Creo Medical - A rewarding FY22 for core technology arsenal
Creo Medical has announced its FY22 trading update and outlook for the year ahead. FY22 was a busy period marked by several commercial developments for Creo, including increased adoption of its Speedboat Inject device, new robotic deals with Intuitive and CMR Surgical, and multiple heads of terms agreements signed. Group revenue increased 7% y-o-y to c £27m and this growth was fully attributed to the core portfolio, which recorded an 8x increase in revenue over FY21 (£2.3m vs £0.3m in FY21). Looking ahead, commercialisation of the core technology portfolio will remain a key strategic priority for the company in 2023, along with leveraging cross-selling opportunities from the mature consumables business. Management expects the strong revenue growth from core products and lower (post-launch) opex to support cash flows and help achieve the goal of turning EBITDA-positive by FY25. Cash balance at end-FY22 stood at £13.1m, which, based on current burn rates, should fund operations to end-H123, with management actively seeking options to raise more capital. Our estimates and valuation are under review.Creo Medical Group is a medical device company focused on the field of surgical endoscopy, a recent development in minimally invasive surgery. Co. is focused on developing and commercializing a suite of medical devices based on its CROMA electrosurgery platform.
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