FPH announces results for the first half of FY24

News Release
STOCK EXCHANGE LISTINGS: NEW ZEALAND (FPH), AUSTRALIA (FPH)

Fisher & Paykel Healthcare announces results for the first half of the 2024 financial year

Auckland, New Zealand, 29 November 2023 - Fisher & Paykel Healthcare Corporation Limited
(NZX:FPH, ASX:FPH) today announced its results for the first half of the 2024 financial year.

For the six months ended 30 September 2023, total operating revenue was $803.7 million, a 16%
increase from the prior corresponding period in both reported and constant currency. Net profit after
tax for the first half was $107.3 million, a 12% increase from the same period in the previous
financial year, or a 22% increase in constant currency.

“Our first half result indicates a continuation of stable ordering patterns in our Hospital business and
a robust performance for Homecare,” said Managing Director and Chief Executive Officer Lewis
Gradon.

In the Hospital product group, which includes humidification products used in respiratory, acute and
surgical care, revenue for the first half was $487.5 million. This marks an increase of 11% on the
prior comparable period, and 11% in constant currency. Hospital new applications consumables
grew 19% in constant currency.

"Apparent growth rates this financial year will be impacted by COVID-19 effects throughout last
year," said Mr Gradon. "We continued to see strong demand for hospital consumables across the
product portfolio in the first half, and hardware demand was solid. We remain pleased with the
progress we are making on changing clinical practice."

In the Homecare product group, which includes products used in the treatment of obstructive sleep
apnea (OSA) and respiratory support in the home, revenue was $314.4 million, a 26% increase over
the prior comparable period, or 25% in constant currency. OSA masks and accessories revenue
increased 28% in constant currency.

“Evora Full has been available in the United States for more than a year, and it continues to see
impressive demand and positive customer feedback,” said Mr Gradon. “We are set to build on this
momentum next year as our revolutionary new F&P Solo mask is rolled out beyond New Zealand
and Australia.”

Gross margin was 60.5%, up 65 basis points, or 192 basis points in constant currency, compared to
the first half of the 2023 financial year.

“Headwinds such as freight rates and manufacturing inefficiencies continue to ease, while
inflationary raw material and manufacturing costs remain key areas of focus for our teams,” said Mr
Gradon. “We remain confident in our ability to return to our long-term target of 65% within three to
four years.”

The company’s directors have approved an interim dividend of 18.0 cents per ordinary share, up
from 17.5 cents per share in the prior corresponding period. The interim dividend, carrying full New
Zealand imputation credit, will be paid on 18 December 2023 with a record date of 6 December
2023. The company’s dividend reinvestment plan remains available to eligible shareholders with a
3% discount applying to this interim dividend.

Looking ahead

“At current exchange rates*, we expect operating revenue for the 2024 financial year to be
approximately $1.7 billion and net profit after tax to be in the range of approximately $250 million to
$260 million.

“Historically, sales of our hospital consumables are typically higher in the second half, reflecting
seasonal patterns of hospitals,” said Mr Gradon. “We are currently expecting that our revenue
guidance approximation incorporates the range of pre-COVID historical seasonality in hospital
consumables.”

*At 31 October 2023 exchange rates of NZD:USD 0.58, NZD:EUR 0.55, NZD:MXN 10.55.

Overview of key results for the first half of the 2024 financial year
• 12% increase in net profit after tax to $107.3 million, 22% increase in constant currency.
• 16% increase in operating revenue to $803.7 million, 16% increase in constant currency.
• 11% increase in Hospital operating revenue to $487.5 million, 11% increase in constant
currency.
• 19% increase in constant currency for new applications consumables (products used in
noninvasive ventilation, Optiflow nasal high flow and surgical applications) accounting for
70% of Hospital consumables revenue.
• 26% increase in Homecare operating revenue to $314.4 million, 25% increase in constant
currency.
• 28% increase in constant currency for OSA masks and accessories revenue.
• Investment in R&D was 12% of revenue, or $96.9 million.
• 3% increase in interim dividend to 18.0 cps (H1 FY23: 17.5 cps).
About Fisher & Paykel Healthcare
Fisher & Paykel Healthcare is a leading designer, manufacturer and marketer of products and
systems for use in acute and chronic respiratory care, surgery and the treatment of obstructive sleep
apnea. The company’s products are sold in over 120 countries worldwide. For more information
about the company, visit our website www.fphcare.com.

Ends

Media & Investor Contacts

Hayden Brown
Head of Capital Markets & Investor Relations
hayden.brown@fphcare.co.nz
+64 (0) 27 807 8073
Dan Adolph
Senior Communications & Investor Relations
Manager
daniel.adolph@fphcare.co.nz
+64 (0) 22 511 4050

Authorised by Fisher & Paykel Healthcare Corporation Limited’s Board of Directors.

Accompanying Documents

Attached to this news release are the following additional documents:
• Results in Brief
• Interim Report 2024
• Investor Presentation
• NZX Results Announcement
• NZX Distribution Notice

Constant Currency Information

Constant currency information included within this news release is non-GAAP financial information,
as defined by the NZ Financial Markets Authority, and has been provided to assist users of financial
information to better understand and track the company’s comparative financial performance without
the impacts of spot foreign currency fluctuations and hedging results and has been prepared on a
consistent basis each year. A constant currency analysis is included on page 15 of the company’s
Interim Report 2024, and the company’s constant currency framework can be found on the
company’s website at www.fphcare.com/ccf.

Half Year Results Conference Call
Fisher & Paykel Healthcare will host a conference call on Wednesday, 29 November 2023 to
discuss the half year result. The conference call is scheduled to begin at 10:00am NZDT, 8:00am
AEDT (4:00pm USEST, Tuesday 28 November) and will be simultaneously broadcast online.

To listen to the webcast, access the company’s website at www.fphcare.com/investor. An online
archive of the event will be available approximately two hours after the webcast and will remain on
the site for two weeks.
To listen and participate in the conference call via phone, please register via ‘GlobalMeet’ by clicking
this link. Once registered, click ‘Call Me’ and you will receive a phone call connecting you through to
the conference line.

---

Limited

Results in Brief


Six Months
Ended
Six Months
Ended
% Change
(Reported)
% Change
(Constant
Currency
1
)
30 Sep 22 30 Sep 23
NZ$M NZ$M
(except as otherwise
stated)
(except as otherwise
stated)
FINANCIAL PERFORMANCE


Total operating revenue 690.6 803.7 +16% +16%
Cost of sales (277.4) (317.6) +14% +11%
Gross profit 413.2
486.1 +18% +20%
Gross margin 59.8% 60.5% +65bps +192bps
Selling, general and administrative expenses (202.3) (236.6) +17% +16%
Research and development expenses (84.2)
(96.9) +15% +15%
R&D percentage of operating revenue 12.2% 12.1% -14bps -10bps
Total operating expenses (286.5) (333.5) +16% +16%
Operating profit before financing costs 126.7 152.6 +20% +32%
Operating margin 18.3% 19.0% +64bps +195bps
Net financing income (expense) (12.4) (12.0) -3 % N/A
Profit before tax 114.3
140.6 +23% +24%
Tax expense (18.4) (33.3) +81% +30%
Profit after tax 95.9
107.3 +12% +22%
Effective tax rate 16.1% 23.7%
Effective tax rate excluding R&D tax credit 22.7% 29.9%


Revenue by Region:




North America 289.5 366.2 +26%
Europe 188.0 207.5 +10%
Asia Pacific 174.2
179.8 +3%
Other 38.9 50.2 +29%
Total 690.6 803.7 +16%




Revenue by Product Group:


Hospital 438.7 487.5 +11%
Homecare 249.9
314.4 +26%
Core products sub-total 688.6
801.9 +16%
Distributed and other 2.0 1.8 -10%
Total 690.6
803.7 +16%

FINANCIAL POSITION
As at 31 Mar 23
NZ$M
(except as otherwise
stated)
As at 30 Sep 23
NZ$M
(except as otherwise
stated)

Tangible assets 2,022.3 2,195.5 +9%
Intangible assets
2
182.2 194.3 +7%
Total assets 2,204.5
2,389.8 +8%
Total liabilities (451.1) (638.0) +41%
Shareholders’ equity 1,753.4 1,751.8 -0%
Gearing -2.3% 9.1% +11%
Net tangible asset backing (cents per share) 272 268 -1 %
1
Constant currency (CC) removes the impact of exchange rate movements. This approach is used to assess the Group’s underlying
comparative financial performance without any impact from changes in foreign exchange rates. The company’s constant currency
framework can be found on the company’s website at www.fphcare.com/ccf. The reconciliation to reported results is included within
the Financial Commentary section of the Interim Report.
2
Includes Intangible and deferred tax assets.

Limited
Results in Brief
(continued)



Six Months
Ended
Six Months
Ended
% Change
30 Sep 22 30 Sep 23
NZ$M NZ$M
(except as otherwise
stated)
(except as otherwise
stated)



CASH FLOWS

Net cash flow from operating activities 1.9 156.5 +8,137%
Net cash flow from investing activities 75.2 (275.5) -4 66%
Net cash flow fro m financing activities (107.5) 66.0 -1 61%



SHARES OUTSTANDING

Weighted average basic shares outstanding 577,490,656 580,581,693

Weighted average diluted shares
outstanding
580,504,570 584,542,333

Basic shares outstanding at period end 577,663,664
582,012,620




DIVIDENDS AND EARNINGS PER SHARE

Dividends per share (cents) – declared 17.5 18.0 +3%
Basic earnings per share (cents) 16.6 18.5 +11%

---

FO U N DATI O N S
Interim Report 2024

A number of factors are converging to 
move us along our sustainable, profitable
growth path.
Geographic expansion, a broad product
pipeline, purposeful investment in R&D and
infrastructure, growth in our sales teams, and
an increasing body of clinical evidence –
these are firm foundations for future growth.
FOR FUTURE
GROWTH.

Our progress over the last four financial years (FY2019 TO FY2023)*
COUNTRIES WITH F&P PEOPLE
TO 53 COUNTRIES
39%
PATIENTS TREATED WITH OPTIFLOW
TO 6 MILLIONTO 865
100%
ANESTHESIA SALES TEAM
TO 69 PEOPLE
246%
PEOPLE IN R&D
TO 846
46%

PLANT AND EQUIPMENT CAPEX
TO $99M
141%
NASAL HIGH FLOW STUDIES PUBLISHED
250%
* These figures are current as at the end of the 2023 financial year.
INTERIM REPORT 2024
1Fisher & Paykel Healthcare

OVERVIEW OF KEY FINANCIAL RESULTS4
HALF YEAR BUSINESS UPDATES5
PRODUCT GROUP OVERVIEW6
HALF YEAR REVIEW8
FINANCIAL COMMENTARY12
CONSOLIDATED FINANCIAL STATEMENTS16
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS20
DIRECTORY24
Constant currency information contained within this report is non-conforming
financial information, as defined by the New Zealand Financial Markets Authority
and has been provided to assist users of financial information to better understand
and assess the company’s financial performance without the impacts of spot financial
currency fluctuations and hedging results, and has been prepared on a consistent
basis each financial year. A reconciliation between reported results and constant
currency results is available on page 15 of this report. The company’s constant
currency framework can be found on our website at www.fphcare.com/ccf.
This report is dated 28 November 2023 and is signed on behalf of Fisher & Paykel Healthcare
Corporation Limited by Scott St John, Board Chair and Lewis Gradon, Managing Director and
Chief Executive Officer.
LEWIS GRADON
MANAGING DIRECTOR AND
CHIEF EXECUTIVE OFFICER
SCOTT ST JOHN
BOARD CHAIR
CONTENTS
INTERIM REPORT 2024
2Fisher & Paykel Healthcare

INTERIM REPORT 2024
3Fisher & Paykel Healthcare

HALF YEAR
OVERVIEW OF KEY FINANCIAL RESULTS
OPERATING REVENUE
$803.7m
▲

16% | 1H FY23 ($690.6M)
GROSS MARGIN
60.5%
▲

192 BPS (CONSTANT CURRENCY)
HOSPITAL REVENUE
$487.5m
▲

11% | 1H FY23 ($438.7M)
NET PROFIT AFTER TAX
$107.3m
▲

12% | 1H FY23 ($95.9M)
INTERIM DIVIDEND
FULLY IMPUTED
18.0cps
▲

3% | 1H FY23 (17.5CPS)
SPEND ON R&D
$96.9m
12% OF OPERATING REVENUE
HOMECARE REVENUE
$314.4m
▲

26% | 1H FY23 ($249.9M)
INTERIM REPORT 2024
4Fisher & Paykel Healthcare

HALF YEAR
BUSINESS UPDATES
REVENUE BY REGION
6 MONTHS TO 30 SEPTEMBER 2023
Hospital
Homecare
Distributed & Other
North America
Europe
Asia Pacific
Other
LAUNCHED our
F&P Solo™ mask
into New Zealand
and Australia.
EXPANDED our
anesthesia sales team
to grow awareness of
the benefit to patients.
PROGRESSED the
development of our
new manufacturing
facility in China.
SECURED US 510(k)
regulatory clearance for
our 950 humidification
system.
CELEBRATED the
formal opening of our
third manufacturing
facility in Tijuana.
WELCOMED
Graham McLean to the
Board of Directors.
46%
26%
22%
6%
120+
COUNTRIES
61%
39%
<1%
REVENUE BY PRODUCT GROUP
6 MONTHS TO 30 SEPTEMBER 2023
INTERIM REPORT 2024
5Fisher & Paykel Healthcare

Hospital
61%
OF OPERATING REVENUE▲19%
OPERATING REVENUE
▲ 11%
$ 4 87. 5m
Our Hospital product group includes
products used in invasive ventilation,
noninvasive ventilation, nasal high
flow therapy, anesthesia, and
laparoscopic and open surgery.
Not only do these products help
healthcare providers improve
patient outcomes, they often
deliver economic benefits as well,
by reducing the need to escalate
care and shortening patient stays
in hospital.
NEW APPLICATIONS CONSUMABLES REVENUE
GROWTH (CONSTANT CURRENCY)
PRODUCT GROUP OVERVIEW
OUR BUSINESS IS STRUCTURED IN
TWO PARTS: HOSPITAL AND HOMECARE.
INTERIM REPORT 2024
6Fisher & Paykel Healthcare

Homecare
39%
OF OPERATING REVENUE▲28%
OPERATING REVENUE
▲ 26%
$314.4m
Our Homecare product group
includes devices and systems used
to treat obstructive sleep apnea
(OSA) and provide respiratory
support in the home. These include
our CPAP therapy masks as well as
flow generators, interfaces, and
data management technologies.
OSA MASKS AND ACCESSORIES REVENUE
GROWTH (CONSTANT CURRENCY)
INTERIM REPORT 2024
7Fisher & Paykel Healthcare

HALF YEAR REVIEW
SCOTT ST JOHN
Board Chair
LEWIS GRADON
Managing Director and
Chief Executive Officer
A number of factors are
converging to move us along
our sustainable, profitable
growth path.
Geographic expansion, a broad
product pipeline, purposeful
investment in R&D and
infrastructure, growth in our
sales teams, and an increasing
body of clinical evidence –
these are firm foundations
for future growth.
We are balancing this focus on the future
with our near-term aims. As market conditions
continue to stabilise, we have shifted from
a supply-at-all costs mentality to our normal
behaviours. This has seen us renew our focus
on continuous improvement during the half.
We acknowledge the efforts of our people
and our customers, suppliers and clinical
partners throughout this period.
FINANCIAL RESULTS
Total operating revenue was $803.7 million
for the six months ended 30 September 2023,
16 per cent above the same period last year,
and 16 per cent in constant currency. Net profit
after tax was $107.3 million, 12 per cent above
the same period last year, or 22 per cent in
constant currency.
Hospital product group revenue was
$487.5 million, an 11 per cent increase
on the first half of last year and 11 per cent
in constant currency. We continued to see
strong demand for hospital consumables
across the product portfolio, and hardware
demand was solid.
FOUNDATIONS FOR
FUTURE GROWTH
INTERIM REPORT 2024
8Fisher & Paykel Healthcare

Homecare product group revenue was
$314.4 million, representing growth of
26 per cent on the first half of last year,
and 25 per cent in constant currency. OSA
masks and accessories revenue increased
28 per cent in constant currency as the
Evora™ Full continued to experience
impressive demand. We are set to build
on this momentum with our revolutionary
new F&P Solo™ mask.
Gross margin for the half was 60.5 per cent,
a 192 basis-point increase from the prior
corresponding period in constant currency.
Headwinds such as freight rates and
manufacturing inefficiencies continue to
ease, while inflationary raw material and
manufacturing costs remain a factor for
our teams to work through. We expect that
reverting to our normal focus on operational
efficiencies will help us return to our long-term
gross margin target of 65 per cent within the
next three to four years.
We have a demonstrable history of margin
improvements year-on-year. Continuous
improvement plays an important role in this,
and we have initiated more than 5,000 projects
globally over the past year. Many seem small
on the surface, but we expect that over time
they will represent meaningful gains.
STRATEGIC PROGRESS
We have reached several important milestones
over the last six months. With respect to
product, we received regulatory clearance
from the United States FDA in June for our
950 humidification system. This follows the
approval for the Airvo™ 3 earlier in the year –
the latter is currently available in the US and
the 950 will be available in the new year.
On the Homecare side, we have commenced
sales of our F&P Solo™ mask in New Zealand
and Australia, with more markets to follow in
due course. We believe our AutoFit™ technology
represents a significant step forward in mask
innovation, allowing patients to set themselves
up without assistance and easily finetune the
fit with a single touch.
We continue to invest in expanding our
global sales team, most notably in anesthesia.
Our patent-protected Optiflow Switch™ and
Trace™ products offer compelling patient and
clinical benefits and we have a clear aspiration
to build the anesthesia business into a revenue
growth driver.
We were pleased to receive approval from the
New Zealand Overseas Investment Office (OIO)
in April to move forward with our land purchase
in Karaka, Auckland for a second New Zealand
campus. We formally opened our third building
in Tijuana, Mexico and we are nearing completion
of our manufacturing facility in Guangzhou,
China as our team secures the necessary
regulatory approvals.
Our patent-protected
Optiflow Switch™ and
Trace™ products offer
compelling patient and
clinical benefits and we
have a clear aspiration
to build the anesthesia
business into a revenue
growth driver.
INTERIM REPORT 2024
9Fisher & Paykel Healthcare

BOARD UPDATE
We welcomed Graham McLean onto the board
last month as an independent director. Graham
joins us following 16 years as a senior leader at
Stryker, where he was most recently president
of the company’s Asia Pacific operations based
in Hong Kong and Singapore. Now residing in
Australia, Graham is a director of CleanSpace
Holdings and Universal Biosensors, two
ASX-listed healthcare companies. We believe his
wealth of global medical device experience will
be beneficial to your board.
Graham’s appointment comes as Donal O’Dwyer
prepares to depart the board after 11 years
of service at the end of the calendar year.
We speak on behalf of the wider board
when we thank Donal for his enormous
contribution to Fisher & Paykel Healthcare
across multiple areas.
DIVIDEND
The Board of Directors has approved an interim
dividend of 18.0 cents per share for the six
months to 30 September 2023, an increase of
3 per cent from the first half of the prior year.
This will be paid on 18 December 2023 with
a record date of 6 December 2023. We
reactivated our dividend reinvestment plan
last year and this remains available to eligible
shareholders with a 3 per cent discount
applying to this interim dividend.
Similar to our view on
continuous improvement,
there is no finish line
when it comes to our
environmental and social
responsibility journey.
ENVIRONMENTAL AND
SOCIAL RESPONSIBILITY PROGRESS
Similar to our view on continuous improvement,
there is no finish line when it comes to our
environmental and social responsibility journey.
We are making steady progress in areas such
as sustainable procurement, modern slavery
prevention and carbon reduction. There will
be much more detail on these efforts provided
at our full-year result, which will also include
disclosure on our climate resilience in line with
the External Reporting Board’s new Aotearoa
Climate Standards.
PROFIT SHARE
We have a history of providing a profit share
at our half and full year results to ensure our
people share in the success and profitability
of F&P. To that end, the board has approved
a profit-sharing payment of $4 million for
employees who have worked for the company
for a qualifying period.
THANK YOU
Our thanks go to the people of Fisher & Paykel
Healthcare for your contribution to this first
half result. And we remain grateful to our
shareholders, customers, suppliers and clinical
partners – your backing and belief is vital to
what we do.
SCOTT ST JOHN
Board Chair
LEWIS GRADON
Managing Director and Chief Executive Officer
INTERIM REPORT 2024
10Fisher & Paykel Healthcare

Financial report
INTERIM REPORT 2024
11Fisher & Paykel Healthcare

Financial commentary
INCOME STATEMENTS
For the six months ended
30 September
2022
NZ$M
2023
NZ$M
Change
Reported
%
Change
CC
1

%
Operating revenue 690.6 803.7+16+16
Gross profit 413.2 486.1+18+20
Gross margin 59.8%60.5%+65 bps+192 bps
SG&A expenses (202.3)(236.6)+17+16
R&D expenses (84.2)(96.9)+15+15
Total operating expenses (286.5)(333.5)+16+16
Operating profit 126.7 152.6+20+32
Operating margin 18.3%19.0%+64 bps+195 bps
Net financing (expense) (12.4)(12.0)-3N /A
Profit before tax 114.3 140.6+23+24
Tax expense (18.4)(33.3)+81+30
Profit after tax95.9107.3+12+22
1
Constant currency (CC) removes the impact of exchange rate movements. This approach is used to
assess the Group’s underlying comparative financial performance without any impact from changes
in foreign exchange rates. See further details on page 15.
Total profit after tax for the period was $107.3 million, a 12% increase from the same period
last year, or 22% in constant currency.
Revenue
Operating revenue was $803.7 million, a 16% increase from the prior comparable period
(PCP) or 16% in constant currency. Hospital revenue grew 11% in constant currency.
Hospital consumables continued to see strong demand across the product portfolio,
and hardware demand was solid. Homecare revenue grew 25% in constant currency
with strong growth in masks and accessories of 28%.
Gross margin
Gross margin at 60.5% improved by 192 basis points in constant currency from the
same period last year and improved by 72 basis points in constant currency from the
second half of last year. Headwinds such as freight rates and manufacturing inefficiencies
continue to ease, while inflationary raw material and manufacturing costs remain key
areas of focus.
Operating expenses
Operating expenses increased 16% (16% in constant currency) to $333.5 million, reflecting
our investment in R&D and sales people during the 2023 financial year. This investment
supports our global sales growth and development of our product pipeline.
We continue to plan for R&D spend to grow in line with constant currency revenue growth
over the long-term.
Financing expenses
During the period, total borrowings have increased to fund the purchase of the Karaka site,
with interest expenses increasing to $8.7 million (Sep 2022: $1.2 million). The net financing
expense of $12.0 million remains largely unchanged from the prior period, with lower
exchange losses on foreign currency interest-bearing liabilities in the current period
of $4.7 million (Sep 2022: $12.7 million) offsetting the increased interest costs.
Ta x
Our effective tax rate for the period was 23.7%, up from 16.1% as the non-taxable foreign
currency translations were significantly lower than in the prior period. The R&D tax credit
this period of $8.8 million (Sep 2022: $7.6 million) represents the estimated eligible R&D
expenditure incurred during the period. Excluding the benefit of the R&D tax credit, the
effective tax rate was 29.9% (Sep 2022: 22.7%).
INTERIM REPORT 2024
12Fisher & Paykel Healthcare

FOREIGN CURRENCY IMPACTS
The Group is exposed to movements in foreign exchange rates, with approximately
99% of operating revenue generated in currencies other than NZD as shown below.
US dollars 49%
Euros 19%
Mexican pesos 2%
New Zealand dollars 1%
Other 29%
Over 60% of COGS and 50% of operating expenses are in currencies other than NZD.
Net profit after tax was unfavourably impacted by $4.8 million compared to the prior
period due to foreign currency.
The effect of balance sheet translations for the period resulted in an increase in operating
revenue of $3.9 million (Sep 2022: $18.6 million increase) and a decrease in net profit after
tax of $1.6 million (Sep 2022: $0.8 million increase). The hedging programme contributed
a pre-tax loss of $2.8 million (Sep 2022: $0.5 million gain).
The average daily spot rate and the average conversion exchange rate (the accounting
rate, incorporating the benefit of forward exchange contracts in respect of the relevant
financial year) of the main foreign currency exposures for the reported periods are set
out in the table to the right.
Average daily spot rateAverage conversion exchange rate
Six months ended
30 September2022202320222023
USD0.63120.61160.67000.6657
EUR 0.60950.56200.54450.5436
MXN12.7110.6314.3813.73
Foreign exchange hedging position
In line with our hedging programme, additional hedges have been added for future years.
The hedging position for our main currency exposures as at 20 November 2023 is:
Year to 31 MarchFY24FY25FY26FY27FY28
FY29 –
FY34
+
USD % cover of expected exposure85%70%60%50%40%5%
USD average rate of cover0.6580.6220.6080.5960.5830.550
EUR % cover of expected exposure85%60%55%45%35%10%
EUR average rate of cover0.5400.5240.5290.5240.5240.474
MXN % cover of expected exposure80%40%15%
MXN average rate of cover14.1015.7413.92
+
2029 – 2034 shows average % cover of expected exposure and rate of cover for the five-year period.
Hedging cover has been rounded to the nearest 5%.
INTERIM REPORT 2024
13Fisher & Paykel Healthcare

CASH FLOWS
The full statement of cash flows is provided on page 19.
For the six months ended 30 September
2022
NZ$M
2023
NZ$M
Change
NZ$M
Operating profit before financing costs126.7152.625.9
Plus depreciation and amortisation50.554.43.9
Change in working capital and other(97.2)(14.4)82.8
Net interest paid(2.0)(7.8)(5.8)
Net income tax paid(76.1)(28.3)47.8
Operating cash flows1.9156.5154.6
Lease repayments(6.7)(8.5)(1.8)
Purchase of land and buildings(64.0)(224.5)(160.5)
Purchase of plant and equipment(48.0)(39.4)8.6
Purchase of intangible assets(12.8)(11.6)1.2
Free cash flows
+
(129.6)(127.5)2.1
Dividends paid(129.9)(81.7)48.2
+
Free cash flows include lease liability repayments following the adoption of NZ IFRS 16.
Operating cash flows
Cash flows from operations for the period increased to $156.5 million (Sep 2022: $1.9 million).
Operating cash flows were impacted by an increase in net profit before tax, a reduction in
net working capital movements and a benefit from prepaid tax during the 2023 financial
year, resulting in less tax paid during the period.
Capital expenditure
During the period, $275.5 million was spent on capital expenditure (excluding leased
assets), including $189.5 million relating to the purchase of 105 hectares of land in Karaka
for a second New Zealand campus. Spending also included progressing our East Tāmaki
campus development including earthworks for our fifth building. We continue to invest
in production tooling and equipment additions.
Dividends
Dividends paid of $81.7 million were 37% lower than the prior period due to the
reintroduction of the Dividend Reinvestment Plan (DRP) commencing with the interim
dividend for the 2023 financial year, paid in December 2022. Under the DRP, $51.6 million
of dividends were reinvested as new shares this period related to the 2023 final dividend
declared, reducing the cash paid by the same amount.
BALANCE SHEET
As at
31 March
2023
NZ$M
30 September
2023
NZ$M
Change
NZ$M
Trade receivables179.6189.29.6
Inventories365.8360.1(5.7)
Less trade and other payables
+
(125.2)(103.8)21.4
Working capital420.2445.525.3
Property, plant and equipment
++
1,148.21,419.4271.2
Intangible assets85.685.5(0.1)
Lease liabilities (62.5)(80.2)(17.7)
Other net assets (liabilities)124.254.3(69.9)
Net cash (debt)37.7(172.7)(210.4)
Net assets1,753.41,751.8(1.6)
+
Trade and other payables exclude all non-current payables and all employee entitlements
and provisions
++
Property, plant and equipment includes lease assets recognised.
Trade receivables have increased to 30 September 2023 reflecting revenue growth.
Our debtor days were within the normal range at 41 days (Mar 2023: 40 days).
Inventories balances have decreased with continuing focus on balancing demand
fluctuations approaching the northern hemisphere winter with manufacturing
throughput. Inventories have decreased by $38.3 million since September 2022.
Trade and other payables reduction includes timing associated with key capital
infrastructure projects and payment of suppliers.
Property, plant and equipment (excluding leased assets) increased by $255.0 million
in the period. Additions of $282.0 million, including the Karaka land acquisition were
offset by $32.3 million of depreciation. Intangible assets decreased by $0.1 million,
with amortisation tracking slightly above total expenditure. Included in intangible
assets is ERP system capital spending with our global SAP rollout continuing over
the next one to two years.
Other net assets/liabilities movements included a reduction in derivative financial
instruments from net assets of $77.1 million at 31 March 2023 to $33.1 million at
30 September 2023. This is primarily due to the change in exchange rates at
30 September 2023 compared to 31 March 2023, with the corresponding offset
in the cash flow hedge reserve. All currency derivatives continued to be effective
hedges. Non-current other receivables decreased due to the deposit for the second
New Zealand campus being reclassified to property, plant and equipment on
receipt of Overseas Investment Office (OIO) approval this period.
INTERIM REPORT 2024
14Fisher & Paykel Healthcare

Net cash and debt facilities
As at
31 March
2023
NZ$M
30 September
2023
NZ$M
Change
NZ$M
Loans and borrowings
– Current–––
– Non-current(79.1)(237.3)(158.2)
Bank overdrafts(4.2)(5.9)(1.7)
Total interest-bearing liabilities
+
(83.3)(243.2)(159.9)
Cash and cash equivalents121.070.5(50.5)
Total cash and investments 121.070.5(50.5)
Net cash (debt)37.7(172.7)(210.4)
Gearing-2.3%9.1%11.4%
Undrawn committed debt facilities624.5469.3(155.2)
Undrawn uncommitted debt and
overdraft facilities90.087.8(2.2)
+
Excluding lease liabilities

During the period, the Group borrowed $210.0 million from available facilities primarily
to fund the payment of $189.5 million for the purchase of the land in Karaka.
As at 30 September 2023, the average maturity of loans and borrowings of $237.3 million
was 2.7 years. The currency split for loans and borrowings was 70% NZD; 28% USD;
1% Australian dollars; and 1% Canadian dollars. Within the next 12 months, one facility
for $60.0 million will expire and upon expiry will not be renewed.
Cash and cash equivalents were $70.5 million at 30 September 2023. This balance,
as well as operating cash generated in the second half of the 2024 financial year and
additional borrowings, will fund the payment of the interim dividend, and ongoing
capital expenditure including building projects in East Tāmaki.
Gearing
1
At 30 September 2023 the Group had gearing of 9.1%. Gearing was outside the
target range due to funding for the Karaka land acquisition.
1
Net interest-bearing debt (debt less cash and cash equivalents and short-term investments) to net interest-bearing
debt and equity (less hedging reserves). Net interest-bearing debt excludes lease liabilities.
NOTES – CONSTANT CURRENCY
Constant currency analysis is non–Generally Accepted Accounting Practice (GAAP)
financial information, that is not prepared in accordance with New Zealand Equivalents
to International Financial Reporting Standards (NZ IFRS). Constant currency information
has been provided to assist users of financial information to better understand and assess
the Group’s financial performance without the impacts of foreign currency fluctuations,
including hedging results.
Constant currency financial information is prepared each month to enable the Board
and management to monitor and assess the Group’s underlying comparative financial
performance without any distortion from changes in foreign exchange rates. Constant
currency information is prepared on a consistent basis for reported periods restated into
NZD based on “constant” exchange rates, typically the budgeted exchange rates for the
current year. This information excludes the impact of movements in foreign exchange
rates, hedging results and balance sheet translations.
The Group’s constant currency framework can be found on the company’s website
at www.fphcare.com/ccf. PwC performs assurance procedures over the constant
currency information.
RECONCILIATION OF CONSTANT CURRENCY TO REPORTED PROFIT AFTER TAX
For the six months ended 30 September
2022
NZ$M
2023
NZ$M
Change
NZ$M
Profit after tax (constant currency) 73.990.116.2
Spot exchange rate effect 20.820.8–
Foreign exchange hedging result 0.4(2.0)(2.4)
Balance sheet revaluation 0.8(1.6)(2.4)
Total impact of foreign exchange22.017.2(4.8)
Profit after tax (reported) 95.9107.311.4
RECONCILIATION OF CONSTANT CURRENCY TO REPORTED REVENUE
For the six months ended 30 September
2022
NZ$M
2023
NZ$M
Change
NZ$M
Operating revenue (constant currency) 657.9763.1105.2
Spot exchange rate effect 18.048.830.8
Foreign exchange hedging result (3.9)(12.1)(8.2)
Balance sheet revaluation 18.63.9(14.7)
Total impact of foreign exchange32.740.67.9
Operating revenue (reported) 690.6803.7113.1
The significant exchange rates used in the constant currency analysis, being the budget
exchange rates for the year ended 31 March 2024, are USD 0.66, EUR 0.61, AUD 0.93,
GBP 0.52, CAD 0.86, JPY 85, MXN 12.0, CNY 4.3, KRW 820, SEK 6.6 and INR 51.
INTERIM REPORT 2024
15Fisher & Paykel Healthcare

CONSOLIDATED INCOME STATEMENT
For the six months ended 30 September 2023
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 September 2023
Notes
Unaudited
2022
NZ$M
Unaudited
2023
NZ$M
Operating revenue 3 690.6 803.7
Cost of sales (277.4) (317.6)
Gross profit 413.2 486.1
Selling, general and administrative expenses (202.3) (236.6)
Research and development expenses (84.2) (96.9)
Total operating expenses (286.5) (333.5)
Operating profit 126.7 152.6
Financing income 1.5 1.4
Financing expense (1.2)(8.7)
Exchange (loss) on foreign currency
interest-bearing liabilities
(12.7) (4.7)
Net financing (expense) (12.4) (12.0)
Profit before tax 4 114.3 140.6
Tax expense (18.4) (33.3)
Profit after tax 95.9 107.3
Basic earnings per share 16.6 cps 18.5 cps
Diluted earnings per share 16.5 cps 18.4 cps
The accompanying notes form an integral part of the consolidated financial statements.
Unaudited
2022
NZ$M
Unaudited
2023
NZ$M
Profit after tax 95.9 107.3
Other comprehensive income
Items that may be reclassified to profit or loss
Foreign currency translation reserve
Exchange differences on translation of
foreign operations
8.8 1.8
Hedging reserves
Changes in fair value in hedging reserves (248.6) (46.9)
Transfers to profit before tax from cash flow
hedge reserve
(0.6) 1.7
Tax on above reserve movements 69.8 12.7
Other comprehensive income, net of tax (170.6) (30.7)
Total comprehensive income (74.7) 76.6
Consolidated financial statements
INTERIM REPORT 2024
16Fisher & Paykel Healthcare

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 September 2023
Notes
Share
capital
NZ$M
Retained
earnings
NZ$M
Reserves
NZ$M
Total
equity
NZ$M
Balance at 31 March 2022 (audited) 261.2 1,181.2 237.3 1,679.7
Total comprehensive income–95.9(170.6)(74.7)
Dividends paid9–(129.9)–(129.9)
Issue of share capital under employee share plans3.7––3.7
Movement in share based payments reserve ––(0.4)(0.4)
Balance at 30 September 2022 (unaudited) 264.9 1,147.2 66.3 1,478.4
Balance at 31 March 2023 (audited) 303.7 1,200.5 249.2 1,753.4
Total comprehensive income – 107.3 (30.7) 76.6
Dividends paid9 – (133.3) – (133.3)
Issue of share capital under dividend reinvestment plan 51.6 – – 51.6
Issue of share capital under employee share plans 4.8 – – 4.8
Movement in share based payments reserve – – (1.4) (1.4)
Movement in treasury shares 0.1 – – 0.1
Balance at 30 September 2023 (unaudited) 360.2 1,174.5 217.1 1,751.8

The accompanying notes form an integral part of the consolidated financial statements.
INTERIM REPORT 2024
17Fisher & Paykel Healthcare

Notes
Audited
31 March
2023
NZ$M
Unaudited
30 September
2023
NZ$M
LIABILITIES
Non-current liabilities
Borrowings 79.1 237.3
Lease liabilities 45.4 62.3
Provisions 7.3 6.2
Other payables 21.6 19.3
Derivative financial instruments 5 4.8 22.3
Deferred tax liabilities 3.1 3.8
Total liabilities 451.1 638.0
EQUITY
Share capital 303.7 360.2
Retained earnings 1,200.5 1,174.5
Reserves 249.2 217.1
Total equity 1,753.4 1,751.8
Total liabilities and equity 2,204.5 2,389.8
The accompanying notes form an integral part of the consolidated financial statements.
On behalf of the Board
28 November 2023
Scott St John Lewis Gradon
Board Chair Managing Director and Chief Executive Officer
CONSOLIDATED BALANCE SHEET
As at 30 September 2023
Notes
Audited
31 March
2023
NZ$M
Unaudited
30 September
2023
NZ$M
ASSETS
Current assets
Cash and cash equivalents 121.0 70.5
Trade and other receivables 218.5 233.2
Inventories 365.8 360.1
Derivative financial instruments5 33.2 36.7
Tax receivable 35.7 28.7
Total current assets 774.2 729.2
Non-current assets
Derivative financial instruments5 70.0 46.4
Other receivables 29.9 0.5
Property, plant and equipment 1,148.2 1,419.4
Intangible assets 85.6 85.5
Deferred tax assets 96.6 108.8
Total assets 2,204.5 2,389.8
LIABILITIES
Current liabilities
Borrowings 4.2 5.9
Lease liabilities 17.1 17.9
Trade and other payables 219.7 212.7
Provisions 20.9 18.0
Tax payable 6.6 4.6
Derivative financial instruments5 21.3 27.7
Total current liabilities 289.8 286.8
INTERIM REPORT 2024
18Fisher & Paykel Healthcare

CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended 30 September 2023
Unaudited
2022
NZ$M
Unaudited
2023
NZ$M
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers 675.4 797.2
Interest received 2.0 2.3
Payments to suppliers and employees (595.4) (604.6)
Tax paid (76.1) (28.3)
Interest paid (2.9) (8.7)
Lease interest paid (1.1) (1.4)
Net cash flows from operating activities 1.9 156.5
CASH FLOWS FROM INVESTING ACTIVITIES
Net short-term investments 200.0 –
Purchases of property, plant and equipment (112.0) (263.9)
Purchases of intangible assets (12.8) (11.6)
Net cash flows from investing activities 75.2 (275.5)
CASH FLOWS FROM FINANCING ACTIVITIES
Issue of share capital under employee share plans 1.6 1.2
New borrowings 27.5 210.0
Repayment of borrowings – (55.0)
Lease liability payments (6.7) (8.5)
Dividends paid (129.9) (81.7)
Net cash flows from financing activities (107.5) 66.0
Net increase in cash (30.4) (53.0)
Opening cash 84.6 116.8
Effect of foreign exchange rates 6.6 0.8
Closing cash 60.8 64.6
RECONCILIATION OF CLOSING CASH
Cash and cash equivalents 69.8 70.5
Bank overdrafts (9.0) (5.9)
Closing cash 60.8 64.6
Unaudited
2022
NZ$M
Unaudited
2023
NZ$M
CASH FLOW RECONCILIATION
Profit after tax 95.9 107.3
Add (deduct) non-cash items:
Depreciation - right-of-use assets 7.7 8.6
Depreciation and amortisation - other assets 42.8 45.8
Share based payments 4.3 4.5
Movement in provisions (4.4) (4.0)
Movement in deferred tax assets / liabilities (17.5) (2.2)
Movement in net tax payables (41.9) 6.3
Foreign currency translation 1.2 (1.0)
Other non-cash items (1.9) (2.0)
(9.7) 56.0
Net working capital movements:
Trade and other receivables (22.5) (12.7)
Inventories (39.5) 5.7
Trade and other payables (22.3) 0.2
(84.3) (6.8)
Net cash flows from operating activities 1.9 156.5

The accompanying notes form an integral part of the consolidated financial statements.
INTERIM REPORT 2024
19Fisher & Paykel Healthcare

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended 30 September 2023
1. GENERAL INFORMATION
Reporting entity
Fisher & Paykel Healthcare Corporation Limited (the “Company” or “Parent”) together
with its subsidiaries (the “Group”) is a leading designer, manufacturer and marketer of
medical device products and systems for use in both hospital and homecare settings.
Products are sold in over 120 countries worldwide. The Company is a limited liability
company incorporated and domiciled in New Zealand. The address of its registered
office is 15 Maurice Paykel Place, East Tāmaki, Auckland. These consolidated financial
statements were approved for issue by the Board of Directors on 28 November 2023.
Statement of compliance
The Company is registered under the Companies Act 1993 and is an FMC reporting entity
under Part 7 of the Financial Markets Conduct Act 2013. The Company is also listed on
the New Zealand Stock Exchange (NZX) and the Australian Securities Exchange (ASX).
Basis of preparation
These consolidated financial statements for the six months ended 30 September 2023
have been prepared in accordance with New Zealand Generally Accepted Accounting
Practice (NZ GAAP). They comply with New Zealand Equivalent to International
Accounting Standard 34: Interim Financial Reporting (NZ IAS 34) and International
Accounting Standard 34: Interim Financial Reporting (IAS 34). The Company and
Group are designated as profit-oriented entities for financial reporting purposes.
These consolidated financial statements do not include all of the notes normally included
in an annual financial report. Accordingly, this report should be read in conjunction with
the audited consolidated financial statements for the year ended 31 March 2023.
Presentation currency
These consolidated financial statements are presented in New Zealand dollars (NZD)
to the nearest hundred thousand dollars unless otherwise stated.
Accounting policies
All accounting policies have been applied on a basis consistent with those used
and described in the audited consolidated financial statements for the year ended
31 March 2023.
2. SIGNIFICANT TRANSACTIONS AND EVENTS
The following significant transactions and events affected the financial performance
and financial position of the Group for the six months ended 30 September 2023:
Property, plant and equipment
In September 2022, the Group announced that one of its members, Fisher & Paykel
Healthcare Properties Limited (FPH Properties), had entered into an agreement
to purchase 105 hectares of land for a second New Zealand campus in Karaka for
$275.0 million.
In April 2023, OIO consent was received with standard conditions and special conditions
which require FPH Properties to obtain necessary planning consents, undertake initial
development of the site and invest in capital expenditure in line with the Group strategy.
$217.0 million has been paid to date for approximately 80 hectares of land. A further
$43.0 million is to be paid in January 2026 and the final payment of $15.0 million is
due in December 2026 for the acquisition of the remaining parcels of land in Karaka.
During the period, construction work progressed on the car park building on our
East Tāmaki, New Zealand campus and earthworks continue for the construction of
a fifth building on our East Tāmaki site. Capital commitments at 30 September 2023
include $41.5 million related to these projects. To date, spending on these projects
totals $72.4 million.
Borrowing facilities
During the period, the Group borrowed $210.0 million from available facilities primarily to
fund the payment of $189.5 million for the purchase of land parcels in Karaka. Subsequently
$55.0 million has been repaid. The Company had total available committed external
financing facilities of $707.0 million as at 30 September 2023, of which approximately
$469.3 million was undrawn. As at 30 September 2023, the weighted average maturity
of committed borrowing facilities was 2.9 years.
Share capital
During the period, the Group issued 471,793 shares on exercise of employee share options
and performance share rights.
A total of 2,184,251 new shares were issued in relation to the Dividend Reinvestment Plan
during the period at an average price of $23.5961 per share, totalling $51.6 million.
INTERIM REPORT 2024
20Fisher & Paykel Healthcare

3. OPERATING REVENUE AND SEGMENTAL INFORMATION
For the six months ended 30 September
Unaudited
2022
NZ$M
Unaudited
2023
NZ$M
Sales Revenue 694.5 815.8
Foreign exchange (loss) on hedged sales (3.9) (12.1)
Total operating revenue 690.6 803.7
Revenue by product group
Hospital products 438.7 487.5
Homecare products 249.9 314.4
688.6 801.9
Distributed and other products 2.0 1.8
Total operating revenue 690.6 803.7
Revenue after hedging by geographical location of customer:
North America 289.5 366.2
Europe 188.0 207.5
Asia Pacific 174.2 179.8
Other 38.9 50.2
Total operating revenue 690.6 803.7
4. OPERATING EXPENSES
For the six months ended 30 September
Unaudited
2022
NZ$M
Unaudited
2023
NZ$M
Profit before tax includes the following expenses:
Depreciation - right-of-use assets 7.7 8.6
Depreciation and amortisation - other assets 42.8 45.8
Employee benefits expense 298.0 339.5
5. DERIVATIVE FINANCIAL INSTRUMENTS
Financial instruments are either carried at amortised cost, less any provision for impairment,
or fair value. The carrying value of all financial assets and liabilities approximates fair value.
There have been no changes to the Group’s hedging policy during the period. The Group
enters into foreign currency option contracts or forward foreign currency contracts within
policy parameters to manage the net risk associated with anticipated sales or costs.
The Group generally applies hedge accounting to all derivative financial instruments.
All derivative financial instruments continue to be re-measured to their fair value.
Derivative financial instruments continue to be classified as being within Level 2 of the
fair value hierarchy and there were no changes in valuation techniques during the period.
Contractual amounts of derivative financial instruments were as follows:
Audited
31 March
2023
NZ$M
Unaudited
30 September
2023
NZ$M
Foreign currency forward contracts and options
Sale commitments forward exchange contracts 2,754.8 2,983.8
Purchase commitments forward exchange contracts 61.2 52.2
Foreign currency borrowing forward exchange contracts 117.9 146.3
Interest rate derivatives
Interest rate swaps 31.9 2.5
Undiscounted foreign currency contractual amounts for outstanding hedges were as follows:
Audited
31 March
2023
M
Unaudited
30 September
2023
M
Sale Commitments
United States dollars US$1,060.0 US$1,013.0
European Union euros €289.5€438.0
Japanese yen ¥11,980.0¥10,250.0
Purchase Commitments
Mexican pesos MXN$999.0 MXN$813.0
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
INTERIM REPORT 2024
21Fisher & Paykel Healthcare

6. COMMITMENTS
Audited
31 March
2023
NZ$M
Unaudited
30 September
2023
NZ$M
Capital expenditure commitments contracted for but
not recognised as at the reporting date:
Within one year 58.4 45.9
Between one and two years 24.0 7.6
Between two and five years – 58.0
82.4 111.5
The commitments above include the commitment of $58.0 million payable for the second
New Zealand campus as set out in Note 2 (March 2023: nil).
7. CONTINGENT LIABILITIES
Periodically the Group is party to litigation including product liability and patent claims.
The Directors are unaware of the existence of any claim or contingencies that would have
a material impact on the financial statements.
8. RELATED PARTY TRANSACTIONS
During the period the Group has not entered into any material contracts involving related
parties or Directors’ interests. No amounts owed by related parties have been written off
or forgiven during the period. Apart from Directors’ fees, key executive remuneration and
dividends paid by the Group to its Directors and key executives as shareholders of the
company, there have been no related party transactions.
9. DIVIDENDS
On 25 May 2023 the Directors approved the payment of a fully imputed 2023 final
dividend of $133.3 million (23.0 cents per share) which was paid on 7 July 2023, gross
of DRP. A supplementary dividend of 4.0588 cents per share was also paid to eligible
non-resident shareholders.
Subsequent event - dividend declared
On 28 November 2023 the Directors approved the payment of a fully imputed 2024
interim dividend of $104.8 million (18.0 cents per share) to be paid on 18 December 2023.
A supplementary dividend of 3.1765 cents per share was also approved for eligible
non-resident shareholders.
10. SIGNIFICANT EVENTS AFTER BALANCE DATE
Other than the dividend disclosed in Note 9, there are no other significant events after
balance date.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
INTERIM REPORT 2024
22Fisher & Paykel Healthcare

INDEPENDENT AUDITOR’S REVIEW REPORT
To the shareholders of Fisher & Paykel Healthcare Corporation Limited
REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS
OUR CONCLUSION
We have reviewed the consolidated financial statements of Fisher & Paykel Healthcare
Corporation Limited (the Company) and its subsidiaries (the Group), which comprise
the consolidated balance sheet as at 30 September 2023, and the consolidated income
statement, the consolidated statement of comprehensive income, the consolidated
statement of changes in equity and the consolidated statement of cash flows for the
six months period ended on that date, and notes to the consolidated financial statements,
which include significant accounting policies and other explanatory information.
Based on our review, nothing has come to our attention that causes us to believe that the
accompanying consolidated financial statements of the Group do not present fairly, in all
material respects, the financial position of the Group as at 30 September 2023, and its
financial performance and cash flows for the six months period then ended on that date,
in accordance with International Accounting Standard 34 Interim Financial Reporting
(IAS 34) and New Zealand Equivalent to International Accounting Standard 34 Interim
Financial Reporting (NZ IAS 34).
BASIS FOR CONCLUSION
We conducted our review in accordance with the New Zealand Standard on Review
Engagements 2410 (Revised) Review of Financial Statements Performed by the
Independent Auditor of the Entity (NZ SRE 2410 (Revised)). Our responsibilities are
further described in the Auditor’s responsibilities for the review of the consolidated
financial statements section of our report.
We are independent of the Group in accordance with the relevant ethical requirements
in New Zealand relating to the audit of the annual financial statements, and we have
fulfilled our other ethical responsibilities in accordance with these ethical requirements.
In addition to our role as auditor, our firm carries out other services for the Group
in the areas of providing market survey data for executive remuneration, regulatory
tax compliance procedures in Mexico, and other assurance services in relation
to constant currency disclosures. The provision of these other services has not
impaired our independence.
RESPONSIBILITIES OF DIRECTORS FOR THE CONSOLIDATED FINANCIAL STATEMENTS
The Directors of the Company are responsible on behalf of the Company for the
preparation and fair presentation of these consolidated financial statements in
accordance with IAS 34 and NZ IAS 34 and for such internal control as the
Directors determine is necessary to enable the preparation and fair presentation
of the consolidated financial statements that are free from material misstatement,
whether due to fraud or error.
AUDITOR’S RESPONSIBILITIES FOR THE REVIEW OF THE CONSOLIDATED
FINANCIAL STATEMENTS
Our responsibility is to express a conclusion on the consolidated financial statements
based on our review. NZ SRE 2410 (Revised) requires us to conclude whether anything
has come to our attention that causes us to believe that the consolidated financial
statements, taken as a whole, are not prepared in all material respects, in accordance
with IAS 34 and NZ IAS 34.
A review of consolidated financial statements in accordance with NZ SRE 2410 (Revised)
is a limited assurance engagement. We perform procedures, primarily consisting of
making enquiries, primarily of persons responsible for financial and accounting matters,
and applying analytical and other review procedures. The procedures performed in a
review are substantially less than those performed in an audit conducted in accordance
with International Standards on Auditing and International Standards on Auditing
(New Zealand) and consequently does not enable us to obtain assurance that we
might identify in an audit. Accordingly, we do not express an audit opinion on these
consolidated financial statements.
WHO WE REPORT TO
This report is made solely to the Company’s Shareholders, as a body. Our review work
has been undertaken so that we might state those matters which we are required to state
to them in our review report and for no other purpose. To the fullest extent permitted by
law, we do not accept or assume responsibility to anyone other than the Shareholders, as
a body, for our review procedures, for this report, or for the conclusion we have formed.
The engagement partner on the review resulting in this independent auditor’s review
report is Indumin Senaratne (Indy Sena).
For and on behalf of:
Chartered Accountants
Auckland, New Zealand
28 November 2023
INTERIM REPORT 2024
23Fisher & Paykel Healthcare

DIRECTORS
Scott St John Board Chair, Non-Executive, Independent
Lewis Gradon Managing Director and Chief Executive
Officer
Michael Daniell Non-Executive
Pip GreenwoodNon-Executive, Independent
Lisa McIntyreNon-Executive, Independent
Graham McLeanNon-Executive, Independent
Neville MitchellNon-Executive, Independent
Donal O’Dwyer Non-Executive, Independent
Cather SimpsonNon-Executive, Independent
EXECUTIVE MANAGEMENT TEAM
Lewis GradonManaging Director and
Chief Executive Officer
Lyndal YorkChief Financial Officer
Paul ShearerSenior Vice President – Sales & Marketing
Andrew SomervellVice President – Products & Technology
Winston FongVice President – Surgical Technologies
Brian SchultzVice President – Quality & Regulatory
Affairs
Nicholas FourieVice President – Information &
Communication Technology
Jonti RhodesVice President - Supply Chain,
Facilities & Sustainability
Marcus DrillerVice President – Corporate
Nicola TalbotVice President – Human Resources
REGISTERED OFFICES
New Zealand:
Physical address: 15 Maurice Paykel Place,
East Tāmaki, Auckland 2013,
New Zealand
Telephone: +64 9 574 0100
Postal address: PO Box 14348, Panmure,
Auckland 1741, New Zealand
Website: www.fphcare.com
Email: investor@fphcare.co.nz
Australia:
Physical address: 19-31 King St, Nunawading,
Melbourne, Victoria 3131, Australia
Telephone: +61 3 9871 4900
Postal address: PO Box 159, Mitcham
Victoria 3132, Australia
STOCK EXCHANGES
The Company’s ordinary shares are listed on the
NZX Main Board and the ASX.
SHARE REGISTRAR
In New Zealand:
Link Market Services Limited
Physical address: Level 30, PwC Commercial Bay,
15 Customs Street West,
Auckland 1010, New Zealand
Postal address: PO Box 91976,
Auckland 1142, New Zealand
Facsimile: +64 9 375 5990
Investor enquiries: +64 9 375 5998
Website: www.linkmarketservices.co.nz
Email: enquiries@linkmarketservices.co.nz
In Australia:
Link Market Services Limited
Physical address: Level 12, 680 George Street,
Sydney, NSW 2000, Australia
Postal address: Locked Bag A14, Sydney South,
NSW 1235, Australia
Facsimile: +61 2 9287 0303
Investor enquiries: +61 2 8280 7111
Internet address: www.linkmarketservices.com.au
Email: registrars@linkmarketservices.com.au
Directory
INTERIM REPORT 2024
24Fisher & Paykel Healthcare

INTERIM REPORT 2024
25Fisher & Paykel Healthcare

Fisher & Paykel Healthcare is a leading designer,
manufacturer and marketer of products and systems
for use in acute and chronic respiratory care, surgery
and the treatment of obstructive sleep apnea.
www.fphcare.com
© 2023 Fisher & Paykel
Healthcare Corporation Limited

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Disclaimer
The information in this presentation is for general purposes only and should be read in conjunction with Fisher & Paykel
Healthcare Corporation Limited’s (FPH) Interim Report 2024 and accompanying market releases.Nothing in this
presentation should be construed as an invitation for subscription, purchase or recommendation of securities in FPH.
This presentation includes forward-looking statements about the financial condition, operations and performance of FPH
and its subsidiaries.These statements are based on current expectations and assumptions regarding FPH’s business and
performance, the economy and other circumstances.As with any projection or forecast, the forward-looking statements
in this presentation are inherently uncertain and susceptible to changes in circumstances.FPH’s actual results may differ
materially from those expressed or implied by those forward-looking statements.
Constant currency information included within this presentation is non-GAAP financial information, as defined by the NZ
Financial Markets Authority, and has been provided to assist users of financial information to better understand and track
the company’s comparative financial performance without the impacts of spot foreign currency fluctuations and hedging
results and has been prepared on a consistent basis each year. A reconciliation between reported results and constant
currency results is available in the company’s Interim Report 2024. The company’s constant currency framework can be
found on the company’s website at www.fphcare.com/ccf.

% of RevenueNZ$M
PCP^CC*
Operating revenue100%803.716%16%
Hospital operating revenue61%487.511%11%
Homecare operating revenue39%314.426%25%
Gross margin / Gross profit60%486.165bps192bps
SG&A29%(236.6)17%16%
R&D12%(96.9)15%15%
Total operating expenses41%(333.5)16%16%
Operating profit19%152.620%32%
Profitafter tax13%107.312%22%
^ PCP = prior comparable period * CC = constant currency

10%
90%
HardwareConsumables
H1 FY24 HOSPITAL REVENUE COMPOSITION
HARDWARE
CONSUMABLES
Invasive
ventilation
Noninvasive
ventilation
Optiflow
TM
nasal high flow
Surgical
Optiflow
TM
anesthesia

*New applications = Noninvasive ventilation (NIV), nasal high flow, surgical
•
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13%
87%
HardwareConsumables
H1 FY24 HOMECARE REVENUE COMPOSITION
HARDWARE
CONSUMABLES
CPAP Therapy/OSAHome Respiratory Support

•
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•

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0%
10%
20%
30%
40%
50%
60%
70%
1H151H161H171H181H191H201H211H221H231H24
Long Term Gross Margin target
GROSS MARGIN
•
−
−
•
•

0%
5%
10%
15%
20%
25%
30%
35%
40%
1H151H161H171H181H191H201H211H221H231H24
OPERATING (EBIT) MARGIN
Long Term Operating Margin target
•
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H1 FY23 NZ$MH1 FY24 NZ$M
Operating cash flow1.9156.5
Capital expenditure (includingpurchases of intangible assets)(124.8)(275.5)
Lease liability payments(6.7)(8.5)
Free cash flow(129.6)(127.5)
31 Mar 2023
NZ$M
30 Sep 2023
NZ$M
Net cash / (debt) (including short-term investments)37.7(172.7)
Total assets2,204.52,389.8
Total equity1,753.41,751.8
Gearing(net debt / net debt + equity)*-2.3%9.1%
Undrawn committed debt facilities624.5469.3
* Calculated using net interest-bearing debt (debt less cash and cash equivalents) to net interest-bearing debt and equity (lesshedge reserve).

DIVIDEND HISTORY
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•

Reconciliation of Constant Currency to Reported Profit After Tax
H1 FY23
NZ$M
H1 FY24
NZ$M
Change
NZ$M
Profit after tax (constantcurrency)73.990.116.2
Spot exchange rate effect20.820.8-
Foreign exchange hedgingresult0.4(2.0)(2.4)
Balance sheet revaluation0.8(1.6)(2.4)
Total impact of foreign exchange22.017.2(4.8)
Profit after tax (as reported)95.9107.311.4
Reconciliation of Constant Currency to Reported Revenue
H1 FY23
NZ$M
H1 FY24
NZ$M
Change
NZ$M
Revenue (constantcurrency)657.9763.1105.2
Spot exchange rate effect18.048.830.8
Foreign exchange hedgingresult(3.9)(12.1)(8.2)
Balance sheet revaluation18.63.9(14.7)
Total impact of foreign exchange32.740.67.9
Revenue (as reported)690.6803.7113.1
The significant exchange rates used in the constant currency analysis, being the budget exchange rates for the year ended 31 March 2024, are
USD 0.66, EUR 0.61, AUD 0.93, GBP 0.52, CAD 0.86, JPY 85, MXN 12.0, CNY 4.3, KRW 820, SEK 6.6 and INR 51

* At 31 October 2023 exchange rates of NZD:USD: 0.58, NZD:EUR 0.55, NZD:MXN 10.55
•
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Year to 31 March
Hedging position for our main exposures
FY24FY25FY26FY27FY28
FY29-
FY34
USD % cover of estimated exposure85%70%60%50%40%5%
USD average rate of cover0.6580.6220.6080.5960.5830.550
EUR % cover of estimated exposure85%60%55%45%35%10%
EUR average rate of cover0.5400.5240.5290.5240.5240.474
MXN % cover of estimated exposure80%40%15%---
MXN average rate of cover14.1015.7413.92---
Hedging cover percentages have been rounded to the nearest 5%
•

1%
49%
19%
2%
29%
NZDUSDEURMXNOther
REVENUE BY CURRENCY
36%
41%
4%
14%
5%
NZDUSDEURMXNOther
COST OF SALES BY CURRENCY
50%
23%
10%
<1%
17%
NZDUSDEURMXNOther
OPERATING EXPENSES BY CURRENCY
H1 FY24 (for the six months ended 30 September 2023)

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Note: people numbers are represented as full-time equivalents

Applications outside of invasive ventilation
Surgical
Home Respiratory
Support
Obstructive Sleep
Apnea
Noninvasive
Ventilation
Invasive
Ventilation
Hospital
Respiratory Support
Infant Care
Anesthesia

The image above is an illustration of the company’s long-term growth aspirations. It is not a graph and should not be interpreted as being
indicative of levels of revenue or profitability in the short term.

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•
*For six months ended 30 September 2023
†As at 30 September 2023

FISHER & PAYKEL HEALTHCARE US PATENT PORTFOLIO (2008 –2023)
*As at 30 September 2023
0
100
200
300
400
500
600
20082010201220142016201820202022H1 FY24
US PatentsUS Patent Applications

•
•
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•
•
Insert image of products
in action and or Sales
talking with clinician

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•
Revenue by Region
6 months to 30 September 2023
46%
26%
22%
6%
North America
Europe
Asia Pacific
Other

Global population over age 65
(Millions)*
−
−
−
* Source: United Nations world population prospects -medium-fertility scenario

Source: (2022). The European Medical Technology in Figures. MedTech Europe from diagnosis to cure.
https://www.medtecheurope.org/datahub/expenditure/#sources
Other –includes labour,
utilities, drugs, supplies,
food, depreciation.
Medical devices
93%
7%

Source: AnandA Dalal,Laura Christensen, Fang Liu,and Aylin A Riedel. Direct costs of chronic obstructive pulmonary disease among managed care
patients. IntJ ChronObstruct PulmonDis. 2010; 5: 241-249.
MEAN ANNUAL COPD-RELATED MEDICAL, PHARMACY
AND TOTAL COSTS BY CARE INTENSITY COHORT
$0
$10,000
$20,000
$30,000
$40,000
$50,000
Outpatient cohortUrgent outpatient cohortED cohortStandard admission cohortICU cohort
Mean cost (2008 US$)

•
•
•
−°
−

CONVENTIONAL
OXYGEN THERAPY
NON-INVASIVE
VENTILATION

•
•
•
•
•
•
•
•
•
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•
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•
•
•
•

Primary support
MEDICAL
Primary support
POST-OPERATIVE
Pre-escalation support/ Peri-
intubation
Post-extubation/
De-escalation support
Complementary support
(NIV-rested/proning)
Prophylactic support
(Require oxygen/avoid escalation)
ESICM, ERS, SSC, AARC,
ACP, TSANZ, WHO
ESICM, ERS
ESICM
ESICM, ERS,
AARC, ACP
ERS
AARC
Clinical practice guidelines –ESICM
11
, ERS
12
, SSC
13
, AARC
14
, ACP
15
, TSANZ
16
, WHO
17

0
100
200
300
400
500
600
700
AdultNeonatal & Pediatric
NASAL HIGH FLOW CLINICAL PAPERS PUBLISHED ANNUALLY
Source: PubMed
•

-10%
0%
10%
20%
30%
40%
50%
60%
FY11FY12FY13FY14FY15FY16FY17FY18FY19FY20FY21FY22FY23
CONSTANT CURRENCY REVENUE GROWTH RATE
IN NEW APPLICATIONS CONSUMABLES*
New applications consumables: Non-invasive ventilation, Optiflow, Anesthesia, Surgical
* Adjusted to exclude impact of US distribution transition in FY16 and FY17

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FY21FY22FY23
Scope 1 emissions (tonnesCO
2
e)
1,4651,7772,287
Scope 2 emissions (tonnesCO
2
e)*
14,54213,89414,529
Scope 3 emissions (tonnesCO
2
e)
718,991457,112328,313
Total emissions (tonnesCO
2
e)*
734,998472,783345,129
Water usage (cubic metres)
134,900184,171133,517
Landfill waste diverted (cubic metres)
1,6302,0351,727
NZ recycling efficiency (percentage of waste diverted from landfill)
62%68%62%
Global recycling efficiency (percentage of waste diverted from landfill)
29%52%54%
* Scope 2 reflects location based emissions

•
18%
61%
20%
1%
NZ InstitutionsOther Institutions
Brokers & RetailOther
35%
32%
15%
10%
4%
4%
<1%
New ZealandAustralia
North AmericaUK
Europe (ex UK)Asia
Rest of World
Geographical ownership as at
30 September 2023
Shareholding structure as at
30 September 2023

1.(2022). Ageing and health. World Health Organization. https://www.who.int/news-room/fact-sheets/detail/ageing-and-health
2.Lobstein, T., & Brinsden, H. (2022, March 10). World Obesity Atlas 2022. World Obesity.
3.Safiliou-Rothschild, C. (2009). ARE OLDER PEOPLE RESPONSIBLE FOR HIGH HEALTHCARE COSTS? CESifoForum.
4.Global Burden of Disease Health Financing Collaborator Network. Future and potential spending on health 2015-40: development assistance for health, and government, prepaid private, and out-of-pocket health spending in 184 countries. Lancet. 2017 May
20;389(10083):2005-2030. doi: 10.1016/S0140-6736(17)30873-5. Epub2017 Apr 19. Erratum in: Lancet. 2017 May 20;389(10083):1980. PMID: 28433260; PMCID: PMC5440765.
5.Storgaard LH, Hockey HU, Laursen BS, Weinreich UM. Long-term effects of oxygen-enriched high-flow nasal cannula treatment in COPD patients with chronic hypoxemic respiratory failure. Int J ChronObstructPulmonDis 2018;16;13:1195-1205
6.SaslowJG, AghaiZH, NakhlaTA et al. Work of breathing using high-flow nasal cannula in preterm infants. J Perinatol. 2006;26(8):476-80
7.World Health Organization (2018) The top 10 causes of death, Available at: https://www.who.int/news-room/fact-sheets/detail/the-top-10-causes-of-death (Accessed: 24 May 2018)
8.Nicole M Kosacz, Antonello Punturieriet al. Chronic Obstructive Pulmonary Disease Among Adults -United States 2011. US Centers for Disease Control and Prevention, 2012.
9.Pavlov I, PlamondonP, Delisle S. Nasal high-flow therapy for type II respiratory failure in COPD: a report of four cases. Respir Med Case Rep. 2017;20:87–88. doi:10.1016/j.rmcr.2016.12.006.
10.RittayamaiN, PhuangchoeiP, TscheikunaJ, et al. Effects of high-flow nasal cannula and non-invasive ventilation on inspiratory effort in hypercapnic patients with chronic obstructive pulmonary disease: a preliminary study. Ann Intensive Care. 2019;
9(1):122doi:10.1186/s13613-019-0597-5.
11.Rochwerg, Bram et al. “The role for high flow nasal cannula as a respiratory support strategy in adults: a clinical practice guideline.”Intensive care medicine vol. 46,12 (2020): 2226-2237. doi:10.1007/s00134-020-06312-y
12.Oczkowski, Simon, et al. “ERS Clinical Practice Guidelines: High-flow Nasal Cannula in Acute Respiratory Failure.” European Respiratory Journal, vol. 59, no. 4, European Respiratory Society (ERS), Oct. 2021, p. 2101574. Crossref, https://doi.org/10.1183/13993003.01574-
2021.
13.Evans, Laura, et al. “Surviving Sepsis Campaign: International Guidelines for Management of Sepsis and Septic Shock 2021.” Critical Care Medicine, vol. 49, no. 11, Ovid Technologies (Wolters Kluwer Health), Oct. 2021, pp. e1063–143. Crossref,
https://doi.org/10.1097/ccm.0000000000005337.
14.Piraino, Thomas, et al. “AARC Clinical Practice Guideline: Management of Adult Patients With Oxygen in the Acute Care Setting.” Respiratory Care, vol. 67, no. 1, Daedalus Enterprises, Nov. 2021, pp. 115–28. Crossref, https://doi.org/10.4187/respcare.09294.
15.Qaseem, Amir, et al. “Appropriate Use of High-Flow Nasal Oxygen in Hospitalized Patients for Initial or PostextubationManagement of Acute Respiratory Failure: A Clinical Guideline From the American College of Physicians.” Annals of Internal Medicine, vol. 174, no. 7,
American College of Physicians, July 2021, pp. 977–84. Crossref, https://doi.org/10.7326/m20-7533.
16.Barnett, Adrian, et al. “Thoracic Society of Australia and New Zealand Position Statement on Acute Oxygen Use in Adults: ‘Swimming Between the Flags.’” Respirology, vol. 27, no. 4, Wiley, Feb. 2022, pp. 262–76. Crossref, https://doi.org/10.1111/resp.14218.
17.Clinical management of COVID-19: Living guideline, 23 June 2022. Geneva: World Health Organization; 2022 (WHO/2019-nCoV/Clinical/2022.1). Licence: CC BY-NC-SA 3.0 IGO.

---

Limited
29 November 2023
Results Announcement
Results for announcement to the market
Name of issuer Fisher & Paykel Healthcare Corporation Limited
Reporting Period 6 months to 30 September 2023
Previous Reporting Period 6 months to 30 September 2022
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$803,700 +16%
Total Revenue $803,700 +16%
Net profit/(loss) from
continuing operations
$107,300 +12%
Total net profit/(loss) $107,300 +12%
Interim Dividend
Amount per Quoted Equity
Security
0.18000000 $/share
Imputed amount per Quoted
Equity Security
0.07000000 $/share
Record Date 06 December 2023
Dividend Payment Date 18 December 2023
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
As at 30 September 2023:
2.68258788 $/share
As at 30 September 2022:
2.11489847 $/share
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Not applicable
Authority for this announcement
Name of person

authorised
to make this announcement
Raelene Leonard
Contact person for this
announcement
Raelene Leonard
Contact phone number +64 9 574 0147
Contact email address companysecretary@fphcare.co.nz
Date of release through MAP

29 November 2023

Reviewed financial statements accompany this announcement.

---

Limited
29 November 2023
Distribution Notice
Section 1: Issuer information
Name of issuer Fisher & Paykel Healthcare Corporation Limited
Financial product name/description Interim Dividend
NZX ticker code FPH
ISIN NZFAPE0001S2
Type of distribution

Full Year Quarterly
Half Year X Special
DRP applies X
Record date 06 December 2023
Ex-Date 05 December 2023
Payment date 18 December 2023
Total monies associated with the
distribution
$104,790,662 based on shares on issue at 28
November 2023 for cash distribution
Source of distribution Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution 0.25000000 $/share
Gross taxable amount 0.25000000 $/share
Total cash distribution 0.18000000 $/share
Excluded amount N/A
Supplementary distribution amount
0.03176471 $/share

Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed Fully imputed
If fully or partially imputed, please
state imputation rate as % applied
100%
Imputation tax credits per financial
product
0.07000000 $/share
Resident Withholding Tax per
financial product
0.01250000 $/share
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
3.0 %
Start date and end date for
determining market price for DRP
7/12/2023 13/12/2023
Date strike price to be announced (if
not available at this time)
14/12/2023
Specify source of financial products
to be issued under DRP programme
(new issue or to be bought on
market)
New Issue

Limited

DRP strike price per financial product
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
07/12/2023

Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Raelene Leonard
Contact person for this
announcement
Raelene Leonard
Contact phone number +64 9 574 0147
Contact email address companysecretary@fphcare.co.nz
Date of release through MAP 29 November 2023