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's (FPH) FY23 result provided a good reality check on trends and outlook in a post COVID-19 world</li><li>While lowered near/medium-term gross margin guidance was disappointing, the key message was the slight tempering of new apps consumables revenue expectations.</li><li>While we forecast strong new apps growth (+15–20%), as evidenced by recent trends and FY24 outlook, we consider it unlikely FPH is able to deliver sustained above-trend (&gt;+20%) growth post-COVID unless investment (SG&amp;A/R&amp;D and capex) is ahead of current expectations.</li></ul>

F&amp;P Healthcare's (FPH) FY23 result provided a good reality check on trends and outlook in a post COVID-19 worldWhile lowered near/medium-term gross margin guidance was disappointing, the key message was the slight tempering of new apps consumables revenue expectations.While we forecast strong new apps growth (+15–20%), as evidenced by recent trends and FY24 outlook, we consider it unlikely FPH is able to deliver sustained above-trend (&gt;+20%) growth post-COVID unless investment (SG&amp;A/R&amp;D and capex) is ahead of current expectations.

F&P Healthcare: FY23 Result — Reality Check