Fisher & Paykel Healthcare Corporation Ltd (ASX:FPH) is a New Zealand-based designer, manufacturer and marketer of products and systems for acute and chronic respiratory care, surgery and the treatment of obstructive sleep apnea. Its products are sold in more than 120 countries. The company is listed on the NZX and ASX and reports in New Zealand dollars. Lewis Gradon is Managing Director and CEO.

On 2 October 2026, Fisher & Paykel Healthcare shares were trading at $36.79, down 1.50%. The company's financial year runs to 31 March, and in August it provided first-half guidance for the 2027 financial year and updated its full-year outlook.

The company's products span hospital respiratory care, such as high-flow nasal therapy and humidification, and homecare products, including masks for obstructive sleep apnea. Hospital consumables are used with its devices, creating a Recurring Revenue stream as installed devices are used in patient care.

Recent Developments

On 21 August 2026, Fisher & Paykel Healthcare provided guidance for the first half of the 2027 financial year, ending 30 September 2026, and updated its full-year guidance. Key points include:

  • First-half revenue is expected to be about NZ$1.24 billion, with net profit after tax of about NZ$280 million.
  • This would represent about 14% growth in Operating Revenue and about 24% growth in net profit after tax, excluding US Tariff refunds, compared with the first half of FY26.
  • Full-year operating revenue guidance was updated to about NZ$2.47 billion to NZ$2.57 billion, from NZ$2.45 billion to NZ$2.57 billion.
  • Full-year net profit after tax guidance was raised to about NZ$525 million to NZ$565 million, from NZ$500 million to NZ$550 million.
  • Guidance incorporates NZ$23 million in US IEEPA tariff refunds.

Mr Gradon said the company had a solid start to the first half, particularly in its Hospital product group, as a result of continued Demand for its latest range of hardware devices and ongoing change in clinical practice driving consumable sales. He said the company is making progress with continuous improvement activities, which are affecting gross Margin and other operating efficiencies.

The guidance is based on 31 July 2026 exchange rates of NZD:USD 0.59, NZD:EUR 0.51 and NZD:MXN 10.17, and assumes a continuation of the current trading environment. The full-year outlook anticipates an overall improvement in gross margin and assumes current global tariff rates, policies and applications for the rest of the financial year. The company held its Annual Shareholders' Meeting on 25 August 2026.

The updated full-year guidance raised the bottom of the revenue range by NZ$20 million and lifted both ends of the net profit range, with the midpoint moving from about NZ$525 million to about NZ$545 million. Mr Gradon said the company's progress reflects momentum across the business, and that it is continuing to innovate, support clinicians in adopting new ways of delivering care and advance projects needed to maintain momentum. The guidance excludes the impact of US tariff refunds when calculating growth comparisons for net profit, with the refunds of NZ$23 million incorporated into the reported guidance figures.

Fisher & Paykel Healthcare said its first-half guidance assumes a continuation of the current trading environment. The company's 2026 Annual Shareholders' Meeting was held virtually on 25 August 2026.

Sector Context

Respiratory care products are used in hospitals for patients needing breathing support, including high-flow nasal therapy, and in homes for conditions such as sleep apnea. Hospital demand is influenced by clinical practice changes and respiratory illness seasons, while homecare demand is linked to diagnosis rates and mask sales.

Medical device manufacturers face currency, tariff and Supply chain considerations, particularly when Manufacturing in one country and selling globally. Innovation in device design and consumables can support recurring revenue as hospitals adopt new therapies.

High-flow nasal therapy has become more widely used in hospitals for patients with respiratory distress, supported by clinical evidence and changes in practice. Homecare sleep apnea products face competition from other mask manufacturers and are influenced by diagnosis rates and replacement cycles.

Risks and Uncertainties

Fisher & Paykel Healthcare's guidance depends on exchange rates, and a firmer New Zealand dollar could reduce reported results. Tariff policies could change, affecting costs. Hospital consumable demand can vary with respiratory illness seasons. Competition in homecare masks and devices is significant. The guidance assumes no material change in the trading environment.

The company's guidance assumptions include exchange rates for the US dollar, euro and Mexican peso, so movements in these currencies against the New Zealand dollar can affect results. Changes in clinical practice or reimbursement could affect demand for hospital consumables.

The company's growth also depends on continued adoption of its newest hardware devices in hospitals.

Catalysts Investors Can Watch

Investors may watch for first-half results to confirm the guidance of about NZ$1.24 billion in revenue and NZ$280 million in net profit, gross margin progress, hospital consumable growth and any changes to tariff settings.

Investors may also follow new product launches in hospital and homecare, gross margin targets and commentary on the respiratory illness season in the northern hemisphere.

The Bottom Line

Fisher & Paykel Healthcare raised its full-year profit guidance after a solid start to FY27, driven by hospital products and efficiency gains. Currency and tariff conditions remain key factors.

Its first-half result will confirm whether the expected revenue and profit growth has been achieved.