F&P Healthcare: Interim result 2016

This maker of sleep apnea masks and flow generators consistently beats our expectations and it's time to revisit the price guide.

Fisher & Paykel Healthcare has a knack for beating our expectations and it's done it again, with a 20% increase in revenue to NZ$381m for the six months to 30 September, due to the growing popularity of its new range of high-margin masks.

Net profit was up an even more impressive 27% to NZ$62m thanks to cost-cutting initiatives that expanded the gross margin by 2.8 percentage points to 63.3%.

Net profit up 27%

Strong growth expected to continue

Raising price guide; Hold

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