Medical equipment manufacturer, Fisher & Paykel Healthcare (FPH), released its annual result at the end of the month with NPAT growth up +46%. The result reflected strong growth in all areas, but particularly in consumables (masks) for Obstructive Sleep Apnoea (OSA). We are attracted to FPH's strong global market share in the niche humidification-equipment space where evolution in best medical practice is leading to strong growth from new in-hospital applications such as high flow oxygen therapy. In addition, FPH is gaining share (from a low base) in the still growing OSA market. Fulfilling increased demand from lower cost production in Mexico is also leading to increased margins for the company which has given them confidence to guide to a 40% increase in constant currency earnings. FPH is a high quality business with strong management and excellent medium term growth prospects and remains a core holding in the Fund. (VIEW LINK)