – 1
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