Creo Medical - Continued growth momentum in H122
Creo Medical announced its H122 trading update ahead of full interim results in September. H122 revenue was around £13.5m, a c 5% y-o-y increase compared to H121 (£12.9m) and a 10% increase over H221 (£12.3m). The uptick was driven by the improving traction of Speedboat Inject and initial revenues from the May 2022 licensing agreement with Intuitive Surgical. The underlying EBITDA loss improved by more than 20% from H221, driven by higher gross margins and reduced operating expenses, which translated into a lower cash burn for the period. Creo continues to seek other licensing partners and potential strategic investors to support future growth. We await the announcement of the interim results to update our estimates and valuation of the company.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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