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>We walk away from F&amp;P Healthcare's (FPH) 1H25 result with slightly higher confidence in the near-term earnings outlook, reflecting: (1) the gross margin trajectory, and (2) ongoing strong new apps consumables revenue growth across all three core segments.</li><li>Heading into the result we were ~+7% ahead of consensus EPS in FY26/FY27.</li><li>We are still confident in this outlook, but think the upgrade cycle has likely halted in the very near term. </li></ul>

We walk away from F&amp;P Healthcare's (FPH) 1H25 result with slightly higher confidence in the near-term earnings outlook, reflecting: (1) the gross margin trajectory, and (2) ongoing strong new apps consumables revenue growth across all three core segments.Heading into the result we were ~+7% ahead of consensus EPS in FY26/FY27.We are still confident in this outlook, but think the upgrade cycle has likely halted in the very near term. 

F&P Healthcare - 1H25 Result — Flowing High