Inspiration Healthcare Group (AIM:IHC), the AIM-listed neonatal intensive care medical device maker, reported first-half revenue of £22.0 million for the six months to 31 July, down from £24.0 million a year earlier.
The prior-year period had benefited from £6.5 million of one-off export contract revenues, meaning the underlying comparison tells a stronger story.
Stripping out that one-off benefit, revenue from the SLE product portfolio, the group's core neonatal division, rose 38% to £12.7 million, supporting its strategy of doubling SLE revenues.
Airon revenue jumped 40% to £1.6 million following an initial order under a three-year purchasing agreement with a large US healthcare provider, while MedTech distribution revenue grew 7% to £7.6 million.
The group is transitioning its infusion products distribution back to Micrel, with the existing agreement ending 31 January 2027, a move intended to sharpen focus on the core neonatal business.
Net debt, excluding IFRS 16 lease liabilities, held broadly stable at £5.2 million, against £5.1 million at 31 January.
"We enter the second half of the year with confidence, a strong orderbook and pipeline of opportunities and expect to close the financial year slightly ahead of market expectations," said chief executive Raffi Stepanian.
The company is expected to announce interim results for the six months ended 31 July in due course.
News Intelligence what this means for the company
Inspiration Healthcare's core SLE neonatal ventilation unit grew 38% in H1 2026 (to £12.7m), driving the company to guide slightly ahead of market expectations for the full year. The growth is material: stripping out a £6.5m one-off export contract that inflated prior-year comparables, underlying SLE revenue nearly doubled its prior-year run rate, directly supporting management's stated strategy to double SLE revenues.
The SLE surge validates the company's core neonatal strategy and suggests the business can grow organically without relying on one-off contracts. However, the full-year guidance remains vague ('slightly ahead'), and the planned transition of infusion distribution to Micrel (ending January 2027) will shrink reported revenues by ~£7.6m annually, requiring SLE and Airon growth to offset that headwind.
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