New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

Fisher & Paykel Healthcare Corp / Equity Bottom-Up

<ul><li>F&amp;P Healthcare (FPH) reported a 1H23 result at the top end of guidance with NPAT of NZ$95.9m (NZ$85-95m)</li><li>Revenue of NZ$691m was ahead of guidance (NZ$670m) driven by higher hospital hardware and new apps consumables revenue slightly offset by lower traditional consumables revenue relative to our expectations</li><li>Gross margins and SG&amp;A costs were in-line with our expectations while interest and tax was materially different driven by the fx movements on foreign currency interest-bearing liabilities</li></ul>

F&amp;P Healthcare (FPH) reported a 1H23 result at the top end of guidance with NPAT of NZ$95.9m (NZ$85-95m)Revenue of NZ$691m was ahead of guidance (NZ$670m) driven by higher hospital hardware and new apps consumables revenue slightly offset by lower traditional consumables revenue relative to our expectationsGross margins and SG&amp;A costs were in-line with our expectations while interest and tax was materially different driven by the fx movements on foreign currency interest-bearing liabilities

F&P Healthcare (FPH): 1H23 Result – Initial Impressions