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>Headline numbers were guided in August but we expect F&amp;P Healthcare's (FPH) 1H23 result to show a challenged period highlighting the COVID demand crunch when it reports on Tuesday, 29 November 2022</li><li>Our NPAT forecast is modestly below the mid-point of guidance, however, we believe risks are downside skewed.</li><li>Our focus is centered on (1) new apps consumables revenue, and (2) costs</li></ul>

Headline numbers were guided in August but we expect F&amp;P Healthcare's (FPH) 1H23 result to show a challenged period highlighting the COVID demand crunch when it reports on Tuesday, 29 November 2022Our NPAT forecast is modestly below the mid-point of guidance, however, we believe risks are downside skewed.Our focus is centered on (1) new apps consumables revenue, and (2) costs

F&P Healthcare: 1H23 Preview — COVID Crunching