Fisher & Paykel Healthcare Corporation Limited · NZX:FPH
Fisher & Paykel Healthcare — H1 FY2013 Earnings Presentation
11 slides from Fisher & Paykel Healthcare's earnings presentation, November 2012
Slide 1: Half Year Update H1 2013 / Half Year Highlights
Half Year Update H1 2013 1 November 2012 Half Year Highlights • Net profit after tax +18% • Gross margin cc +270 bps • Operating profit cc +47% • RAC new applications revenue cc +20% • OSA mask revenue Q2 cc +11% • New products well received – Pilairo™ nasal pillows mask – Eson™ nasal mask – ICON™ P
Slide 2: Operating Results NZ$ and US$
Operating Results NZ$ H1 FY13 (6 months to 30 September 2012) %Revenue NZ$M PCP cc1 Operating revenue 100% 266.9 +6% +8% Cost of sales 45.7% 122.0 +2% +2% Gross profit 54.3% 145.0 +10% +14% Other income 1.2 SG&A 28.8% 77.0 +6% +7% R&D 8.0% 21.3 +7% +7% Total operating expenses 36.8% 98.3 +7% +7% O
Slide 3: Dividend / Respiratory & Acute Care Update
Dividend • Interim Dividend – Gross 7.5 NZ cps = 5.4 cps + 2.1 cps imputation credit, NZ residents – Fully imputed – 0.9529 cps non-resident supplementary dividend – DRP, 3% discount NZ/AU residents 5 Respiratory & Acute Care Update H1 FY2013 • Operating revenue growth – NZ$ +9% – Constant currency
Slide 4: Obstructive Sleep Apnea Update / Balance Sheet & Cash Flow
Obstructive Sleep Apnea Update H1 FY2013 • Operating revenue growth – Constant currency +3% • Mask revenue growth – Constant currency +5% – Constant currency Q2 +11% • New products – F&P Pilairo™ – F&P Eson™ – F&P ICON™ Premo with SensAwake™ responsive pressure relief – InfoGSM™ modem, DataZone 7 Ba
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 at current exchange rates: – Operating revenue NZ$545M - NZ$555M – Net profit after tax NZ$69M - NZ$72M 9 Markets and Products • Respiratory & Acute Care (RAC) – Heated Humidi
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 / Single-use Respiratory Care Systems
Respiratory & Acute Care • MR850 Respiratory Humidifier System – Invasive ventilation, oxygen therapy and non-invasive ventilation • MR810 Respiratory Humidifier System – Entry level system – Ventilation and oxygen therapy – Optional heated breathing circuit • Surgical opportunity (HumiGard™) – Lapa
Slide 8: Obstructive Sleep Apnea / Revolutionary New Masks
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$2.3billion + worldwide market, growing ~6-8% • Potentially 50-60 million affected worldwide • Most c
Slide 9: Efficient Compliance Reporting
• Responsive pressure relief - SensAwake™ • ThermoSmart™ Humidifier Breathing Tube Technology • Auto-adjusting CPAP • InfoUSB™ and InfoSmart™ Data Management 17 Efficient Compliance Reporting 18
Slide 10: Research & Development / Manufacturing & Operations
Research & Development • 8.0% of operating revenue, NZ$21.3M1 • Product pipeline includes: – Humidifier controllers – Masks – Respiratory consumables – Flow generators – Compliance monitoring solutions • 98 US patents, 107 US pending, 413 ROW, 189 ROW pending2 1 at 30 September 2012 2 at 31 March 20
Slide 11: Global Presence / Consistent Growth Strategy
Global Presence • Direct/offices – Hospitals, home care dealers – Sales/support offices in North America, Europe, Asia, South America, Middle East and Australasia, 15 distribution centres – >550 staff in 30 countries – Ongoing international expansion • Distributors – 100+ distributors worldwide • Or
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