Creo Medical - Detailed half-yearly reflecting Speedboat traction
Following Creo Medical’s H123 trading update (see our August note), management has reported detailed results, including a 42% increase (sequentially over H222) in the volume of Speedboat Inject procedures, coupled with expansion into the US consumables business market. Creo continues to build momentum with its Pioneer training programme. Management remains active on licensing and regulatory fronts, through its robotic deals with Intuitive and CMR, further exploration of potential licensing for its core technology, Kamaptive, and continued collaboration with the National Institute for Health and Care Excellence (NICE). Adjusting for reported cash, our valuation changes to £512m or 142p per share (versus £528m or 150p per share 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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