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 with three key takeaways from F&amp;P Healthcare’s (FPH) 2023 investor day.</li><li>(1) The long-term growth runway remains strong and FPH continues to be well positioned, (2) the gross margin recovery back to FPH’s 65% target will take time, and (3) COVID-19 is no silver bullet, company commentary and industry insights highlight high flow adoption is taking place but there is unlikely to be a step change in clinical practice change and growth, with FPH needing to continue to invest to grow.</li><li>There was little information in the investor day to fundamentally change our view on the outlook, and, if anything, reinforces the significant opportunity ahead. </li></ul>

We walk away with three key takeaways from F&amp;P Healthcare’s (FPH) 2023 investor day.(1) The long-term growth runway remains strong and FPH continues to be well positioned, (2) the gross margin recovery back to FPH’s 65% target will take time, and (3) COVID-19 is no silver bullet, company commentary and industry insights highlight high flow adoption is taking place but there is unlikely to be a step change in clinical practice change and growth, with FPH needing to continue to invest to grow.There was little information in the investor day to fundamentally change our view on the outlook, and, if anything, reinforces the significant opportunity ahead. 

F&P Healthcare  - Investor Day — Repeat Flow Up to NEUTRAL