Inspiration Healthcare Group PLC · LSE:IHC
Inspiration Healthcare — H1 FY27 Earnings Presentation
36 slides from Inspiration Healthcare's earnings presentation, Oct 27, 2026
Slide 1: Inspiration Healthcare Group FY27 Interim Results
Inspiration Healthcare Group FY27 Interim Results October 27th 2026
Slide 2: Disclaimer
Disclaimer While the information contained herein has been prepared by Inspiration Healthcare Group plc (“Inspiration”) in good faith, neither it nor any of its directors, officers, agents, advisers, affiliates or employees makes any representation or warranty, express or implied, nor shall any of t
Slide 3: Agenda
Agenda H1 FY27 Highlights H1 FY27 Financial Review Business Direction Short & Mid Term Outlook and Q&A Appendices 3
Slide 4: H1 FY27 Highlights
INSPIRATION H1 FY27 Highlights
Slide 5: H1 FY27 in Summary
H1 FY27 in Summary Operations Product strategy • Strong underlying growth ahead of market expectations • Entry to US market is top priority of R&D, ongoing project continues with FDA filing expected late-’27, clearance H1 ’28 • SLE outperforming both in UK & Ireland and International – without impac
Slide 6: H1 FY27 Financials
H1 FY27 Financials
Slide 7: H1 FY27 Financial Highlights
H1 FY27 Financial Highlights Revenue £22.0m (H1 FY26: £24.0m) Inventory £9.2m (31 January 26: £8.8m) Underlying +26% Revenue1 Operating £2.7m Cash Flow (H1 FY26 £3.6m) Gross 41.9% Margin (H1 FY26: 46.2%) Net £5.2m Debt3 (31 January 26: £5.1m) Adjusted £1.2m EBITDA2 (H1 FY26: £1.3m) 1 Underlying reve
Slide 8: H1 FY27 Revenue
H1 FY27 Revenue Strong underlying growth 26% for the Group excluding impact of £6.5m one-off export projects SLE Products underlying growth of 35% • UK/Ire +32% • International +37% Inspiration Healthcare revenue +9% as Infusion products recovered from destocking in PY Airon sales +40% with initial
Slide 9: H1 FY27 Income Statement
H1 FY27 Income Statement H1 FY27 H1 FY26 £’000 £’000 Revenue 22,038 23,988 • Gross margin reduced from: • Loss of one-off capital sales of £6.5m in PY Gross Profit 9,242 11,091 • Infusion products mix and selling price • Growth in lower price international markets Gross margin 41.9% 46.2% • Increase
Slide 10: H1 FY27 Movement in Net Debt
H1 FY27 Movement in Net Debt • Net debt stable at £5.2m • Operating cash generation from EBITDA and ongoing working capital management • Further inventory reduction of ~£2.0m expected in H2 • R&D investment of £2.1m linked to SLE6000 update for FDA and RoW and fees for new ventilator technology • Le
Slide 11: Business performance & direction
Business performance & direction
Slide 12: From 'Back to Basics' – To Growth & Leadership
From ’Back to Basics’ – To Growth & Leadership Short-term – Strengthen the basics Mid-term – Build for growth Long-term – Lead the market Drive Sales Drive Sales Drive Sales Re-engage with our distributors Drive international expansion – AsiaPac, US neonatal market entry Restructure UK sales and Lat
Slide 13: Three Business Units With Clear Focus
Three Business Units With Clear Focus 1 2 3 Neonatal Ventilation Medtech Distribution Specialty Ventilation Brand Positioning Global innovation leader UK/Ireland medtech Global champion in neonatal ventilation distribution partner in pneumatic ventilation Neonatal ventilators, SLE vents, other neona
Slide 14: FY27 priorities and H1 FY27 highlights: Neonatal Ventilation
FY27 priorities H1 FY27 highlights • Growing funnel of opportunities in AsiaPac and LatAm, • Sales of £13.4m +35% vs H1 FY26 on underlying basis maintain MENA and Central Asia • SLE now in every level 3 NICU in Ireland and market • Share gain in Europe leader in HFO, also retain lead in UK • Launch
Slide 15: FY27 priorities and H1 FY27 highlights: Medtech Distribution
FY27 priorities H1 FY27 highlights • Transition on Infusion Therapies to an entity • Sales growth of 9% to £7.0m (H1 FY26: £6.4m) controlled directly by the principal, Micrel • Infusion products recovery with sales of £5.5m • Transfer or personnel on July 1st 2026, with Micrel UK to (H1 FY26: £4.6m)
Slide 16: FY27 priorities and H1 FY27 highlights: Specialty Ventilation
FY27 priorities H1 FY27 highlights • Execution of major contract of 150 devices, also • Sales grew 40% to £1.6m (H1 FY26: £1.1m) driving future consumables sales • Delivered initial order of 150 devices to leading US • Online sales portal operational and include healthcare provider consumables and c
Slide 17: Growth of SLE
INSPIRATION Growth of SLE
Slide 18: Grow SLE Globally - Total Solution Provision in Neonatal Ventilation
Grow SLE Globally - Total Solution Provision in Neonatal Ventilation 1 2 3 4 Back to Basics Sales & Operational Supply Chain, Organisational Customer 24-25 Marketing Inventory efficiency focus Efficiency Excellence 1 2 3 4 Focus on Core Growth & US market Expansion in EU Own Strengthen 26-27 penetra
Slide 19: Grow SLE Globally - Longer term: Total Solution in Neo Ventilation
Grow SLE Globally - Longer term: Total Solution in Neo Ventilation Technology acquisition Devices opportunity Consumables Launch of own consumables Decision Clinical partnerships & studies Tools Clinical marketing Education Services Launch of SaaP Current offerings Future goal
Slide 20: Outlook and Q&A
INSPIRATION Outlook and Q&A
Slide 21: H2 Outlook – FY27 Revenue to be at least £43m
H2 Outlook – FY27 Revenue to be at least £43m Positive outlook • H1 FY27 demonstrates strength of core SLE business without benefit of one-off large orders • Orderbook and opportunity pipeline provide confidence in FY27 revenues of at least £43m and momentum continuing into FY28 and beyond • Service
Slide 22: Thank you
INSPIRATION Thank you
Slide 23: Appendix
INSPIRATION Appendix
Slide 24: Inspiration Healthcare Group History
Inspiration Healthcare Group History Build on the strong legacy of three brands
Slide 25: Inspiration Healthcare Group - Serving Three Distinct Markets
Inspiration Healthcare Group - Serving Three Distinct Markets Inspiration Healthcare designs, manufactures and markets pioneering medical technology that saves lives and improves the outcomes of patients starting with the very first breath of life • Own Brand capital and consumable products with IP
Slide 26: Broad Portfolio of Innovative, Specialist Products
Broad Portfolio of Innovative, Specialist Products Key Neonatal Products Key Airon Products Breathing Circuits SLE Ventilators pNeuton Model A pNeuton Mini First BreathTM nCPAP Inspire nCPAPTM Inspire rPAPTM Neonatal Airon • Core focus area with a high level of expertise • Fully pneumatic ventilator
Slide 27: Neonatal Care
INSPIRATION Neonatal Care
Slide 28: Neonatal Intensive Care: A Growing Core Market Despite Changing Dynamics
Neonatal Intensive Care: A Growing Core Market Despite Changing Dynamics Global Growth Drivers Changing Market Dynamics • Saturation in adult ventilation market driving new entrants resulting in more aggressive Increase in healthcare Increase in premature competition in neonatal segment infrastructu
Slide 29: Neonatal ICU Environment
Neonatal ICU Environment Monitoring system Nutrition support Warmer / Phototherapy Neonatal (SLE) ventilator ECG Incubator Thermoregulatory mattresses Humidifier Source for the photo: Neonest Hospital, India
Slide 30: Competitive Landscape in Neonatal Space
Competitive Landscape in Neonatal Space Not exhaustive, work in progress Premium provider Value provider Niche market player Diversified portfolio provider Ventilation Other NICU
Slide 31: Grow SLE Globally - Total Market for Neo Ventilation is ~$460m
Grow SLE Globally - Total Market for Neo Ventilation is ~$460m Neo Ventilators Neo Cons. & Access. Numbers rounded SLE: 7-8% share FY25 SLE: <3% share FY25 Global market size in value Global market size in value of ventilators sold in 2024 ~$200m of C&A sold in 2024 ~$260m Global market size in numb
Slide 32: Grow SLE Globally - Opportunity: US Market Expansion
Grow SLE Globally - Opportunity: US Market Expansion If consumables, accessories and service are included, • Market is dominated by pure Pure neonatal ventilators ICU derivative ventilators ~10% market size is ~$120m. neonatal ventilators i.e., Draeger & Getinge. It is also served by ICU vents and J
Slide 33: Inspiration Healthcare
Inspiration Healthcare UK&I Distribution Partner
Slide 34: Inspiration Healthcare - Products
Inspiration Healthcare - Products Distributed Products Own products Monsoon Jet Ventilator – specialised surgeries rPAP generator – resuscitation support Gas Blenders Thermoregulation consumables Consumables Sucrose 34
Slide 35: Specialty Ventilation
Specialty Ventilation Airon Pneumatic Ventilators
Slide 36: Specialty Ventilators - Airon
Specialty Ventilators - Airon Global Growth Drivers Market Opportunities Unique pneumatic technology ideal Leverage IHC global distribution for transport and MRI network to increase footprint Synergies with core neonatal Expansion into new therapy areas: ventilation segment Transport, Emergency Serv
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