FPH - Fisher Paykel Healthcare.

[psychic]

Does forecast revenue growth 2.7% seem conservative?

[Roberto]

FPH delivers record full year result, net profit up 26%


• 26% growth in net profit after tax to a record NZ$97.1 million, 46% growth in constant currency.
• 12% growth in operating revenue to a record NZ$623.4 million, 13% growth in constant currency.
• Double digit operating revenue growth in both of the company’s major product groups – Respiratory and acute care (RAC) 14%, Obstructive Sleep Apnea (OSA) 15% in constant currency.
• New RAC applications consumables revenue outside of invasive ventilation grew particularly strongly at 29% in constant currency.
• Strong performance from new OSA masks, Eson, Pilairo Q and Simplus, drove mask operating revenue growth of 23% in constant currency.
• Gross margin improvement of 327 basis points for the full year, 393 bps in constant currency.
• Fully imputed final dividend of 7.0 cps.
• Investment in R&D increased by 18% to NZ$54.1 million, representing 8.7% of operating revenue.

Great result!

Disc: happy holder.

[Roberto]

Though apparently the market doesn't feel quite the same way...

[kiora]

Headwinds on currency with forward cover running out but otherwise excellent OMHO

[BlackPeter]

Though apparently the market doesn't feel quite the same way...

great company and lots of potential but still feels somewhat dear at current P/E and predicted growth rates ... though could be a great buy if you expect the NZD to drop (some analysts say it will, but I am not sure about that).

[Joshuatree]

Holding from low $2's . Its in a huge growth industry, people are getting fatter faster esp americans and when they get fatter sleep apnoea arrives. Holding Resmed too.

[Joshuatree]

Craigs have a 1 year target of $4.91. Good bounce off 50DMA on big vol up 7c to $4.30 at pit.

[Jim]

Craigs have a 1 year target of $4.91. Good bounce off 50DMA on big vol up 7c to $4.30 at pit.

FPH could be a takeover target ??

[Zaphod]

FPH could be a takeover target ??

That's what I'm picking will eventually happen. Along with an excellent product & organisational reputation, FPH have a portfolio of patents that are ripe for the plucking.

I was on a flight back from SFO once with a sales person who worked for one of the US-based competitors. Speaking off-record, she said their business was VERY impressed with the FPH products even though their own company had a much greater market share.

There is some turbulence ahead with the currency hedging so unless something like this occurs, I suspect the SP will stagnate or decline for a while.

DISC: Now sold 50% of my holding.

[Joshuatree]

What company was that Z?