Creo Medical Group is “well positioned for accelerated growth” and is progressing towards its goal of achieving cashflow break even in 2025.
The Chepstow-based medical device company, which is focused on the emerging field of minimally invasive surgical endoscopy for pre-cancer and cancer patients, provided an update to shareholders ahead of its Annual General Meeting.
It highlighted ‘exceptional clinician feedback’ following the launch of its Speedboat UltraSlim, a device for endoscopy procedures, and a 119% increase in users of its clinical education programme.
Incoming Chair Kevin Crofton reflected on the progress from a “small medtech start-up” to a company with “a strong international presence, a growing user base and world-class partners”.
He said the firm was now “well positioned for accelerated growth”.
Crofton thanked outgoing Chair Charles Spicer for his eight-year tenure, saying:
“The transition from a small medtech start-up, to where the company is now, is testament to not only the quality of the company’s technology and products, but also to its leadership, of which you have been an integral part. With a strong international presence, a growing user base and world-class partners, Creo Medical is now well positioned for accelerated growth. During my recruitment process, I have got to know many members of the talented Creo team, and I am looking forward to getting started and working with them to continue our upwards clinical and commercial trajectory.”
Outgoing Chair Charles Spicer said:
“The past 12 months have shown continued momentum in Creo’s journey towards becoming a mature, international medtech group. Using the financial resources provided by our March 2023 equity raise, we have continued to execute on all fronts of our strategy. This has included the launch of Speedboat UltraSlim, accelerated in the EU by 18 months, quickly being followed by the product being used in the US, APAC and Latin America, with exceptional clinician feedback. We have been delighted to see the investment in our Pioneer training programme continue to deliver a growing number of worldwide users, with a 119% increase over the course of 2023.
“The recent NHS Supply Chain data, which confirmed net cash savings of £687k from 130 Speedboat procedures at one NHS Trust, was a fantastic validation of the difference our technology can make to healthcare systems in addition to improving patient outcomes. We look forward to working alongside NHS Supply Chain as they promote the value proposition of Speedboat to Trusts around the country.
“We were also proud to be named as a recipient of the King’s Award for Enterprise in Innovation last month, providing recognition of our team’s hard work and dedication to build a truly innovative technology platform. The potential of Creo’s technology has also been demonstrated through our Kamaptive partnerships, as MicroBlate Flex was recently used to treat a cancerous lung nodule in the same sitting as a diagnosis performed with a robotic platform, in a world’s-first combined procedure at the Royal Brompton Hospital.
“The team has worked hard to keep disciplined control over costs, even as the business has continued to grow, which contributed to a reduced operating loss for the financial year ended 31 December 2023, and we continue to progress towards our goal of achieving cashflow break even in 2025.
“At our AGM last year, we announced that we were implementing a comprehensive Board succession plan, including recruiting a candidate who would be suitable to succeed me as Chair. I am delighted that last month we announced the addition of Kevin Crofton and Brent Boucher as Non-Executive Directors, effective from 1 July, with Kevin succeeding me as Chair. I would like to take this opportunity to welcome them both to the Creo Board. I am confident their skillsets and significant commercial experience will be of great value to Creo and its Directors.
“In addition to the recently announced Board changes, John Bradshaw has informed us of his intention to retire and step down from his role as Senior Independent Non-Executive Director. John, who also chairs the Audit Committee, will remain with the Board until a suitable candidate is found to take his place. A recruitment process has been commenced and further announcements will be made as appropriate. I would like to place on record my thanks to John for his extensive contribution to the company since his appointment in 2016.
“It has been a great privilege to serve as Creo’s Chair since our IPO in 2016, and to help guide the company as it has pioneered its truly world-class technology. I would like to thank my fellow Board members and shareholders for their continued support, and I look forward to seeing Creo continue to make progress and change the lives of even more patients in the years to come.”
