Highlights

  • Fisher & Paykel Healthcare (ASX:FPH) reported FY26 revenue of NZD 2.31bn, up 14% YoY.
  • FY26 net profit after tax increased 24% YoY to NZD 468.5mn.
  • Hospital revenue rose 18% YoY to NZD 1.51bn, while Homecare revenue increased 8% YoY to NZD 802.7mn.
  • FY27 guidance indicated revenue of approximately NZD 2.45bn–2.57bn and net profit of NZD 500mn–550mn.

Fisher & Paykel Healthcare Corporation Limited designs, manufactures and distributes medical devices for respiratory care, surgery and obstructive sleep apnea treatment, serving hospitals and homecare users internationally. Fisher & Paykel Healthcare (ASX:FPH) shares closed at AUD 39.52 after the market session ended on 26 October 2026, declining 0.40% for the day. The company’s FY26 results outlined higher hospital consumables revenue, increased earnings and continued investment in products and manufacturing facilities, while its FY27 guidance set out the next financial reporting benchmarks.

Company Business

Fisher & Paykel Healthcare (ASX:FPH) operates two principal product groups: Hospital and Homecare. Hospital products are used in respiratory support, acute care and surgery, including humidification systems and consumables. Homecare products include masks for obstructive sleep apnea and equipment used to support respiratory therapy outside hospital settings. The business distributes products in more than 120 countries, exposing revenue and costs to movements in international currencies and healthcare purchasing cycles.

Recent Development

In May 2026, Fisher & Paykel Healthcare (ASX:FPH) released its results for the year ended 31 March 2026. The company reported growth across both product groups, with hospital consumables sales increasing 16% YoY, or 14% in constant currency. It attributed activity across the Hospital portfolio partly to greater use of its therapies, notwithstanding relatively subdued seasonal respiratory hospitalisations in certain major markets during the year.

Within Homecare, obstructive sleep apnea mask revenue grew 7% YoY. The company reported ongoing sales contributions from the F&P Solo and F&P Nova ranges and stated that the F&P Nova Nasal mask had been launched in the United States in January 2026. The launch and subsequent uptake of masks remain relevant operational developments as the company expands its product offering.

Financial Performance and Sector Context

Fisher & Paykel Healthcare (ASX:FPH) reported FY26 operating revenue of NZD 2.31bn, an increase of 14% YoY, or 12% in constant currency. Net profit after tax rose 24% YoY to NZD 468.5mn, equivalent to 28% growth in constant currency. Hospital revenue reached NZD 1.51bn, up 18% YoY, while Homecare revenue totalled NZD 802.7mn, up 8% YoY.

The reported gross margin reached 63.7%, improving by 80 basis points from the prior year. The company identified operational efficiency measures as a contributor while also reporting a tariff impact on hospital products sourced from New Zealand. Expenditure on research and development amounted to NZD 235.5mn during FY26, equivalent to approximately 10% of revenue.

For FY27, management’s outlook, based on exchange rates at 30 April 2026, indicated operating revenue of approximately NZD 2.45bn–2.57bn and net profit after tax of NZD 500mn–550mn. This incorporated an estimated 50-basis-point net gross-margin effect in constant currency from US tariffs and the Middle East conflict. Healthcare demand, respiratory disease patterns, exchange rates, trade measures and manufacturing costs remain relevant factors for the sector.

Risks to Consider

Fisher & Paykel Healthcare (ASX:FPH) is exposed to changes in hospital respiratory treatment demand, competition, product adoption and regulatory requirements across different markets. Foreign-exchange movements affect reported results, while tariffs, freight conditions and supply-chain costs can influence margins. Investment in new manufacturing facilities and product development requires execution and expenditure ahead of the associated commercial benefits. FY27 guidance also depends on the stated exchange-rate and operating assumptions.

What to Watch Next

The next financial report will cover the half year ended 30 September 2026, with results scheduled for November 2026. Relevant measures include Hospital consumables growth, Homecare mask sales, gross margin, R&D expenditure and progress on the East Tāmaki development. Investors can also monitor whether Fisher & Paykel Healthcare (ASX:FPH) updates FY27 revenue and profit guidance as new trading, exchange-rate and cost information becomes available.

Key Insights

Fisher & Paykel Healthcare’s FY26 results recorded revenue and earnings growth across Hospital and Homecare, alongside higher research expenditure and additional manufacturing investment. The company’s FY27 outlook sets a revenue and earnings range against a backdrop of currency, tariff and demand variability. Its next half-year disclosure will provide further evidence of product sales trends, margins and progress toward full-year financial targets.