Fisher & Paykel Healthcare's Airvo 2 device used to treat Covid-19 patients. Photo: Supplied
Respiratory equipment maker Fisher and Paykel Healthcare is forecasting a return to revenue growth in the first half.
It said operating revenue for the six months ending September is expected to be around $790 million, which would represent a 14 percent increase from a year ago.
Profit after tax is forecast to range between $95m and $105m, compared to the previous year's $95.9m profit.
The company's previously forecast full year revenue guidance of $1.7 billion was unchanged.
Fisher and Paykel Healthcare has faced falling profits and revenue, as demand for its products fell following the Covid-19 pandemic.
Chief executive Lewis Gradon said for the first four months of the current financial year, revenue from obstructive sleep apnea masks has been stronger, and revenue from hospital hardware was marginally lower than expected.
"As we said in May, this year we have returned to executing on continuous improvement initiatives across the business. During the pandemic we had a responsibility to get as much product as possible into the hands of our customers," he said.
"Now, we have moved away from that supply-at-all-costs mentality, and we are once again focused on operational efficiency. We expect to see positive financial impacts building through the year."
Gradon said it has increased the size of its sales force, brought forward future research and development projects and launched a new mask for obstructive sleep apnea.
Foryth Barr analyst Matt Montgomerie said Fisher and Paykel Healthcare's first half profit forecast was less than market expectations of $125m, and "implies a sharp step up in second half profit after tax (circa $165m) to reach current consensus expectations".