Fisher & Paykel Healthcare: potential for double-digit growth over medium term

Robert Frost

OC Funds Management

Fisher & Paykel (FPH) re-rated during the December 2015 quarter, particularly following the release of its H1 FY16 financial results in late November. We expect both the respiratory and acute care division and the obstructive sleep apnoea division to continue to grow at double-digit rates over the medium term driven by market share gains and new product launches. Margins are continuing to improve due to an increasing proportion of manufacturing coming from the company’s lower cost facility based in Mexico, and less from the traditional manufacturing based in New Zealand. Although we trimmed our weighting slightly into share price strength, FPH remains a core portfolio holding.


Robert Frost
Head of Investments
OC Funds Management

Robert was appointed Head of Investments in 2009 and has been a Portfolio Manager since joining OC Funds Management in 2001. Robert is also an Executive Director of parent company, Copia Investment Partners.

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