Fisher & Paykel Healthcare (ASX:FPH) Reports Annual Earnings Growth as Respiratory Product Demand Develops

Aditi Sarkar

20 October 2026 04:53 PM AEDT

Fisher & Paykel Healthcare (ASX:FPH) Reports Annual Earnings Growth as Respiratory Product Demand Develops

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Highlights

Fisher & Paykel Healthcare (ASX:FPH) reported NZ$2.31 billion in FY26 operating revenue.
FY26 net profit after tax reached NZ$468.5 million, an increase of 24%.
Hospital revenue rose 18% to NZ$1.51 billion; Homecare revenue was NZ$802.7 million.
FY27 guidance issued in May indicated NZ$2.45–2.57 billion in operating revenue.

Fisher & Paykel Healthcare Corporation Limited designs and manufactures medical devices used in respiratory care, surgery and the treatment of obstructive sleep apnea, supplying healthcare providers and patients internationally. The company’s latest full-year disclosure detailed revenue growth across its Hospital and Homecare product groups. On 20 October 2026, Fisher & Paykel Healthcare (ASX:FPH) was quoted at AUD 39.86, up 0.40% during the trading session. Its financial reporting and product rollout milestones remain relevant as the company progresses through its 2027 financial year.

Company Business

Fisher & Paykel Healthcare (ASX:FPH) operates through two principal product groups. Hospital covers respiratory, acute and surgical care products used in clinical settings, including equipment and consumables. Homecare includes devices and interfaces for obstructive sleep apnea therapy and respiratory support outside hospitals. The company sells products in more than 120 countries, exposing its business to healthcare purchasing practices, reimbursement arrangements and currencies across multiple regions.

Manufacturing, research and product development are central to the operating model. Its East Tāmaki campus in Auckland hosts research, development and production activities, with construction progressing on a fifth building during FY26 to add product-development space alongside manufacturing and warehousing capacity.

Recent Development

In May 2026, Fisher & Paykel Healthcare (ASX:FPH) published results for the year ended 31 March 2026. Hospital product group revenue increased 18%, while revenue from hospital consumables rose 16%. Management also reported 18% revenue growth in new-applications consumables, reflecting sales across therapies within the hospital portfolio. These percentages compare the FY26 period with its preceding financial year.

Homecare sales increased 8% in reported currency. The company identified its F&P Solo and F&P Nova mask ranges as contributors to obstructive sleep apnea mask sales, and launched the F&P Nova Nasal mask in the United States in January 2026. Research and development expenditure for FY26 was NZ$235.5 million, supporting further device and therapy development.

Financial Performance and Sector Context

For FY26, Fisher & Paykel Healthcare (ASX:FPH) recorded operating revenue of NZ$2.31 billion, representing 14% reported growth and 12% growth in constant currency. Net profit after tax was NZ$468.5 million, up 24% on a reported basis and 28% in constant currency. The Hospital group generated NZ$1.51 billion of revenue; Homecare generated NZ$802.7 million. All reported financial amounts in this section are in New Zealand dollars, not Australian dollars.

Gross margin reached 63.7%, an improvement of 80 basis points, or 122 basis points in constant currency. The company stated that this result included an approximately 90-basis-point constant-currency impact from US tariffs on hospital products sourced from New Zealand. Demand for clinical respiratory therapies, hospital consumables and home sleep apnea treatment forms part of the operating environment, while trade policy and exchange rates affect reported profitability.

The board approved a final dividend of NZ33.0 cents per share, taking FY26 distributions to NZ52.0 cents per share. In May, the company issued FY27 guidance of approximately NZ$2.45 billion to NZ$2.57 billion in operating revenue and NZ$500 million to NZ$550 million in net profit after tax, using specified April exchange rates. These ranges were management guidance, not realised results.

Risks to Consider

Fisher & Paykel Healthcare (ASX:FPH) faces exposure to foreign exchange movements because it operates and sells products across jurisdictions. US tariffs, international trade disruptions and manufacturing input costs can affect margins. Product regulatory requirements, clinical adoption patterns, hospital spending and manufacturing expansion execution are additional operational considerations. The company’s May outlook explicitly incorporated an estimated 50-basis-point net constant-currency gross-margin impact from US tariffs and the Middle East conflict.

What to Watch Next

The 2027 financial year’s first half ended on 30 September 2026, with half-year results scheduled indicatively for November. The next release should provide updated Hospital and Homecare sales, gross-margin performance and information about progress against the FY27 guidance range. Further updates on the Nova mask portfolio, new clinical applications and the East Tāmaki expansion may also inform assessments of operational progress.

Key Insights

Fisher & Paykel Healthcare (ASX:FPH) entered FY27 after reporting higher FY26 revenue and earnings, with Hospital contributing the larger share of sales and Homecare also increasing revenue. Its financial performance must be assessed alongside the currency assumptions and tariff effects incorporated in company reporting. Upcoming half-year figures will provide the next formal comparison with its published full-year outlook.

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