Creo Medical - Growth momentum with core strength
Creo Medical reported an active first half of the year in its trading update. Preliminary results showed improved adoption of its flagship offering, Speedboat Inject, driven by a growing user base expanding over new territories and its ability to address the full GI tract with its recent CE mark for upper GI procedures. Total revenue accelerated 15.4% y-o-y to £15.7m (from £13.6m in H122), largely in line on an annualised basis with our prior FY23 forecast of £32.8m. Operating expenses remained largely flat, resulting from reduced R&D expenses and improved cost control measures. While we expect further expansion of the Speedboat user base to remain a strategic priority, we anticipate several key catalysts, including advancement of the Intuitive partnership, extended use of Kamaptive technology, FDA approval for Speedboat Flush and NICE guidance on UK reimbursement. As we await full H123 results in September 2023, we have put our estimates and valuation 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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