Half-year Report

Growth in clinical network and education of early adopters, strengthened commercial infrastructure and continued R&D

Creo Medical Group announces its unaudited results for the six-month period ended 30 June 2021.

Recent and post-period highlights:
  • Commercial orders for Speedboat Inject remain in line with expectations on pricing and volume with first volume sales occurring in both the USA and Europe during the period
  • Creo’s Clinical Education Programme has continued to provide training and mentoring, both in person and via remote technology, yielding an increase in KOL conversion, patient treatments and opening of new training centres
  • Speedboat Inject usage has increased in both upper GI (including “POEM” or Peroral Endoscopic Myotomy) and lower GI (“SSD” or Speedboat Submucosal Dissection) procedures. The utilisation of Speedboat technology in upper GI procedures, with increasing clinical validation, opens additional markets for Creo’s technology
  • The first patient to undergo a procedure using MicroBlate Fine has shown an excellent result, further validating the clinical use of that deice
  • Further health economics data published validating Speedboat Inject, leading to potential savings of over £10,000 per procedure versus traditional surgical outcomes
  • Opening of United States headquarters featuring a learning centre and fully equipped training laboratory to support Creo’s commercial roll-out in the key US market
  • Completion of the purchase of the freehold of Creo House, Chepstow, and the adjacent building for £4.25m to support the Company’s planned and sustained growth
  • Significant initial discussions with third parties in respect of licensing opportunities for Creo’s Kamaptive technology
  • Completion of a successful Placing and Open Offer in September 2021, raising an additional £36.3m (before expenses) of funding to further strengthen Creo’s balance sheet and to provide resources to enable the exploration of a number of strategic opportunities
Continued product and regulatory progress through:
  • FDA 510(k) clearance for MicroBlate Flex
  • Strengthened IP portfolio, with 326 granted patents and 810 pending applications as at 31 August 2021
Financial highlights:
  • Total sales in the period of £12.9m (H1 2020: £0.0m)
  • Cash and cash equivalents (before post-period equity raise) of £30.6m at 30 June 2021 (H1 2020: £70.6m)
  • Operating loss of £11.4m for H1 2021 (H1 2020: £10.6m) including £0.6m share based payments (H1 2020: £0.5m), in line with management expectations
  • Net assets of £52.2m at 30 June 2021 (H1 2020: £74.2m)

Craig Gulliford, Chief Executive Officer, commented:

I am pleased with the strategic and operational progress over the six month period, and continue to be proud of the efforts made by the entire team despite the continuing challenges posed by the pandemic. Our focus on clinical education, both remotely and in-person, has led to more KOLs being trained on the safe use of our products and more patients being successfully treated with our technology; Speedboat Inject has continued to be used successfully in both POEM and SSD procedures during the period. We expect this positive trend to remain in H2 and into 2022 as the pandemic eases, with increasing clinician education, training sites, adoption and patient procedures using our technology.

“We have made significant strides in building out the Company’s infrastructure with the opening of our US headquarters and the purchase of the freehold of Creo House in Chepstow. This provides increased capacity to support our commercial and operational footprint across Europe and the US and provides additional manufacturing capacity for our full suite of devices.

“Our team has continued to grow during the period, not just in the US and Europe, but also by enhancing our direct presence in the APAC region. Furthermore, we have continued to leverage the acquisitions made during 2020, particularly benefitting from the resulting enlarged sales network within Europe.

“The publication of further health economics data has underlined the potential of our Speedboat Inject technology to save costs for healthcare systems to a greater extent than first envisaged. The first patient to undergo a procedure using MicroBlate Fine has shown an excellent result, further validating the clinical use of that device.

“With the business ready to service the rising demand we expect for all our products and our strengthened balance sheet following the completion of the Placing and Open Offer in September 2021 will allow us to deliver and develop our strategic objectives. We are very optimistic for the continued progress of the business throughout 2021 and into 2022.

Posted 30/09/2021

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