Fisher & Paykel Healthcare's Australian shares fall on device recall

Fisher & Paykel Healthcare

28/03/2024 01:26

** Fisher & Paykel Healthcare Corp's Australian shares
 FPH.AX  fall as much as 3.1% to A$23.570, their lowest since
March 22
    ** Stock currently down 1.5%, faces worst day since March 15
if losses hold
    ** Medical equipment supplier initiates voluntary limited
recall of batches of Airvo 2 and myAirvo 2 devices manufactured
before Aug 14, 2017
    ** Co says recall relates to speaker configuration issue
that may result in distorted, intermittent or inaudible alarm
sound levels
    ** Co estimates costs associated with recall will be
approximately NZ$12 mln ($7.18 mln)
    ** FPH's NZX-listed shares down 0.5%, face worst day since
March 15 if losses hold
    ** Stock had risen 11.5% this year, as of last close

($1 = 1.6717 New Zealand dollars)

 (Reporting by Shivangi Lahiri in Bengaluru)
 ((shivangi.lahiri@thomsonreuters.com))