Creo Medical is developing minimally invasive endoscopic electrosurgical devices backed by its CROMA advanced energy platform. Its initial focus is on GI tract procedures, soft tissue and pulmonology. It has six products CE marked, with five cleared by the FDA. Its first commercially available device, Speedboat Inject, is used globally and Creo recently launched its slimmest device, Speedboat UltraSlim. In September 2024, Creo announced the divestment of a 51% stake in its mature consumable business for net proceeds of €30m (completion expected in Q125) as well as an equity issue, raising £11.1m net. These funds will be redeployed towards growing the company’s core franchise and technology licensing partnerships. H124 results saw positive traction from the core portfolio (+ c 80% y-o-y revenue growth) albeit lower than management expectations. Following the divestiture, break-even is now expected in 2028, with a cash runway into H227, per our estimates.