Inspiration Hlt Regulatory News (IHC)

28 May 2024

The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014 as amended by the Market Abuse (Amendment) (EU Exit) Regulations 2019. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

Inspiration Healthcare Group plc

("Inspiration Healthcare", the "Company" or the "Group")

Board Changes

Inspiration Healthcare Group plc (AIM: IHC), the global medical technology company pioneering best-in-class, specialist neonatal intensive care medical devices, announces the following board changes.

Neil Campbell will step down as CEO of Inspiration Healthcare on 30 May 2024 and become a Non-Executive Director of the Company. He will formally leave full time employment with the Company at the end of June and become a consultant to the business as a Global Advocate supporting key relationships and business development opportunities. Neil has been with the Group for over 20 years having been one of the original founders of Inspiration Healthcare and was appointed as CEO of the Group in June 2015. 

At the request of the Board, Roy Davis, Non-Executive Chair is to become Executive Chairman and Interim CEO of the Company.

Roy brings a wealth of commercial experience in medical devices companies and has a proven track record of successfully scaling companies and delivering substantial value for shareholders. His expertise includes delivering sales growth strategies, transforming business operations, enhancing operational efficiency, and increasing productivity to yield higher profits. He has held leadership positions at a number of publicly quoted med tech companies, including as Non-Executive Chair at Medica Group plc, a leading UK tele-radiology company until its acquisition by IK partners for £269m in 2024. He was also CEO of Optos plc, a leading retinal imaging device manufacturer from 2008 to 2016 until its sale to Nikon for $400 million in 2015 and CEO of Gyrus Group plc, a leader in minimally invasive surgery and visualisation, until its acquisition by Olympus Corporation in 2008 for $1.9 billion.

Commenting on the change, Roy Davis, Executive Chairman said:

"Neil has played an important role over the last 20 years in founding the business, as a dedicated member of the Inspiration team and as Board member. I would like to thank Neil for his tireless commitment to the business and look forward to his continued involvement as a Non-Executive Director and advisor going forward. In becoming Executive Chairman and Interim CEO I look forward to working with the team to help Inspiration Healthcare on the next stage of its journey and to achieving its full potential."

Neil Campbell commented:

"I am pleased to be able to transition from an executive to a Non-Executive role with Inspiration Healthcare. While the business has experienced some challenges in recent times, I am incredibly proud of what we have achieved from start-up 20 years ago to where it is today. I look forward to being able to continue to contribute to the business as a Non-Executive Director."

The Board will keep shareholders updated on the process to appoint a permanent CEO in due course.

For further information, please contact:

About Inspiration Healthcare

Inspiration Healthcare (AIM: IHC) designs, manufactures and markets pioneering medical technology. Based in the UK, the Company specialises in neonatal intensive care medical devices, which are addressing a critical need to help to save the lives and improve the outcomes of patients, starting with the very first breaths of life.

The Company has a broad portfolio of its own products and complementary distributed products, for use in neonatal intensive care designed to support even the most premature babies throughout their hospital stay. Its own branded products range from highly sophisticated capital equipment such as ventilators for life support through to single-use disposables.

The Company sells its products directly to hospitals and healthcare providers in the UK and Ireland, where it also distributes a range of advanced medical technologies for infusion therapy. In the rest of the world the Company has an established network of distribution partners around the world giving access to more than 75 countries.

The Company operates in the UK from its world-class Manufacturing and Technology Centre in Croydon, South London and from its facility in Hailsham, East Sussex, and in the USA from its facility in Melbourne, Florida.

Further information on Inspiration Healthcare can be found at www.inspirationhealthcaregroup.com