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 FY23 result below our expectations with NPAT of NZ$250m versus our NZ$265m and consensus of NZ$253m.</li><li>Revenue of NZ$1,581m (FB; NZ$1,588m, consensus; NZ$1,575m) was slightly ahead of the midpoint of January 2023 guidance of NZ$1,550m-1,600m albeit the mix is unfavourable with weaker hospital consumables relative to expectations.</li><li>Gross margins (59.4%) were slightly below our and consensus expectations (~60%) while SG&amp;A incl D&amp;A (NZ$606.2m) was below our expectations (NZ$618m) driven by lower D&amp;A.</li></ul>

F&amp;P Healthcare (FPH) reported a FY23 result below our expectations with NPAT of NZ$250m versus our NZ$265m and consensus of NZ$253m.Revenue of NZ$1,581m (FB; NZ$1,588m, consensus; NZ$1,575m) was slightly ahead of the midpoint of January 2023 guidance of NZ$1,550m-1,600m albeit the mix is unfavourable with weaker hospital consumables relative to expectations.Gross margins (59.4%) were slightly below our and consensus expectations (~60%) while SG&amp;A incl D&amp;A (NZ$606.2m) was below our expectations (NZ$618m) driven by lower D&amp;A.

F&P Healthcare (FPH): FY23 Result – Initial Impressions