Fisher & Paykel Healthcare, the New Zealand-based respiratory care business, has posted half-year profits and revenues at the lower end of guidance, disappointing investors hoping for an earnings upgrade due to strong demand from hospitals for its products.

The company’s New Zealand-listed shares fell 4 per cent in early trade after it reiterated guidance for net profit between $NZ320 million ($290 million) and $NZ370 million for the financial year ending March 31.