A new CEO has been appointed at Inspiration Healthcare Group plc.
The Crawley-based medical technology group, maker of neonatal intensive care medical devices, said Raffi Stepanian will take the reins from 8th January 2025.
In May founder Neil Campbell stepped down as CEO following nine years at the helm and subsequently left the company after more than 20 years of service. The development followed a dramatic fall in share price.
Roy Davis, who has served as interim CEO since that time, will then return to the role of non-executive chairman.
The company’s share price has stabilised somewhat since the summer. It stood at £11.2m in May and is 12.55m today despite a 17% drop in first-half revenue to £17m and adjusted pre-tax loss of £2.5m.
Stepanian has extensive operational experience within fast-growing international medical device companies. His areas of expertise include respiratory, anaesthesia and monitoring.
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Most recently he was CEO of Breas Medical, a Swedish-based global medical device company designing, manufacturing and marketing ventilation devices for home and hospital use. During his four-year tenure he was responsible for transformational change improving turnover and profitability while successfully launching new products in the US with experience in navigating the FDA regulatory processes.
Prior to this, he held a leadership position at GE Healthcare where he was responsible for setting the product growth strategy, value proposition and marketing activities in the anaesthesia and ventilation segment.
His positions at GE Healthcare included anesthesia & respiratory leader Europe; general manager homecare – Europe; general manager respiratory care EMEA; and marketing director anesthesia & respiratory care.
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“We are delighted to welcome Raffi on board, and we look forward to him joining the Inspiration team,” said Davis. “He has been instrumental in developing industry-leading respiratory solutions in his past roles and has a track record of delivery.
“Raffi brings significant international commercial expertise including successful US product launches. We believe Raffi has the right skillset to execute on our future plans and deliver long term value to shareholders and I look forward to working with him.”
Stepanian added: “I am thrilled to be joining Inspiration Healthcare at a stage in the Group’s development where they are turning a corner and now have a clear strategy to return the business to growth. Inspiration has significant potential, with world class design and manufacturing expertise and a broad range of innovative best-in-class medical products.
“There are also exciting growth opportunities in new markets. I’m looking forward to working with Roy, the Board, and the Inspiration Healthcare team to deliver on the opportunity.”
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