Interim results for six months ended 30 June 2018

Continued momentum with the commercialisation of Speedboat and the CROMA platform.First products shipped to EMEA region for clinical use and £48.5m (before expenses) raised in an oversubscribed placing post period-end.

Creo Medical Group plc (AIM: CREO) (“Creo” or the “Company”), a medical device company focused on the emerging field of surgical endoscopy, announces its unaudited results for the six and twelve month periods ended 30 June 2018, in line with management expectations.

These interim results constitute the second interim period in an 18-month accounting period to 31 December 2018. Audited results for the 18-month period will be announced by the end of April 2019.

Operational and Recent Highlights

  • Further commercial progress with Creo’s first products, Speedboat and the CROMA platform
  • Completed UK and South Africa framework distribution agreements
  • Shipped first products to EMEA region and performed seven upper GI procedures post period-end
  • Extended the Hoya Pentax Medical distribution agreement in the Asia-Pacific (APAC) region, with the Creo Medical Education Programme to be initiated in APAC alongside market seeding in Australia
  • 45 clinicians successfully trained (as of 28 August 2018) to use the Speedboat, each with differing backgrounds and experience in endoscopy
  • Strengthened IP portfolio, with 117 granted patents and 362 pending applications over 78 patent families (as at 5 September 2018)

Financial Highlights

  • Cash and cash equivalents of £6.4m at 30 June 2018 (30 June 2017: £13.7m)
  • Operating loss of £5.2m for the 6 months to 30 June 2018 (6 months to 30 June 2017: £4.2m) including £0.5m share based payments, in line with management expectations
  • Underlying operating loss of £3.6m for the 6 months to 30 June 2018 (6 months to 30 June 2017: £2.9m) reflecting continued momentum in the:
  • Commercialisation of Speedboat and the CROMA platform
  • Development and regulatory clearance of further devices as part of a suite of GI products
  • Net cash outflow from operating activities of £2.6m for the 6 months to 30 June 2018 (6 months to 30 June 2017: £4.9m)
  • Net assets of £7.3m at 30 June 2018 (2017: £14.7m)
  • £48.5m (before expenses) raised in an oversubscribed placing post period-end

Craig Gulliford, Chief Executive Officer, commented:

We continue to make good progress against our strategic objectives, executing on our training led commercialisation plan, targeting selected clinicians and key opinion leaders to drive clinical adoption. As of 28 August 2018, 45 clinicians have been successfully trained. Significantly, a growing number of patients in the UK are being successfully treated using the Speedboat device powered by our CROMA platform. Post period-end we have shipped our first products to South Africa which have been used in seven procedures so far. Furthermore, with the extension of our agreement with Hoya Group, Pentax Medical we expect to ship our first products to the APAC region in the upcoming months. We continue to invest in our pipeline, positioning us well to become a leading advanced energy, minimally invasive, medical device company. We remain on track for full commercial launch in 2019, and following the placing, are well funded to achieve our goals.

Posted 28/09/2018

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