Stock Market Impact: Despite a 14% revenue rise and 24% profit increase, the share price fell 0.43% to NZD 27.53, reflecting concerns over U.S. tariffs and NZD currency headwinds.
Listed Companies and Sectors: Fisher & Paykel Healthcare Ltd reported FY2026 operating revenue of NZD 2.3 bn, net profit after tax of NZD 468.5 mn, and a gross margin of 63.7% (up 122 basis points). Hospital hardware revenue grew 27% in constant currency, hospital consumables up 18% (15% cc), and home‑care revenue rose 8% (7% cc). The company treated 24 million patients with its products during the year.
Investment Flows: No explicit FDI/FPI commentary, but the company generated strong operating cash flow of NZD 663 mn (up 21%) and declared a fully‑imputed final dividend of NZD 0.33 per share, taking total dividend for the year to NZD 0.52 per share (up 22%). This dividend represents a 65% payout of FY2026 profit and may support investor confidence.
Interest Rates, Inflation, Liquidity: The call did not discuss monetary policy or inflation. Liquidity appears robust with net cash of NZD 401 mn at 31 Mar 2026, gearing of –22.8%, and interest‑bearing borrowings of NZD 53 mn (all non‑current).
Fiscal or Monetary Policy: No fiscal or monetary policy announcements. The company highlighted external cost pressures: U.S. tariffs on New Zealand‑sourced products reduced gross margin by ~90 bps; foreign‑currency movements cut NPAT growth by four percentage points (≈NZD 15 mn); hedging losses of NZD 21 mn and FX translation losses of NZD 3 mn were recorded. For FY2027 guidance, the firm assumed a 10% U.S. tariff rate (‑70 bps gross margin impact) and additional Middle‑East conflict surcharges of 45 bps (raw material) and 25 bps (freight), netting a 50 bps gross‑margin drag.
