Fisher & Paykel Healthcare lifts FY27 guidance on strong hospital demand
Fisher & Paykel Healthcare has upgraded its full-year 2027 guidance and issued first-half guidance for the period ending 30 September 2026. The company expects H1 FY27 revenue of approximately $1.24 billion and net profit after tax (NPAT) of approximately $280 million.
The forecast points to around 14% growth in reported operating revenue and approximately 24% growth in NPAT (excluding the impact of US tariff refunds) compared with the first half of the 2026 financial year.
The guidance was issued on 21 August 2026, ahead of the company’s Annual Shareholders’ Meeting on 25 August 2026. For investors, a mid-cycle guidance upgrade tends to signal management confidence in trading momentum.
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First half performance driven by hospital product group
The strong start to the financial year was attributed primarily to the company’s Hospital product group. According to management, three factors underpinned the performance:
- Continued strong demand for the latest range of hardware devices
- Ongoing change in clinical practice driving consumable sales
- Progress on continuous improvement activities lifting gross margin and other operating efficiencies
CEO Commentary
“We have had a strong start to our first half, particularly in our Hospital product group, as a result of continued strong demand for our latest range of hardware devices and ongoing change in clinical practice driving consumable sales. It is also pleasing to see the progress we are making with our continuous improvement activities and the impact on our gross margin and other operating efficiencies,” said Managing Director and Chief Executive Officer Lewis Gradon.
The combination matters for investors. Recurring consumables revenue paired with margin expansion generally reflects a higher quality of earnings than one-off hardware sales alone.
Upgraded full-year 2027 outlook
The updated guidance lifts both the operating revenue and NPAT ranges relative to the outlook provided in May. The NPAT range moves higher at both ends, while the lower bound of the revenue range has been raised.
The pattern mirrors the FY26 guidance upgrade issued earlier in the year, when FPH similarly raised both revenue and NPAT ranges mid-cycle on the back of accelerating Hospital product demand and tariff refund optionality sitting outside the base forecast.
| Metric | May Guidance | Updated Guidance | Change |
|---|---|---|---|
| Operating revenue | ~$2.45b – $2.57b | ~$2.47b – $2.57b | Lower bound lifted |
| NPAT | ~$500m – $550m | ~$525m – $565m | Range lifted |
The guidance is stated at 31 July 2026 exchange rates (NZD:USD 0.59, NZD:EUR 0.51, NZD:MXN 10.17) and assumes a continuation of the current trading environment.
Both the H1 and full-year NPAT guidance incorporate $23 million in US IEEPA tariff refunds. The full-year outlook continues to anticipate an overall improvement in gross margin and also assumes current global tariff rates, policies and applications remain in place for the duration of the financial year.
Understanding FPH’s business and why the guidance matters
Fisher & Paykel Healthcare is a leading designer, manufacturer and marketer of products and systems used in acute and chronic respiratory care, surgery, and the treatment of obstructive sleep apnea. Its products are sold in more than 120 countries worldwide.
This dynamic is reflected in the H1 driver of “change in clinical practice driving consumable sales.”
Why does a mid-year guidance upgrade matter to investors?
- Raising forecasts partway through the year is generally read as a positive indicator of trading momentum.
- NPAT is forecast to grow faster than revenue, which points to margin leverage rather than growth driven by revenue alone.
What comes next for investors
The first half of FY27 ends on 30 September 2026, with the actual H1 result expected to follow the reporting period. In the near term, investor attention turns to the company’s forthcoming meeting and any further commentary from management.
- The H1 FY27 period ends 30 September 2026, with the actual half-year result to follow.
- The 2026 Annual Shareholders’ Meeting is scheduled for Tuesday 25 August 2026 at 2:00pm NZST / 12:00pm AEST, with a virtual participation link available.
- The company is dual-listed on the NZX and ASX under the ticker FPH.
CEO Outlook
“Our progress reflects the momentum we are building across the business. We are continuing to innovate, supporting clinicians to adopt new ways of delivering care, and advancing projects needed to maintain that momentum into the future,” concluded Mr Gradon.
For investors, continued innovation and clinical adoption underpin the upgraded outlook, with the coming H1 result set to test whether the guided momentum has translated into reported performance.
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