The Fisher & Paykel Healthcare Corp Ltd (ASX: FPH) share price hit a 52-week high of $11.34 in trade today despite the company releasing no specific news to the market.
The Auckland-based healthcare and sleep treatment specialist has been growing at strong rates and is forecasting a full year profit between NZ$180 million to NZ$190 million on revenues approaching NZ$1 billion. For FY 2017 it reported profit and revenue up 18% and 10% respectively thanks to its margin strength and growing demand for its products.
The company's financial year ends on March 31 2018 and it will hand in its half-year report card towards the end of November 2017, with investors likely to be eyeing up how it is tracking to forecasts for half-year profit to be around NZ$80 million on revenues of NZ$460 million.
Fisher & Paykel sells its medical device products in more than 120 countries so currency movements can have a significant impact on its reported NZ dollar earnings. Its principal rival on the local market in ResMed Inc. (CHESS) (ASX: RMD) has also enjoyed another strong year thanks to the large addressable markets it operates in.
