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Fisher & Paykel Healthcare Updates Earnings Guidance

Fisher & Paykel Healthcare Updates Earnings Guidance at 2014 Annual Shareholders' Meeting

20 August, 2014

Auckland, New Zealand, 20 August 2014 - Fisher & Paykel Healthcare Corporation Limited (NZSX:FPH, ASX:FPH) announced today at its annual shareholders’ meeting that it has updated its earnings guidance for the financial year ending 31 March 2015.

The medical device manufacturer, which provides respiratory care systems and products for the treatment of obstructive sleep apnea, today advised that at an exchange rate of approximately 84 cents for the NZ dollar to the US dollar for the balance of the year, it expects full year net profit after tax to be approximately NZ$100 million.The full year net profit guidance provided by the company in May, based on an exchange range of 86 cents for the NZ dollar to the US dollar, was NZ$97 million.

“Growth so far this year has continued to be robust and we expect first half constant currency operating revenue growth of approximately 14% and constant currency operating profit growth of approximately 60%” commented Michael Daniell, Fisher & Paykel Healthcare’s CEO.

“Strong demand has continued into the new financial year, driven by growing acceptance by clinicians and healthcare providers of the solutions we provide.”

“In our OSA business there has been ongoing enthusiastic acceptance of our new range of masks, which includes the Simplus full face mask and Eson nasal mask, by both patients and homecare providers. For our respiratory and acute care product group we are continuing to see strong growth in demand for our Optiflow and AIRVO systems used in the delivery of oxygen therapy and nasal high flow therapy.”

“We released a broad range of new products in the last year and we have a substantial pipeline in development, with a large number of exciting new products to be introduced over the next twelve to eighteen months” concluded Mr Daniell.

At current exchange rates, the company expects operating revenue for the first half to be approximately NZ$315 million and net profit after tax to be approximately NZ$45 million dollars. Assuming an NZ:US exchange rate of approximately 84 cents for the balance of the year, the company now expects full year operating revenue to be approximately NZ$650 million.

The company has provided the attached Chairman’s speech, CEO’s speech and slide presentation for the 2014 annual shareholders’ meeting as well as an update on the company’s foreign exchange hedging position as at today’s date.

For more information about the company visit our website www.fphcare.com.

ENDS

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