IRVINE, CA – Fisher & Paykel Healthcare Corp—Booth #1644 at this year’s Medtrade, scheduled for Oct 20-23 in Atlanta—announced record financial results for the financial year ended March 31, 2014. 2014. The medical device manufacturer, which provides respiratory care systems and products for the treatment of obstructive sleep apnea, had record net profit, after tax, of NZ$97.1 million for the full year, an increase of 26% over the prior year. Operating revenue was also a record, at NZ$623.4 million, 12% above the prior year or 13% growth in constant currency.
CEO Michael Daniell said, “Our record results are very pleasing and they reflect that hospital clinicians and homecare providers are increasingly using our innovative products to help to improve care and outcomes. Our medical devices are designed to increase the effectiveness and efficiency of care and we estimate that our products were used in the treatment of more than 9 million patients during the year.”
Both of the company’s major product groups, respiratory and acute care (RAC) and obstructive sleep apnea (OSA), delivered record operating revenue results. RAC product group revenue grew 12% to NZ$336.9 million, or 14% growth in constant currency, and OSA product group revenue grew 15% to NZ$270.0 million, or 15% growth in constant currency. The company estimates that revenue growth was about double the market growth for both major product groups.
“Growth in our RAC product group was strong and we are particularly encouraged by the continuing robust revenue growth, 29% in constant currency, in new applications for our products outside our traditional invasive ventilation market,” said Daniel. “More and more customers around the world are choosing to use our Optiflow oxygen therapy system and respiratory humidification systems for patients who are receiving noninvasive ventilation, as they see the real benefits for their patients and healthcare systems.
Fisher & Paykel will be exhibiting at Medtrade, scheduled for Oct 20-23, 2014, at the Georgia World Congress Center in Atlanta. Many other sleep-related manufacturers and presenters will be on hand for the nation’s premiere HME trade show. Early registration will be available on Monday, June 15. Go to www.medtrade.com for more information.