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Fisher & Paykel Healthcare (ASX:FPH) share price soars on FY24 upgrade

The Fisher & Paykel Healthcare Corporation Ltd (ASX: FPH) share price has jumped more than 5% after a very positive FY24 update.

Fisher & Paykel describes itself as a leading designer, manufacturer and marketer of products and systems for use in acute and chronic respiratory care, surgery and the treatment of obstructive sleep apnea. Its products are sold in over 120 countries.

FY24 profit upgrade

A few months ago it said it was expecting operating revenue to be approximately $1.7 billion and net profit after tax (NPAT) to be in the range of between $250 million to $260 million.

It’s now expecting operating revenue to be approximately $1.73 billion and underlying net profit after tax to be between $260 million to $265 million.

The ASX share also said it would shortly be commencing a scheduled valuation of the properties that it owns in Auckland and Mexico, as at 31 March 2024. The higher interest rate environment has had an adverse impact on commercial property valuations.

This property adjustment will be recognised as an adjustment in the income statement and will impact its statutory net profit after tax. The size of the potential reduction in value is “currently unknown”. The earnings guidance excludes this adjustment.

The property valuations will be done by independent valuers.

Development of the new campus will be over the next 30 to 40 years, with an expectation of re-zoning of the Karaka land next financial year, with approvals to be granted over the coming years.

Management comments

The CEO and managing director of Fisher & Paykel Healthcare Lewis Gradon said:

In the Hospital product group, there has been a continuation of solid demand for our hospital consumables across the product portfolio throughout the second half, which is towards the upper end of our expectations from November.

In OSA masks, we have continued to see strong performance from our Evora Full mask. We have received positive feedback on our revolutionary F&P Solo mask after the recent release in early markets, and we look forward to its introduction in more countries in the coming months.

Final thoughts on the Fisher & Paykel Healthcare share price

The Fisher & Paykel share price is still below its COVID-19 heights by some distance, though it’s not seeing the COVID demand these days. But it’s a good sign to see the company is expecting more profit than it was originally expecting. I’m not sure if it’s a buy at this level, but the higher profit and property development sound promising. There are other ASX growth shares I’d rather buy for my own portfolio.

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