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16 May 2024

“Strong Revenue Growth” for Creo Medical

Medical device company Creo Medical Group has unveiled “strong revenue growth and significant commercial progress” in its full-year results.

The Chepstow-based firm, which is focused on the emerging field of surgical endoscopy, announced its audited final results for the 12 months ended 31 December 2023.

Total sales in the period were £30.8 million, up from £27.2 million, with a reduced operating loss of £24.8 million compared to £30.7 million in the previous year.

The company said tight control on costs had been maintained and this, together with the continuing sales momentum, gave the Board confidence that the Group will achieve its 2024 objectives for core revenue and deliver on the potential of Creo's technology.

CEO Craig Gulliford said:

“2023 was a significant year for Creo, with core technology sales increasing by c. 2.5x and a 119% increase in our global user base underpinning a Group-wide revenue increase of 13%.

“We successfully launched Speedboat UltraSlim in December 2023, the culmination of the work done to miniaturise our technology to be compatible with the working channel of all commercially available endoscopes, further broadening our market reach. The product has now been used in the UK, USA, LATAM and APAC since launch, with exceptional feedback received from clinicians around the world.

“Our MicroBlate brand has also seen strong progress, with increasing clinical cases, and pioneering work performed. In combination with our robotics partners, MicroBlate Flex was used at the Royal Brompton to ablate a cancerous lung nodule in the same sitting as a diagnosis performed with robotic platform. This world’s-first combined procedure has the potential to not only dramatically improve outcomes for lung cancer patients, but to remove the long and worrying waits between diagnosis and treatment.

“We expect to launch our SpydrBlade brand during 2024 via our core sales channel. SpydrBlade is also of great interest to our robotic partners, and we are working hard with them to deliver the technology into the robotics space.

“The growth seen during the year throughout all key parts of the business, and lowered costs, all contributed to a reduced operating loss for the year. This, coupled with the continued momentum we’ve seen to start 2024, encourages me as we move closer towards our goal of achieving cashflow break even in 2025.

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