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Fisher and Paykel’s revenue and profit fell in 2022.
Total operating revenue was NZ$1.68 billion, down 14% in constant currency.
The board of directors of Fisher & Paykel declared an increased final dividend of 22.5 cents per share.
Fisher and Paykel Healthcare Corporation Ltd (ASX:FPH) has refrained from providing earnings guidance for the financial year 2023 after the company reported a decline in both revenue and profit in 2022.
“Given the ongoing uncertainties regarding our customers’ stockholding choices and their capacity to implement new protocols with personnel shortages and the possibility of further surges of COVID19 over the near term, we are not currently providing quantitative revenue or earnings guidance for the 2023 financial year,” Fisher and Paykel Healthcare Corporation said in its results for the full year ending 31 March 2022.
Fisher & Paykel is a manufacturer, designer and marketer of products and systems for use in respiratory care, acute care, and the treatment of obstructive sleep apnea.
By 10:05 AM (AEST), Fisher & Paykel’s stock was trading at AU$18.49, down 1.23%. In the past year, the stock has fallen over 39%.
For the full year, the company reported an increased operating revenue, 33% above the pre-COVID-19 period of financial year 2020. However, the firm’s total operating revenue was NZ$1.68 billion, down 15% from the last financial year or 14% in constant currency. Net profit after tax (NPAT) was NZ$376.9 million, a 28% fall from the previous financial year, or a 30% dip in constant currency.
Meanwhile, the company expects that margins would stay the same on a constant currency basis If freight costs remained consistent. Gross margin fell 59 basis points, or 147 basis points in constant currency terms, to 62.6%.
The board of directors of Fisher & Paykel declared an increased final dividend of 22.5 cents per share, bringing the total dividend for the year to 39.5 cents per share, a rise of 4%. The final dividend would be paid on 6 July 2022 with a record date of 23 June 2022.
What did Fisher & Paykel’s management say?
Fisher & Paykel’s Managing Director and CEO Lewis Gradon was upbeat about the company’s another strong full year performance.
“Over the last two financial years we have supplied $880 million of hospital hardware, the equivalent of approximately 10 years’ hardware sales prior to COVID-19. The growing body of evidence supporting the use of nasal high flow and our other respiratory therapies shows that our products have a clear role to play in improving care and outcomes beyond COVID-19 patients,” Gradon added.
“To ensure we are well-positioned to meet demand for the ongoing use of our installed base of hardware and accommodate our strong new product pipeline, we are continuing to invest in our infrastructure. We expect to invest approximately NZ$700 million in land and buildings over approximately five years,” he said.
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