REG - Inspiration Health - Interim Results
04/10/2022 07:00
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RNS Number : 6251B Inspiration Healthcare Group PLC 04 October 2022
This announcement contains inside information for the purposes of Article 7
of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic
law by virtue of the European Union (Withdrawal) Act 2018 ("MAR") and is
disclosed in accordance with the Company's obligations under Article 17 of
MAR. Upon the publication of this announcement via the Regulatory Information
Service, this inside information is now considered to be in the public domain.
Inspiration Healthcare Group plc
("Inspiration Healthcare", the "Company" or the "Group")
4 October 2022
Interim Results
Inspiration Healthcare Group plc (AIM: IHC), the global medical technology
company, today announces its unaudited interim results for the six months
ended 31 July 2022 ("H1 2022/23").
Financial and Operational Highlights
· Total Group Revenue £20.5m (H1 2021/22: £20.9m)
· Gross Margin 45.1% (H1 2021/22: 52.5%)
· Branded products represent 54% of total Group Revenue (H1 2021/22:
55%)
· EBITDA(1) £2.2m (H1 2021/22: £3.6m)
· Operating Profit £1.1m (H1 2021/22: £2.6m)
· Net cash position of £3.3m (H1 2021/22: £8.6m)
· Our dividend for the first half remains unchanged
· Company remains confident in profit forecast for the current
financial year
(1)Earnings before interest, tax, depreciation, share based payments and
non-trading items
· Successful relocation into new Manufacturing and Technology Centre in
South London
· Securing supply chain prioritised by increasing stock
· Large export orders in Iraq (£1.3m), Egypt ($1.4m)
· European regulatory work (MDR) and UKCA mark prioritised with good
progress
· Project WAVE now recruited 14 patients at University Hospitals Sussex
· New distributed product, Genedrive, launched in UK and Ireland
Neil Campbell, Chief Executive Officer, said today:
"The first half of this financial year changed dramatically following the
invasion of Ukraine by Russia and with further lock-downs in China. These
two events had an impact on supply chain and sales in our first half.
Needless to say, the team has worked hard to ensure the business is in the
best shape it could be, prioritising solutions to short term supply issues and
offsetting delayed NHS orders by focussing on other areas of our portfolio.
With production transferred to our new state-of-the-art manufacturing and
technology centre, a comprehensive and diverse range of products and a strong
order book, I have been impressed with the resilience of team and of our
business model. This resilience, along with the investment we have made in
our infrastructure, stand us in good stead for the remainder of the financial
year and for the longer term."
Enquiries:
Inspiration Healthcare Group plc Tel: 0330 175 0000
Neil Campbell, Chief Executive Officer
Jon Ballard, Chief Financial Officer
Nominated Adviser & Broker Tel: 0207 397 8900
Cenkos Securities plc
Mark Connelly
Stephen Keys
Katy Birkin
Dan Hodkinson
Cadogan Tel: 07771 713608
PR
Alex Walters
alex.walters@cadoganpr.com (mailto:alex.walters@cadoganpr.com)
About Inspiration Healthcare
Inspiration Healthcare (AIM: IHC) is a global provider of medical technology
for use in neonatal intensive care & operating theatres. The Company
provides high quality innovative products to patients around the world which
help to improve patient outcomes and it actively invests in innovative
product opportunities and disruptive technologies.
The Company has key own brand products that can be used within the first days
of life to help premature and sick babies; helping resuscitation and
stabilisation in the first moments of life through to preventing brain damage
and both invasive and non-invasive respiratory support in terms of capital
equipment and disposable medical devices. Additionally, the Company has its
own range of products for maintaining normothermia pre, during and
post-surgery.
Since September 2019, the Company has acquired Vio Holdings a designer,
manufacturer and supplier of single use respiratory products and sterile
medical consumables and S.L.E., a leading designer, manufacturer and global
provider of neonatal ventilation products. The Group generates approximately
58% of its revenues from export markets and more than half of its revenues
come from its own-branded products.
With product availability actively promoted to over 80 countries through a
distribution network, Inspiration Healthcare's success has been built on
continuous innovation, excellent customer service and an inherent commitment
to improving patient outcomes, working in close collaboration with key opinion
leaders across the globe.
In the UK and Ireland, the Group has direct sales teams selling Group Branded
and complementary products from third parties, with an additional range of
home healthcare products. This is supported by Technical Support for planned
preventative maintenance and emergency assistance.
The Group operates from various sites in the UK for R&D, Marketing and
operations with manufacturing based in Croydon (south London) and Hailsham
(East Sussex). The Group's Head Office is located in Crawley, a short
distance from London's Gatwick Airport.
Further information on Inspiration Healthcare can be found at
www.inspirationhealthcaregroup.plc.uk
Chairman's Statement
We knew the first half of the year would be different from our original plans
shortly after the invasion of Ukraine by Russia and the continued lockdowns in
China due to Covid-19. However, as a company we have always been resilient
in our business and adaptable in our approach to challenges. Our team
shifted focus to ensure supply chains were robust and secure along with
ensuring our markets for products closer to home were prioritised in our
regulatory and R&D teams with sales management focusing on products where
we knew budgets were available. We therefore remain confident of achieving
market expectations in terms of profitability for the current financial year.
Sales in the first half of the financial year did not meet our initial
expectations but given the global macro-economic conditions with rising
inflation and economic uncertainty, we believe that a first half performance
similar to last year was a reasonable outcome. Our product mix was different
from what we had expected at the beginning of the year, but we are confident
that we have the range of products in our portfolio to ensure we can offer
customers the products they need in the second half, with opportunities
delayed not lost. Recent orders from Japan for over £600,000 give us
confidence that the opportunities we are aware of will be realised in the
second half, as we expected at the time of our AGM statement.
Moving into our new Manufacturing and Technology Centre just 2.5 miles away
from our existing South London site has been a significant achievement for the
Group. This new facility designed with sustainability in mind, not only
increases our capacity for capital equipment manufacturing significantly but
does so in an efficient way with an improved flow through production. The
sustainable initiatives also allow us to continue on our own journey towards
net zero by adopting low energy heating and lighting, utilising solar power
and of course, ensuring that the needs for our staff are met with a modern
working environment. I am pleased to say that the team, despite the
challenges in the construction industry, moved in seamlessly with only one day
of lost production and importantly no accidents - a remarkable achievement.
Financial Review
Revenue for the six months to 31 July 2022 totalled £20.5 million (H1
2021/22: £20.9 million). This is reflective of customer ordering patterns
impacted by the current economic uncertainties resulting in expected full year
revenue to be more significantly second half weighted than in prior years.
Revenue from Branded Products accounted for 54% of revenue totalling £11.0
million (H1 2021/22: £11.5 million) impacted by changing customer ordering
patterns as previously stated. Revenue from Distributed Products accounted
for 37% of revenue totalling £7.7 million (H1 2021/22: £7.1 million) driven
by increased revenue in the Group's Infusion Therapy business. Revenue from
Technology Support accounted for 8% of revenue totalling £1.6 million (H1
2021/22: £2.3 million) the decrease primarily due to the anticipated loss of
service contracts for the distributed Acutronic brand as a result of the
acquisition of SLE Limited.
Gross Margin totalled 45.1%, compared to 52.5% in the equivalent period, the
decrease primarily due to product mix. Component cost increases also had an
effect on Gross Margin but buying forward of key components should minimise
further cost increases.
It is expected that the proportion of revenue from Branded Products will
increase during the second half as known opportunities for higher value
products are realised thereby improving Gross Margin.
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
31 July 31 July 31 January
2022 2021 2022
£'000 £'000 £'000
Adjusted EBITDA 2,203 3,618 6,422
Depreciation (601) (492) (1,069)
Amortisation (466) (391) (837)
Impairment of right of use asset - - (122)
Share based payment (87) (137) (139)
Operating Profit 1,049 2,598 4,255
Operating profit for the period under review was £1.1 million, a decrease of
60% over the equivalent period of the previous financial year primarily as a
result of decreased Gross Margin due to product mix.
Administrative expenses totalled £8.2 million (H1 2021/22: £8.4 million)
reflecting continued rigorous cost control.
EBITDA(1) amounted to £2.2 million, a decrease of 39% over the equivalent
period of the previous financial year.
Investment in R&D (combined capitalised and expensed) amounted to
approximately 8% of revenue in the first half as previously stated due to
outsourced R&D projects as we look to bring next generation products to
market alongside new features on our existing product range.
Adjusting for non-trading items and amortisation of intangible assets acquired
through business combinations, underlying diluted earnings per share was 2.0p
(H1 2021/22: 3.7p). (Please see note 6 to the unaudited interim financial
statements for more information).
Cash as at 31 July 2022 was £3.3 million, a net outflow of £6.2 million. The
outflow is primarily due to both a significant investment in the Group's new
Manufacturing and Technology Centre of £4.0 million and an increase in
inventory of £2.3 million (to £8.7 million) in order to secure critical
components for second half production and demand. The level of inventory is
expected to decrease during the second half of the year as revenue for Branded
Products increases. The £5 million RCF remains in place and is available to
be utilised should the Group require.
Operational Review
Throughout the first half of this financial year, we have been more and more
aware of the impending changes to regulatory status of our products in the EU
and the UK. The changes to the EU regulations are widely known as our
industry migrates from the Medical Device Directive to the Medical Device
Regulations, but the strain on companies to undertake new work to ensure
compliance should not be underestimated with Test Houses and Notified Bodies
advising manufacturers to submit Technical Files as early as possible to
ensure there is adequate time to review and issue certificates before May 2024
when existing certificates expire. Additionally, our team has been working
hard to prepare for the new UKCA mark in our home market which requires
compliance by June 2023.
Supply chain issues have also been a focus for us, as we continue to feel
pressure from suppliers not being able to deliver components when they were
expected. Despite reaching further into our supply chain and working with
our suppliers, we have taken the prudent decision to increase stock levels of
critical components to prevent supply disruption. We have not only increased
component stock but also finished goods stock, especially that of accessories
to our products. We do not want to be in a situation where we cannot ship a
large order because we are waiting for low value third party accessories.
We have also been focused further on opportunities closer to home. We had
previously changed the focus of how we manage our infusion therapy business
and this has really allowed the portfolio to flourish with sales running ahead
of the same period last year. We are also pushing into therapy areas that
had previously been on the periphery and we are seeing some early penetration
into the areas of pain management and chemotherapy.
We also launched the Genedrive point of care test, the first point of care
genetic test used to influence neonatal management in an acute setting and
reduce aminoglycoside induced hearing loss. This new test allows
neonatologists to prescribe a different drug to those at-risk babies. Whilst
this is a distributed product, it fits very well with our strategy to be at
the forefront of neonatal medicine.
In R&D, Project Wave, our novel device that we believe could not only help
reduce the impact of apnoea of prematurity but reduce its occurrence, has now
recruited 14 patients and the trial's Data and Safety Monitoring Committee are
reviewing the data. We hope that the trial will finish recruiting in 2022
allowing us to determine the next steps for the technology. Elsewhere, we
have made progress in R&D despite the component shortage and the backlog
in test houses to undertake safety tests to allow us to prepare Technical
Files for regulatory filings for the new UK and EU medical device
regulations.
Dividend Declaration
We can confirm our interim dividend payment will remain at the same level of
H1 2021 at 0.205p per share. This will be payable to shareholders on the
register on 25 November 2022 and paid on 28 December 2022.
Outlook
The first half has been a difficult six months across our sector, with
macro-economic conditions changing our initial thoughts on what the year would
hold. However, our company has always been resilient and we have been agile
in our ability to manage situations and we are pleased that we have a robust
product portfolio that allows us to continue to engage with our customers.
With the investment we have made in infrastructure, people and systems, we are
confident that Inspiration Healthcare is well placed to perform strongly,
regardless of market conditions, in the longer term.
Interest in our products remains and our order book is strong. Global
uncertainties could mean that some sales may fall into the next financial
year; however, our expectations of profit for the current financial year
remain unchanged.
Mark Abrahams
Chairman
4 October 2022
(1)Earnings before interest, tax, depreciation, share based payments and
non-trading items
Unaudited Consolidated Income Statement
For the six months ended 31 July 2022
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
31 July 31 July 31 January
2022 2021 2022
Notes £'000 £'000 £'000
Revenue 20,523 20,893 41,050
Cost of sales (11,261) (9,932) (20,458)
Gross profit 9,262 10,961 20,592
Operating expenses (8,213) (8,363) (16,337)
Operating profit 1,049 2,598 4,255
Finance income 18 - 9
Finance cost (182) (98) (301)
Profit before tax 885 2,500 3,963
Income tax expense 4 (119) (289) (370)
Profit attributable to the owners of the parent company 766 2,211 3,593
Earnings per share, attributable to owners of the parent company
Basic expressed in pence per share 6 1.57p 3.25p 5.28p
Diluted expressed in pence per share 6 1.55p 3.22p 5.22p
Unaudited Consolidated Statement of Comprehensive Income
For the six months ended 31 July 2022
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
31 July 31 July 31 January
2022 2021 2022
Notes £'000 £'000 £'000
Profit for the period/year 766 2,211 3,593
Other comprehensive income
Items that may be reclassified to profit or loss
Cash flow hedges - 9 9
Total other comprehensive income for the period/year - 9 9
Total comprehensive income for the period/year 766 2,220 3,602
Unaudited Consolidated Statement of Financial Position
As at 31 July 2022
(Registered Number: 03587944)
Unaudited Unaudited Audited
As at As at As at
31 July 31 July 31 January
2022 2021 2022
£'000 £'000 £'000
Notes
ASSETS
Non-current assets
Intangible 17,314 16,364 16,782
assets
Property, plant and equipment 5,692 1,174 1,798
7
Right of use 7,025 3,031 7,383
asset
Deferred tax asset 470 - 470
30,501 20,569 26,433
Current assets
Inventories 8,739 6,792 6,449
Trade and other receivables 10,148 7,575 9,314
Cash and cash 3,033 8,608 9,253
equivalents
21,920 22,975 25,016
Total assets 52,421 43,544 51,449
Liabilities
Current liabilities
Trade and other payables (7,446) (5,206) (6,552)
Lease (760) (429) (647)
liabilities
Contract liabilities (319) (445) (524)
(8,525) (6,080) (7,723)
Non-current liabilities
Lease (6,541) (2,705) (6,896)
liabilities
Contract liabilities - (7) -
Deferred tax liability (1,876) (1,091) (1,925)
(8,417) (3,803) (8,821)
Total liabilities (16,942) (9,883) (16,544)
Net assets 35,479 33,661 34,905
Shareholders' equity
Called up share capital 6,812 6,812 6,812
Share premium account 18,838 18,838 18,838
Reverse acquisition reserve (16,164) (16,164) (16,164)
Share based payment reserve 365 276 278
Retained earnings 25,628 23,899 25,141
Total equity attributable to owners of the parent company 35,479 33,661 34,905
Unaudited Consolidated Statement of Changes in Shareholders' Equity
For the six months ended 31 July 2022
Called up Share Capital Reverse acquisition reserve Share based payment reserve Retained earnings Total equity
Share Premium Other reserves
Notes
£000's £000's £000's £000's £000's £000's £000's
At 31 January 2021 6,812 18,838 (16,164) 139 (9) 21,960 31,576
Profit for the period 1 February 2021 to 31 July 2021 - - 2,211 2,211
- - -
Other comprehensive income - - - - 9 - 9
Total comprehensive income for the period - - 9 2,211 2,220
- -
Transactions with owners in their capacity of owners
Dividends - - - - - (272) (272)
Employee share scheme expense - - - 137
- 137 -
Total transactions with owners - - 137 (272) (135)
- -
At 31 July 2021 6,812 (16,164) 276 - 23,899 33,661
18,838
Profit for the period 1 August 2021 to 31 January 2022 - - - - 1,382 1,382
-
Total comprehensive income for the period - - - - 1,382 1,382
-
Transactions with owners in their capacity of owners
Dividends - - - - - (140) (140)
Employee share scheme expense - - - 2
- 2 -
Total transactions with owners - - 2 - (140) (138)
-
At 31 January 2022 6,812 18,838 (16,164) 278 - 25,141 34,905
Profit for the period 1 February 2022 to 31 July 2022 - - - - 766 766
-
Total comprehensive income for the period - - - - 766 766
-
Transactions with owners in their capacity of owners
Dividends - - - - - (279) (279)
Employee share scheme expense - - 87 - 87
- -
Total transactions with owners - - 87 - (279) (192)
-
At 31 July 2022 6,812 (16,164) 365 - 25,628
18,838 35,479
Unaudited Consolidated Statements of Cash flows
For the six months ended 31 July 2022
Unaudited Unaudited Audited
6 months 6 months Year
ended Ended ended
31 July 31 July 31 January
2022 2021 2022
£'000 £'000 £'000
Notes
Cash flows from operating activities
Profit for the 766 2,211 3,593
year
Adjustments for:
Depreciation and 1,067 883 1,906
amortisation
Employee share scheme expense 87 137 139
Loss on disposal of tangible assets 3 10 192
Loss on disposal of intangible assets - 67 133
Revenue from leases (320) - (304)
Remeasurement of right of use assets - - (46)
Impairment of right of use assets - - 122
Finance income (18) - (9)
Finance expense 182 98 301
Income tax expense 119 289 370
1,886 3,695 6,397
(Increase)/decrease in inventories (2,290) 1,398 1,741
(Increase) in trade and other receivables (805) (2,412) (3,733)
Increase/(decrease) in trade and other payables 908 (1,543) (266)
Decrease in contract liabilities (206) (81) (9)
Cash flows (used in)/generated from operations (507) 1,057 4,130
Taxation paid - (398) (554)
Net cash (used in)/generated from operating activities (507) 659 3,576
Cash flows from investing activities
Bank interest received 2 - 1
Interest received on leases 16 - 8
Purchase of property, plant and (4,067) (496) (1,425)
equipment 7
Purchase of intangible assets (54) (238) (338)
Capitalised development costs (944) (1,379) (2,208)
Net cash used in investing activities (5,047) (2,113) (3,962)
Cash flows from financing activities
Principal elements of lease payments (315) (221) (382)
Principal elements of lease receipts 105 - 74
Interest paid on lease liabilities (152) (66) (244)
Interest paid on loans and borrowings (25) (32) (50)
Dividends paid to the holders of the parent (279) (272) (412)
Net cash used in financing activities (666) (591) (1,014)
Net decrease in cash and cash equivalents (6,220) (2,045) (1,400)
Cash and cash equivalents at the beginning of the period 9,253 10,653 10,653
Cash and cash equivalents at the end of the period/year 3,033 8,608 9,253
Notes to the Unaudited Interim Financial Statements
For the six months ended 31 July 2022
1. Basis of Preparation
This condensed consolidated interim financial information for the six months
ended 31 July 2022 have been prepared in accordance with AIM rule 18 in
relation to half year reports. This information should be read in conjunction
with the annual financial statements for the year ended 31 January 2022, which
have been prepared in accordance with International Financial Reporting
Standards (IFRS) as adopted by the European Union.
2. Going concern basis
The Group meets its day-to-day working capital requirements through its cash
resources. After making enquiries, the directors have a reasonable expectation
that the Group has adequate resources to continue in operational existence for
the foreseeable future. The Group therefore continues to adopt the going
concern basis in preparing its consolidated interim financial statements.
3. Interim financial information
The interim financial information for the period ended 31 July 2022 is
unaudited and does not constitute statutory accounts within the meaning of
Section 434 of the Companies Act 2006. The interim financial information for
the period ended 31 July 2021 is also unaudited. The audited accounts for the
year ended 31 January 2022 for Inspiration Healthcare Group plc were approved
by its Board of Directors on 3 May 2022 and have been delivered to the
Registrar of Companies with an unqualified audit report.
The Company's annual report and financial statements for the year ended 31
January 2022 were prepared under International Financial Reporting Standards
(IFRS) as adopted by the European Union, International Financial Reporting
Interpretations Committee (IFRIC) interpretations and with those parts of the
Companies Act 2006 applicable to companies reporting under IFRS. The standards
used are those published by the International Accounting Standards Board
(IASB) and endorsed by the EU at the time of preparing those statements.
4. Taxation
A provision has been made for corporation tax at the rate of 19% on the
estimated taxable profits for the period
5. Dividends
The final dividend for the year ended 31 January 2022 of 0.41p per share
(2021: 0.4p per share) was paid on 29 July 2022.
The Board has declared an interim dividend of 0.205p per share (H1 2021/2022:
0.205p per share) to be paid on 28 December 2022.
Notes to the Unaudited Interim Financial Statements (continued)
For the six months ended 31 July 2022
6. Earnings per ordinary share
Basic earnings per share for the period is calculated by dividing the profit
attributable to ordinary shareholders for the year after tax by the weighted
average number of shares in issue.
Basic diluted earnings per share is calculated by adjusting the weighted
average number of ordinary shares in issue to assume conversion of all
potential dilutive ordinary shares.
Unaudited Unaudited Audited
6 months 6 months Year
Ended Ended Ended
31 July 31 July 31 January
2022 2021 2022
£'000 £'000 £'000
Profit
Profit attributable to equity holders of the Company 766 2,211 3,593
Add back amortisation of intangible assets acquired through business 302 302 605
combinations
Numerator for underlying earnings per share calculation 1,068 2,531 4,198
The weighted average number of shares in issue and the diluted weighted
average number of shares in issue were as follows:
Unaudited Unaudited Audited
6 months 6 months Year
Ended Ended Ended
31 July 31 July 31 January
2022 2021 2022
Shares
Weighted average number of ordinary shares in issue for the purpose of basic 68,121,447 68,121,447 68,121,447
earnings per share
Weighted average number of shares issued during the period/year - - -
Weighted average number of ordinary shares in issue during the period/year for 68,121,447 68,121,447 68,121,447
the purposes of basic earnings per share
Dilutive effect of potential Ordinary shares:
Share options 866,052 616,616 672,175
Diluted weighted number of shares in issue for the purpose of diluted earnings 68,987,499 68,788,063 68,793,622
per share
Notes to the Unaudited Interim Financial Statements (continued)
For the six months ended 31 July 2022
6. Earnings per ordinary share (continued)
The basic and diluted earnings per share are as follows:
Unaudited Unaudited Audited
6 months 6 months Year
Ended Ended Ended
31 July 31 July 31 January
2022 2021 2022
pence pence pence
Basic earnings per share 1.57 3.25 5.28
Adjust for:
Amortisation of intangible assets acquired through business combinations 0.44 0.44 0.89
Underlying basic earnings per share 2.01 3.69 6.17
Diluted earnings per share 1.55 3.22 5.22
Adjusted for:
Amortisation of intangible assets acquired through business combinations 0.44 0.44 0.88
Underlying diluted earnings per share 1.99 3.66 6.10
Leasehold Improvements Fixtures and Fittings Plant, machinery, office equipment Motor Vehicles Total
£'000 £'000 £'000 £'000 £'000
Cost
At 1 February 2021 467 121 1,516 58 2,162
Additions 899 2 525 - 1,425
Disposals (220) (17) (154) - (391)
At 1 February 2022 1,146 106 1,887 58 3,197
Additions 3,967 4 96 - 4,067
Disposals - - (4) (5) (9)
At 31 July 2022 5,113 110 1,979 53 7,255
Accumulated Depreciation
At 1 February 2021 114 61 1,061 7 1,243
Charge 73 24 249 17 363
Disposals (58) (17) (132) - (207)
At 1 February 2022 129 68 1,178 24 1,399
Charge 56 5 102 8 171
Disposals - - (2) (5) (7)
At 31 July 2022 185 73 1,278 27 1,563
NET BOOK VALUE
At 31 July 2022 4,928 37 701 26 5,692
At 31 January 2022 1,017 38 709 34 1,798
7. Property, plant and equipment
During the six-months ended 31 July 2022, the Group incurred leasehold
improvement costs totaling £4 million relating to the new premises in
Croydon.
8. Related party transactions
● Lease of Leicestershire facility
The Leicestershire facility at Earl Shilton is rented on an arms length basis
from a self-invested pension plan controlled by Neil Campbell and others. The
lease was renewed on an arms length basis in April 2018.
● Key management
Directors control 7% of the voting shares of the Company as at 31 July 2022.
Registered Office:
2 Satellite Business Village
Fleming Way
Crawley RH10 9NE
Telephone: +44 (0) 330 175 0000
Fax: +44 (0) 1455 841464
Website www.Inspirationhealthcaregroup.plc.uk
(http://www.Inspirationhealthcaregroup.plc.uk)
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