Fisher and Paykel reports record revenue for fiscal year

Fisher and Paykel Healthcare has published its financial results for the business year ending on March 31st 2012, reporting a record-breaking operating revenue total.

Expanding clinical applications for its medical devices and the launch of new products helped the company to generate sales of NZ$516.7 million (249.6 million pounds), while net profit levels rose by 23 percent year on year.

The firm saw particularly strong growth in its respiratory and acute care product group, while its obstructive sleep apnoea division also experienced an improved performance.

During the 2013 fiscal year, the company expects its revenue levels to rise further to between NZ$540 million and NZ$560 million.

Fisher and Paykel Healthcare's chief executive officer Michael Daniell said: "We expect our underlying revenue growth to begin to accelerate this year, particularly in the second half, as a number of new products – including new OSA masks – are introduced around the world."

Last month, the company appointed Tony Carter as its new chairman, succeeding the retiring Gary Paykel, who continues to serve as a company director.