Report
Chris Kallos, CFA
EUR 101.80 For Business Accounts Only

Fisher & Paykel Healthcare is poised to grow, with a rising currency the only impediment.

With the recent suspension of two patent proceedings brought by ResMed in Germany, narrow moat-rated Fisher & Paykel is now unencumbered to sell Simplus, Eson, and Eson 2 masks. This effectively removes litigation risk relating to sleep apnoea masks in the company's key European market, which has been a concern since the action commenced in August 2016. We maintain our sales forecasts of NZD 426 million for the Fisher & Paykel's Homecare division for fiscal 2018.
Although not disclosed, ...
Underlying
Fisher & Paykel Healthcare Corporation Limited

Fisher & Paykel Healthcare, together with its subsidiaries, is a designer, manufacturer and marketer of medical device products and systems for use in respiratory care, acute care and the treatment of obstructive sleep apnea (OSA). Co.'s respiratory and acute care products include heated humidifier and respiratory products that are used in the treatment of a variety of medical conditions which interfere with normal respiration. Co.'s OSA products include the continuous positive airway pressure (CPAP) therapy devices, which is used in the treatment of OSA. CPAP is delivered through a mask attached to a flow generator device which generates airflow and enough pressure to keep the airway open.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Chris Kallos, CFA

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