07th May 2020

Creo Boss Hails Firm’s Prospects After Year of Progress

The chief executive of Creo Medical has hailed the listed company’s medium and long-term prospects, despite the challenges and uncertainties created by the Covid-19 pandemic, after posting results covering a year of “considerable progress”.

During the year to 31 December, the developer of medical devices focused on the emerging field of surgical endoscopy said there had been a continued evolution from early clinical adoption to wider international commercialisation.

Progress was made on the path to commercial launch for the company’s suite of devices to complement its CROMA Advanced Energy Platform and Speedboat device for use in Gastrointestinal therapeutic endoscopy.

During the year, Creo also strengthened its balance sheet following the successful raise of an additional £51.9m (before expenses) through a placing and open offer.

At the year-end, cash and cash equivalents stood at £81m.

Total sales during the year came to £151,000 and the business made an operating loss of £18.9 which was said to be in line with management expectations

Chief executive Craig Gulliford said Creo had developed “an unrivalled suite of game-changing devices that will change the way endoscopists and surgical users operate and bring positive benefits to patients globally”.

“Supported by the security of our long-term funding and following the huge efforts of the Creo team we now have an exciting suite of advanced energy surgery products that are nearing regulatory clearance and which are poised for commercial rollout as lockdown restrictions are eased,” he added.

“I am proud of the progress we have made to date; we have advanced engineering projects into commercial products, we are ready to move from local production into volume manufacturing, and we have progressed our first trainees into trainers within their home markets.

“Whilst the global outlook for 2020 may be uncertain, I believe we have created a solid platform to deliver on our longer-term commercial goals.”