INSPIRATION HEALTHCARE GROUP PLC-Final Results

INSPIRATION HEALTHCARE GROUP PLC-Final Results

Preliminary Unaudited Results for the year ended 31 January 2023

 A Year of Significant Investment For Long Term Growth

Inspiration Healthcare Group plc (AIM: IHC), the global medical technology company, pioneering best-in-class, specialist neonatal intensive care medical devices, announces its preliminary results for the twelve months ended 31 January 2023 ("FY2023").

2023 Highlights

·      Resilient revenues marginally ahead in a year of unprecedented global macro-economic uncertainty

·      Domestic sales growth of 13%

·      Branded Products sales growth of 8%

·      Major investment in new state of the art Manufacturing and Technology Centre

very low carbon footprint

enhanced customer education facilities

increased capacity and capability

rationalisation of Group property portfolio underway

·      Medical Device Regulation (EU) - Technical Files all submitted

·      Increasing inventory to secure long term supply chain and meet customer satisfaction levels

·      Project Wave study recruitment complete - analysis underway

·      Progressed USA regulatory submissions

·      Expanded acute care portfolio with launch of additional distributed products in the UK and Ireland

2023 Financial Highlights

·      Group revenue of £41.2m (FY2022: £41.1m)

Adjusted EBITDA1 of £4.0m (FY2022: £6.4m) reflecting a gross margin reduction (44% vs 50%) due to product mix in different territories

·      Net cash2 £(3.8)m (FY2022: £9.3m) due to:

investment in the Company's Manufacturing and Technology Centre;

increased inventories to ensure continuity of supply chain and customer service level;

higher debtors driven by strong Q4 revenues; and

non-recurring items particularly aborted acquisition costs

·      Invoice discounting facility put in place in December 2022 - Facility up to £5m. Total available borrowing facilities, including existing £5m RCF, now £10m

·      Proposed final dividend maintained at 0.41p per share (FY2022: 0.41p)

1Earnings before interest, tax, depreciation, amortisation, impairment, share-based payments and non-recurring items

2Cash and cash equivalents, less revolving credit facility and invoice finance borrowings 

Post year-end

·      Cash generative in Q1 FY2024

·      Extension to the SLE6000 ventilator range

Neil Campbell, Chief Executive Officer of Inspiration Healthcare Group plc, said: "Last year we showed resilience and the ability to adapt our plans to maintain revenues despite geo-political and macro-economic uncertainty. Although the growth in the business was not as strong as we had hoped, the investments made during the year, coupled with increasing revenues in Q4 FY2023 and subsequent cash generation in Q1 FY2024, means the Company is well positioned to return to growth within this year. On behalf of the Board and all the team, I would like to thank our shareholders for their continued support and we look forward to an exciting year ahead."

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