Full results for the 18 months ended 31 December 2018

A period of considerable progress

Creo Medical Group plc (AIM: CREO), a medical device company focused on the emerging field of surgical endoscopy, announces its audited results for the 18 months ended 31 December 2018, in line with management expectations.

The previous 18 months reflect a period of considerable progress in the development and path to commercial launch for the Company’s CROMA Advanced Energy platform and Speedboat device for use in Gastrointestinal (“GI”) therapeutic endoscopy, the first in a suite of products being developed for the CROMA platform.

Operational Highlights, including post period end
  • Number of procedures increased substantially during the period including first cases in the United States
  • Number of physicians trained increased to more than sixty, with strong pipeline of further trainees
  • Clinical Education Programme is now clearly defined and repeatable, enabling physicians to be trained in the use of the Speedboat device
  • FDA clearance received for the Speedboat device and the CROMA platform and regulatory approval for additional products is on track
  • Patients treated in multiple countries, including the United States, UK, South Africa and Spain, using Speedboat in both upper and lower GI procedures
  • New framework distribution agreements entered into, covering a number of European markets along with the UK and South Africa to complement existing distribution agreement with PENTAX Medical for the Asia-Pacific region
  • Strengthened balance sheet following the successful raise of an additional £48.5m (before expenses) through a significantly oversubscribed share placing
Financial Highlights (for 18 months ended 31 December 2018)
  • Cash and cash equivalents of £44.6m at 31 December 2018 (30 June 2017: £13.7m)
  • Operating loss of £17.7m (12 months to 30 June 2017: £8.9m) including £1.8m share based payments, in line with management expectations
  • Underlying operating loss of £12.6m (12 months to 30 June 2017: £5.6m)
  • Net cash outflow from operating activities of £14.3m (12 months to 30 June 2017: £6.9m)
  • Net assets of £47.7m (30 June 2017: £14.7m)

Further details can be found here

Craig Gulliford, Chief Executive Officer of Creo, commented:

A training-led commercialisation strategy is key to the successful roll-out of our products and we are delighted with the progress that we are making with clinicians in the US. Our Clinical Education Programme ensures that the first adopters of our technology, having been carefully mentored by our own doctors and endoscopy nurses, can deliver consistently high standards in this emerging field of surgical endoscopy, safeguarding quality control and ensuring best patient outcomes.

Posted 04/05/19

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

Further news

19 March 2024

Welsh Labour Leader visits Creo’s facilities


05 February 2024

Strategic Collaboration with Khalifa University of Science and Technology, Abu Dhabi


31 January 2024

Roll-out of Speedboat® UltraSlim reaches Asia Pacific


10 January 2024

First Use of Speedboat® UltraSlim in Latin America


13 December 2023

First European Speedboat® UltraSlim procedure marks early commercial launch


01 November 2023

Speedboat® UltraSlim: US FDA Clearance


25 October 2023

Speedboat UltraSlim: EU launch accelerated by 18 months


12 September 2023

Half Year Report: H1-2023


19 June 2023

Speedboat Inject cleared for upper GI use in Europe


01 June 2023

Speedboat™ Inject selected by NICE for assessment