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>April 2023 respiratory export data shows a slow start to FY24, down -7% YoY (cycling a weak comparable).</li><li>On a three month rolling basis, respiratory exports are only up +3% YoY despite April 2022 being near the three month rolling floor post the Omicron inventory unwind in 2022 (March 2022 was the weakest three month rolling comparable).</li><li>While April is typically a seasonally weak month (particularly to North America), recent trends continue to show a relatively subdued recovery in exports following the strong Asia Pacific (COVID-19 driven) and Northern Hemisphere (abnormally strong flu/RSV season) demand trends in late 4Q CY23.</li></ul>

April 2023 respiratory export data shows a slow start to FY24, down -7% YoY (cycling a weak comparable).On a three month rolling basis, respiratory exports are only up +3% YoY despite April 2022 being near the three month rolling floor post the Omicron inventory unwind in 2022 (March 2022 was the weakest three month rolling comparable).While April is typically a seasonally weak month (particularly to North America), recent trends continue to show a relatively subdued recovery in exports following the strong Asia Pacific (COVID-19 driven) and Northern Hemisphere (abnormally strong flu/RSV season) demand trends in late 4Q CY23.

F&P Healthcare (FPH): April Revenue Proxy – Slow Start to FY24