Inspiration Healthcare reports steady revenue following acquisition
Inspiration Healthcare has reported revenue of £17m in the first six months of its financial year, driven by significant growth in its infusion therapies products division, it said today.
The London-listed firm, which is headquartered in Croydon, said its revenue was in line with management expectations in the six months ending July 31, 2024, boosted by sales from the newly acquired Airon Corporation , which completed in January.
Inspiration Healthcare’s infusion therapies revenue hit £5m during the period, representing a 16 per cent increase compared to the previous period.
Its gross margin is expected to reduce to approximately 44.5 per cent in the period, affected by the sales mix favouring lower-margin products.
As of July 31, 2024, the group’s net debt, excluding lease liabilities under IFRS16, stood at £6.7m.
The company said this figure includesd the proceeds from a “highly successful” £3m fundraising round completed in July.
It added that the debt level was better than expected thanks to lower outflows for working capital and reduced capital expenditure.
Roy Davis, executive chair and Interim chief executive of Inspiration Healthcare said: “Despite the challenges faced we have made progress during the period, securing our largest single order for our SLE6000 ventilators and completing a £3.0m fundraise to strengthen the balance sheet.
“As we look to rebuild our position, we are concentrating on revenue growth, increasing profits and improving working capital.
“Operationally our Infusion and Airon businesses are performing well and, in our core, Neonatal business we are focussed on driving sales.
“As part of our strategy, we are also implementing plans to increase recurring revenue from service and consumables and streamline operations to improve efficiency.
“With our portfolio of life-saving neonatal technologies and infusion products addressing critical healthcare needs, we are well positioned to return to growth during the second half of the year and start to deliver long-term sustainable performance.”