Fisher & Paykel Healthcare Corporation Limited

Welcome to the Fisher and Pichol Healthcare's results conference call. My name is Justin and I will be your operator for today's call. At this time everyone except the guest speakers will be in a listen only mode. Later we'll conduct a question and answer session. We ask for your assistance in keeping the call to a maximum of one hour. If assistance is required at any time please press the star key fall by zero on your phone and wait for a coordinator. If you require further assistance, you should redial into the call. Please note this conference call is being recorded. I'd now like to turn the call over to Marcus Driller, VP Corporate.

Thank you, Justin. Well, good morning, everyone, and welcome to the conference call for Fisher & Paykel Healthcare's full year results for the 2025 financial year. On the call today are Louis Graydon, Managing Director and Chief Executive Officer, Lyndall York, Chief Financial Officer, Andy Nicol, our Chief Operating Officer, Justin Callaghan, VP of Sales and Marketing, and Andrew Somerville, our VP of Products and Technology. Lewis and Lyndall will first provide an overview of the results and then we'll move on to questions for the team. We will be discussing our results for the 12 months ended 31 March 2025. Earlier today we provided our 2025 annual report including financial statements and commentary on our results to the NZX and ASX. These disclosures can be accessed on our website at fphcare.com forward slash investor. With that I'd now like to turn the call over to Lewis.

Okay thanks Marcus and welcome everyone. I'm going to be referring to the investor presentation pack that was released to the NZX and ASX this morning. So we'll start on page three. with a few of the highlights of the year. We continue to work closely with clinicians to promote the adoption of our therapies globally, and that has supported the treatment of approximately 22 million patients during this financial year. We released new products across the hospital and home care businesses during the year, with the Nova Nasal being added to our OSAID mask portfolio, and this is now available in New Zealand and Australia. Now Evo 3 and 950 were launched into the US and they've been received during the year also. On the infrastructure front, we continued with the expansion of our East Tamaki campus here in Auckland and construction is underway on our fifth building which will complete the site. So now turn to page four. Operating revenue for the full year was $2.02 billion, up 16% on FY24, and that's 14% in constant currency. Board-based growth across the hospital consumables product portfolio, as well as double-digit growth in RSA mask, were key contributors to this result. Net profit after tax was $377.2 million. That's up 43% on FY24, or 30% in constant currency. These growth rates are against the underlying net profit after tax figures for last year which excludes those abnormal items. So turning now to page 6, hospital operating revenue was $1.28 billion for the full year. That's up 18% or 16% in constant currency. New applications consumables revenue was up 20% on FY24, or 18% in constant currency. And if you look at our second half, new applications consumables growth was 13% in constant currency. Our hospital result was pleasing across the portfolio, including in non-invasive ventilation, OptiFlow for both respiratory and anesthesia patients, and in invasive ventilation. So turn now to page eight. Home care operating revenue was $739.9 million, up 13% on FY24, or 11% in constant currency. I would say mask revenue is 14% for the year, or 11% in constant currency. And if you look at our second half, growth was 9% in constant currency terms, after a strong 14% in the first half. And we saw this good growth driven by the new masks that we launched during the year, with a number of competitor introductions during our second half. So I'll pause there and hand over to our CFO, Lyndall York, for more details on financial performance, and I'll speak to our guidance following that. Over to you, Lyndall.