Respirator manufacturer Fisher & Paykel Healthcare’s net profit collapsed over the quarter, missing market expectations and driving the share price down almost 6 per cent.

The New Zealand-based group, which is also listed on the ASX, said market conditions now reflect a “more normal state” after three financial years riding high on hospital demand during the COVID-19 pandemic. Shares in Fisher & Paykel dived 6.3 per cent to $22.48.