Hospital Hardware and Gross Margin Outperformance with Reassuring FY27 Guidance

FPH's FY26 results met expectations with notable strength in Hospital hardware sales and gross margins. Reassuring FY27 guidance supports the thesis that the company remains in an upgrade cycle, warranting a Buy rating.

Key Takeaways

• 1.FPH's FY26 results were broadly in line with previous guidance, but showed significant outperformance in the Hospital hardware segment, which grew 27% on a constant currency basis.
• 2.The FY27 guidance is reassuring, forecasting approximately 9% revenue growth and 12% NPAT growth at the midpoint, aligning with analyst expectations of an ongoing upgrade cycle.
• 3.Gross margins remained resilient (63.7%) despite higher-than-anticipated drag from US tariffs (90bps) and Middle East conflict costs.

Table of Contents

• Key Financials
• Outlook
• Price Target Risks and Methodology - FPH.AX
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Company-specific regulatory disclosures
• Distribution of ratings/investment banking relationships
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures
• Global product; distributing entities
• General disclosures

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