Fisher & Paykel Healthcare delivered substantial results for the full year ended 31 March 2026, with operating revenue reaching $2.31 billion, representing 14% growth on the prior year. More impressively, net profit after tax jumped 24% to $468.5 million, demonstrating expanding profitability alongside the top-line expansion. On a constant currency basis, these figures translate to 12% and 28% growth respectively, highlighting the benefit of favourable exchange rate movements in addition to underlying operational performance.
The company’s Hospital segment drove much of this momentum, with revenue of $1.51 billion up 18% year-on-year in reported currency. Hospital consumables, which represent the recurring revenue stream within this division, grew 16% and proved particularly resilient given that seasonal respiratory admissions in major markets like the United States were notably subdued compared to the prior year. This dynamic suggests that Fisher & Paykel is gaining market share through clinical adoption of its products rather than riding on elevated disease prevalence, a more sustainable driver of growth over the medium term. In contrast, the Homecare segment, encompassing sleep apnea masks and respiratory support products, expanded more modestly at 8% revenue growth, though the company’s new F&P Solo, F&P Nova, and recently launched F&P Nova Nasal offerings are gaining traction in the market.
Margin expansion also merits attention. The company’s gross margin improved to 63.7%, up 80 basis points or 122 basis points in constant currency, reflecting the ongoing benefits of continuous improvement initiatives. That said, this improvement occurred despite an estimated 90 basis point headwind from United States tariffs on hospital products sourced from New Zealand, suggesting operational leverage is offsetting inflationary pressures and import costs. The company invested $235.5 million in research and development during the year and is progressing construction on a fifth building at its East Tฤmaki campus in New Zealand, positioning itself for further production and innovation capacity.
Capital allocation has become more shareholder-friendly. The board approved a final dividend of 33 cents per share, bringing the total full-year dividend to 52 cents, up 22% from the prior year. This marks the company’s confidence in sustained cash generation and its view that shareholder distributions can increase alongside profitability.
Looking ahead, Fisher & Paykel has guided to operating revenue of approximately $2.45 billion to $2.57 billion for the 2027 financial year, with net profit after tax expected to range from $500 million to $550 million. The guidance anticipates continued gross margin improvement despite an estimated 50 basis point headwind from US tariffs and the Middle East conflict, suggesting the company expects ongoing operational leverage to more than offset these headwinds. Investors should monitor hospital admission trends globally, the commercial trajectory of new OSA mask products, tariff developments affecting New Zealand manufacturing, and the company’s capacity additions as they come online. This announcement is price sensitive and has been flagged as material by the ASX.
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About Fisher & Paykel Healthcare Corporation Limited (ASX: FPH)
Fisher & Paykel Healthcare is a New Zealand-based medical device company that designs, manufactures, and markets respiratory care systems and equipment. The company specializes in products for in-hospital respiratory care, acute care, and the treatment of obstructive sleep apnea, operating manufacturing facilities in New Zealand and Mexico. Its products serve patients globally across hospital and home-care settings, with significant revenue from North America and Europe.
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