REG - Inspiration Health - Full year trading update

Inspiration HealthcareAnnouncement

12/02/2026 07:00

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RNS Number : 6706S  Inspiration Healthcare Group PLC  12 February 2026

Inspiration Healthcare Group plc

("Inspiration Healthcare", the "Company" or the "Group")

 

Full year trading update

 

Inspiration Healthcare Group plc (AIM: IHC), the global medical technology
company pioneering best-in-class, specialist neonatal intensive care medical
devices, provides its unaudited trading update for year ended 31 January 2026
("FY26").

 

Highlights

 

·    Strong H2 trading performance, with revenue of £23.5 million, up
10.3% year-on-year (H2 FY25: £21.3 million)

·    FY26 revenue growth of 24.0% to £47.5 million (FY25: £38.3 million)

·    Adjusted EBITDA in line with current consensus market expectations(1)

·    Good sales momentum expected to continue into FY27 with a solid
pipeline of opportunities

·    New multi-year purchasing agreement signed with one of the largest
hospital networks in the United States

·    Net debt reduced 39% to £5.1 million at 31 January 2026 (31 January
2025: £8.3 million)

 

Revenue for the year increased by approximately 24% to £47.5 million (FY25:
£38.3 million), slightly ahead of consensus market expectations, following a
strong H2 performance across the Group. Adjusted EBITDA is expected to be in
line with market consensus, as a result of sales mix effects. Progress
continues under the Group's 'Back to Basics' strategy, with stronger
operational execution leading to an improved sales outlook, growing profits,
positive cash flow and reducing net debt.

 

SLE, our global leader in neonatal ventilation, delivered a strong performance
in H2 exceeding management expectations, following the re-alignment of the
Group's branding. With local distributor managers now in place in Southeast
Asia and Latin America, SLE is well positioned to re-establish its
international position which will support the Group's growth strategy.

 

At the end of FY26, the Company announced a significant three-year purchasing
agreement with one of the largest hospital networks in the United States,
through its subsidiary in Florida, Airon Corporation ("Airon"). This agreement
includes an initial order for 150 units for its Model A and Neo ventilators
and accessories, representing a meaningful expansion to its installed base in
the US. This contract establishes a high-quality, long-term revenue stream for
Airon and directly supports Inspiration Healthcare's strategic objective of
doubling Airon revenue within five years. In addition to initial equipment
sales, the agreement includes expectations for ongoing consumables and service
revenue, which has the potential to substantially increase the lifetime value
of the partnership.

 

At 31 January 2026, the Group's net debt (excluding IFRS16 lease liabilities)
was £5.1 million a reduction of 39% (£3.2 million) over the year with the
Group achieving significant reductions in inventory and receivables under its
'Back to Basics' strategy.

( )

(1) Current consensus market expectations for FY26 revenue and adjusted EBITDA
are £44.1 million and £2.8 million respectively.

 

Raffi Stepanian, CEO of Inspiration Healthcare, said: "FY26 represents a year
of good progress for Inspiration Healthcare, with full year revenues
increasing to £47.5 million and adjusted EBITDA expected to be in line with
market expectations. We saw a strong performance across the Group, which
combined with disciplined execution of our 'Back to Basics' strategy, has
driven a return to growth in our international markets, improved profitability
and reduced net debt.

 

"Our refreshed strategy with three business units: SLE for neonatal
ventilation globally, Inspiration Healthcare as a medtech distribution channel
in the UK and Ireland, and Airon as global leader in pneumatic ventilation is
fully implemented. With increased focus on gaining share in Europe, increasing
recurring revenues from consumables and service, we are taking important steps
towards higher quality revenue streams complementing the revenue from capital
sales. We ended the year with encouraging sales momentum and a robust
pipeline, providing confidence within the team as we look ahead to FY27."

 

For further information, please contact:

 

 Inspiration Healthcare Group plc                                                               Tel: +44 (0)330
                                                                175 0000
 Raffi Stepanian, Chief Executive Officer
 Alan Olby, Chief Financial Officer

 Panmure Liberum (Nominated Adviser & Broker)                                                                                                                     Tel: +44 (0)20
                                                                                                                                  3100 2000
 Will Goode
 Emma Earl
 Mark Rogers

 Cavendish Capital Markets (Joint Broker)                                             Tel: + 44 (0)20 7220 0500
 Giles Balleny / Joe Smith
 Nigel Birks
 Harriet Ward

 Walbrook PR Ltd (Media & IR)      Tel: +44 (0)20 7933 8780 or inspirationhealthcare@walbrookpr.com
 Anna Dunphy                                                    Mob: +44 (0) 7876 741 001
 Rachel Broad                                                   Mob: +44 (0) 7747 515 393

 

About Inspiration Healthcare

 

Inspiration Healthcare (AIM: IHC) designs, manufactures and markets
pioneering medical technology. Based in the UK, the Company specialises in
neonatal intensive care medical devices, which are addressing a critical need
to help to save the lives and improve the outcomes of patients, starting with
the very first breaths of life.

 

The Company has a broad portfolio of its own products and complementary
distributed products, for use in neonatal intensive care designed to support
even the most premature babies throughout their hospital stay. Its own branded
products range from highly sophisticated capital equipment such as ventilators
for life support through to single-use disposables.

 

The Company sells its products directly to hospitals and healthcare providers
in the UK and Ireland, where it also distributes a range of advanced medical
technologies for infusion therapy.  In the rest of the world the Company has
an established network of distribution partners around the world giving access
to more than 75 countries.

 

The Company operates in the UK from its world-class Manufacturing and
Technology Centre in Croydon, South London and in the USA from its facility in
Melbourne, Florida.

 

Further information on Inspiration Healthcare can be found
at www.inspirationhealthcaregroup.com
(http://www.inspirationhealthcaregroup.com)

 

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