Creo Medical reports year of solid progress

26th Jun 2024 13:43

(Sharecast News) - Surgical endoscopy medical device specialist Creo Medical Group reported solid progress over the last 12 months in an update on Wednesday, as it leveraged funds from the March 2023 equity raise to advance its strategic goals.

The AIM-traded firm, which was holding its annual general meeting, said achievements included the accelerated launch of the Speedboat UltraSlim device in the EU, now also being used in the US, the Asia-Pacific region, and Latin America, receiving positive feedback from clinicians.

It also noted that the Pioneer training programme saw a 119% increase in worldwide users in 2023.

Recent NHS Supply Chain data validated the effectiveness of Creo's technology, reporting net cash savings of £687,000 from 130 Speedboat procedures at one NHS Trust.

Additionally, Creo received the King's Award for Enterprise in Innovation, recognising its innovative technology platform.

Creo said its Kamaptive partnerships had also showcased the potential of its technology, with the MicroBlate Flex being used in a world-first combined procedure at the Royal Brompton Hospital to treat a cancerous lung nodule using a robotic platform.

Despite the business growth, Creo said it had maintained disciplined cost control, contributing to a reduced operating loss for the financial year ended 31 December 2023.

The company said it remained on track to achieve cash flow break-even by 2025.

"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," the incoming chair Kevin Crofton told the meeting.

"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."

At 1256 BST, shares in Creo Medical Group were up 0.33% at 32.35p.

Reporting by Josh White for Sharecast.com.