Fisher & Paykel Healthcare Corporation Limited · NZX:FPH
Fisher & Paykel Healthcare — FY2009 Earnings Presentation
11 slides from Fisher & Paykel Healthcare's earnings presentation, 2009
Slide 1: Full Year Update and Overview FY2009
FULL YEAR UPDATE AND OVERVIEW FY2009 1 Investment Highlights • Leading player in respiratory humidification systems • Consistent growth strategy • Estimated US$3.0+ billion and growing market opportunity • High level of innovation • Global presence • Strong financial performance NZSX:FPH, ASX:FPH 2
Slide 2: Operating Results NZ$ and US$
Operating Results NZ$ FY09 (12 months to 31 March) %Revenue NZ$M % Ìpcp Operating revenue 100% 458.7 +28% Gross profit 53.8% 246.6 +37% Other income (R&D credit) 0.7% 3.0 SG&A 25.9% 118.9 +22% R&D 6.2% 28.3 +18% Total Operating Expenses 32.1% 147.2 +21% Operating Profit 22.3% 102.4 +76% Profit after
Slide 3: Markets and Products; Respiratory Humidification
Markets and Products Distributed/ • Respiratory & Acute Care Other OSA 3% – Heated Humidification 44% – Respiratory Care – Neonatal Care • Obstructive Sleep Apnea – Masks – Flow Generators Respiratory – Humidifiers & Acute Revenue by Product 53% ¯ Consumable and accessory products 12 months to 31 Ma
Slide 4: Respiratory/Humidification Systems; Single-use Respiratory Components
Respiratory/Humidification Systems • MR850 Respiratory Humidifier System – invasive ventilation, O2 therapy and non-invasive ventilation • MR810 Respiratory Humidifier System – entry level system – ventilation and O2 therapy – optional heated breathing circuit • Infant CPAP System – proprietary bubb
Slide 5: Expanding Opportunities; Respiratory & Acute Care Update
Expanding Opportunities Invasive Ventilation Non-invasive Ventilation O2 Therapy Humidity Therapy Surgical Insufflation COPD Humidity Therapy 9 Respiratory & Acute Care Update • 34% revenue growth NZ$, 21% constant currency • US GPO contracts, consumable backorder catch-up • New applications generat
Slide 6: Obstructive Sleep Apnea; CPAP Systems
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$2.0+ billion worldwide market, growing ≈10-15% • Potentially 50-60 million affected worldwide • Most
Slide 7: Mask Range; OSA Update
Mask Range Four interface categories: • Nasal Masks – patented glider – FlexiFit™ technology – New Zest with EasyClip • Full Face Mask – under chin seal – Patented glider – FlexiFit™ – New Forma™ with Flexifoam™ • Oral Mask – Oracle ™ oral interface • Nasal Pillows Mask – very light – Opus 360™ 13 O
Slide 8: Research & Development; Manufacturing
Research & Development • 250 engineers, scientists, physiologists* • R&D expenses increased 18% in NZ$ • 6.2% of operating revenue • One time NZ$3M R&D credit • Product pipeline includes – Flow generators – Masks – Respiratory consumables • 79 US patents, 73 US pending, 292 ROW, 212 ROW pending* * a
Slide 9: Global Presence; Revenue Growth US$
Global Presence • Direct/offices Asia Pacific/ – hospitals, home care dealers Other – Sales/support offices in North America, 21% Europe, Asia, South America, Middle East and Australasia – 400+ staff in 26 countries Europe – Ongoing international expansion 33% • Distributors – 100+ distributors worl
Slide 10: Balance Sheet; Outlook FY2010
Balance Sheet • NZ$115.5M net debt at 31 March 2009 • NZ$204.3M total shareholders equity • NZ$413.7M total assets • Annualised 43% pre-tax return on equity, annualised 23% on total assets 19 Outlook FY2010 • New distribution centres - 4 countries including Japan, expense approximately NZ$7M • Opera
Slide 11: Growth Drivers
Growth Drivers Consistent strategy: • Continue to improve existing product lines • Develop complementary products/consumables • Target new medical applications – e.g. COPD, NIV, O2 therapy, surgery • Increase international presence 21
Fisher & Paykel Healthcare — FY2009 Earnings Presentation on 6ix