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>Vapotherm (VAPO.NYSE), a small, pureplay competitor to FPH’s nasal high flow optiflow product has reported its Q3 result this morning</li><li>Overall read-through is negative for FPH with its result highlighting further downside risk to our and consensus 1H23 expectations for FPH’s new apps consumables revenue</li></ul>

Vapotherm (VAPO.NYSE), a small, pureplay competitor to FPH’s nasal high flow optiflow product has reported its Q3 result this morningOverall read-through is negative for FPH with its result highlighting further downside risk to our and consensus 1H23 expectations for FPH’s new apps consumables revenue

F&P Healthcare (FPH): Vapotherm Q3 Result − Negative Read-Through