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(Alliance News) - Inspiration Healthcare Group PLC on Thursday said its interim revenue was marginally lower amid regulatory approval delays and a decline in its Infusion products revenue.
Shares in Inspiration Healthcare were down 12% at 43.28 pence each in London on Thursday afternoon.
The Crawley, England-based medical technology company producing specialist neonatal intensive care medical devices said in the six months that ended June 30, revenue was GBP20.4 million, down slightly by 0.5% from GBP20.5 million a year ago.
Inspired cited "unexpected delays" in regulatory approval for new distributed products, and explained they were expected to replace "products withdrawn from the market that contributed GBP1.0 million to revenue" in the six months prior.
A 14% drop in revenue for its Infusion products due to the de-stocking of a major customer also hindered Inspiration's interim growth.
Inspired added its gross margin is expected to be over 48%, up from 45% in the first half of 2022 and also forecasts an improvement in its full year earnings before interest, tax, depreciation and amortisation margin.
Chief Executive Officer Neil Campbell said: "Whilst disappointed in first half revenues, we are reporting margins returning towards our expected levels and improved cash generation, which have combined to reduce net debt and put the group in a stronger financial position. We are focussed on reshaping the business and are confident in returning to growth in the second half."
By Sabrina Penty; Alliance News reporter
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