Fisher & Paykel Healthcare (ASX:FPH): FY26 Earnings, Respiratory Products and FY27 Outlook

Aditi Sarkar

22 October 2026 04:20 PM AEDT

Fisher & Paykel Healthcare (ASX:FPH): FY26 Earnings, Respiratory Products and FY27 Outlook

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Highlights

Fisher & Paykel Healthcare (ASX:FPH) reported FY26 operating revenue of NZD 2.31 billion, up 14%.
FY26 net profit after tax reached NZD 468.5 million, a 24% annual increase.
Hospital revenue rose 18% to NZD 1.51 billion; Homecare revenue increased 8% to NZD 802.7 million.
FY27 company guidance indicated revenue of NZD 2.45–2.57 billion and net profit of NZD 500–550 million.

Fisher & Paykel Healthcare Corporation Limited (ASX:FPH) designs and manufactures medical devices for respiratory care, surgery and obstructive sleep apnea, supplying healthcare providers and patients internationally. On 22 October 2026, its shares were quoted at AUD 39.48, down 0.95% for the trading session. Its FY26 results, published in May, outlined growth across Hospital and Homecare products, alongside spending on research, manufacturing capacity and new product introductions.

Company Business

The New Zealand-based group operates two product divisions. Hospital supplies respiratory and acute-care equipment and consumables, including heated humidification systems, nasal high-flow therapy and devices used in surgical settings. Homecare covers masks and respiratory support products used outside hospitals, particularly for obstructive sleep apnea. Fisher & Paykel Healthcare (ASX:FPH) distributes products in more than 120 countries, reaching customers through direct operations and distributors.

Its manufacturing and product-development footprint includes facilities in New Zealand and Mexico. Hospital consumables create recurring sales associated with clinical usage, while Homecare includes replacement masks and associated products. The company also invests in clinical education and research to support adoption of its devices across relevant care settings.

Recent Development

In May 2026, Fisher & Paykel Healthcare (ASX:FPH) released full-year results for the period ended 31 March 2026. The company reported Hospital consumables sales growth of 16% and new applications consumables growth of 18%. The latter category covers products used in therapies beyond traditional invasive ventilation, including nasal high-flow and surgical applications.

Within Homecare, management identified the F&P Solo and F&P Nova mask ranges as contributors to sleep apnea mask sales. The F&P Nova Nasal mask launched in the United States in January 2026. During the financial year, the group also advanced construction of a fifth building at its East Tāmaki campus, intended to accommodate additional product development, manufacturing and warehousing activities.

Financial Performance and Sector Context

For FY26, Fisher & Paykel Healthcare (ASX:FPH) recorded operating revenue of NZD 2.31 billion, 14% higher year on year, and net profit after tax of NZD 468.5 million, up 24%. These figures were reported in New Zealand dollars. On a constant-currency basis, revenue increased 12% and net profit 28%, reflecting differences between reported exchange rates and the company’s comparative currency framework.

Hospital revenue totalled NZD 1.51 billion, an 18% increase, while Homecare revenue reached NZD 802.7 million, up 8%. Obstructive sleep apnea mask revenue grew 7%. The reported gross margin increased 80 basis points to 63.7%, although the company quantified a roughly 90-basis-point constant-currency impact from US tariffs on hospital products sourced from New Zealand.

Research and development expenditure reached NZD 235.5 million, equal to approximately 10% of annual revenue. For FY26, the company declared total dividends of NZD 0.52 per share, including a final dividend of NZD 0.33 paid in July 2026. These financial measures show the interaction between commercial sales, product investment, manufacturing requirements and currency-sensitive international operations.

Risks to Consider

Fisher & Paykel Healthcare (ASX:FPH) faces exposure to medical-device regulation, product quality requirements, competition and changes in hospital purchasing patterns. Production and distribution across jurisdictions also involve supply-chain and foreign-exchange risks. US tariff policies can affect manufacturing economics and gross margin, while capital projects require expenditure before all related operational benefits can be assessed.

What to Watch Next

In its May results release, the company set FY27 revenue guidance of approximately NZD 2.45–2.57 billion and net profit after tax guidance of NZD 500–550 million, using exchange rates at 30 April 2026. The assumptions incorporated an estimated 50-basis-point net gross-margin impact in constant currency from US tariffs and the Middle East conflict. These figures represent management guidance rather than reported FY27 results.

For Fisher & Paykel Healthcare (ASX:FPH), the next scheduled financial checkpoint is the half-year results announcement indicated for November 2026, following the 30 September balance date. The publication will allow comparison of Hospital consumables demand, Homecare mask performance, margins, research spending and progress against full-year assumptions.

Key Insights

FY26 results reflected higher revenue in both operating divisions, improved reported gross margin and continued product-development spending. Fisher & Paykel Healthcare (ASX:FPH) enters the next reporting period with explicit FY27 guidance and identifiable cost considerations, particularly tariffs, currency movements and manufacturing investment. The coming interim report will provide the next formal update on those measures.

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