Inspiration Healthcare Group

IHC · AIM · Health Care · mcap £17m · 18.5p

Inspiration Healthcare designs and distributes medical devices for neonatal and respiratory care, including its own SLE ventilators, plus third-party products. It sells mainly to health services in the UK and export markets.

Target	Promise	Said	Status
2024
H2 2024	Launch new respiratory device in the second half	3 Oct 2023	⏱ Overdue – no update
	“We expect to launch this product in the second half” Status so far The deadline has passed; no announcement since says whether it was met. We check again as new reports come in.
2025
H2 FY2025	Register and launch neonatal products in Canada	18 Jan 2024	⏱ Overdue – no update
	“registrations now underway ahead of planned H2 FY2025 launch” Also stated 26 Jun 2024 Status so far The deadline has passed; no announcement since says whether it was met. We check again as new reports come in.
FY2025 H2	Receive and ship the delayed material export order (SLE6000, $4.3m)	1 May 2024	◐ Partly kept
	“expects to ship the products in the second half of the current financial year” Also stated 25 Jul 2024 Status so far Order signed July 2024; $2m recognised early FY26, remainder due H1/H2 FY26, so shipment ran late. “The Company is now working to finalise the agreed letter of credit and expects to ship the products in the second half of the current financial year.”25 Jul 2024 · $4.3 million contract “The first shipment of the delayed Middle East order was delivered to the customer during H1 and payment received. We are awaiting issue of the letter of credit for the second and final shipment and this is expected to be delivered in H2.”7 Oct 2025 · Half-year Results
FY25	FY25 revenues to be second-half weighted	2 Oct 2024	✓ Kept
	“we expect revenues for FY25 to be H2 weighted” Result H2 FY25 revenue £21.3m versus H1 £17.0m; full year £38.3m. “Strong H2 revenue of £21.3 million (H1: £17.0 million) and full year revenue of £38.3 million”18 Feb 2025 · Trading update
30 Apr 2025	Meet alternate debt covenants	1 May 2024	✗ Missed · target changed
	“Alternate covenants have been agreed until 30 April 2025 which will need to be met” Result Nov 2024 lender waived October test and reset covenants lower through January 2026. “the Company's lender, HSBC, has granted a waiver in respect of the EBITDA covenant for the 31 October 2024 test date and a reset of such covenant at a lower level for the 31 January 2025 test date. The interest cover and net leverage covenants have also been reset for the period through to 31 January 2026.”4 Nov 2024 · Grant of Covenant Waiver and Covenant Reset
2026
FY2026	Airon acquisition earnings accretive in second full year of ownership	4 Jan 2024	⏱ Overdue – no update
	“It is expected to be earnings accretive in the second full year of ownership.” Also stated 26 Jun 2024 · 31 Jul 2024 Status so far The deadline has passed; no announcement since says whether it was met. We check again as new reports come in.
H1 FY26	Deliver $6m humanitarian contract in H1 FY26	18 Feb 2025	✓ Kept
	“Delivery of this contract is anticipated to be in the first half of this financial year.” Result H1 FY26 revenue rose 41% to £24.0m, with the $6m contract cited. “$6 million humanitarian aid contract fully delivered in the period”20 Aug 2025 · Trading update and notice of results “We also delivered the $6 million order with UNICEF for SLE6000 and SLE1500 ventilators and accessories in full in the period.”7 Oct 2025 · Half-year Results
early FY26	Recognise about $2m Middle East contract revenue in early FY26	18 Feb 2025	✓ Kept
	“The revenue from this initial shipment of circa $2 million is expected to be recognised in early FY26 on receipt of the goods by the customer” Result H1 FY26 results cite two major export contracts; second shipment due H2 FY26. “The first shipment of the delayed Middle East order was delivered to the customer during H1 and payment received. We are awaiting issue of the letter of credit for the second and final shipment and this is expected to be delivered in H2.”7 Oct 2025 · Half-year Results
FY26	Deliver strong first half and meet full-year market expectations in FY26	24 Jul 2025	✓ Kept
	“We remain confident in delivering our full-year expectations and creating long-term value for shareholders.” Also stated 20 Aug 2025 Result H1 revenue ahead of expectations; FY26 revenue £47.5m, slightly ahead of consensus, EBITDA in line. “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”12 Feb 2026 · Full year trading update
Today · 15 Oct 2026
2027
FY27	Launch new SLE branded neonatal consumables range	28 May 2025	✗ Missed · target changed
	“New range of SLE branded consumables on track for launch in FY27” Also stated 7 Oct 2025 · 16 Jun 2026 Result Launch moved from later in 2025 to FY27 (year to January 2027). “New range of SLE branded consumables on track for launch in FY27”16 Jun 2026 · Final Results
FY27	Sales momentum to continue into FY27; company expects to close FY27 slightly ahead of market expectations	12 Feb 2026	… In progress
	“Good sales momentum expected to continue into FY27 with a solid pipeline of opportunities” Also stated 8 Sep 2026 Status so far Not yet due.
31 Jan 2027	Transfer infusion distribution to Micrel by January 2027 to focus on neonatal; net debt down about 20% in FY27	2 Jun 2026	… In progress
	“Inspiration Healthcare to become a more focused neonatal medtech business, enabling management to concentrate resources on the markets and technologies where we have the greatest opportunities for growth” Also stated 23 Jul 2026 Status so far Not yet due.
late 2027 FDA filing	Launch SLE6000 neonatal ventilator in the US, following FDA clearance	3 Oct 2023	✗ Missed · target changed
	“expected to lead to product clearance and launch in H1 2027” Also stated 4 Jan 2024 · 7 Oct 2025 · 16 Jun 2026 Result Launch slipped from H2 2024/FY25 to H1 2027, then FDA filing pushed to late 2027. “Advancing US market entry for SLE6000 ventilator, completing testing for FDA submission in H2 2026 and preparing for H1 2027 launch”7 Oct 2025 · Half-year Results “we now anticipate FDA filing in late 2027, with clearance in H1 2028”16 Jun 2026 · Final Results
2031
2031-01	Double Airon revenue within five years	28 Jan 2026	… In progress
	“strategic objective of doubling Airon revenue within five years” Also stated 12 Feb 2026 Status so far Not yet due.
2031-06	Double group sales over the next five years	16 Jun 2026	… In progress
	“further progress towards the strategy to double SLE revenues” Also stated 8 Sep 2026 Status so far Not yet due.