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>We expect F&amp;P Healthcare's (FPH) FY23 result to show a strong second half, aided by abnormally strong revenue benefits (flu season and China COVID demand).</li><li>Following recent competitor results and data releases, we see a low likelihood of a material beat relative to expectations.</li><li>Key focus areas are (1) new apps consumables revenue and outlook, (2) gross margin guidance (consensus appears pessimistic), and (3) SG&amp;A outlook (we see the potential for a catch-up in FY24).</li></ul>

We expect F&amp;P Healthcare's (FPH) FY23 result to show a strong second half, aided by abnormally strong revenue benefits (flu season and China COVID demand).Following recent competitor results and data releases, we see a low likelihood of a material beat relative to expectations.Key focus areas are (1) new apps consumables revenue and outlook, (2) gross margin guidance (consensus appears pessimistic), and (3) SG&amp;A outlook (we see the potential for a catch-up in FY24).

F&P Healthcare: FY23 Preview — Limited Breathing Room