New Zealand is more than sheep, rugby and tourism. It’s also home to world-leading healthcare innovators. Pic: Getty Images
Healthtech has become one of the largest and fastest-growing sectors for New Zealand’s globally focused technology companies
Technology Investment Network says New Zealand is becoming an increasingly influential player on the global healthtech stage
Several New Zealand healthcare companies are listed on the ASX including its largest in the sector, Fisher & Paykel Healthcare
It may only be a small country of ~5.3 million people but New Zealand punches well above its weight when it comes to healthcare innovation.
From treatments for rare neurological disorders to advanced wound care technologies and respiratory devices used in hospitals worldwide, Kiwi healthcare innovators are showing the depth of New Zealand’s healthcare sector.
Technology Investment Network (TIN) tracks the performance and growth of New Zealand’s technology export sector and produces a yearly NZ tech sector report.
Managing director Greg Shanahan, who is also co-founder of Veriphi, an Auckland-based medtech company, told Stockhead the sector had become a large economic growth opportunity for New Zealand.
“Healthtech is one of the largest and fastest-growing sectors for New Zealand’s globally focused technology companies (The TIN 200),” he said.
Shanahan said while Fisher & Paykel Healthcare (ASX:FPH) remained the industry’s standout success, Neuren Pharmaceuticals (ASX:NEU), AFT Pharmaceuticals (ASX:AFP) and Aroa Biosurgery (ASX:ARX) were “rapidly climbing the ranks, emerging as some of New Zealand’s most successful global tech businesses”.
“The scale of New Zealand’s technology exporters is being transformed, with a rapidly growing number of companies surpassing the $100 million revenue mark,” he said.
“Healthtech is playing a key part in this evolution, demonstrating how world-class innovation can translate into globally competitive businesses, stronger exports and long-term economic growth, while reinforcing New Zealand’s position as an increasingly influential player on the global Healthtech stage.”
Fisher & Paykel Healthcare leads the way
With a market capitalisation of about NZ$23 billion (A$21bn), dual ASX and NZX-listed Fisher & Paykel Healthcare is New Zealand’s largest healthcare company by market cap and one of the biggest healthcare stocks in the Australasian market.
Established in New Zealand in 1969, Fisher & Paykel Healthcare has grown to become a world leader in the design and manufacturing of products and systems for use in acute and chronic respiratory care, surgery and the treatment of obstructive sleep apnea (OSA).
For FY26 (year to March 31) the company posted revenue NZ$2.31bn, up 14% on pcp, and net profit of NZ$468.5m, up 24%, while gross margin improved to 63.7%, up 80 bps.
Fisher & Paykel Healthcare is also known for delivering strong return to shareholders. For H2 FY26, the board has approved a final dividend of 33 cents per share.
This took the total dividend for FY26 to 52c per share, an increase of 22% over the previous full year.
“The growth we have achieved is uncommon, and we do not take it for granted,” managing director Lewis Gradon said in an ASX announcement.
“The key now is to sustain that momentum – continuing to innovate, improve and work closely with our customers to create lasting value.”
Neuren tackling rare paediatric neurological conditions
Neuren Pharmaceuticals is focused on rare paediatric neurological conditions with its lead asset trofinetide invented 20 years ago at Auckland University in a program spearheaded by eminent chemist Prof Margaret Brimble.
Marketed as Daybue in the US, in 2023 trofinetide became the only US Food and Drug Administration (FDA)-approved treatment for rare paediatric neurological disorder Rett syndrome.
Neuren out-licences the drug, to Nasdaq-listed Acadia Pharmaceuticals for North America and collects royalties and milestones.
The FDA approved a powder formulation of the drug called Daybue Stix in December 2025.
Neuren has earned more than $500m of cumulative revenue, consisting of royalties and milestone payments, since Acadia launched Daybue in the US three years ago.
Recent European regulatory progress on trofinetide is set to add a second royalty geography.
Neuren also has another second asset NNZ-2591, which the company believes could have greater commercial potential.
NNZ-2591 is in various stages of clinical development for other rare paediatric neurological conditions including Phelan-McDermid, Angelman, Pitt Hopkins, Prader-Willi syndromes, all under FDA orphan drug designation.
Aroa riding on the sheep’s back
Founded in 2008 by veterinarian Dr Brian Ward, New Zealand-headquartered Aroa Biosurgery has grown from a start-up into a global soft tissue regeneration company.
Ward’s interest in regenerative medicine led him to investigate tissue alternatives after observing that New Zealand’s pasture animals were largely free from disease, providing a unique source material for developing safe and effective regenerative products.
Aroa’s growing portfolio of soft tissue repair technologies is based on ovine forestomach matrix (OFM) — derived from sheep rumen sourced exclusively from New Zealand.
The tissue is processed and sterilised to remove DNA and cells, leaving behind the extracellular matrix (ECM), a natural scaffold that supports the body’s own healing process.
Listed on the ASX in 2020, Aroa continues to be led by Ward as CEO and managing director.
While Aroa’s products are used internationally, the company’s key focus remains US, where it is expanding through its direct sales force and partnership with Nasdaq-listed TELA Bio.
Aroa delivered a strong FY26 result with revenue increased 23% on FY25 to NZ$103.9m, with the standout performer its flagship Myriad portfolio, which generated NZ$49.5m in revenue, up 54% YoY.
Meanwhile, its Symphony portfolio is positioned for potential growth after the US Centers for Medicare & Medicaid Services (CMS) proposed maintaining its reimbursement framework for outpatient skin substitute products in CY27, including a single payment rate of US$127.14 per cm².
Aroa believes the evolving reimbursement environment is likely to favour products like Symphony supported by strong clinical evidence and responsible pricing, rather than business models reliant on higher reimbursement rates.
“We see substantial opportunity to grow from here,” Ward told Stockhead.
“Our focus is on building on the strong momentum across the Myriad portfolio, scaling our US business and positioning Symphony to become a meaningful driver of medium term growth.”
AFT building global specialty pharma portfolio
AFT Pharmaceuticals is a specialty pharmaceutical company dual-listed on both sides of the Tasman.
Its best-known products include the ibuprofen-paracetamol combination Maxigesic and Hylo, Australia’s biggest-selling lubricating eye drop.
The company also sells Crystaderm anti-acne cream and Kiwisoothe for gut discomfort and constipation.
AFT’s development program also covers dermatology indications including keloid scars, strawberry birthmarks and port wine stains.
Last week, it announced that the FDA had issued tentative approval for Scomara (rapamycin 0.5% cream) for the treatment of facial angiofibromas in tuberous sclerosis (FA in TSC).
It also sees a significant opportunity in iron deficiency, which the World Health Organization (WHO) describes as one of the most common and widespread nutritional disorders globally.
The FDA recently reviewed its Investigational New Drug (IND) application for its injectable iron research and development project, allowing the company to proceed with its Phase III clinical trial.
To be undertaken with Belgian development partner Hyloris Pharmaceuticals, the trial will enrol 1366 patients and is targeting an addressable market of ~US$7.41bn.
AFT posted sales of NZ$254.7m in FY26, up 22% on pcp, with net profit after tax increasing 24% to NZ$14.1m.
The company is targeting revenue of more than NZ$300m in FY27 after reporting double-digit growth across all its territories in FY26.
This story does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
At Stockhead we tell it like it is. While Aroa Biosurgery is a Stockhead advertiser, the company did not sponsor this article.