F&P Healthcare says hospital demand for its products remains elevated. Photo / Supplied
Fisher and Paykel Healthcare said its revenue edged back by 2 per cent in the first four months of its financial year from the Covid-driven highs of the previous corresponding period last year.
The prior period was boosted by very strong Covid-19 driven demand in North America and Europe.
However, respiratory products maker said demand in the latest period for its hardware remained elevated.
The company is due to hold a "virtual only" annual meeting today at 2pm.
In an update, F&P Healthcare said revenue for the first four months was $583 million, with 74 per cent of that coming from the company's hospital product group and 26 per cent from its homecare product group.
Managing director and chief executive Lewis Gradon said that company's hospital product group's constant currency revenue for the four months of the 2022 financial year was 3 per cent below the prior comparable period.
This consisted of a 13 per cent decline in hardware sales, partially offset by 2 per cent growth in consumables.
Two thirds of hospital revenue was from the sale of consumables, and 34 per cent was from hardware sales.
Compared to pre-Covid-19 levels, overall hardware volume remained elevated, largely driven by some regions experiencing Covid-19 hospitalisation surges during the period.
Given the continuing uncertainties associated with vaccination rates and other factors, the company said it would not provide a revenue or earnings guidance for the remainder of the 2022 financial year.
"With the ongoing global vaccination activity, and most countries now having experienced a Covid-19 hospitalisation surge resulting in a corresponding boost in hospital treatment capacity, we do not expect our hospital hardware revenue to continue at this elevated level for the remainder of the financial year," Gradon said.
"Over the short term, we expect our hospital sales will continue to be impacted by Covid-19-related hospital admissions," he said.
"This is currently evidenced by North America where we are seeing an increase in demand in conjunction with localised Covid-19 surges," he said.
In its homecare product group, growth in obstructive sleep apnea masks was dependent on new patient diagnosis rates, which the company expects to continue to be at or above 2021 rates for the remainder of the 2022 financial year.
Gradon added that freight costs had remained elevated.
F&P Healthcare's shares last traded at $32.49, up 3c.
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