Creo Medical - Solid FY23 lays the groundwork for 2024
Creo Medical has released a trading update for FY23, an active year for the company, with progress made across all business segments. Traction improved in H223, following Speedboat Inject’s European clearance for upper gastrointestinal (GI) procedures and the accelerated approval and launch of Creo’s slimmest electrosurgical device, Speedboat UltraSlim. Top-line growth was supported by continued streamlining of the cost structure, resulting in a better-than-expected underlying EBITDA loss (improving to £16.4m vs our £17.0m estimate) and slower cash burn. Gross cash at end January 2024 was £22.8m, which we estimate will take Creo to net profitability in H126 (compared to management’s target of FY25). We await the release of the final FY23 results to update our estimates.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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