Good afternoon, and welcome to the Inspiration Healthcare Group PLC investor presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged and can be submitted at any time via the Q&A tab situated on the right-hand corner of your screen. Simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company can review all questions submitted today and publish responses where it is appropriate to do so. Before we begin, I would like to submit the following poll. I would now like to hand you over to Raffi Stepanian, CEO. Good afternoon, sir. Good afternoon. Good afternoon, everyone, to this full year results briefing for Inspiration Healthcare Group for the financial year 2026, which ended on 31st January 2026. I am here joined by Alan Olby, our Chief Financial Officer, and we will walk through our slides for the day. The agenda today is to go over the highlights of the financial year and then an overview of the financial metrics. We will then follow with the business direction that we have taken last year and this year, short and midterm, focus on each of the businesses segments that we have, and then close with the outlook and take questions from you. First, the highlights. It has been a turning point for us the past financial year where we achieved a lot of growth in our numbers. You will see in the details that we will share that we grew a lot in the SLE part of the business with one of the largest ever orders for the company, which we delivered and installed. This was in Central Asia through a humanitarian organization. On top, we also delivered the first part of the Middle East office order that we have been talking about in the last couple of years. These were around GBP 9.5 million of one-offs that were added to our numbers. The encouraging signals here were that also our underlying business grew on top of these big, large orders, and we grew the underlying business by 10%. The growth that we see through our order book and the funnel for the underlying business makes us really positive for the rest of this current financial year as well. To achieve this, we did a lot of efficiency gains in the company. Major uphold in the production outputs to deliver all those capital equipment that we got orders for. We achieved that without adding any new resources. One of the other highlights is that due to the big orders and strict control on sourcing and raw material supply chain, we reduced the inventory by 33%, a huge chunk of GBP 4.3 million, and we are continuing to lower it even further this year. In the efficiency gains as well, we worked a lot to improve our ERP system, the internal ERP system that we have in the company. We automated a lot of processes and made it easier for us, for our teams to work together and also for our customers to do business with us. We also simplified the legal entities. We are now concentrated on two main legal entities that are doing the business, SLE globally and Inspiration Healthcare in the U.K. and Ireland. A proud moment for us was the achievement of certification for the ISO 14001 for environmental management system. On top of that, we achieved as well the Evergreen Sustainable Supplier Assessment for NHS, which is a very rigorous environmental framework and gives us the opportunity to even be more successful with the NHS Supply Chain. Last but not least, we were working on our brand with the clarification of our strategy last October and focusing on the three brands of the company, SLE, Inspiration and Airon. We did a lot of rebranding and we are still ongoing with it and to finalize in the next couple of months. On the product strategy side the biggest and the most important by far for us is the entry to U.S. market. This project is ongoing. There were a lot of rigorous tests that we needed to do on the biocompatibility and cybersecurity side which have been done currently. We are expecting the filing to be mid to late 2027 and clearance in the first half of 2028. We have also repositioned and relaunched a device that we have in our portfolio called SLE1500. This is for sub-acute care areas, not intensive care, but more on delivery or rooms and level 1 rooms. We expect to have good turnover from this device in the current financial year. Our consumable projects were on track. We will launch them in this year. More to come on that in the coming slides. We spent a lot of time to clarify our long-term strategy from product perspective. We had a highlight back in October when we presented again to you. We have currently also identified new technologies that will help accelerate this roadmap. We'll cover that also at the end of this presentation. From organization perspective, we kind of unified all the cultures that were inherent to the group. We have unified under our focus to help customers and help patients. We clarified our values that we will use to achieve that, which is around teamwork, accountability, and ownership, and continuous improvement in everything that we do. Furthermore, we strengthened the organization with a lot of new additions. Regional managers for Asia Pacific, Latin America, and then a general manager for Airon from the commercial perspective. From global functions perspective, we recruited a medical affairs director. Lastly, a director for marketing and product management. With the focus on all these hirings and recruitments, we're focused on knowledge and knowhow of the neonatal space and also clinical expertise for all these people and to add to the DNA of the company that we already have. With that, I pass on to the financials to Alan. Thanks, Raffi. Good afternoon, everybody. Here we have the highlights of the last financial year, as we said, ended 31st January 2026. I'm very pleased to show that all of our key financial indicators are pointing in the right direction. We're really starting to see the impact of the Back to Basics campaign that started in the prior year, and has been the focus of quite a significant amount of work throughout the last 18 months. In terms of the headlines, the revenues grew 24%, which is a record for Inspiration Healthcare. Obviously increased by the GBP 9.5 million one-off export orders. That helped us to improve gross margins because there was quite a high proportion of capital sales in those orders. At the moment, our capital sales help us improving margins. Margins improved by just under 1%, 43.7%. Strengthening margins, growing sales, and controlling operating costs have contributed to EBITDA increasing from GBP 200,000 last year to GBP 2.8 million this year. A significant step up. That improvement in profitability and not incurring additional one-off costs as we had in the prior year meant that at the operating level, we recorded a negligible operating loss of GBP 0.1 million compared to last year's GBP 14.7 million. On the other side of the equation, focusing on working capital and cash flow, we saw a very significant step down in inventory on the back of the revenue growth last year and the improvements in purchasing controls that we put in place. We saw inventory at just under GBP 9 million at the end of the year, a reduction of 33% and ahead of where we'd hope we might get to. Significant improvement on the year and there's more to do on inventory in the current year, so we expect to see that falling further. All of that working capital improvement as well as the improvement in profitability drove us to a significant operating cash inflow of GBP 7.5 million compared to an outflow in the prior year. That's a combination of the profitability and working capital, not just inventory, but also improvements in credit control, which have also driven down receivables quite significantly over the year. All of that combined reduced net debt to GBP 5.1 million at the end of the year, which is the lowest level it's been for the last three years. Turning to the revenue now in a little bit more detail. You can see in the top slide here or the top chart, the impact of the SLE business, and the growth that we saw from the one-off contracts. Overall revenues were up 24%, but SLE revenues were up 56% at GBP 31.6 million. The important message here is that even without the one-off contracts, the underlying SLE repeatable business came back to growth at 10%. That's off the back of the Back to Basics, getting closer to our distributors, and pushing out the SLE business internationally. Inspiration Healthcare, our U.K. med tech distribution business, saw revenues decline by 11% as a result of de-stocking within the infusion business. I think we mentioned at the half year that one of the four home care providers in the U.K. had overstocked during FY 2025, which reduced sales throughout much of FY 2026. Because the infusion business dominates the Inspiration Healthcare sales, that led to revenues declining by 11% over the year as a whole. That destocking issue has now normalized, and as we have gone into the current year, the ordering levels from the infusion business are back to normal. So we expect to see revenues growing again, in that business this year. Airon, which is our pneumatic ventilation business based in Florida. Sales at a comparatively low level declined by 13%. We had a very strong year in FY 2025, which had been ahead of expectations driven by our U.S. distributor building up their rental fleet. While they have continued to sell products this year because the rental fleet had been built, we saw revenues decline slightly. At the end of the year, we announced a three-year contract with one of the leading healthcare providers in the U.S. with an initial order for 150 units of the Airon ventilators. That has been delivered in the first three or four months of our current financial year. So Airon has had a very fast start to the new year, and we will see strong growth at Airon this year. Looking at the split of revenues, we have continued to talk about driving up recurring revenues through consumables and service. In the last year, the ratio was 73% capital to 27% service, and that was really driven by the significant one-off orders. With the consumables launches that we have coming this year and improvements in our service offering, we are expecting to see that ratio improve, and slowly move towards our ambition of having 50/50 from capital versus recurring revenues. The overall income statement here. You can see the revenues and improvement in gross margin as we have already highlighted. In terms of operating expenses, which were up 9% overall, there were some one-off commissions paid linked to these one-off revenue orders. If you normalize those one-off commissions and take out the FX variances, the underlying operating expenses of the business were down by 3% year-over-year, reflecting our controlling of costs and the impact of cost savings that were implemented during the prior year. Some of those have been reinvested in the new recruiting that was highlighted in terms of the operations, but we maintain a very strong focus on keeping costs under control, and trying to match those more closely with the revenues. As we said, a small number of non-recurring items, much lower than GBP 12.8 million last year, linked to some severances and dilapidations provision on the old site that SLE exited during last year. Meant that we had an operating loss of just under GBP 0.1 million. Finance expenses were down by 13% on the back of the cash generation and the l ower average net debt during the year. That meant we had a loss before tax of over GBP 1 million. Looking at the cash flow and the movement in net debt over the year. Here you can see very strong cash inflows from the EBITDA profitability, as well as the working capital benefit, where we generated inflows of just over GBP 5 million through a combination of inventory management and improvements in receivables management, credit control. That was really a one-off gain for last year that will not be repeated this year. We will still see working capital reducing, but at a much lower level in the current year. That will be mainly linked to further ongoing inventory optimization. We had GBP 800,000 of tax receipts from three years' worth of R&D tax credits that were filed and caught up with during the year. On the debit side, there were non-recurring costs. T he final consideration that was paid for the Airon acquisition in the prior year, which was paid in the first half of last year. There's nothing further due in relation to the acquisition of Airon. More importantly, investment in R&D, and the future product pipeline. There was quite a significant number of projects underway last year linked to the new variants of the SLE6000, which will be used for the FDA application. So we saw higher R&D costs last year. Finally, there's the property lease, and other interest payments of just over GBP 1 million. Overall, net debt at just over GBP 5 million at 31st of January. I now pass you back to Raffi to talk about a bit more on the business. Thanks, Alan. We just wanted here to repeat a couple of slides from the strategic direction that we have provided back in October. Here there was a strategic direction regarding the actions and priorities we're taking, from Back to Basics, which is now grayed out, to the mid-term focus, which was around driving sales and improving profits, and long-term to be a leader in the market. The box in the middle which is for last and current calendar years. It's the actions that we have taken, and we are on track with the strategy that we have put six months back in October. Further details later in the slides, but to continue, and back in October, we had also clarified the three pillars and the three business segments that we have identified and clarified to the market and internally. The first being SLE as a leader in neonatal ventilators with a global footprint, and with the highest growth potential, growing from GBP 20 million to GBP 45 million within five years. It had a successful year in FY 2026. The pillars and the actions that we need to take there are clear, and I will talk about them also later. The middle one is Inspiration Healthcare, and this is our U.K. and Ireland distribution partner company where we are distributing not only our SLE vents but also third-party neonatal products and till now, also the infusion segment, infusion therapies with infusion pumps. The major change from October is that what we announced two weeks ago about the infusion segment moving out to a direct control by Micrel by the end of our financial year. The numbers there in this slide show the values of turnover without the infusion products included. Here we want to grow through other third-party products that we have launched. One of them is a jet ventilator that we have launched last year and we are looking for more products that we can represent in the marketplace, all revolving around the neonatal care area and being complementary to our current offering of neonatal ventilators and whatever else we are distributing. The third column, Airon, is on track with its strategy, with the growth that we have planned for it. In the subsequent three slides, we will talk about each of these different units separately, what happened in FY 2026, and what are we focusing on for this current financial year. For SLE, this is the biggest part of our product offering, and it's our core business and core products, our own brand. Sales grew 56% last year, again, driven by those two big projects that we mentioned. Capital grew by 86%, showing the reliance on capital sales for that period. Consumables grew 14% and service 4%. This is where our focus is for the current year to grow both consumables and service. Underlying business grew 10%, as we said before, some of the highlights are th at we currently, back in last financial year and also currently in Q1 of this year, we are the market leader in neonatal ventilators in NHS Supply Chain and NHS. This a great testament to the quality of the product and the hard work that our U.K. team is doing. We have relaunched the SLE1500, which is a lower acuity product that we had in our portfolio that we were not actively promoting. Now we have relaunched it and are looking for opportunities, both U.K. and internationally. Finally, we want to mention we had a key publication from King's College in U.K. on OxyGenie, our automated algorithm, showing clear benefits to patients and caregivers with this algorithm. We will use that as a platform also to do further research on these further studies and further clinical marketing. Priorities for this year for SLE is we want to grow the funnel of opportunities in Pacific and Latin America, which is already happening, and it's very positive to see. We want to maintain our market position in Middle East and Central Asia, where we have already good market share. We want definitely to gain share in Europe, the first signs of this are appearing with good deals and projects that we have been winning in the last three to four months. A big key priority for us is the launch of the consumables range. We already launched one item back in March, and we are launching two more items in October. With these launches, and before even October, we have launched a U.K.-focused program on approaching our installed base of ventilators and gaining more share of the consumable business of those ventilators. We will launch this also widely more in the international markets, but the main current program is for U.K. to set us off on a good foot. We are also in the process of launching service as a product, giving more service options to the NHS hospitals, increasing our service revenue. We want to grow the sales of the device, the SLE1500 that we launched last year. We will continue the clinical marketing with opinion leaders. We had very fruitful meetings with them last year to set our roadmap, to set the strategy of what are we going to do clinically and on our products. We are going to continue with them and turning this into a forum for innovation. We are progressing through the FDA submission project with R&D, and it's with the timelines that we explained. Finally, we are looking at new technologies, and we have identified at least one which can be added to the SLE device range and increase and enhance our product offering in the market. More details on this in a few minutes. I pass on to Inspiration Healthcare, which is the part where we talk about third-party products, which we distribute in the U.K. mostly. As Alan mentioned, sales declined by 11% because the biggest contributor, infusion therapies, declined by 13% for all the reasons that we mentioned. However, we maintained the market-leading position in the parenteral nutrition, which is home care, mainly where we have more than 50% market share. We are the market leader. It was the first full year of the new Rythmic Ultima pumps in the hospital care area where we had 50% growth. Great performance on the infusion side, even though it was declining versus the prior year because of an overstock stocking by one of our major customers. We launched a new Monsoon Jet ventilator in the adult pediatric surgeries. More on the negative side, we lost some of the sales of our historical products, which were stopped due to MDR regulations and hence also the related consumables and service. We are trying to reverse this trend this year with new service offerings and then fulfilling these historical products with more consumables. In 2027, as you have heard, two weeks ago, we announced that we are moving the infusion therapy units to be controlled directly by Micrel. The personnel will be transferring on 1st of July and the commercial activities. They will be handled directly by the Micrel U.K. team. Invoicing will continue through Inspiration Healthcare until end of our current financial year. We expect minimal impact to our financial performance due to this change. We will have the first full year of Monsoon. We have a very good funnel of opportunities. We are in the process of launching a new transport incubator, which the market was expecting, and it was delayed, again, due to MDR clearance delays. We are continuously looking at potential t hird parties that we can onboard and represent in the U.K. The focus would be on neonatal space to expand the current solutions that we have in SLE and the third-party products that we already have. Lastly, Airon. Sales declined by 13%, as Alan mentioned, because we were focusing on one exclusive national distributor in the U.S. Since then, we had moved away from the exclusivity, and you will see in current year priorities that we are looking into different directions. We are looking for more distributors. We are looking into entering the emergency market, which is a much bigger one than the hospital. We are looking and already actioning international sales, which were very minimal till now. We are doing the sales of Airon all over the globe through our existing SLE and Inspiration distribution network. We are also approaching the three big purchasing organizations in the U.S., and we are already in one of them listed, and we have the big order that we almost completely delivered already, and we are looking forward to follow-up orders on that. Also increased consumable sales on that new installed base of 150 devices. Last but not least, we are looking into online sales through our own sales portal and also well-recognized and huge hospital portals in the U.S. A few slides on the SLE. As we highlighted back in October, it is our biggest growth opportunity, and the details of that were covered already a little bit, but here again, I want to highlight and as a conclusion, mention. We started with the Back to Basics, which we are continuing about efficiency, supply chain inventory, organizational efficiency, et cetera. We continue to do those things, but we moved on to focusing on the core of the business. This means entering U.S. markets, winning share in Europe, launching our own consumable products, and strengthen the service business. That will help us to move to the innovate and lead phase of our strategy, which would take us to a market leadership in neonatal ventilation. To do that, we had presented these slides also in October. The blue stars signify where we are currently present or strong. We are very strong with our SL E6000 device in the neonatal ICU. Not so much in the step-down units, not so much in transport or delivery rooms, and that's the clinical pathway of a neonate. In consumables, we are very little presence in any of the care areas, and that's what we are trying to achieve with the launch of our products, and so on and so forth. To focus on the device level, we have an opportunity for technology acquisition, and that is explained on the next slide in more details. On the right-hand side, you will see the market representation of the neonatal ventilation market. Here, it's a GBP 200 million market where a quarter of the market is a high-frequency market. Hard quick, high-frequency devices where SLE have share of 30% or more. We are leading manufacturer there and recognized as a gold standard in high-frequency. The non-high-frequency market is GBP 116 million, is more than half of the market. It is where we have very little share. This is driven by pricing, by size of the unit, and by simplicity of the devices that are being sold in that market. The fact that also we need a device with turbine-driven to have less reliance on compressed air in the hospital. We have identified a technology, and we are performing a due diligence on it currently to see the fit, the conditions, and how would we integrate it to our offering. It will definitely accelerate our strategy by at least three years. It will provide us a solution that would fit into the step-down units and also delivery room units and non-invasive ventilation. It will give us a product with much lesser cost of goods so that we can be competitive in that market segment. We are currently assessing that it would also be less risky a track to the FDA, while keeping the timelines as discussed for the SLE6000. We are in the process of doing the due diligence on that, and hopefully, in the next few months, we will have more information to share. With that, I pass back to Alan to give us an outlook and the close of the presentation. Thank you. FY 2027, which is our new financial year, has started well. We spoke about Airon delivering the large order for the U.S. healthcare provider, which has been over 90% completed in the first few months. We've also shipped the final part of the long-delayed Middle Eastern order, and that is in the process of being delivered at the moment, which is certainly good news. The order book and opportunity pipeline that we're monitoring for the SLE business gives us quite significant confidence in meeting the expectations for the full year. Getting closer to our distributors with our distrib utor managers out in Asia-Pacific and Latin America is really providing a benefit and uncovering opportunities in those markets for both SLE and for Airon sales internationally. The launch of our own branded consumables is on track, with the first product launched recently and the other two on track to be ready for the end of Q3. Our U.K. push on that has already started with our key customers in the U.K. The KPIs that we've set ourselves for the service team and function are all very much tracking in the right direction, which would support delivery of our service targets and service growth for this year. As we also talked about, there will be further working capital reduction, particularly with ongoing inventory reductions, that will help with cash gen eration for the current year. Organizationally, the changes made last year in terms of focusing on the customer, strengthening the leadership team with greater neonatal and ventilation experience. As well as the internal goals and KPIs that have been distributed throughout the organization to ensure that everybody is aligned and all working as one team, will really help us with focusing on the priorities for the business overall this year. In the medium term, the development team are working on other product enhancements for the SLE6000, and in particular, the FDA project for gaining market access into the U.S. There are further consumable launches planned. It's not just about three pr oducts this year. There are further consumable that will be added to the SLE range as we go into next year and beyond that, providing additional support for growing our recurring revenues and high-margin revenues in the years to come. That now concludes the formal part of the presentation. That's great. Thank you very much for your presentation this afternoon. Ladies and gentlemen, please do continue to submit your questions just by using the Q&A tab situated on the right-hand corner of your screen. Just while the company take a few moments to review those questions submitted today, I'd like to remind you that a recording of this presentation, along with a copy of the slides and the published Q&A, can be accessed via your investor dashboard. Guys, as you can see, we have received a number of questions throughout today's presentation. Can I please ask you to read out the questions and give responses where appropriate to do so, and I'll pick up from you at the end. There is a question regarding the shift towards consumables and service revenues. What margin profile would we expect from these businesses relative to the capital equipment? Initially, during the launch phase of the consumable programs, and when I'm saying initially, it means this financial year, the margins will be in line with our current margins overall as a company. Once we launch our own products, more of our own products, let's say in October and beyond, the margin would increase by 5 or 10 points on those particular products versus our current overall company margins. There is another question regarding when will customers need to replace the glut of the adult ventilators acquired during COVID. Is there a shelf life after which unused stock needs to be replaced, and do you see a resumption of pre-COVID demand? Do you expect recent entrants to neonatal revert back to the adult market? Starting from the last question, I wouldn't expect them to revert back to adults, because if they are successful in neonatal, they will stay in neonatal. It is our strategy and brand image that we are a dedicated neonatal company. That's how we win in the market and with our couple unique selling points. As I said, we are known for our high-frequency, quality, and also our oxygen algorithm. That would keep us competitive in the neonatal market. Regarding adult ventilators and when they would be replaced, the cycle for these kind of ventilators, if in use or if in stock, usually is 10 years. If they were bought in 2020, I expect them to be changed by 2030 or further on. Perfect. Guys, I think that's all the questions we've got there, so thank you for answering those. Of course, the company can review all questions submitted today, and we'll publish those responses on the Inv estor Meet Company platform. Just before redirecting investors to provide you with their feedback, which I know is particularly important to the company, Raffi, could I please just ask you for a few closing comments? Thank you. I would like to thank all of you who joined today. I think we got another question. I don't know if we want to check it first. No, it's the same one. No, it's a new one. It's for Alan, this one. Oh, okay. Want to take it. Just quickly, there's a question here around EBITDA at sub 6% and given one-off sales in 2026 and loss of infusion business going forward, what is management's long-term target for EBITDA margin? Certainly, the one-off sales helped growing EBITDA last year. When the infusion sales come out in FY 2028, that will hurt our profitability further because there was a 25% net contribution from the infusion business. We will be growing back EBITDA from a lower level in FY 2028. I think longer term, we're aiming at least a 15% EBITDA margin. Once we get into the outer years of the revenue targets that we've put out there, once we have U.S. market access, and we grow SLE to a more reasonable size, we have the infrastructure in place to support a much higher revenue number. Once we get to see more significant revenue growth, we'd expect to see operating leverage drive the EBITDA margin back up to a more normal level for a business in our segment. I think that's the last question for now. Okay. Back to the closing words. Thank you again, all of you, for joining. We thank all our current shareholders and also the ones who are considering to be shareholders. As you see, we are building the business back with an inflection point that we have at this moment, focusing on the core business of the neonatal ventilators of SLE, where we are market-leading position. We believe in the underlying business strength. It shows up in our funnel of opportunities. With the building of a more efficient and a stronger organization and the leadership team, we are going to continue in our strategy for becoming a leader in that segment and becoming a full comprehensive solution provider to our customers around the world. Thank you again, and thank you for the trust that you put in Inspiration Healthcare Group and our leadership team. That's great. Thank you for updating investors today. Can I please ask investors not to close this session, as you'll now be automatically redirected to provide your feedback in order that management team can better understand your views and expectations. This will only take a few moments to complete, and I'm sure will be greatly valued by the company. On behalf of the management team, we'd like to thank you for attending today's presentation, and good afternoon to you all.