The medical equipment manufacturer Fisher & Paykel Healthcare (FPH) has posted a record full-year result, as the pandemic drove unprecedented demand for its products.
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Its net profit for the year to March rose 82 percent to $524 million, as sales increased by more than half to $1.97 billion.
The company's chief executive, Lewis Gradon said the result was driven by an 87 percent increase in sales of its hospital products, including its Optiflow and Aviro systems, which have been shown to be effective in treating people who have Covid-19.
"Sales of our Hospital hardware and consumables have continued to track Covid-19 hospitalisation surges in countries around the world."
The pandemic had also accelerated the company's expansion into different global markets, with significant growth in the North America, Europe, Asia Pacific regions.
The company also managed a more than 200 percent increase in sales through to a region classified as "Other".
Revenue from its homecare product group saw a modest rise, up 2 percent on the previous year to $466m despite pandemic related restrictions disrupting sales at its sleep clinics and use of its obstructive sleep apnea products.
The year had not been without its challenges however, as FPH's profit margins decreased slightly because of increased freight costs.
The strength of the result saw the company look to reward all of its staff with a profit-sharing bonus of $29m.
Gradon said the decision was about recognising the incredible contributions of its staff throughout an extraordinary year.
The company also committed $20m to establish the Fisher & Paykel Healthcare Foundation to fund research and programmes that improves access to healthcare, promote opportunities in science and support environmental protection initiatives.
FPH did not provide a guidance for the current financial year but indicated that the momentum seen in the past year was unlikely to be sustained.
This is because it assumed that the global vaccine rollout would likely reduce Covid-19 related hospitalisations, it was unsure if it could maintain the level of sales growth it had seen in FY21, and high freight costs were likely to remain elevated.
FPH's board declared a final dividend of 22 cents per share, a 42 percent increase on the year before.