Creo Medical - Building momentum in 2022
Creo Medical’s H122 results highlighted its progress in developing and commercialising its minimally invasive electrosurgical devices. Creo’s core asset, Speedboat Inject, continued to gain traction in H122, supported by an initial licensing payment from Intuitive Surgical (signed in May 2022) and complemented by the mature European consumables business, which remains a stable revenue stream. We see upside potential from the multi-year collaboration with Intuitive Surgical but await further details before reflecting this in our estimates. Creo's outlook remains focused on wider adoption of its six products in the flagship CROMA platform. In reflecting the H122 results and rolling our model, we have increased our valuation to £489m or 269p/share, from £434m previously.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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