Fisher & Paykel Healthcare managing director Lewis Gradon sold almost half of his shares in the medical device maker, raising about $3.1 million to help buy a house.

Gradon sold 280,000 shares at $11.24 apiece yesterday, "to facilitate a house purchase," according to a disclosure notice sent to the NZX. That reduces his holding of ordinary shares to 219,697. The shares are held through Gradon Family Trust No. 1. He also holds 287,000 share options and 80,000 performance share rights.

Gradon, who replaced Michael Daniell as chief executive and managing director on April 1 last year, is a 32-year veteran with the company. For the year ended March 31, 2017, he received fixed pay of $948,265 and a performance-based component of $553,074. During the latest year, he was also issued with 72,000 options with a fair value of $159,000 and 24,000 performance share rights with a fair value of $161,000, according to the annual report.

Prior to being appointed CEO, Gradon has been senior vice president products & technology.

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F&P Healthcare shares fell 0.4 per cent to $11.20 and have gained 10.6 per cent in the past 12 months. The stock has soared 470 per cent in the past five years.