They probably could have contracted out/leased their printers all this time and made a lot more revenue than what's been made all these years.
Its like a garage startup that never left the garage, though at one point you had about a half dozen sales team members, and no product.
Covid likely sped up the company's ultimate decline as the industry tightened its spending, and face to face meetings became became remote meetings, but it was headed in the same direction regardless. Even if Covid doesn't take place, it only buys probably another two years of the same action.