Fisher & Paykel Healthcare has revised up its current year earnings forecast after receiving regulatory clearance to sell a new, full face of obstructive sleep apnea (OSA) mask in the United States.
Assuming a New Zealand to United States dollar exchange rate of about 63 cents for the balance of the year, the company expects full-year operating revenue to be about $1.19 billion and net profit after tax to be in a range of $255m to $265m, up from a previous guidance of $245m to $255m.
"We have had an ongoing strong start to the year in our hospital product group and our new OSA mask, Vitera, has been well received in Australia, Canada, New Zealand and Europe," managing director and chief executive Lewis Gradon said.
"Clearance of Vitera for sale in the US this month is sooner than we had previously guided and this has been a meaningful contributor to the increase in our guidance," Gradon said in a statement.
The updated full-year guidance also incorporates a further weakening of the New Zealand and the effects of an expected research and development tax credit.
For the year to March F&P Healthcare reported a record net profit after tax up $209.2m on revenue of $1.07b.
Shares in F&P Healthcare closed on Friday at $17.00. They have risen by $2.70 or 19 per cent over the last 12 months.