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>Consistent with historical seasonality, January 2023 respiratory export data has fallen sharply versus December 2022.</li><li>Key takeaways are (1) China respiratory exports remained elevated but saw a sharp decline from December 2022, and (2) North America exports were softer than typical seasonality suggests, which likely reflects the unwind of inventory following the abnormally strong flu/RSV season.</li><li>The data is inherently volatile but based off the four months of 2H23 to date, our F&amp;P Healthcare (FPH) revenue proxy is broadly aligned to FPH’s FY23 guidance range (NZ$1,550-1,600m), and if anything is tracking towards the upper-end.</li></ul>

Consistent with historical seasonality, January 2023 respiratory export data has fallen sharply versus December 2022.Key takeaways are (1) China respiratory exports remained elevated but saw a sharp decline from December 2022, and (2) North America exports were softer than typical seasonality suggests, which likely reflects the unwind of inventory following the abnormally strong flu/RSV season.The data is inherently volatile but based off the four months of 2H23 to date, our F&amp;P Healthcare (FPH) revenue proxy is broadly aligned to FPH’s FY23 guidance range (NZ$1,550-1,600m), and if anything is tracking towards the upper-end.

F&P Healthcare (FPH): January Revenue Proxy – Seasonally Weak(Er)