** Morningstar decreases fiscal 2026 gross margin forecast for Fisher & Paykel Healthcare FPH.NZ by roughly 230 basis points to 60.9% vs an estimated 62.3% in fiscal 2025

** Investment research firm trims the medical equipment maker's fiscal 2026 gross margin forecast as it estimates roughly 42% of FY revenue to be attributed to U.S., and about 60% of U.S. volumes are supplied from Mexico

** Maintains NZ$25 fair value estimate for co

** "Fisher's opportunity lies in increasing the utilization of nasal high-flow therapy for broader respiratory applications." — Morningstar

** Morningstar doesn't expect co's market position to be significantly affected as its internally developed proprietary

technology has helped maintain over 70% market share in humidified ventilation in hospitals & leading innovation in nasal high-flow therapy

** Co on Monday flagged its costs would likely increase in FY26 due to the U.S.'s introduction of new 25% tariffs on Mexico; such tariffs were later in the day paused for a month

** Stock down 8.6%, YTD

(Reporting by Sherin Sunny in Bengaluru)

((Sherin.Sunny@thomsonreuters.com))