The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Lyanne Harrison - BofA Global Research (Australia) - Analyst
: Hi. Good morning, all. Let's start with those comments you just made on guidance and the hospital -- I guess the hospital revenues where you're
talking about the range from relatively low to approximately moderate seasonal hospitalization.
I just wanted to understand what's the benchmark that you're comparing that to? Because you mentioned also last year, is that where you're saying
it's expected to fall low or moderate compared to the seasonality or the range of hospitalizations that we saw last year, or is it relative to a longer-term
average?
Lewis Gradon - Fisher & Paykel Healthcare Corporation Ltd - Chief Executive Officer, Managing Director, Executive Director
Yeah. Good question, Lyanne. Thanks. Our thinking there is that we're lapping an unusual half with a big flu and COVID. So we're looking at our H2
following H1 sequential trends historically, and when we look back, that top end of our guidance would now represent what we've seen in the last
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NOVEMBER 27, 2024 / 9:00PM, FPH.NZ - Half Year 2025 Fisher & Paykel Healthcare Corporation Ltd Earnings
Call
two -- or the most recent two years prior to COVID, it's pretty similar to sequential growth that we would have called a moderate season at the
time.
Question: Lyanne Harrison - BofA Global Research (Australia) - Analyst
: Okay. So if we look at the 2014 -- sorry, did you say 2014 to 2018?
Lewis Gradon - Fisher & Paykel Healthcare Corporation Ltd - Chief Executive Officer, Managing Director, Executive Director
Well, you're right, but I can't remember the exact years that would have been used in that comparison. That's somewhere around there.
Question: Lyanne Harrison - BofA Global Research (Australia) - Analyst
: My next question is on gross margin. In terms of the overhead efficiencies and initiatives that you achieved for the first half of 25, can we expect
that to continue at the same cadence for the second half?
Question: Lyanne Harrison - BofA Global Research (Australia) - Analyst
: Okay. And when we spoke at the last result, you mentioned something along the lines of expecting 100 basis points underlying gross margin
improvement for the full year or 200 basis points improvement, excluding the recall cost. Does that still apply in terms of what you're expecting
for full year '25?
Question: Lyanne Harrison - BofA Global Research (Australia) - Analyst
: Okay. And that's 150 basis points on the line?
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