Fisher & Paykel Healthcare (ASX:FPH): How Do FY26 Results Shape the FY27 Outlook?

Aditi Sarkar

29 October 2026 03:28 PM AEDT

Fisher & Paykel Healthcare (ASX:FPH): How Do FY26 Results Shape the FY27 Outlook?

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Highlights

Fisher & Paykel Healthcare (ASX:FPH) reported FY26 operating revenue of NZD 2.31 billion, up 14% YoY.
FY26 net profit after tax rose 24% to NZD 468.5 million; gross margin reached 63.7%.
Hospital revenue increased 18% to NZD 1.51 billion, while Homecare revenue rose 8% to NZD 802.7 million.
Initial FY27 guidance calls for NZD 2.45–2.57 billion in revenue and NZD 500–550 million in net profit.

Fisher & Paykel Healthcare Corporation Limited designs and manufactures respiratory-care and sleep-apnoea products for hospitals and home settings worldwide. Its latest full-year disclosures showed revenue increases in both product groups, together with higher net earnings and continued investment in manufacturing capacity. Attention now turns to the company’s November half-year reporting and its FY27 financial outlook.

Company Business

Fisher & Paykel Healthcare (ASX:FPH) operates through Hospital and Homecare product groups. Its hospital offering includes humidification systems, breathing circuits, nasal high-flow therapy products and equipment for acute respiratory and surgical care. Homecare products are primarily used for obstructive sleep apnoea treatment and respiratory support outside hospitals.

The group sells products in more than 120 countries and has manufacturing operations in New Zealand, Mexico and China. Its business model combines devices with consumables that require replacement during ongoing patient treatment. Research, engineering, manufacturing capacity and clinical adoption all influence demand and operating costs.

Recent Development

In May 2026, Fisher & Paykel Healthcare (ASX:FPH) released results for the year ended 31 March 2026. Hospital consumables revenue increased 16% year on year, including an 18% rise in consumables for newer applications. The company linked continued adoption of its respiratory therapies to changes in clinical practice, even as respiratory-related admissions in several markets appeared comparatively subdued.

Homecare revenue benefited from its obstructive sleep apnoea masks, with mask sales increasing 7% for FY26. The F&P Solo and F&P Nova ranges contributed to the category, and the F&P Nova Nasal mask entered the United States in January 2026. The company also progressed a fifth building at its East Tāmaki campus for product development, manufacturing and warehousing.

Financial Performance and Sector Context

Fisher & Paykel Healthcare (ASX:FPH) recorded FY26 operating revenue of NZD 2.31 billion, a 14% increase from FY25, or 12% at constant exchange rates. Net profit after tax was NZD 468.5 million, up 24% reported and 28% in constant currency. Hospital revenue rose 18% to NZD 1.51 billion; Homecare revenue advanced 8% to NZD 802.7 million.

Gross margin reached 63.7%, 80 basis points higher than a year earlier, reflecting operational improvement while absorbing tariff-related costs. The company invested NZD 235.5 million in research and development, equivalent to approximately 10% of revenue. Its FY26 total dividend rose 22% to NZD 0.52 per share, including a final dividend of NZD 0.33.

At the exchange rates used in its May outlook, management projected FY27 revenue between NZD 2.45 billion and NZD 2.57 billion and net profit after tax between NZD 500 million and NZD 550 million. These are company estimates rather than reported outcomes. Clinical adoption, reimbursement practices, tariff policy and international currency movements are relevant to the sector.

Risks to Consider

International operations expose Fisher & Paykel Healthcare (ASX:FPH) to exchange-rate changes, tariffs, freight costs and manufacturing interruptions. Regulatory approvals, product quality requirements and healthcare purchasing policies can affect sales or delay product launches. Competitive developments in respiratory systems and sleep-apnoea masks may influence pricing and market share.

The company said its initial FY27 outlook included an estimated 50-basis-point net gross-margin impact in constant currency from US tariffs and the Middle East conflict. Actual conditions may differ from the assumptions behind that guidance. New facilities and product programmes also require expenditure ahead of the associated commercial returns.

What to Watch Next

The group’s half-year ended 30 September 2026, with results scheduled indicatively for November. Upcoming disclosures can show whether Hospital consumables growth and Homecare mask demand have continued and whether gross-margin improvement is progressing despite trade and transport costs.

Other monitoring points include performance against FY27 revenue and profit guidance, manufacturing expansion at East Tāmaki, product launches and research spending. Updates on currency assumptions and tariff exposures will help interpret reported growth versus underlying changes in patient demand.

Key Insights

Fisher & Paykel Healthcare (ASX:FPH) entered FY27 after reporting higher FY26 sales, profit and dividends. Its Hospital business accounted for the larger part of revenue, while Homecare contributed through sleep-apnoea products. The next half-year report will provide a more current basis for evaluating demand, profitability and progress toward management’s FY27 ranges. The company’s geographic spread and sustained product development remain important features of its operating profile.

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