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>Vapotherm (VAPO.NYSE), a small, pureplay competitor to F&amp;P Healthcare’s (FPH) nasal high flow optiflow product Q2 result highlights a modest negative read-through for FPH’s new apps consumables revenue.</li><li>While it is early days in FY24, based off VAPO’s result and applying historic seasonality from guidance we assess modest downside risk (mid to high single digits) to consensus’ 1H24 new apps consumables revenue forecast.</li><li>New apps consumable revenue represents 43% of our FY24 FPH revenue forecast. Given (1) it is early days in FY24, (2) abnormal (and volatile) comparable periods, and (3) differing balance dates we caution extrapolating VAPO’s commentary and result beyond FPH’s 1H24 period. </li></ul>

Vapotherm (VAPO.NYSE), a small, pureplay competitor to F&amp;P Healthcare’s (FPH) nasal high flow optiflow product Q2 result highlights a modest negative read-through for FPH’s new apps consumables revenue.While it is early days in FY24, based off VAPO’s result and applying historic seasonality from guidance we assess modest downside risk (mid to high single digits) to consensus’ 1H24 new apps consumables revenue forecast.New apps consumable revenue represents 43% of our FY24 FPH revenue forecast. Given (1) it is early days in FY24, (2) abnormal (and volatile) comparable periods, and (3) differing balance dates we caution extrapolating VAPO’s commentary and result beyond FPH’s 1H24 period. 

F&P Healthcare (FPH) - Competitor Read-Through – Vapotherm 2Q23 Result