Half-year Report

Creo Medical Group plc has today announced its unaudited results for the six-month period ended 30 June 2023.

Operational and commercial highlights:

  • Revenue growth driven by sharp increase in adoption of Creo’s Core technology, underpinned by growing revenue from Creo’s Endotherapy consumables business
  • Progress in roll-out of Creo’s Core technology:
    • 42% increase in the volume of procedures of Speedboat Inject vs. H2-2022
    • 44% increase in user base from December 2022
    • 65% increase in the number of clinicians able to provide training from 31 December 2022
  • Medical Device Regulation (“MDR”) CE clearance for Speedboat Inject, adding upper gastrointestinal (“GI”) use (e.g. swallowing disorders, oesophageal and stomach cancers) in the UK and mainland Europe
  • First use of Speedboat Inject in Croatia, Slovenia, Malaysia and the United Arab Emirates, with Creo’s Core technology having now been used in over 20 countries

Key product and patient milestones reached:

  • Slimmer Speedboat Inject achieving excellent clinical results
  • Most significant data set for Speedboat Submucosal Dissection (“SSD”) procedures to date, showing an 82% curative rate for lower GI lesions (e.g. bowel and colon) with no perforations recorded
  • First sales of Endotherapy consumables in the US
  • First in-human use of MicroBlate Flex for the microwave ablation of soft tissue lung lesions safely completed as part of a lung tissue ablation clinical study
  • Speedboat Inject selected by the National Institute for Health and Care Excellence (“NICE”) to be scoped and routed for guidance
  • Ongoing discussions with third parties on potential new, and expansion of existing, Kamaptive licensing opportunities

Financial highlights:

  • Revenue of £15.7m (H1-2022: £13.6m, H2-2022: £13.5m), including £0.9m generated from Creo core products, equal to the same core products revenue generated in the entirety of FY-2022 (H1-2022 £0.5m, H2-2022: £0.4m)
  • 15% increase in revenue vs. H1-2022 driven by Creo’s Core technology and growth in Creo’s Endotherapy consumable business
  • £33.7m (before expenses) raised in an oversubscribed fundraise in March 2023
  • Cash and cash equivalents of £26.5m at 30 June 2023 (30 June 2022: £26.1m; 31 December 2022: £13.1m)
  • Post balance sheet receipt of £4.5m R&D tax credits
  • Underlying EBITDA loss (EBITDA with R&D tax credits and other accounting adjustments added back) of £9.2m, representing a 15% reduction vs. H2-2022 (£10.8m)
  • Improved gross profit and reduced operating expenditure through cost control, operational consolidation and a reduction in headcount have contributed to a continued reduction in cash burn (before tax and interest adjustments) in each half since H1-2022
  • Loss per share of 4p (H1-2022: 7p)

Capital Markets Event

Creo Medical announces that it will be holding a Capital Markets Event on 7 November at the offices of Numis, 45 Gresham Street, London, EC2V 7BF. The Company will provide greater detail on the commercial and clinical progress of its products and will feature presentations from a number of clinicians who are using Creo’s products in practice. Further details will be provided in a separate announcement to be released in due course.

Change of Name of Nominated Adviser and Joint Broker

The Company also announces that its Nominated Adviser and Joint Broker has changed its name to Cavendish Securities plc following completion of its own corporate merger.

Posted 09/12/23

For press enquiries please contact media@creomedical.com. For all other enquiries please visit our Contact page.

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